the nashville entrepreneur center · 9/28/2010 · “portfolio approach” metrics, measurement,...

The Nashville Entrepreneur Center An Executive Briefing

September 28, 2010

Michael Burcham, President & CEO The Entrepreneur Center 105 Broadway, Suite 200 Nashville, TN 37201 www.entrepreneurcenter.com

We help the Creative Class "turn Ideas into Reality

Entrepreneurship is no longer a job title. It is the state of mind of people who want to change the future.

– Guy Kawasaki

Entrepreneurship "and Innovation

•  Small businesses create 67% of all new innovations in the US

•  95% of all radical innovations over the past 60 years have come from small businesses

•  Create 14 times the number of patents per employee than large patenting firms

Entrepreneurship "

in America

Demographic groups are most active in this economic transition:

•  Baby Boomers (Entre-Boomers)

•  Entrepreneurial Generation

2

Nashville Entrepreneur Ecosystem

Starting Early Phase Fundable Subset

Growing

Applies to… 100% 100% < 5% 100%

Needs Licenses Templates

Plan

Customers Workspace Marketing

Funding info Advisement Access to $

Customers Partners

Education

Focused Organizations

VCs Angels Banks

Chamber NTC

NHHC

Activities Early Education

Resources Assessment

Networking Incubation

“Gazelle” hunting

Funding Mentorship

Loans

Networking Education Prof. Svcs.

h"p://iammusiccity.com/

Best City in America Start a Business

8th !

Founding Partners:

Avenue Bank Baker Donelson Bass, Berry & Sims Belmont University Bone McAllester Norton Bradley Arant Boult Cummings C3 Consulting Clayton Associates Cole Designs Council Capital Management Denovo Concepts Elizabeth Crook, Orchard Advisors Emma, Inc. Health Stream Interior Design Services

Lattimore Black Morgan & Cain

Lipscomb University

Mark Montgomery Michael Burcham

Michael Shmerling Partners, GP

Music City Tents & Events

Nashville Area Chamber of Commerce

Nashville Health Care Council

Nashville Technology Council

Pinnacle Financial Partners

Qualifacts

TN Technology Development Corporation

Waddey & Patterson

Williamson County Economic Development

The Entrepreneur Center serves as a gateway that fuses

Training, Relationships & Resources

To cultivate economic development and drive Nashville’s future as the epicenter of Entrepreneurial Endeavors.

Align Our Vision for Success

Ensure our definitions of success match. Build measures for success.

Secure Investor, Business & Partner Support

Become the face of the Center. Tell the story, create buzz, build a team.

Connect to Capital - Build Funding Pipeline

Connect the Center to Sources of Capital. “No Money, No Mission.”

Leverage Resources to Drive Big Opportunities

Leverage resources to help create wins with investable stories.

Organize our Entrepreneur Ecosystem

Build partnerships with universities, investors, community resources.

1 2 3

4 5

TOP 5 PRIORITIES FIRST 100 DAYS FIRST 12 MONTHS

2

Connecting entrepreneurs with critical resources to accelerate business creation and growth: The “Front Door” for New Entrepreneurs in Nashville.

1


Our

Ma

ntra

Helping the Creative Class turn ideas into reality. Our focus is in Healthcare, Technology, Digital Media / Entertainment, and Social Enterprise.

Our

Wor

k ALIGN OUR VISION FOR SUCCESS

  Ensure our definitions of success match.

  Build measures for success.

  Establish entrepreneur & plan scoring and development process.

  Allocate Resources based on opportunity and strength of concept.

Will establish a scorecard process in the 1st 100 days. Each entrepreneurial concept will be scored (self scored and/or staff) and put into one of 3 categories: A’s: These receive 55-60% of EC Resources B’s: These receive 25-30% of EC Resources C’s: These receive 10-15% of EC Focus & Resources

Reso

urce

Al

locati

on

3

Completed stories for NBJ & Tennessean. Working on Series for Channel 4 or 5. Begin speaking for Civic Groups and Business Organizations

2


Publi

c

Awar

enes

s

Will build out action plan to create regional buzz for the EC. Will have a “launch event” timed with the opening of temporary home where we begin to tell the story of the rich entrepreneurial history of Nashville.

Crea

te

Buzz

SECURE INVESTOR, BUSINESS & PARTNER SUPPORT

  Become the Face of the Entrepreneur Center.

  Tell the Story.

  Create Regional & National Buzz.

  Build the Team.

  Engage the Community.

Within 1st 100 days, will continue numerous face-to-face meeting with our stakeholders; engage volunteer mentors, partner with other community resources, and build out core team for the EC as funding permits. Goal is to create a virtual team (aka army) of folks who want to contribute time and energy to the emerging entrepreneurs. Bu

ild th

e “Vi

rtual”

&

EC Te

am

4

Secure funding for Operating Expenses for the EC through a combination of Donors, Incubator Revenue & Programming within the 1st 100 days.

3


Oper

ating

Fu

nding

Launch capital campaign (and EDA grant application process) to fund the build out of the Trolley Barn space for a permanent home for the Entrepreneur Center. Ca

pital

Ca

mpaig

n CONNECT TO CAPITAL – BUILD FUNDING PIPELINE

  Begin a capital campaign for the Trolley Barn site.

  Secure funding for operating costs using donations, incubator revenues and membership fees.

  Seek grants and outside funding for special programming.

Looking to secure additional outside funding for special programming and services to key groups (Kauffman Foundation, America’s Promise, etc). Gr

ants

&

Othe

r Fun

ds

5

Propose a process for the investor / capital groups to send entrepreneurs / plans on the “short list” but not ready for investment to come to the EC for intensive work / assistance. Plan to have 3-4 of these relationships in place within the 1st 100 days.

4


Fast

Trac

k Inc

ubati

on

Will establish an “Entrepreneur in Residence” for these 4 Key Areas. These individuals (funded by industry groups) assist the entrepreneur in building an investable story with a credible business model. Plan to have the 1st of these in place within the 1st 100 days. Fo

cus o

n 4 K

ey

Vertic

als

LEVERAGE RESOURCES TO DRIVE BIG OPPORTUNITIES

  Build partnership with TN Investco Funds.

  Identify ways to support and add value to Angel Networks and other Investment groups.

  Focus on 4 Key Verticals

6

Meetings underway with our major universities: Belmont, Lipscomb, MTSU, TSU, Vanderbilt within the 1st 100 days. Looking to link students and partner programming into the EC.

5


Unive

rsity

Partn

ersh

ips

Plan to meet and establish the first 10 collaborative partnerships with entrepreneurial resources within the 1st 100 days. Plan to create portal / web links with these groups and define a working relationship. Co

mmun

ity

Reso

urce

s ORGANIZE OUR ENTREPRENEUR ECOSYSTEM

  Build Partnerships with area Universities.

  Create Relationships with Community Resources for Entrepreneurs.

  Develop a Virtual and Physical Presence for the Entrepreneur Center that Links these Resources.

Have completed initial meetings with NHCC leadership (Caroline Young) and NTC leadership (Tod Fetherling). Will also secure meetings with Nashville Music Council and Center for Non-Profit Management within 1st 100 days.

Vertic

al

Pa

rtner

s

7

Areas of Focus

h"p://www.entrepreneurcenter.com/

TOP 5 PRIORITIES FIRST 100 DAYS

CRITICAL ELEMENTS FOR SUCCESS:

  Community Support and Resources

  Partnerships with Universities

  Connection to Capital

  Mentoring Programs

  “Portfolio approach”

  Metrics, Measurement, Database: companies formed, jobs, revenues, acquisitions

FIRST 12 MONTHS

Secure Funding for the Trolley Barn build out for the permanent home of the EC.

Fully build out the “Front Door” of Nashville for entrepreneurs: A known place to go to connect.

Complete the Entrepreneur-in-Residence structure for Healthcare, Technology, Social Entrepreneurship, Digital Media/Entertainment. Others if funded.

Complete the virtual presence of the EC with a robust, self-serve portal that links and maps a well defined entrepreneurial ecosystem for our market area

Build on the “IAMMUSICCITY” Brand as a way to spotlight Nashville’s creative class.

8

BENCHMARKS THE “VETTING” PROCESS EC SERVICES

EO

•  Peer-to-peer learning •  Membership-based network •  Educational webinars and seminars •  Local corporate sponsorship •  Partnership with MIT •  Chapter activity; events, news,

surveys, etc

Stanford’s d. School

•  Interdisciplinary, process-oriented learning approach

•  Intersection of business, technology, and human values

•  Builds a broadly applicable skillset for all students

•  Creative branding

TechStars

•  Founder’s stock: Stake in new companies

•  Mentorship with industry experts •  Creative, collaborative physical

workspace for entrepreneurs •  Investor Demo day (collects 200+

investors)

ATDC

•  Relationship with Georgia Tech and Enterprise Innovation Institute

•  “Startup Catalyst Office Hours” •  ATDC Seed Capital Fund •  “Venturelab:” builds businesses from

faculty inventions •  Partnerships with local community

councils

9


Entre

pren

eurs

“Id

eas”

A’s High Value

Entrepreneurs

B’s Budding

Entrepreneurs

C’s Concept or Early Entrepreneurs

•  Strong business plans • Needs immediate access to

capital to start • Good business model

•  Potentially high growth • Some developmental

issues or limited model • Needs coaching and

development to finalize

• Early concept ideas • Desire to build a business • Needs basic information

such as registering company, biz model design

55 - 60%

25 - 30%

10 - 15%

Categorized Entrepreneurs EC Involvement Filter by EC

10

Resources Ecosystem Community Advocacy Capital

  Biz plan templates   “Best of Web”

video   “Ask an

Entrepreneur”   Entrepreneur Tool

Kits   Roadmap for

Nashville   Biz plan reviews   Training

  Map the Ecosystem

  Systems that connect startups to resources (“Triage based on Impact”)

  Become a clearinghouse

  Mentorship   “Office Hours”   Gathering Place   Celebrating Deals

(Community Branding)

  Building Community

  Co-working space

  Measurement   Education   Biz Plan

Competitions   Awareness   Virtual Boards

  Partner with TN Investco & Other Capital Firms

  “Earned” Access   Company

Database   Showcases   “Gazelle”

identification


11

Connection "To Capital

Capital Community

Entrepreneur Center Board

Venture Capital Partners

Nashville Entrepreneur

Center

Build Wealth Mission Build Nashville

“Gazelles”

Goals

1.  Front Door for Entrepreneurs

2.  Define & Map Entrepreneurial Ecosystem

One Year

1.  World-class Programming

2.  Regional Partnerships

3.  National Attention

Two Years

1.  Entrepreneurial Epicenter

2.  Economic Development for Nashville

Three Years

How Can You Help?

Youth Entrepreneurship Building Tomorrow’s Business Leaders

What Do Young Entrepreneurs Want or Need to Drive Success?

It’s not just about starting a business. It’s also about running one…

Startups for Returning Soldiers Transforming Military Leaders into Business Leaders

Venture-capital investment per capita is 2½xthat of the U.S. and 6x times that of the UK.

Israel has only the U.S.—with more than 40x the population—as a challenger.

A lot of people have ideas… But there are few who decide to do something about them.

Now. Not tomorrow. Not next week.

But Today.

The true entrepreneur is not simply a dreamer, but also a doer.

Revised from Nolan Bushnell. 2010. Newsweek’s “50 Men Who Changed America” – Started more than 20 Companies

the nashville entrepreneur center · 9/28/2010 · “portfolio approach” metrics, measurement,...

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