IdeaSlam - The Entry To The Path To A New Business
Bill Warner Sunday, April 29, 2012
The IdeaSlam is an opportunity to capture the innovative spark of a new idea for a business and put it into a form that can be communicated to and evaluated by other people. In order to keep this simple, each entrepreneur needs to prepare themselves for the IdeaSlam by creating a three (3) minute presentation of their idea for a new business. An easy way to get ready is to prepare the presentation based on the answers to the following five (5) questions:
- What is the opportunity (premise)?
- What are you offering (solution)?
- Who will buy it (market)?
- Why will I win (Advantage)?
- How do I make money (Business)?
The IdeaSlam is the gate to entry into an Ideation program, where you will be able to form your raw idea into a disciplined statement from which you can make an assessment and a decision about whether or not to proceed with your idea to the first steps of business conceptualization. Go to this EventBrite invitation and select the date for your IdeaSlam session.
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A Special Week For Entrepreneurs
Bill Warner Thursday, November 03, 2011
Triangle Entrepreneurship Week introduces an exciting new approach to entrepreneurial programs. From November 14th to the 18th dozens of focused events will give entrepreneurs an opportunity to directly engage with successful entrepreneurs, business professionals, investors and community leaders.
Starting with NC State’s Entrepreneurship Lecture Series and surrounding the Internet Summit, this innovative approach to advising entrepreneurs is taking place throughout Raleigh, Durham and the greater Triangle area by:
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Digging into the details of several grass root industries,
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Meeting real investors and getting feedback on your business ideas,
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Exploring how to create solid business ideas,
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Seeing how communities foster entrepreneurship,
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Learning how to establish an effective financing strategy,
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Getting the straight talk about how to raise money and
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Seeing some real “green” businesses.
Conducted by a cast of dozens of leading entrepreneurs, business leaders, investors and community development executives, this event promises to provide “up front and in your face” advice and perspective that entrepreneurs need in order to establish their own businesses. In addition, there is plenty of time devoted to collaboration and networking with all attendees so you can discuss all aspects of entrepreneurship and how to get businesses started.
As entrepreneurs, there is a lot to see and take advantage of in this series of events. This inaugural event should lead to many more to come and provide an opportunity for entrepreneurs to make connections they need to create and grow their own businesses. Just having the chance to meet people that have been entrepreneurs will be a gold mine of information and know-how. The relationships established in this event could lead to the information and assistance you need to be successful.
Triangle Entrepreneurship Week is a fantastic opportunity for entrepreneurs, business leaders and investors to connect in a way that we have not seen in this area before and is a must for any entrepreneur in any industry.
This event is proudly supported by: The Idea Hive, Entrepreneurship Initiative at NC State, Poole College of Management at NC State, Scale Finance, Downtown Raleigh Alliance, EntreDot, Inception Micro Angel Fund – RTP, The State Club, Durham Chamber, Bull City Forward, Triangle Blvd, Center for Creative Marketing, and TTYLapp.com.
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IMAF Launches New Angel Seed Fund In RTP
Bill Warner Tuesday, May 03, 2011
The newly formed Inception Micro Angel Fund in
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The Fund is focused on pre-launch companies in several industries, and positions itself as providing the financing entrepreneurs need to finalize their business just prior to launching into the market. Essentially, this financing is what entrepreneurs need to prepare the businesses for the first round of formal angel financing.
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Entrepreneurs are expected to be prepared with a solid business proposition and a well thought out launch plan and revenue model that has the potential for creating a successful return for investors.
“This is a proven investment model that provides local companies, across many industries, an opportunity to obtain funding and guidance needed to achieve success,” says Rich Kramarik, Fund Executive.
Family of Funds
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Although each fund is independent, they operate under similar principles and can syndicate with one another as needed. This brings the power of North Carolina wide angel investing to the aid of entrepreneurial businesses.
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Connor’s Kits for Kids
Bill Warner Friday, July 30, 2010
The STEM (Science, Technology, Education and Math) education initiative is certainly gaining momentum throughout North Carolina. Without realizing it, Connor Bernstein started down the same path of being a leader in science education from the time he was in the fourth grade. Now, at fifteen, Bernstein is an emerging entrepreneur with exciting science project kits for kids of all ages; including adults that think like kids.
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The mission of Bernstein's company, Kits For Kids, is to show kids just how much fun science can be with simple, focused, teacher and kid friendly science kits and activities. Bernstein says, “It’s important to give all kids the chance to find their place in the world of science. Science can sometimes seem complicated and mysterious, like it’s only for certain kinds of people. That’s definitely not true! I believe we can never have enough experimenters and innovators. Inspiring our next generation of scientists with exciting, hands on experiences at an early age is what I’m all about. I mean, what’s better than having fun while you’re learning?”
Bernstein founded Kits for Kids when he was in the fourth grade, because he was frustrated with the science kits he bought in stores. He says, “I’ve been playing with science kits and experiments since I was little. I look at things and wonder, why does that happen or how does that work, so it was frustrating when my teachers couldn’t always answer my questions, or when science kits ran out of materials before I was finished experimenting with them. I finally decided to see what I could do about that, and in third grade I began making science experiments and showing them to friends who thought they were really cool. By fourth grade, my love of teaching and my love of science came together when I started Connor’s Kits for Kids. Today, kids all over the country are using my kits and having fun with science! My allowance friendly kits help kids learn about science with awesome, focused experiments, lots of materials, and easy to follow instructions with clear explanations. In fact, I include such a generous amount of materials it’s like getting two kits for the price of just one!”
Bernstein is truly a unique individual. His curiosity is boundless and his energy is seemly unlimited. Bernstein can be found teaching science to school children, as they learn how to make Slime, create Plant Pals and discover Insta-Pets. All of this and more is out of Bernstein’s innovative mind. Remarkably, he has conducted team building sessions for small businesses, having them all make Slime together. Fun stuff!! He says, “I know that inspiring the next generation of scientists starts with positive science experiences at an early age. That’s why I raise funds so I can visit elementary and middle school classrooms at no cost to teachers and lead exciting science activities with students. I also speak to students about the importance of entrepreneurship and the pursuit of life goals.”
But, this is a business. Bernstein has pulled together the marketing program, science project design, packaging, raw material supply, manufacturing and assembly of his innovative science kits. He has sold hundreds of them, and is ramping up to sell thousands with the help of his new website and manufacturing operations.He is running an increasingly complex and rapidly expanding retail business, and has yet to graduate from high school.
Bernstein has big dreams of being a successful entrepreneur that brings value to society through science education. As a high school senior (Yes, a 15 year old senior) at Hawbridge Charter High School in Saxapahaw, NC, he plans to go onto college to further pursue his dream. In fact, he is getting a head start on that by already completing college Chemistry, Biology and Launching the Venture.
His mom has supported him the whole way. She's helped him develop the skills needed to build his company and stay organized. She's also helped troubleshoot issues, and of course, driven him to meetings and places he needs to be. Thanks to his devoted mom and dad's financial sacrifices, he’s been able to afford the costs associated with building his business.
If Connor Bernstein can do all of this himself, with his parent’s devoted help, think what could happen if he got some help from others. He has gotten professional business help and meets with them regularly. Keep an eye on this entrepreneur. He is going to be one of our leading business people in North Carolina.
I suggest that the education innovators of North Carolina learn some things from Connor Bernstein about how to bring science to kids in innovative and effective ways.
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John Draper - Champion of the Entrepreneur
Bill Warner Sunday, July 11, 2010
Every day of his life, John Draper had time for an entrepreneur who needed help. Now we have lost John to an untimely death, but his influence on the world of entrepreneurs will long be felt.
I am proud to have known John from the time he started the rejuvenation of the First Flight Venture Center in Research Triangle Park. From the first day I met him he always wanted to know how he could make First Flight a success. He wanted to know how to approach state government with a positive message about the future of First Flight. He wanted to meet the movers and shakers in the area. He had a flood of new ideas coming out of his head on how to help entrepreneurs create successful businesses. To say that John had energy is an understatement. He was a gusher of compassion, advocacy and innovation when it came to finding ways to help entrepreneurs.
My closest relationship with John was on the board of the Triangle Accredited Capital Forum, a local angel investor network. John was one of the original board members who helped us establish our founding principles and was a day-to-day critic of where we needed to focus. He was always available to coach the entrepreneurs through their business plan presentations and would go the extra mile or two to help them meet people they needed to meet. We had some heated debates about the viability of businesses that approached us, and in every case John spoke from his love for the entrepreneur and his sincere interest in helping them be successful.
Our hearts and prayers go out to John's family as they deal with John's passing. John will be greatly missed in our community.
There will be a memorial service and celebration of John's life on Tuesday, July 13th, from 3:00 to 6:00 pm, at the First Flight Venture Center at 2 Davis Drive in RTP.
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Business Mentoring for Entrepreneurs
Bill Warner Wednesday, February 17, 2010
Approximately 26,000 new companies are formed each year in North Carolina. In that same year, over 23,000 companies fail due to poor management and operational mistakes. The statistics are worse in rural and minority populations. This means that good ideas go to waste along with the grant and investor funds that helped get these companies started. As a result, the potential growth of revenue and new jobs is lost also.
If we had assistance for entrepreneurs who are struggling to create successful businesses, the failures should decline considerably. Entrepreneurs should be seeking out business mentors that can help them through the early years of their business.
EntreDot™ Connects the Dots for Entrepreneurs
For the majority of the companies that fail, the missing ingredient that could have ensured their success is basic business-operations “know-how.” This is the void that EntreDot™ fills. At no cost to them, EntreDot™ provides business mentoring to entrepreneurs and helps them make the right decisions as they start and operate new companies.
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VC Investment Outstrips Fund Raising
Bill Warner Wednesday, January 27, 2010
In 2009, the venture capital industry experienced the biggest gap between investment and fund raising in the last six year. In a recent Wall Street Journal Venture Capital Dispatch blog, it was reported that investment was down nearly $10 billion, from $30 billion to $20 billion, while fund raising declined $17 billion, from $30 billion to $13 billion. This $6 billion plus difference is the amount more invested than was raised by VC’s.
Bad news for companies
The implication is that although venture firms still have a lot of money, it is still going to be increasingly hard to get funding because they are running low on available funds and it is still very difficult for them to raise further funds from their limited partners. Their limited partners are still suffering from the economic downturn and have not opened this investment class for funding.
Corporate and other private equity investment is also suffering, further reducing the number of options for equity financing.
Is IPO the answer?
Another source of funds could be successful IPO’s, which could breathe more money into the VC firms. We have recently read about an emergence of IPO filings, including Motricity, a former RTP darling. However, many analysts are quite skeptical that 2010 will bring much hope in this arena either.
What companies need to do
2010 is not going to be much different than 2009; perhaps worse, with respect to your chances of getting new VC investment. It is still a game of the “best of the best” getting due consideration. It means that you need to have a very compelling business, with meaningful and growing customer traction, having the potential for large and rapid growth, to a level that will provide a handsome return.
Due diligence will be treacherous, filled with disappointment for many, but there is still gold in “them there hills.” You will have to mine it with a focused laser.
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Entrepreneur Gets Overwhelming Support After VC Shark Attack
Bill Warner Wednesday, August 19, 2009
Kevin Flannery has had an interesting time since being bled to death by some not so real VC’s on the TV show Shark Tank. This hyped up TV show that portrays venture investing as a visit to a shark tank has tried to embarrass entrepreneurs and make venture investors look like vicious animals. None of this is real and has been put together by some mindless producers who are trampling on one of America’s most valuable assets, the entrepreneur and the business partners who finance them.
The entrepreneur gets even
Since the show was aired, Kevin has gotten hundreds of responses over his website. The vast majority are encouraging and supportive. Comments like “hang in there,” “prove them wrong,” “way to stand strong,” “keep going, the product is needed,” and many others. More importantly, many of these responses are from potential business partners who want to know more about his business. Unlike the Shark VC’s, many saw the value proposition of the WiSpots product line. Several respondents were sales and distribution companies who showed interest in marketing and selling the product. Lots of people had further product suggestions. They even got contacted by potential investors, even ones that had previously passed on the business.
So, at the end of the day, Kevin has beaten back the sharks in an amazing turnaround of fate. We all thought that Kevin now lies at the bottom of the ocean. Not at all. He is alive and energized.
WiSpots update
Long before the show was aired, Kevin had joined with fellow entrepreneur Jason Angel, and formed a new company called Wi-Ficiency. The company offers a suite of physician and patient-centric software and hardware solutions that maximize profitability by reducing costs, improving productivity and generating additional revenue from the patient waiting room, while simultaneously improving patient satisfaction through education and entertainment. This company has far reaching potential in improving the state of healthcare by providing a broad selection of relevant patient information, a targeted marketing and sales channel for healthcare products, state of the art online medical transcription services, compliant electronic medical records, and many more capabilities as they acquire additional technologies.
The winning entrepreneur
It’s a shame that the VC Sharks couldn’t listen long enough to learn of the true business model of this company and instead chose to go for the ratings and throw WiSpots to the fishes. Kevin and Jason are very much above water and riding in a speed boat to their next funding event.
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Entrepreneurship Remains Strong
Bill Warner Thursday, April 23, 2009
The first full day of CED’s Venture Conference was well attended by enthusiastic entrepreneurs and investors seriously looking for good companies. We had a full plate of great companies who made their presentations to packed rooms.
Wells Fargo introduced to North Carolina
The day was started by John Stumph, President & CEO of Wells Fargo, who gave a sincere presentation about how much he is impressed with North Carolina. Believe it or not, this was his first trip here. He has met with many community leaders, including current and past governors as well as senators and congressmen.
He assured everyone that their Wachovia accounts are safe and that the transition will be carefully done to protect its Wachovia customers. Stumph gave a compelling history of Wells Fargo and related the strong culture of his organization that truly cares about its people, customers and communities in which it resides.
As for the financial crisis, he quite precisely described the fundamental causes for the crisis, but quite frankly had no crystal ball telling him when the recovery will occur. He was bullish about the fact that Wells is lending money now and is actively looking for new loans to make. The company is in a very strong cash position.
All in all, Stumph said that he would not “bet against America.” We have been through difficult times in the last few decades. He is confident that we will pull through this one too, explaining that this is what Americans are good at.
Entrepreneurs are at the heart of the recovery
Erskine Bowles, President of the University of North Carolina, started his presentation with a humorous discussion about what a lousy politician he is and now how happy he is taking on the challenges at UNC.
He too gave us a dose of reality concerning the challenges that face the education system today. Last year’s $50M budget cut is near trivial compared to this year’s $175M cut with a potential cut of another $200M next year. This will cut to the bone of classes, people and potentially education quality.
Bowles noted that we are in a rapidly changing world. What we prepare our students for today will probably be obsolete in 10 years or less. He knows that the “old NC manufacturing jobs” will never come back as we move more and more to a knowledge-based economy. He said that we have to accept that we will continue to lose jobs to foreign countries that can provide many of them at much lower costs.
He pointed to the entrepreneur as being one of the major contributors to our return to a strong economy. He cited the need for increasing innovation and the support infrastructure that fosters it as being essential to our ultimate recovery.
North Carolina University is making substantial changes in its culture, technology transfer practices and accountability for academic results. Bowles stated that we have to focus on producing students that can think, communicate, be innovative and get things done in this new economy.
GreenTech – The next industrial revolution
To close out the day, John Denniston, Partner at Kleiner Perkins Caufield & Byers, made the proposition that we are on the verge of the next industrial revolution driven by the energy crisis. The revolution will be based on new energy sources driven by green technology.
Although an exciting premise, it was a disappointing presentation void of specific descriptions of innovations and technologies that would drive this kind of change. Quite frankly, this slow moving and elementary presentation addressed the audience as if we were eighth graders and couldn’t possibly have understood the basis for the industrial revolution of the early 1800’s or even understand who Thomas Edison and Henry Ford were. Nobody likes being talked down to.
Denniston cited the crisis as first being driven by man-made climate change as unanimously verified by United Nations organized scientists. Boy that sure isn’t very biased at all, from an organization that wants to transfer our wealth throughout the world through green house gas taxation. Secondly, and more compelling was his concern about energy security in that we are far too dependent on foreign sources of energy from countries that hate us. And finally he explained the alarming advances that are being made in innovation in other countries like China, asserting that America is losing competitiveness to them.
He then made sweeping analogies based on Moore’s law, claiming that similar improvements will be made in alternate energy source technologies using 1995 data to illustrate his point. He compared the sum total of all of earth’s natural energy sources to those of the sun, concluding that we need to tap into solar energy for that reason. The presentation continued to a merciful end without much substance about today’s green technology innovation.
Kleiner Perkins is the world’s leading venture capital firm, but this presentation feel far short of showing their expertise in green technology innovation and what it will mean to the future of our economy.
Entrepreneurs and investors enthusiastic
The entire conference was buzzing with enthusiasm and positive attitudes about what we need to do to recover from this economic downturn. New innovations are abundant. Investors are interested and engaged. Just rubbing shoulders with them all was a major pickup for me.
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Venture Capital Has Focused Optimism
Bill Warner Tuesday, April 21, 2009
CED’s Venture Conference is getting off to an optimistic but also sobering start with Tuesday night’s investor-only dinner in Pinehurst.
CED showing leadership
Joan Rose, President of CED, highlighted the evening with good news about the expected attendance at over 500 people, citing that this is extraordinary given the impact the economy has had on the companies and firms that are sending people to the conference. Actually, more individual companies will be attending this year than last year even though the overall attendance is down somewhat. In addition, CED membership is up considerably over last year, indicating that entrepreneurship is alive and well and that more and more companies want to learn about building successful businesses.
The venture capital world speaks up
The featured speaker was Mark Heesen, President of the National Venture Capital Association. He gave a very balanced update of the state of venture capital in the US. He didn’t try to sugarcoat the situation, but gave a very fair accounting of what is strong, what is weak and what we can expect in the near term.
Investing is down but still huge
With respect to the limited partners, over $4.3B was raised in the last quarter. The highlight though is that a substantial amount of the money came from Europe, Asia and the Middle East. Venture investing is down the last quarter, falling to $3.0B from $4.3B the previous quarter. He explained that most venture firms will not be raising further money this year and that we will continue to see fallout of venture firms throughout the year. He basically confirmed what we already know about the reduced chances companies have in raising venture capital money for the foreseeable future.
IPO’s may see a new dawn
On the IPO front, there has been one IPO since last August and only 26 companies are registered with the SEC. It will be unlikely that the IPO market will see much progress this year. However, Mr. Heesen cited some potential progress through new partnerships between the venture capital world and the boutique investment banking world that might open up a new avenue for IPO’s. Stay tuned.
Clean tech may save them all
Mr Heesen was bullish on “clean tech.” In his view, clean tech will be emerging as the darling of the venture capital world. He is not talking about the ill-conceived wind farms, biofuel plants and vast solar grids. He cited technological innovations in all walks of life, including building architecture, lighting, efficient air handling, fuel usage efficiency and many more. He was very excited about the innovation he is seeing and that there is increasing momentum in both the private and public sector to move this kind of innovation forward. He wasn’t talking about the near religious zealotry of sustainability gurus, but solid technology companies that bring demonstrable and profitable value to the market that improves our environment. The good news is that the venture capital world is seeing a business in clean technology innovation.
Entrepreneurship is strong
Mrs. Rose brought the evening to a close by reminding us all that more companies made applications to present at the conference this year than ever before. This again shows that although the economy is stifling, it hasn’t stifled entrepreneurship in the southeast.
