Crossing the country again I am back in New York specifically to visit the Startup 2011 conference.
This was a great day with a few interesting sessions but the real value came from the pitching competition and the people I met in the breaks.
Eight startups pitched for a cash prize of $25,000 judged by a panel of Angels and Venture Capitalists. The presenters were polished and well spoken, I was impressed. What really surprised me was that I probably wouldn't have called them startups! For example one company had invested $100,000 of their own money to develop a prototype then raised $250,000 from an investor to get to market followed by $750,000. They had thousands of users and considerable turnover. Surely $25k is not needed? I was expecting much earlier stage companies. The reason for pitching may not have been the prize money however as the companies were looking for further investment. I suspect winning a competition like this would raise their profile. You can view the winner here - Quartzy wins Startup 2011 pitching competition...
They don't do things small here and the Angel/VC scene is very large and mature when compared to Australia. As one speaker said 'we are about hitting home runs not singles'. They play for keeps.
And so 6 weeks, 2 train journeys and 13 flights later the fellowship comes to an end (hang on, aren't I suppossed to destroy a ring or something?). I will head to LA now for my flight home then back to work on Monday. This has been such an amazing experience, I have seen so much and met some fantastic people that I intend to keep in touch with.
Thankyou to everyone who supported the trip, assisted with contacts and to those who took the time to meet with me during my time abroad. The next step is to summarise the findings in a report. I have 10 week to submit this and will post the link here once it is uploaded to the Churchill Trust's web site. Coming soon-ish...
Saturday 14 May 2011
The Homeward Stretch - Part 2
I spent 2 days in San Francisco and met some fantastic people and saw some more great programs before heading to Washington DC.
Youth Business America
Henry Rogers has set up YBA in Oakland just outside of San Francisco and is affiliated with the successful Youth Business International (YBI). From their web site:
"If you are 18 to 35 years old, committed to starting your own business and have received training from one of our Community Partners, you may be eligible to become a YBA Entrepreneur. Youth Business America’s mission is to Find, Fund and Mentor young entrepreneurs who need help to start-up or expand their own businesses which would generate employment and promote the economic health of low and moderate income communities."
Henry is entheusiastic about assisting young business, he rattles off the names of their entrepreneurs and clearly know their businesses in detail. The core of the program is lending and mentoring, two of the things that are most in need for startups. We discussed internal processes, their business model and admin/IT automation.
ANZA Tech
Viki Forrest provides the inside scoop for Australian businesses wanting to plug into the valley and beyond.
"ANZA Technology Network assists innovative Australian and New Zealand technology and biotechnology companies with global commercialization in the US and China. Through our webinars, workshops and Gateway and Fast Track programs we work with committed companies to determine the right foreign marketplace and what it will take for successful business expansion."
After a few minutes with Viki I was convinced that if you want to set up in the valley you would be crazy not to access her program. The information and extensive network will cut time off of your journey and increase the chance of success. Viki will be in Adelaide (plus Sydney and Brisbane) in May to present G/Score:
"The G/SCORE is a standardized method to assess a startup as it grows from initial concept to scalable enterprise. Developed by Guidewire Group’s Chris Shipley and backed by the National Science Foundation, the G/SCORE is the most comprehensive tool for understanding the state and growth of innovation around the world."
If you are keen to grow your startup and access the US market and beyond this session may clarify the steps that are needed.
Clint Walker and Alisdair Faulkner
Clint and Alisdair are aussies setting up or basing their businesses in San Francisco. Clint runs Roar Engine, an up and coming social gaming engine (create your own games using their system) and Alisdair is the Chief Products officer at ThreatMetrix providing online fraud protection. Both of these were really great meetings to get the aussie take on how things compare to back home. Additional information popped out that would have been unlikely in other meetings on topics such as investment, making contacts and assistance available to get rolling when you land.
Next stop on the way back to a conference in New York was Washington DC for a meeting at the Australian Embassy.
Austrade
I met with Brendhan Egan, Trade and Investment Commissioner. This was a great meeting to have towards the end of the trip because I was able to draw on some earlier conversations regarding the role of government in assisting startups. We discussed Austrade programs, investment and entrepreneurial culture in the US and Australia.
Thankyou to Henry, Viki, Clint, Alisdair and Brendhan for their time.
Only one meeting day left, back to New York for Startup 2011...
Youth Business America
Henry Rogers has set up YBA in Oakland just outside of San Francisco and is affiliated with the successful Youth Business International (YBI). From their web site:
"If you are 18 to 35 years old, committed to starting your own business and have received training from one of our Community Partners, you may be eligible to become a YBA Entrepreneur. Youth Business America’s mission is to Find, Fund and Mentor young entrepreneurs who need help to start-up or expand their own businesses which would generate employment and promote the economic health of low and moderate income communities."
Henry is entheusiastic about assisting young business, he rattles off the names of their entrepreneurs and clearly know their businesses in detail. The core of the program is lending and mentoring, two of the things that are most in need for startups. We discussed internal processes, their business model and admin/IT automation.
ANZA Tech
Viki Forrest provides the inside scoop for Australian businesses wanting to plug into the valley and beyond.
"ANZA Technology Network assists innovative Australian and New Zealand technology and biotechnology companies with global commercialization in the US and China. Through our webinars, workshops and Gateway and Fast Track programs we work with committed companies to determine the right foreign marketplace and what it will take for successful business expansion."
After a few minutes with Viki I was convinced that if you want to set up in the valley you would be crazy not to access her program. The information and extensive network will cut time off of your journey and increase the chance of success. Viki will be in Adelaide (plus Sydney and Brisbane) in May to present G/Score:
"The G/SCORE is a standardized method to assess a startup as it grows from initial concept to scalable enterprise. Developed by Guidewire Group’s Chris Shipley and backed by the National Science Foundation, the G/SCORE is the most comprehensive tool for understanding the state and growth of innovation around the world."
If you are keen to grow your startup and access the US market and beyond this session may clarify the steps that are needed.
Clint Walker and Alisdair Faulkner
Clint and Alisdair are aussies setting up or basing their businesses in San Francisco. Clint runs Roar Engine, an up and coming social gaming engine (create your own games using their system) and Alisdair is the Chief Products officer at ThreatMetrix providing online fraud protection. Both of these were really great meetings to get the aussie take on how things compare to back home. Additional information popped out that would have been unlikely in other meetings on topics such as investment, making contacts and assistance available to get rolling when you land.
Next stop on the way back to a conference in New York was Washington DC for a meeting at the Australian Embassy.
Austrade
I met with Brendhan Egan, Trade and Investment Commissioner. This was a great meeting to have towards the end of the trip because I was able to draw on some earlier conversations regarding the role of government in assisting startups. We discussed Austrade programs, investment and entrepreneurial culture in the US and Australia.
Thankyou to Henry, Viki, Clint, Alisdair and Brendhan for their time.
Only one meeting day left, back to New York for Startup 2011...
Friday 6 May 2011
The Homeward Stretch - Part 1
I have hit the homeward stretch and with a final flurry of meetings time is short. Here is a quick overview of who I have seen since the last update:
Austin, Texas.
Triton Ventures
I met with Laura Kilcrease, Managing Director and Founder of Triton Ventures and the founding executive director of the Austin Technology Incubator. Laura was a HUGE help with thoughts and ideas on different entrepreneurial assistance programs. Her experience with founding and running the Austin Technology Incubator is amazing. We discussed program alumni, resource allocation and filtering of applicants depending on their needs just to name a few.
Tech Ranch
I met with Kevin Koym, founder of TechRanch in Austin.
A few minutes with Kevin and you can tell he is very passionate about startups. He even used his own money to start the ranch and has secured some impressive sponsors to keep things running. The Tech Ranch assists very early stage startups with mentoring, training and physical space. We discussed funding models, alumni and the structure of the ranch including details of his pyramid model for program delivery - basically wide services up to specific as you progress.
Los Angeles
Entrepreneurs Organisation (EO)
Jamie Douraghy is a successful business owner who runs Artisan Creative, a hub to help businesses find graphic designers and creatives. Jamie is an EO member and volunteers considerable time to the organisation. We discussed the EO's Accelerator Program just as Jamie is about to take up a position as the global chair for the program. Here is an overview of the program from their web page:
"In a series of quarterly, high-impact learning events, Accelerator gives you tools, knowledge, and skills to grow your business to more than $1 million (US) in annual revenue. This comprehensive program also connects you to the most influential network of entrepreneurs on the planet. Through the multiple learning and networking opportunities Accelerator provides, you sharpen your skills both as an entrepreneur and as a leader."
To be an EO member you must have a turnover above US$1million, the aim of the accelerator program is to assist businesses to grow into that range. The big deal here is the EO network where applicants can access an international database of success (I was referred to him via this network). We discussed the details of the program and there were a number of great ideas for me to think about and include in the end report.
A huge thankyou to Laura, Kevin and Jamie for their time.
Next stop San Francisco...
Austin, Texas.
Triton Ventures
I met with Laura Kilcrease, Managing Director and Founder of Triton Ventures and the founding executive director of the Austin Technology Incubator. Laura was a HUGE help with thoughts and ideas on different entrepreneurial assistance programs. Her experience with founding and running the Austin Technology Incubator is amazing. We discussed program alumni, resource allocation and filtering of applicants depending on their needs just to name a few.
Tech Ranch
I met with Kevin Koym, founder of TechRanch in Austin.
A few minutes with Kevin and you can tell he is very passionate about startups. He even used his own money to start the ranch and has secured some impressive sponsors to keep things running. The Tech Ranch assists very early stage startups with mentoring, training and physical space. We discussed funding models, alumni and the structure of the ranch including details of his pyramid model for program delivery - basically wide services up to specific as you progress.
Los Angeles
Entrepreneurs Organisation (EO)
Jamie Douraghy is a successful business owner who runs Artisan Creative, a hub to help businesses find graphic designers and creatives. Jamie is an EO member and volunteers considerable time to the organisation. We discussed the EO's Accelerator Program just as Jamie is about to take up a position as the global chair for the program. Here is an overview of the program from their web page:
"In a series of quarterly, high-impact learning events, Accelerator gives you tools, knowledge, and skills to grow your business to more than $1 million (US) in annual revenue. This comprehensive program also connects you to the most influential network of entrepreneurs on the planet. Through the multiple learning and networking opportunities Accelerator provides, you sharpen your skills both as an entrepreneur and as a leader."
To be an EO member you must have a turnover above US$1million, the aim of the accelerator program is to assist businesses to grow into that range. The big deal here is the EO network where applicants can access an international database of success (I was referred to him via this network). We discussed the details of the program and there were a number of great ideas for me to think about and include in the end report.
A huge thankyou to Laura, Kevin and Jamie for their time.
Next stop San Francisco...
Tuesday 3 May 2011
Corey Bell - Trifusion
Corey Bell is a member of the Entrepreneurs Organisation (EO) and is featured in the video below:
I discussed a number of things wth Corey from assistance programs to his company and challenges he has faced. What really intrigued me was he didn't talk much about the product but more about the process and how he makes decisions. I have noticed over the past 3 years that whilst many people start a business based on a skill the really good entrepreneurs depart from this and concentrate on the business aspects, the product is almost irrelevant.
We spoke about how many entrepreneurs (and people in general) don't really have an end goal or set of conciously chosen principles to base their journey on. The SAYES business plan that we use aims to address the business direction through the Now, Where, How structure - Where are you Now, Where do you want to be and How will you get there? Often people are just 'open' to where the business will go but actively deciding what the end goal is can open people's eyes to barriers and opportunities they may not have considered.
Corey has a what he calls his Cardinal Values, these 4 carefully chosen values provide him direction with any decision that needs to be made. Whenever a tough decision comes his way he runs them through the values check and the answer becomes clear. I'm not going to tell you what his 4 are (you should come up with your own using a clean slate!) but what comes across very clearly is that good character and ethics play strongly in what Corey does.
Building these kinds of planning and decision making skills in young people is a huge deal. With a plan and a compass you really are ahead of the pack, and not just in business. Thanks to Corey for his time.
I discussed a number of things wth Corey from assistance programs to his company and challenges he has faced. What really intrigued me was he didn't talk much about the product but more about the process and how he makes decisions. I have noticed over the past 3 years that whilst many people start a business based on a skill the really good entrepreneurs depart from this and concentrate on the business aspects, the product is almost irrelevant.
We spoke about how many entrepreneurs (and people in general) don't really have an end goal or set of conciously chosen principles to base their journey on. The SAYES business plan that we use aims to address the business direction through the Now, Where, How structure - Where are you Now, Where do you want to be and How will you get there? Often people are just 'open' to where the business will go but actively deciding what the end goal is can open people's eyes to barriers and opportunities they may not have considered.
Corey has a what he calls his Cardinal Values, these 4 carefully chosen values provide him direction with any decision that needs to be made. Whenever a tough decision comes his way he runs them through the values check and the answer becomes clear. I'm not going to tell you what his 4 are (you should come up with your own using a clean slate!) but what comes across very clearly is that good character and ethics play strongly in what Corey does.
Building these kinds of planning and decision making skills in young people is a huge deal. With a plan and a compass you really are ahead of the pack, and not just in business. Thanks to Corey for his time.
Monday 2 May 2011
The University of Texas
Welcome to Austin, Texas! It seems to be true that everything is bigger here from the hotel room to the food (including a bacon sundae but that's probably a story for another time) to the site of today's meeting the 423 acre University of Texas.
I met with Gary Cadenhead, the Director of the Master of Science in Technology Commercialisation (MSTC) Program and former director of the world famous MOOT CORP competition from 1992 until 2005.
This was a whirlwind meeting and we discussed a wide range of things related to young entrepreneurs. For this blog entry I will focus on a few key items relating to the evolution of Moot Corp. For those that have not come across Moot Corp in the past here are a few sentence from their web page:
"The Global Venture Labs Investment Competition (formerly Moot Corp) is considered the pioneer of business plan competitions. The competition attracts students from universities around the world including Australia, Brazil, Canada, China, Colombia, France, Germany, Great Britain, Mexico, Sweden, Norway and Thailand.
Started at The University of Texas at Austin by Master of Business Administration students in 1984, the Venture Labs Investment Competition is the oldest new venture competition in the world. The competition provides graduate students with a chance to simulate the process of raising venture capital."
As mentioned in the text above, if you visit http://www.mootcorp.org/ one of the first things you will see is the change of name to 'Venture Labs Investment Competition'. The original competition was based around moot court used to train legal students but the business planning competition has gone beyond being just a training exercise. Many successful companies have launched from the competition hence the new brand and positioning.
The scope of the competition has increased beyond the engineering and MBA students to any University student. Many of the new technologies ready for commercialisation come from other departments and this was a logical progression.
Past graduates are welcomed back to run workshops and speak at events. They pass on their experience and show current students what is possible. Personal relationships play a big part in keeping in contact with Alumni. The power of a good alumni relationship is a recurring theme in my meetings, there is real power there and geat benefits to everyone involved.
Another very brief tast of the meeting. I have almost filled my note book and need to pick up another!
I met with Gary Cadenhead, the Director of the Master of Science in Technology Commercialisation (MSTC) Program and former director of the world famous MOOT CORP competition from 1992 until 2005.
This was a whirlwind meeting and we discussed a wide range of things related to young entrepreneurs. For this blog entry I will focus on a few key items relating to the evolution of Moot Corp. For those that have not come across Moot Corp in the past here are a few sentence from their web page:
"The Global Venture Labs Investment Competition (formerly Moot Corp) is considered the pioneer of business plan competitions. The competition attracts students from universities around the world including Australia, Brazil, Canada, China, Colombia, France, Germany, Great Britain, Mexico, Sweden, Norway and Thailand.
Started at The University of Texas at Austin by Master of Business Administration students in 1984, the Venture Labs Investment Competition is the oldest new venture competition in the world. The competition provides graduate students with a chance to simulate the process of raising venture capital."
As mentioned in the text above, if you visit http://www.mootcorp.org/ one of the first things you will see is the change of name to 'Venture Labs Investment Competition'. The original competition was based around moot court used to train legal students but the business planning competition has gone beyond being just a training exercise. Many successful companies have launched from the competition hence the new brand and positioning.
The scope of the competition has increased beyond the engineering and MBA students to any University student. Many of the new technologies ready for commercialisation come from other departments and this was a logical progression.
Past graduates are welcomed back to run workshops and speak at events. They pass on their experience and show current students what is possible. Personal relationships play a big part in keeping in contact with Alumni. The power of a good alumni relationship is a recurring theme in my meetings, there is real power there and geat benefits to everyone involved.
Another very brief tast of the meeting. I have almost filled my note book and need to pick up another!
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