So lets try this and see if it helps.
Hard Reset using buttons:
Press and hold the Camera + Volume Down + Power until the phone vibrates. Then release the Power key and keep pressing the Camera + Volume Down for a few seconds.
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My Nokia Lumia 920 shows the lightning bolt and gear icon. does not start and is frozen on that icon.
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So lets try this and see if it helps.
Hard Reset using buttons:
Press and hold the Camera + Volume Down + Power until the phone vibrates. Then release the Power key and keep pressing the Camera + Volume Down for a few seconds.
A HAD SAME PROBLEM TOOK OUT MEMORY CARD ATTACHED TO LAPTOP AND PRESSED VOLUME <DOWN> AND POWER BUTTON AND IT CAME ON
The lighting bolt and cog has not went away as of yet; since I reset my phone due to when I touched the screen; yellow boxes would appear and I could not shut down the phone.
I just popped the battery out, put it back in, and pressed the power button. Started right up. Whole reason why I will never buy a phone without a removable battery. I have a Lumia 822 and wouldn't trade it for an upgrade unless the new phone had a removable battery.
I have had this issue when doing the Windows 10 preview update.
The only way I can sort it out as the hard reset button procedure will not allow me to get to the exclamation mark and the nokia and Lumia recovery tools do not work.
I use the Windows Phone recovery tool, it gives you the option to say your phone is not recognised and then plug it in and force a soft reset a couple of times and the program will see your phone type, and allow you to download the software package for it.
Once it has its a case of reconnecting phone and resetting a couple of times and the program will force a recovery on it.
This is where I have ended up after hours of internet searching and frustrating button presses on my nokia 1520 which wouldn't work or allow me to get to the exclamation mark.