Boot camp helps startups find success

Solid business ideas and unique products are commonplace among Inland Northwest entrepreneurs. The disconnect comes when it’s time to develop a business plan and seek funding.

Jeannine Marx
Special to The Spokesman-Review

A lack of seed money in the Inland Northwest has created a shortfall, which makes competition for financial support tight among startups and growing companies. Business plans must be well thought out and tightly written, pitches succinct and thorough to secure financial backing.

Technet, http://www.technetnw.org/ a Spokane-based nonprofit technology organization, has been working to bridge the gap between entrepreneurs and investors for more than 10 years.

The group, a coalition of 500 individuals in technology-related fields representing businesses, community development organizations and educational institutions, promotes education and growth within the Inland Northwest’s technology community and serves as the region’s conduit to technology resources.

This Saturday, Technet will continue its work with budding companies with the kickoff of its second Entrepreneur’s Boot Camp Series.

Technet’s mission is to help local startup and growing companies take advantage of resources and maximize investment opportunities. Its volunteers simply want to grow new business ideas into successful companies.

To foster that development, Technet began organizing investment forums three years ago as a way to educate and mentor aspiring entrepreneurs. Startup companies identified for the six investment forums that followed were qualified and assigned a team of volunteer mentors to clean up their business plans and hone their presentation skills for pitches to potential investors.

Companies such as World Wide Packets, TriGeo, Translation Technologies and Aurora Consulting are among the 18 "graduates" that presented to "angel" investors and venture capitalists following the forums. While legal restrictions prevented Technet from tracking any funding that resulted, half of the companies that made presentations drew investor interest.

Narrowing the gap, sharpening the focusEncouraged by the success of the investor forums, Technet began to fine tune its education and marketing efforts and a revamped process — an Entrepreneur’s Boot Camp Series — emerged last spring. The Boot Camp places even more emphasis on educating entrepreneurs and developing a solid direction for their business ideas.

Six startup companies participated in the first Boot Camp in May: Commuter Cars, DAS Electronics, Luukin Technologies, kNEW, MRDS and Tylite. Six successful entrepreneur and business consultants donated between eight and 20 hours of their time mentoring these companies. Students from Gonzaga University’s Hogan Entrepreneurial Leadership Program evaluated, analyzed and shadowed their assigned company for the daylong camp. Topics covered included business components, business plans, financing mechanics and presentations.

Each of the startup participants has seen improvement since the first Boot Camp. Technet volunteers have continued to follow the progress of each of the companies.

When Boot Camp Series starts again on Saturday, it will be presented in a revamped progressive, monthly four-topic cycle.

Beginning with "The Fundamentals," volunteer consultants will help companies or individuals with a solid business idea, unique product or intellectual property get on the path to being a funded, functioning enterprise.

New topics will be covered each of the next three months. During the second step, titled "Business Plans," consultants will analyze and critique business plans and discuss the potential and viability from an investor perspective.

"Financial Mechanics" will prepare entrepreneurs for investor expectations. "Show Time" focuses on developing and fine tuning the pitch.

The newly designed progressive format allows entrepreneurs to pick and choose the topics they need to work on most. Students from the Hogan Entrepreneurial Leadership Program and area high schools are also being encouraged to attend to encourage future entrepreneurs.

The Boot Camp cycle begins again in February.

A new, needed resourceFeedback from investors since the initial Boot Camp has been positive. Regional investment banks and venture capitalists often speak with people who have great ideas that are not yet ready for prime time. Now they have a place to send them.

A solid collection of resources for startup companies and an ever-expanding network of entrepreneurs and venture investors will have far-reaching effects on the area’s economy. Keeping startups and growing companies in the region means new and attractive internships and job opportunities for our graduates, providing depth to our work force resources.

Creating a successful climate that fosters entrepreneurial growth gives an edge to Inland Northwest entrepreneurs competing for funding.

And, most importantly, success breeds success, which can only mean increased employment opportunities and improved regional business health.

Everyone benefits from this collaboration.

# Jeannine Marx is president of Technet, a nonprofit organization that promotes technology education and collaboration in the Inland Northwest. She has more than 20 years of technology industry recruiting experience.

http://www.spokesmanreview.com/news-story.asp?date=090102&ID=s1208321&cat=section.business