The right way to make a fast buck
"Speed dating met the business power lunch Tuesday. FundingUtah.com's first "speed pitching" luncheon rapidly matched 10 start-up companies with dozens of angel investors and venture capital firms.
With a giant clock display ticking down the seconds, entrepreneurs repeated five-minute presentations to tables of four or five investors, wooing their listeners for millions of dollars in capital.
"It was a first date on steroids - a first date with a more critical ending," said Wendy Bird, chief executive of My Princess Pearls. She was seeking $150,000 to move her home-based jewelry business into an office.
Bird's funding needs were relatively low. Most entrepreneurs were seeking $1 million to $5 million for enterprises that ranged from selling office phone systems in Costco to developing and marketing cameras that take three-dimensional images. Sweat dripped from the brows of some presenters as investors drilled them with questions.
"It was a little hectic," said Mark Evans, president of Direct Controls, a Provo-based technology company. "Every time they ask a question, you realize what you forgot to put in."
Besides touting business plans and company revenues, the new format was a way for entrepreneurs to showcase their charisma and credibility - two important characteristics that investors are seeking, said Jeff Jordan, a vice president at FundingUtah.com.
"We wanted the investors to get to know the entrepreneurs in a more intimate setting" than on the Web.
Paul Allen, founder of MyFamily.com, and David Bradford, former general counsel for Novell, launched FundingUtah.com in January. The online service allows entrepreneurs to post their business plans for investors to view. Under the umbrella of FundingUniverse.com, the company provides those services for businesses in every state. Close to 1,000 business plans have been posted on FundingUniverse.com, and $399 million in capital is available through its investor network - $126 million of that controlled by Utah investors.
Allen said he started the company to help other entrepreneurs such as himself secure capital, which he says is the hardest part of starting a business. He hoped the innovative luncheon would lead to new funds for some Utah entrepreneurs.
John Richards, a partner in Utah Angels, said he was interested in three of the start-ups but he'd need a second or third date to decide."
With a giant clock display ticking down the seconds, entrepreneurs repeated five-minute presentations to tables of four or five investors, wooing their listeners for millions of dollars in capital.
"It was a first date on steroids - a first date with a more critical ending," said Wendy Bird, chief executive of My Princess Pearls. She was seeking $150,000 to move her home-based jewelry business into an office.
Bird's funding needs were relatively low. Most entrepreneurs were seeking $1 million to $5 million for enterprises that ranged from selling office phone systems in Costco to developing and marketing cameras that take three-dimensional images. Sweat dripped from the brows of some presenters as investors drilled them with questions.
"It was a little hectic," said Mark Evans, president of Direct Controls, a Provo-based technology company. "Every time they ask a question, you realize what you forgot to put in."
Besides touting business plans and company revenues, the new format was a way for entrepreneurs to showcase their charisma and credibility - two important characteristics that investors are seeking, said Jeff Jordan, a vice president at FundingUtah.com.
"We wanted the investors to get to know the entrepreneurs in a more intimate setting" than on the Web.
Paul Allen, founder of MyFamily.com, and David Bradford, former general counsel for Novell, launched FundingUtah.com in January. The online service allows entrepreneurs to post their business plans for investors to view. Under the umbrella of FundingUniverse.com, the company provides those services for businesses in every state. Close to 1,000 business plans have been posted on FundingUniverse.com, and $399 million in capital is available through its investor network - $126 million of that controlled by Utah investors.
Allen said he started the company to help other entrepreneurs such as himself secure capital, which he says is the hardest part of starting a business. He hoped the innovative luncheon would lead to new funds for some Utah entrepreneurs.
John Richards, a partner in Utah Angels, said he was interested in three of the start-ups but he'd need a second or third date to decide."
 |
For more information, visit www.EvanCarmichael.com. |
0 Comments:
Post a Comment
<< Home