What is the Wayne Brown Institute and what is the organization’s primary goal?

1. What is the Wayne Brown Institute and what is the organization’s primary goal?

BRAD BERTOCH – President, Wayne Brown Institute talks with Brad Bertoch http://www.sltrib.com/business/ci_2382261

Organized in 1983, the Wayne Brown Institute (WBI) is a nonprofit educational organization (501(c)3). We have become an experienced and successful nonprofit venture accelerator by helping high technology entrepreneurs attract capital from venture funds, and angel and corporate investors. Our Cooperative Venturing Networkª of experienced and knowledgeable mentors have donated tens of thousands of hours and have assisted thousands of promising high-tech companies.

Most importantly, our programs help technology entrepreneurs from every social/economic level learn how to raise money for their businesses. WBI helps a broad range of technology companies in a cost-effective and systematic way. We create an ongoing infrastructure in every community we serve. We have venture capital conferences and related programs in Utah, Hawaii and Alabama and have organized and mentored successful programs in other states.

2. How do you characterize the current state of venture capital in Utah?

Bucking all national trends, venture capital has grown dramatically in Utah since June 2000. The number of funds has grown from about three funds to 14, and capital under management has grown from less than $200 million to more than $1.5 billion. Utah’s new Fund of Funds program will only enhance increased capital availability. The amount of venture capital invested in Utah is growing for the first time in three years. Utah’s dot-com crash was not as severe and its recovery quicker than elsewhere in the nation. This increased availability of capital has attracted even more money to be invested in Utah. This growth in available investment resources has come from the increase in quality deal flow here promoted by WBI.

3. How should first-time entrepreneurs begin exploring financing options for their companies?

A great business plan coupled with the right kind of mentoring and networking will guide an entrepreneur to the right capital sources for his/her venture. A big mistake an entrepreneur makes is "burning" or crippling his/her
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venture by wasting time and goodwill chasing the wrong money with a weak business plan. They need to shift their mind-set from the wants of the entrepreneur to the needs of the investor. They do this by acquiring specific knowledge and experience in the art of fund-raising. To do this, they should attend knowledge-based events, including many offered by WBI. Next, they need to be involved with experience- gaining events such as networking, mentoring, business plan reviews, and venture conferences. Entrepreneurs need independent validation of their business plans before they try to raise money with it. WBI offers such validation with business plan reviews using a proprietary computer software system.

4. The Wayne Brown Institute sponsors regular venture capital conferences. Describe these events. How do entrepreneurs get involved?

Investors Choice venture capital conferences are designed to bring the most promising local high-tech companies together with investors and other interested members of the venture community. These conferences feature specialized training and numerous networking events. Our conferences are in Utah in February. As a first step, entrepreneurs should consider attending one of WBI’s "How to Raise Money in Utah" seminars, a WBI "21st Century Entrepreneur" workshop, or have their business plan professionally reviewed to see if it’s "Venture Ready." For information, interested entrepreneurs should go http://www.venturecapital.org or call 801-595-1141Â.