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Posts from the ‘Featured’ Category

24
Nov

Venture Capital Funding Today

cartoon4There can not be a discussion on business financing without talking about venture capital or angel investing. These forms of business financing are widely known but hardly achieved. It is very difficult to get but still possible according to VCs Change Their Tune, an article written earlier this month by the Wall Street Journal. American Express’ Open Forum released a great article on the state of venture capital today. The strongest advice from the article was:

  1. know where funding is hot and where it is not
  2. know your audience (venture capital firms that you are pitching to)
  3. make sure your pitch is on point (practice, practice, practice)

To understand what industries or ideas are getting funded, you must stay in the know. A few resources that can help you do that include:

  • National Venture Capital Association: Trade organization for venture capitalists. Provides a ton of information regarding the industry and everything involved.
  • New York Times – DealBook: Provides current stories on venture capital deals and other large investments taking place on the national stage. This active blog not only provides great stories, but also provides tools for you to remain in the know using any forum you need.
  • Twitter: A search on venture capital provides a host of conversations about this funding source. You can create a list of those you deem as experts or follow the list of someone you trust.
  • Venture Capital at Alltop.com – Summarized list of venture capital blogging resources across the internet

Read moreRead more

20
Nov

Video of the Week: Ten9Eight: Shoot For The Moon

Highlighted is a trailer for Ten9Eight: Shoot For The Moon – a documentary that follows several at-risk youth from across the country as they compete in a business plan competition as part of the Network For Teaching Entrepreneurship Program. The film is not only about their opportunity to win $10,000 but also about their opportunity to be recognized for what they can contribute to the world.

I strongly believe entrepreneurship should be a part of our national high school curriculum. There is so much that having a foundation in entrepreneurship (as well as financial literacy) could do for American children.

The well-reviewed movie debuted this week and currently has limited showings. You can request a showing in your city or school via this webpage or purchase the DVD which will be available in January.

Let us know how you feel about the movie after you see it.

19
Nov

So you want a business grant?

grants_landingMany new business owners look for grants to fund their businesses, especially because of a certain late night commercial or the National Grants Conference – a one day seminar they attended which told them about free grants they could pay $600 – $1,000 to get more information about.  Typically, grants are dedicated to non-profit firms that are touching a community of people. If you must look, great resources to find grants is through grants.gov and the Foundation Center. You can also do an online search on foundations and grants. Sorry to say, if you are a start-up business, you will likely be ineligible for a business grant. That said, there are plenty of resources for “free” money that businesses can work to pursue.

Business Plan/Venture Capital Competitions
Several business schools and organizations produce competitions throughout the year. Many are eligible for students only although student teams may have non-students on them. Entrepreneur.com and the New York Times each put together great summaries of many business plan competitions. Some listed do not require student status. There are others in which student status is not a requirement including:

As you can see, there are many competitions out there for all types – local, regional, national, global, social, techie… anything. Just conduct an online search for your preferred industry and “business plan competition” to see what pops up most relevant for you. Even if the highlighted competitions have already taken place, you can note the dates for next time since they typically take place around the same time each year. The most valuable piece of taking part in these competitions is not the prize but the feedback you receive about your business plan and its viability.

You can find tips for winning business plan competitions in this NY Times article.

Business Contests
Different from business plan competitions, these contests usually include comprehensive prizes or awards that may include mentoring, financing, free PR, etc:

A comprehensive, consistently updated list of business contests is located at Small Business Trends.

Federal Programs

  • Small Business Innovation Research (SBIR) – this is a federal program that offers funding to firms to encourage high-risk innovation, particularly related to existing federal needs. Funding comes through various federal agencies and provides up to $850,000 for research and development over two and a half years. Awardees must be for-profit, US Citizen owned, and have 500 or less employees . Chances are better if an employee or project partner has a Ph.D. You can find more great tips from Utah’s Governor’s Office of Economic Development.
  • Small Technology Transfer Research (STTR) – this federal program funds very similarly to the SBIR except it is for small businesses partnering with universities.

Although these programs are usually titled “grants”, they really are contracts with government agencies.

State Programs
From tax credits to job creation grants, your state’s department of commerce likely has several programs to attract and retain businesses in the state. Although much of it seems geared to larger organizations, you never know what you are eligible for. Incentives for a few of my favorite states:

For information about a different state, just check the Department of Commerce or Economic Development for any state you are interested in conducting business in.

Local Programs
Usually local money is matched to money you already have or have been approved for. This can be in the form of a very low interest loan, or an actual grant. Same as with the state, check the economic development department of the city you plan to conduct business in to see if there are any incentives that are relevant for your business.

Let us know your success stories in acquiring free resources to build your business.

13
Oct

What is a Cardinal Business?

So, you may be wondering “What is a Cardinal Business?“. Well that’s a great question! It represents the inspiration for this blog and was inspired by my new business, Cardinal Business Strategies, Inc. (launches early 2010).

A “Cardinal Business” is one owned by an individual(s) who is passionate about the line of business he/she is in and extremely driven to utilize his/her talents. His or her firm provides products or services essential to his/her respective marketplace.

So, in case you missed it, every month there will be a new business selected and highlighted on the blog. These are firms that represent the essence of a cardinal business. So far, two have been highlighted:

- XTreme Designs Web Solutions, St. Louis, MO

- M Portrait Photography, Raleigh, NC

And yes, this is a term I have coined :-) . Ain’t I creative…

30
Sep

Recommendation: August Turak: Business Secrets of the Trappists

Last night, I went to a lecture by August Turak at Duke’s Sanford School of Policy. It was co-sponsored by Leadership North Carolina and was so close to home, I had to attend even though I had no idea who August Turak was and was leary of the topic. August Turak is an entrepreneur who spent several years visiting with the monks at Mepkin Abbey in SC. This was such an inspirational speech, I recommend anyone who gets a chance to go hear Turak speak and be transformed! It was based off of Turak’s 4 part article series in Forbes magazine, Business Secrets of the Trappists. He was transformed by his experience with them and now spreads the gospel through a business filter. 

My biggest takeaway from this speech was the importance of the “transformation of being” and how going through this process can help you reach your greatest potential. He applied this concept to organizations as well. The greatest way to get to this is by being connected to a community of people who also want to go through this process (and staying away from those who are negative and against it). Attending this session gave me confirmation for a route I’m considering with my new business.

Definitely attend seminars like this to get inspiration for your business. Especially if you live near colleges and universities, they always have free, public lectures given by very prominent speakers. Check out a few of the lecture schedules for business schools in the Triangle:

Duke’s Fuqua Distinguished Speaker Series (also has video archives of previous speakers)
NCSU Wachovia Executive Lecture Series
UNC Kenan-Flagler Dean’s Speaker Series & Weatherspoon Lecture (also has video archives of previous speakers)

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