It seems that finding venture capital is getting even harder. With tons and tons of entrepreneurs and inventors out there looking for funding for their big ideas, some venture capital firms are looking away from them and into their own firms. The VCs are hiring entrepreneurs with a track record to become an entrepreneur in residence. The "EIRs" are given an office and a salary to sit and think up new great ideas for businesses. The VCs are looking for these EIRs to come up with something "disruptive."
This reminds me of Hollywood, where producers just keep going with the same directors and redoing the same types of movies - trying to be safe to ensure a profit. (How many Batmans can they make???) That is not how you get breakthrough brilliance. That's not how you get an original Star Wars or a Google or an Amazon or even a Xerox. I've worked with serial entrepreneurs -- not every idea is a winner - but they get funding because they had a winner once upon a time. I think VCs are making a mistake with the EIRs. They should be trolling for the hidden great ideas that are out there among the unknowns.
There's a long article about EIR in The New York Times, with a particular focus on Foundation Capital in Silicon Valley in California. Here's a link to the article -
http://www.nytimes.com/2010/02/28/technology/start-ups/28eir.html
Showing posts with label entrepreneurs. Show all posts
Showing posts with label entrepreneurs. Show all posts
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Saturday, September 19, 2009
Business Tip: Be Happy in Your Work
In one of my favorite movies "The Bridge on the River Kwai," the commandant of the Japanese prison camp tells the British prisoners, "Be happy in your work." Part of the irony in the story is that once the British took ownership of building the railroad trestle for the Japanese, they did become happier. It made them feel less like prisoners. They had pride.
So when I read Sue Shellenbarger's column in the Sept. 16 Wall Street Journal about happiness in work, I thought of Kwai. Her piece, "Plumbing for Joy? Be Your Own Boss," reinforced something I already suspected -- that entrepreneurs and small business owners are the happiest people. Yes, they work more hours and harder than the average person, but they are in charge of themselves and their businesses. Plus, most people who start businesses do it in a field in which they have a passion or a talent. They are following their bliss, as Joseph Campbell would say.
The article reflected a major study by the Gallup Poll of people's attitudes toward their work/occupations. A plumber who owns his own business is a very happy fellow. The article is well worth reading.
http://online.wsj.com/article/SB10001424052970203917304574414853397450872.html
So my business tip this week is to find your passion. Follow it. If you are thinking of starting a business, do it. But only do it, if you think you'll love the work.
So when I read Sue Shellenbarger's column in the Sept. 16 Wall Street Journal about happiness in work, I thought of Kwai. Her piece, "Plumbing for Joy? Be Your Own Boss," reinforced something I already suspected -- that entrepreneurs and small business owners are the happiest people. Yes, they work more hours and harder than the average person, but they are in charge of themselves and their businesses. Plus, most people who start businesses do it in a field in which they have a passion or a talent. They are following their bliss, as Joseph Campbell would say.
The article reflected a major study by the Gallup Poll of people's attitudes toward their work/occupations. A plumber who owns his own business is a very happy fellow. The article is well worth reading.
http://online.wsj.com/article/SB10001424052970203917304574414853397450872.html
So my business tip this week is to find your passion. Follow it. If you are thinking of starting a business, do it. But only do it, if you think you'll love the work.
Saturday, June 13, 2009
Pitching to Angels
The New York Times ran an excellent small business column on June 11 on how to pitch to angels. It confirmed what I have learned over the past 10 years of working with entrepreneurs on their business plans and attending angel and VC pitching sessions. Being well prepared is far more important that enthusiasm that verges on hyperbole. I've pasted a synopsis of the article below and a link. If you want to be successful, do your homework and get a great management team together. You also really need to hone your elevator pitch.
Feel free to contact me, if you have any questions about how to pitch to angels. upstartwyn@gmail.com. www.upstartbusinessplanning.com.
http://dealbook.blogs.nytimes.com/2009/06/11/in-pitching-to-angel-investors-readiness-tops-zeal/
Feel free to contact me, if you have any questions about how to pitch to angels. upstartwyn@gmail.com. www.upstartbusinessplanning.com.
DealBook: In Pitching to Angel Investors, Readiness Tops Zeal
For entrepreneurs hoping to land start-up capital, some advice from the experts: Don't get carried away when you pitch your product.
http://dealbook.blogs.nytimes.com/2009/06/11/in-pitching-to-angel-investors-readiness-tops-zeal/
Wednesday, May 20, 2009
Great Sauce
We were just in Los Angeles, where we ate in Chinatown for two nights - once in a Chinese place and the other time in a Vietnamese restaurant. (We had Pho in the Vietnamese restaurant - terrific!) Both places had a hot sauce on the table. It was delicious, and we wondered about it. It seemed to be an all-purpose Asian hot sauce.
The day after we got back from L.A., we picked up the New York Times food section and saw an article about the sauce -- sriracha sauce, also known as "rooster sauce." See synopsis and link below.
This is a story of true entrepreneurship. A family makes hot sauce in Vietnam, comes to the U.S. and finds that there is a need for such a sauce in the Asian communities here. They start making it here, and the family hot sauce becomes an amazing success. It's stories like this that show how creativity and hard work can really be rewarded in our country, where free enterprise is prized. Read the article.
http://www.nytimes.com/2009/05/20/dining/20united.html
The day after we got back from L.A., we picked up the New York Times food section and saw an article about the sauce -- sriracha sauce, also known as "rooster sauce." See synopsis and link below.
This is a story of true entrepreneurship. A family makes hot sauce in Vietnam, comes to the U.S. and finds that there is a need for such a sauce in the Asian communities here. They start making it here, and the family hot sauce becomes an amazing success. It's stories like this that show how creativity and hard work can really be rewarded in our country, where free enterprise is prized. Read the article.
http://www.nytimes.com/2009/05/20/dining/20united.html
A Chili Sauce to Crow About
Some American consumers believe sriracha to be a Thai sauce. Others think it is Vietnamese. The truth is that sriracha may be best understood as an American sauce, a polyglot purée.
Friday, May 1, 2009
Tip of the Week - Take a Look at Your Finances
I once had a client who had no idea what his bank balance was. He had an approximate idea what the company was spending or taking in each month, but no detailed knowledge. He was too busy selling. And he was a great salesman. Driving everywhere, never tiring, always looking for opportunities. But how can you run a business without understanding your numbers?
Recently, I've been hearing people say that they don't even want to look at their investment reports or their bank statements. With the recession hurting everyone, that's an understandable reaction. It can just seem easier to hide or to ignore the bad news.
But a business owner cannot afford to do this. If you're a start-up or a going concern, it's time to look at your books. This is a time when you should really ask yourself how you can save money and send more to the bottom line. If you're starting out, can you bootstrap and grow organically? Do you really need a loan or even an angel investor? You can only know this by looking at your finances.
The simplest action you can take is to get our your checkbook -- or go online and look at your bank statements -- and see how much you are spending and taking in each month. Then, create a spreadsheet on your computer with Excel, using those numbers. Put your expenses into the usual financial reporting categories - sales, cost of good sold, overhead, interest, operating profit, net income, etc. If you have an accountant or bookkeeper, get them to show you the books and explain things to you.
A lot of entrepreneurs are not that great with numbers or even using Excel or QuickBooks. But Excel provides a great way to keep track of your finances. Once you've put in the formulas, and copied numbers out of your checkbook, you can see where you've been and forecast the future. You can see how changes in your assumptions about the future will affect the bottom line. You can see how much cash you'll have to cover your operations and how much you might need to borrow. Understand your cash flow. Look at the timing of the revenues and expenses. How can you handle the gaps?
If your credit card companies are killing you with higher interest rates, you can see the effect and maybe try to talk them out of it or switch to another company that will give you better terms. If your bank is cutting your line of credit or raising your interest rates, you'd better be able to understand the impact. But look at the effect on your spreadsheets first. Knowledge is power. And your numbers tell your business's story.
If you don't want to use Excel, for Pete's sake, just sit down and do some figuring with pencil and paper. Think about holidays, seasonality and other things than can affect your revenue and your costs. If you need help, "Excel for Dummies" is a good book for explaining what to do. The SBA's Web site also has a lot of great information on how to do financial forecasting. www.sba.gov. It can help you understand the difference between an income statement and a balance sheet.
I can offer help, too. One hour of consulting for less than a lawyer or accountant would charge. Contact me at upstartwyn@gmail.com or at Twitter: www.twitter.com/upstartwyn
Recently, I've been hearing people say that they don't even want to look at their investment reports or their bank statements. With the recession hurting everyone, that's an understandable reaction. It can just seem easier to hide or to ignore the bad news.
But a business owner cannot afford to do this. If you're a start-up or a going concern, it's time to look at your books. This is a time when you should really ask yourself how you can save money and send more to the bottom line. If you're starting out, can you bootstrap and grow organically? Do you really need a loan or even an angel investor? You can only know this by looking at your finances.
The simplest action you can take is to get our your checkbook -- or go online and look at your bank statements -- and see how much you are spending and taking in each month. Then, create a spreadsheet on your computer with Excel, using those numbers. Put your expenses into the usual financial reporting categories - sales, cost of good sold, overhead, interest, operating profit, net income, etc. If you have an accountant or bookkeeper, get them to show you the books and explain things to you.
A lot of entrepreneurs are not that great with numbers or even using Excel or QuickBooks. But Excel provides a great way to keep track of your finances. Once you've put in the formulas, and copied numbers out of your checkbook, you can see where you've been and forecast the future. You can see how changes in your assumptions about the future will affect the bottom line. You can see how much cash you'll have to cover your operations and how much you might need to borrow. Understand your cash flow. Look at the timing of the revenues and expenses. How can you handle the gaps?
If your credit card companies are killing you with higher interest rates, you can see the effect and maybe try to talk them out of it or switch to another company that will give you better terms. If your bank is cutting your line of credit or raising your interest rates, you'd better be able to understand the impact. But look at the effect on your spreadsheets first. Knowledge is power. And your numbers tell your business's story.
If you don't want to use Excel, for Pete's sake, just sit down and do some figuring with pencil and paper. Think about holidays, seasonality and other things than can affect your revenue and your costs. If you need help, "Excel for Dummies" is a good book for explaining what to do. The SBA's Web site also has a lot of great information on how to do financial forecasting. www.sba.gov. It can help you understand the difference between an income statement and a balance sheet.
I can offer help, too. One hour of consulting for less than a lawyer or accountant would charge. Contact me at upstartwyn@gmail.com or at Twitter: www.twitter.com/upstartwyn
Monday, April 27, 2009
Help! I Have Too Many Ideas!
Are you brimming with ideas? Have you developed several different products of services? Are you wondering how to structure a company and position it to investors and customers?
Time and again, I've learned that the average person can only take in one big idea at a time. Investors are people. They simply want to invest in a single, strong idea, product or service. Focus has power. Think of the difference between a flood light scattering light all around vs. the power of a laser. A laser can cut through hard material because it's focused.
Think of Amazon. They started with books. Only after succeeding with books did Amazon branch out into retailing other items.
So focus your energy on your favorite project. You'll be amazed at what you can accomplish.
Time and again, I've learned that the average person can only take in one big idea at a time. Investors are people. They simply want to invest in a single, strong idea, product or service. Focus has power. Think of the difference between a flood light scattering light all around vs. the power of a laser. A laser can cut through hard material because it's focused.
Think of Amazon. They started with books. Only after succeeding with books did Amazon branch out into retailing other items.
So focus your energy on your favorite project. You'll be amazed at what you can accomplish.
Wednesday, April 8, 2009
Germany and Green Technology
I just read that Germany is way ahead in developing green technology. (Knowledge@Wharton -- http://knowledge.wharton.upenn.edu/article.cfm?articleid=2201)
I assume that some of Germany's success comes from the fact that energy is more expensive in Europe than in the U.S. and that their government and industries are more in favor of green initiatives than ours. But I also wonder if they are more innovative because they don't tax capital gains. Think of how much more incentive industry, entrepreneurs and venture capitalists would have to invest in new technologies, if the capital gains they reaped were not taxed.
Maybe the Democrats have it all wrong. Maybe the way to get our country going again is to eliminate the capital gains tax and to give tax credits to green energy initiatives. (At the same time, we should slap payroll taxes on all earnings -- all those millions given to AIG and investment banking leaders. That could save social security and Medicare. Then, remove the payroll tax on people earning under $25,000 to put more money into the pockets of the working poor.)
We should be looking more at tax incentives and making green energy investments worthwhile.
I assume that some of Germany's success comes from the fact that energy is more expensive in Europe than in the U.S. and that their government and industries are more in favor of green initiatives than ours. But I also wonder if they are more innovative because they don't tax capital gains. Think of how much more incentive industry, entrepreneurs and venture capitalists would have to invest in new technologies, if the capital gains they reaped were not taxed.
Maybe the Democrats have it all wrong. Maybe the way to get our country going again is to eliminate the capital gains tax and to give tax credits to green energy initiatives. (At the same time, we should slap payroll taxes on all earnings -- all those millions given to AIG and investment banking leaders. That could save social security and Medicare. Then, remove the payroll tax on people earning under $25,000 to put more money into the pockets of the working poor.)
We should be looking more at tax incentives and making green energy investments worthwhile.
Monday, April 6, 2009
Tip of the Week - Does Your Product Fill a Need?
Why do most new products and new businesses fail? There are a lot of reasons, but one of the most fundamental reasons is that the product or service doesn't fill a real need -- or at least a big need.
Some products fill a passing need -- like having fun. A new toy or game that is really fun to play can take the nation by storm because people need entertainment. People love games. Think of games or toys that once were fads -- hula hoops, Trivial Pursuit, Pacman....
But these are not fads anymore. The need to play something new has taken over. Some games, however, last forever -- Monopoly comes to mind. What makes that game endure? Will Sudoku last?
Think of other kinds of games, like tennis. What needs do tennis players have? Clothes that are comfortable, tennis rackets that make hitting easier, balls that bounce well longer, tennis rackets that won't give you tennis elbow, medical devices that help prevent tennis elbow or bad knees...
What needs can you think of?
Products like Under Armor keep you comfortable while playing, the Prince tennis racket when it first came out made so-so players hit more balls well, rackets that reduce vibration put less wear and tear on the elbow, arm bands reduce the shock to the elbow....
Think of all the things you and others do. What needs do the products you use fill? Why do you buy them? Why do you hire people to do things for you?
When you're starting or running a business, you really need to think about how much need is out there. How many people really need your product? Why?
Get thinking. Get doing.
Some products fill a passing need -- like having fun. A new toy or game that is really fun to play can take the nation by storm because people need entertainment. People love games. Think of games or toys that once were fads -- hula hoops, Trivial Pursuit, Pacman....
But these are not fads anymore. The need to play something new has taken over. Some games, however, last forever -- Monopoly comes to mind. What makes that game endure? Will Sudoku last?Think of other kinds of games, like tennis. What needs do tennis players have? Clothes that are comfortable, tennis rackets that make hitting easier, balls that bounce well longer, tennis rackets that won't give you tennis elbow, medical devices that help prevent tennis elbow or bad knees...
What needs can you think of?
Products like Under Armor keep you comfortable while playing, the Prince tennis racket when it first came out made so-so players hit more balls well, rackets that reduce vibration put less wear and tear on the elbow, arm bands reduce the shock to the elbow....
Think of all the things you and others do. What needs do the products you use fill? Why do you buy them? Why do you hire people to do things for you?
When you're starting or running a business, you really need to think about how much need is out there. How many people really need your product? Why?
Get thinking. Get doing.
Friday, March 27, 2009
Builders Looking for New Opportunities
Fascinating... I know that two observations don't necessarily show a trend, but in the past two weeks, two sets of builders have approached me with ideas for new businesses. They've told me that they have lots of building projects on hold. Banks aren't lending. Everything is stuck. That's why they're looking for ways to start alternate businesses. They're taking their business expertise and their observations of societal trends and creating new businesses.
This is what I mean by entrepreneurs and small business owners getting us out of the recession. Congress is just fighting and grandstanding. The mobs are staging a revolution against the guys pulling in the big bucks. But the entrepreneur is looking for needs to fill and clever ways to do it.
The builders in question came to me to help them develop their plans. (Don't ask me what they're doing. I signed NDAs (Non-Disclosure Agreements).) They're smart enough to see the needs and to get help in areas where they lack expertise. Builders understand hiring sub-contractors, while they take care of the vision and pulling everything together. They understand the value of building a team to get things done.
That is the essence of what builds our country and will continue to create new jobs and new opportunities.
This is what I mean by entrepreneurs and small business owners getting us out of the recession. Congress is just fighting and grandstanding. The mobs are staging a revolution against the guys pulling in the big bucks. But the entrepreneur is looking for needs to fill and clever ways to do it.
The builders in question came to me to help them develop their plans. (Don't ask me what they're doing. I signed NDAs (Non-Disclosure Agreements).) They're smart enough to see the needs and to get help in areas where they lack expertise. Builders understand hiring sub-contractors, while they take care of the vision and pulling everything together. They understand the value of building a team to get things done.
That is the essence of what builds our country and will continue to create new jobs and new opportunities.
Friday, January 23, 2009
Angel Funding Forum - Stamford, CT
The Connecticut Venture Group is running a forum for entrepreneurs on how how to attract angel investors. Two of my friends, Andy Hanson and Doug Campbell, are on the panel. They are worth hearing.
Here is the scoop on the event --
http://www.cvg.org/upcoming_events.asp
Here is the scoop on the event --
http://www.cvg.org/upcoming_events.asp
Upcoming Events:
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Thursday, January 15, 2009
Start-Ups are the Engines of Employment
I've been working with entrepreneurs since the beginning of the last big recession in the early 1990s. I learned back then that start-ups are the engines of employment growth in our nation. This article in Forbes shows that this concept remains true.
"Entrepreneurs
Employment Engine
01.14.09, 3:10 PM ET
(http://www.forbes.com/entrepreneurs/2009/01/14/startup-unemployment-economy-ent-fin-cx_ml_0114startupdata.html?partner=smallbusiness_newsletter)
For tips on essentials of business plan, visit my site: www.upstartbusinessplanning.com.
"Entrepreneurs
Employment Engine
01.14.09, 3:10 PM ET
The U.S. economy shed 2.6 million jobs last year--524,000 since Thanksgiving. With any luck, start-up companies will benefit from the sudden tsunami of talent.
Between 1980 and 2005, private sector start-ups accounted for 3% of employment per year, according to Business Dynamics Statistics, a U.S. Census Bureau study (funded by the Ewing Marion Kauffman Foundation) released Wednesday.
While 3% sounds like a drop in the bucket, the number is actually quite significant when compared to the 1.8% average annual net employment growth for the same period. That means that, excluding jobs created by new firms, established U.S. companies tend to lose more jobs than they create. "Micro firms" (those with one to four employees) account for a whopping 20% of new jobs created in any given year.
Will new entrepreneurs thrive in this recession? While the answer clearly differs by industry, the data suggest that the overall number of start-ups only mildly declines during downturns; encouragingly, it spiked during the recession in the early 1980s.
For a closer peek at the data, check out ces.census.gov. And for a look at 10 entrepreneurs who managed to launch future empires atop the shards of devastated economies over the last 200 years, check out "Entrepreneurs Who Rose From The Ashes.""
(http://www.forbes.com/entrepreneurs/2009/01/14/startup-unemployment-economy-ent-fin-cx_ml_0114startupdata.html?partner=smallbusiness_newsletter)
For tips on essentials of business plan, visit my site: www.upstartbusinessplanning.com.
Friday, June 13, 2008
Organic Growth for Your Business
More wisdom from the garden --
How do you deal with competitors? Competitors are like weeds in a garden. They can overwhelm your flowers and vegetables -- sucking the nutrients and water away and stunting the growth of the good stuff.
How do I deal with weeds? I don't like weeding, so I've set up a system to deter more weeds. In my garden, after digging up and disposing of the early weeds, I put down newspapers in my paths and cover them with cedar mulch or straw. In the beds where the flowers and vegetables grow, I put down grass clippings. When I see a new weed, I pull it up.
What does this have to do with a business? Simple. When you're confronting competitors or other potentially distracting and destructive forces, you need a systematic method for dealing with them. You need to read about potential competitors and have a plan for how to deal with them. You must stay aware of the ones that exist or are sprouting up and infringing on your space.
You can make a map of the competitive landscape. It can contain attributes or benefits or price. Put your competitors on the map. Put your company on the map and see where you fit. Figure out how you are different and how to appeal to consumers and customers in a unique way.
If your business can grow in an area that is reletively free from competitors -- because it's in a clear spot (or niche) by itself, you have a better chance for success. Apple has done this repeatedly. Its products are clearly in a market niche all by themselves, even though they compete in a very full and competitive marketplace.
How have you positioned your business in the marketplace? Is it a good spot?
How do you deal with competitors? Competitors are like weeds in a garden. They can overwhelm your flowers and vegetables -- sucking the nutrients and water away and stunting the growth of the good stuff.
How do I deal with weeds? I don't like weeding, so I've set up a system to deter more weeds. In my garden, after digging up and disposing of the early weeds, I put down newspapers in my paths and cover them with cedar mulch or straw. In the beds where the flowers and vegetables grow, I put down grass clippings. When I see a new weed, I pull it up.
What does this have to do with a business? Simple. When you're confronting competitors or other potentially distracting and destructive forces, you need a systematic method for dealing with them. You need to read about potential competitors and have a plan for how to deal with them. You must stay aware of the ones that exist or are sprouting up and infringing on your space.
You can make a map of the competitive landscape. It can contain attributes or benefits or price. Put your competitors on the map. Put your company on the map and see where you fit. Figure out how you are different and how to appeal to consumers and customers in a unique way.
If your business can grow in an area that is reletively free from competitors -- because it's in a clear spot (or niche) by itself, you have a better chance for success. Apple has done this repeatedly. Its products are clearly in a market niche all by themselves, even though they compete in a very full and competitive marketplace.
How have you positioned your business in the marketplace? Is it a good spot?
Tuesday, April 29, 2008
Perseverance
One of my college professors described one of my fellow students as a person who made his own luck. I always wondered what he meant by that. But I think that it was a case of the kid knowing what he wanted and going after it. He had perseverance.
That's a trait that entrepreneurs have to have. They must believe in themselves and their goal. They don't give up. The Wall Street Journal just ran an article on perseverance and personal health. There's a link in my sidebar. Take a look.
That's a trait that entrepreneurs have to have. They must believe in themselves and their goal. They don't give up. The Wall Street Journal just ran an article on perseverance and personal health. There's a link in my sidebar. Take a look.
Saturday, April 19, 2008
Like American Idol for Entrepreneurs
This week I felt as if I were on American Idol. No, not as a contestant, as a judge. I was on a panel of three critics listening to three-minute pitches from entrepreneurs. The panel's job was to help the entrepreneurs get ready to pitch their requests for funding to over 100 investors at the upcoming Crossroads Venture Fair.
I had a yellow grading sheet for each presenter. I had to grade the contestants on specific criteria. Amazingly, most of the presenters never got to some of the points. They mostly got hung up on giving their credentials, describing how great their product or service was or going into the need in the marketplace. Two presenters completely lost me as they dove into the technical aspects of their inventions, complete with diagrams that made no sense.
The judges had to tell these entrepreneurs how to improve their presentations. What amazed me was how they looked so eager to hang on every word we said. Sometimes I thought I sounded like Simon, telling people that I couldn't understand what their business was.
But some of the ideas for new businesses were really good. I hope that the entrepreneurs learned from the experience and will do well at Crossroads.
Here is a rundown of the point we had to grade on:
Product/service - what do you do?
Market - what's the size of the market?
Competitive Analysis - Is the product unique?
Finance -- how will you make money?
Management - Do you have the talent to meet your goals?
Funding -- what do you need? how will you use it?
Crossroads is run by the Connecticut Venture Group. http://www.crossroads-cvg.org/
I had a yellow grading sheet for each presenter. I had to grade the contestants on specific criteria. Amazingly, most of the presenters never got to some of the points. They mostly got hung up on giving their credentials, describing how great their product or service was or going into the need in the marketplace. Two presenters completely lost me as they dove into the technical aspects of their inventions, complete with diagrams that made no sense.
The judges had to tell these entrepreneurs how to improve their presentations. What amazed me was how they looked so eager to hang on every word we said. Sometimes I thought I sounded like Simon, telling people that I couldn't understand what their business was.
But some of the ideas for new businesses were really good. I hope that the entrepreneurs learned from the experience and will do well at Crossroads.
Here is a rundown of the point we had to grade on:
Product/service - what do you do?
Market - what's the size of the market?
Competitive Analysis - Is the product unique?
Finance -- how will you make money?
Management - Do you have the talent to meet your goals?
Funding -- what do you need? how will you use it?
Crossroads is run by the Connecticut Venture Group. http://www.crossroads-cvg.org/
Tuesday, April 1, 2008
Homeboy Industries
Last week The New York Times ran an article about Homeboy Industries in Los Angeles. Homeboy was started by a Jesuit priest who wanted to help kids get out of gangs. He wanted to help them learn how to work and earn money, rather than killing and getting killed through gang activity. These kids are now making Tee-shirts and baking bread. They sell their wares and learn about being successful. I love this idea of seeding capitalism. I love that these kids are learning how to be self sufficient and participate in the American Dream.
My son, who goes to USC, says that Homeboy sells its food on the campus as part of the campus farmers market. That's great because USC is very close to gangland neighborhoods.
When I had a government grant to counsel low income people on how to start businesses, one of the organizations I had an alliance with believed that the same entrepreneurial spirit and skills that inner city drug dealers have could be re-channelled into selling legal products and services. Homeboy seems to be doing just that. I hope more organizations like this pop up and are successful.
http://www.homeboy-industries.org/father_gregg.php
My son, who goes to USC, says that Homeboy sells its food on the campus as part of the campus farmers market. That's great because USC is very close to gangland neighborhoods.
When I had a government grant to counsel low income people on how to start businesses, one of the organizations I had an alliance with believed that the same entrepreneurial spirit and skills that inner city drug dealers have could be re-channelled into selling legal products and services. Homeboy seems to be doing just that. I hope more organizations like this pop up and are successful.
http://www.homeboy-industries.org/father_gregg.php
Tuesday, January 29, 2008
Angel Investors
At the Connecticut Venture Group meeting last week, Andy Hanson, who is an angel investor, told the audience that finding angel capital in Connecticut is not easy. To illustrate his point, he asked for a show of hands -- how many angels in the audience? 11. How many entrepreneurs? About 150. Andy mentioned three angel groups in CT -- CT Angel Guild, Angel Investor Forum, and Private Investors Network.
Angel investing, according to Andy, fills that gap between friends and family funding and venture capital. It's for early and seed stage investors. Typically, an angel will invest in a company with a product and at least one customer who has written a check. The business must be scalable; i.e., readily expandable/growable. The angels want to get at least 10 times their money back. That makes it hard for entrepreneurs to get funding.
For every 10 plans an angel reads, he or she will see 3 owners and fund 1 or 2 businesses. That's why having a great executive summary or one-page angel sheet is essential. To get money from the angel groups Andy is connected with, go to the Connecticut Venture Group and fill out their seed/early stage form. http://www.cvg.org/entrepreneurzone.asp
If you need advice about filling out these forms or improving your executive summary, please visit my website: www.upstartbusinessplanning.com or email me at: upstartwyn@gmail.com.
Angel investing, according to Andy, fills that gap between friends and family funding and venture capital. It's for early and seed stage investors. Typically, an angel will invest in a company with a product and at least one customer who has written a check. The business must be scalable; i.e., readily expandable/growable. The angels want to get at least 10 times their money back. That makes it hard for entrepreneurs to get funding.
For every 10 plans an angel reads, he or she will see 3 owners and fund 1 or 2 businesses. That's why having a great executive summary or one-page angel sheet is essential. To get money from the angel groups Andy is connected with, go to the Connecticut Venture Group and fill out their seed/early stage form. http://www.cvg.org/entrepreneurzone.asp
If you need advice about filling out these forms or improving your executive summary, please visit my website: www.upstartbusinessplanning.com or email me at: upstartwyn@gmail.com.
Friday, December 1, 2006
Entrepreneurial Marketing
Whenever I meet business owners, they're worried about one of two things -- not enough sales or not enough cash. They can't grow sales without spending money. But they have no money to spend. Somehow, many of them just grow organically, in spite of themselves.
But the smart ones think like an upstart. They use entrepreneurial marketing. That is, they find the ways to get the most bang for the buck.
I'm going to try to answer business and marketing questions with this blog. I'll share my opinions of what's going on in the business world. And I'll share some case studies from buisnesses I've known.
Finally, I'll provide links to resources that can help you grow your business.
But the smart ones think like an upstart. They use entrepreneurial marketing. That is, they find the ways to get the most bang for the buck.
I'm going to try to answer business and marketing questions with this blog. I'll share my opinions of what's going on in the business world. And I'll share some case studies from buisnesses I've known.
Finally, I'll provide links to resources that can help you grow your business.
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