-Wednesday, July 20th in Columbia, MD-

 Branding is just as important to your company as your technology.  So why do so many companies put it on the back burner until they are ready to launch their product? 

 A brand is much more than a logo.  Discover cases where it’s even important than the actual product. Learn how having a brand plan can help your company grow and thrive. Yes, branding does affect your bottom line.

See why now, more than ever, whether a product or an organization, in order to survive in a sea of rivals, where getting an audience’s attention is harder and harder due to an always on world of e-mail, cell phones, text messages and “friend” updates, it’s critical to carve out a brand position.

Here’s what you will learn:

• What’s Your Point of Difference?
• How do I build a brand plan?
• How can branding add value to my bottom line?
• What’s unique about my story and why should anyone care?

About our speaker: 

Abe Novick, President and Owner of AbeBuzz, spent over twenty years in corporate public relations and new business development at major advertising agencies, including Euro RSCG (global), Eisner Communications (regional) and several mid-size shops on Madison Avenue. He’s worked with both the agency and their clients on developing and honing their unique message by applying the principles of smart positioning and skillful branding.

He’s a regular columnist with The Baltimore Jewish Times and The Baltimore Business Journal where he frequently writes about the intersection of pop culture and marketing trends and has been a commentator on NPR, reporting on both politics and media.  Abe’s also shared his knowledge and experience in marketing, branding and pop culture by writing for news outlets including; The Financial Times, The Christian Science Monitor, The Boston Globe, The Jerusalem Post, The Philadelphia Inquirer, The Washington Times, The San Francisco Chronicle, The Hartford Courant, The Baltimore Sun, Adweek, Mediaweek & Brandweek. His website is www.abebuzz.com.

 Make your pitch!  Be prepared to give your 30-second elevator pitch. Participants will be selected to make their pitch.  Come prepared!

Date: 
Wednesday July 20, 2011

Time:                        
8:30 a.m. to 11:00 a.m.
8:30 a.m. Registration & Continental breakfast
9:00 a.m. Program begins

Location:                 
Double Tree Hotel
5485 Twin Knolls Road
Columbia, Maryland

 Registration: REGISTER HERE.
$25 per person. Limited seating through Tuesdsay, July 19th.
 (This is a private event and not listed on the TEDCO Calendar)

The Portfolio Workshops are traditionally created for TEDCO Portfolio Companies, Incubator companies and ACTiVATE students and alums; however, we are happy to open this valuable workshop to a limited number of attendees.

HELP MAKE MARYLAND’S FIRST LARGE-SCALE ENTREPRENEUR EVENT A HUGE SUCCESS!

ABOUT THE EXPO: The Entrepreneur Expo will take place as part of Global Entrepreneurship Week (GEW), with world-wide activities in recognition of the entrepreneurial spirit. It is the first large-scale event dedicated to promoting the key to Maryland’s innovation economy, its entrepreneurs.  The day will include several programming tracks, dynamic exhibit floor, keynote sessions, networking reception and more.

The Expo’s audience will consist of anyone and everyone with a vested interest in Maryland’s innovation and entrepreneurial success, e.g. economic development organizations, legislators, seasoned and aspiring entrepreneurs, investors, research universities and federal labs, large companies looking to acquire smaller start-ups, students interested in entrepreneurship.  

COMMITTEE VOLUNTEERS are asked to contribute relevant expertise and creative energy to their selected committee. The needs of each committee are different; therefore, they will meet to determine the “how to” of meeting its goals. Meeting times, dates, locations, etc. will also be addressed collectively.

THE TOP BENEFITS OF VOLUNTEERING:

• Complimentary Full Access to the Expo.
• Working closely with Committee Members representing some of the top management and executives from many of Maryland’s leading organizations, companies, universities and startups, championing entrepreneurship throughout the state.
• Being recognized on event website and day-of materials.
• Having a hand in the HUGE SUCCESS of a large-scale event, primed to garner local and national attention!

All volunteers are required to fill-out the Volunteer Form and will be contacted almost immediately.
CLICK HERE to fill-out the form. 

Be sure to register by Monday, June 13, 2011. For questions, contact Christine Johnson at cjohnson@marylandtedco.org or 410.715.4171.

EVENT REGISTRATION OPENING SOON!
To get the email announcing REGISTRATION OPEN, contact Christine Johnson, TEDCO Communications and Events Manager at  cjohnson@marylandtedco.org.

SPONSOR OPPORTUNITIES ARE AVAILABLE, for more information email tedcocomm@marylandtedco.org.

MEET THE ORGANIZERS:

Led by the Maryland Technology Development Corporation (TEDCO), the Entrepreneur EXPO Leadership Team (EELT) is a consortium of organizations that have a vested interest in Maryland’s entrepreneurial ecosystem.  This group is coordinating this exciting day for the State of Maryland, its current and prospective entrepreneurs, and the various others who interact with early stage companies.  EELT Members include recognized entrepreneurial leaders along with executives from the following institutions:

- Association for Corporate Growth (ACG)
- Economic Alliance of Greater Baltimore (EAGB)
- Federal Lab Consortium  (FLC) and FLC Mid-Atlantic Region
- Greater Baltimore Committee (GBC)
- Greater Baltimore Technology Council (GBTC)
- Johns Hopkins University
- Mid-Atlantic Venture Association (MAVA)
- Maryland Business Incubation Association (MBIA)
- Maryland Department of Business and Economic Development (DBED)
- Morgan State University, Entrepreneurial Development Assistance Center (EDAC)
- National Council of Entrepreneurial Technology Transfer (NCET2)
- Springboard Enterprises
- Technology  Council of Maryland (TCM)
- University System of Maryland (USM)

In his keynote, Building Entrepreneurial Communities: Your Startup is Much More than Just You, Corbett will discuss how growing and connecting creative and technology communities on a local and global level leads to better startups with faster traction and greater long term value for entrepreneurs, investors and employees.

Corbett’s  iStrategyLabs is an interactive agency that develops creative solutions to clients’ challenges and brings them to life in the digital and physical world. He is widely known for his creative marketing approaches coupled with a deep technical background and a focus on civic innovation through community building.

Peter has won multiple industry awards and accolades including: 5 Addy’s for digital and experiential campaigns; 2 Living Labs Global Innovation awards; 1 Pioneer Institute Better Government Award; Power 30 Under 30™ 2010;  3x named one of the most influential Washingtonians under 40 by Washington Life, as well as recognized as one of the  “100 Tech Titans” by Washington Magazine 2010 and 2011, and more.

Sponsored by Smart Logic Solutions and Clifton Gunderson LLP, learn about the “ICE Awards” and register at www.marylandtedco.org. Sponsorship opportunities are still available.

By Robbie Melton
TEDCO Director of Entrepreneurial Innovation
rmelton@marylandtedco.org

Click here for Bio.

There are five characteristics that I see in the successful entrepreneurs.

Successful entrepreneurs are:
1) passionate
2) risk-takers
3) good communicators
4) self- aware
5) know the value of a dollar

 We have all heard that entrepreneurs need to be passionate about their company and passion needs to be 24/7.  It is not, however, working 24/7. It is their excitement for the technology.  If entrepreneurs are in it for the money without the passion they will fail. For some entrepreneurs, however, their passion turns into a love for the technology without regard for the business. This kind of passion can kill a company. 

 It is risky to start a business.  There are no guarantees of success, there has to be that leap of faith. This is especially true of first-time entrepreneurs because they face the greatest odds of success. Entrepreneurs put second mortgages on their homes, go without salaries for long periods of time, even years. They may even go to the Big Box stores and split-up the paper towels amongst the employees to keep expenses down all in an effort to keep their business going.  They sacrifice a lot personally to get the business going.

 The best entrepreneurs are good communicators. That means they listen as well as speak.  They listen to a wide range of people, advisors, employees, mentors and most importantly customers.   They listen to what people are telling them, process it and then and act upon it.  They keep key people informed of their progress. They build relationships with people who can help them along the way.  They articulate their technology and business to others in plain, non-technical, language.   They always remember that an important aspect of being a good communicator is knowing who they are talking to so that they can effectively communicate their message, and get that person interested in the company. 

 Entrepreneurs need to have self awareness.  They need to know their strengths and limitations.  They seek advice and look for people who can add value to their limitations.  An entrepreneur who thinks he/she can do everything is fooling him/herself and is jeopardizing the company.  I see it so often when the company is ready to go to market and they want to be the sales person, the chief technology officer as well as the CEO. After all, who understands and can explain the product best?  That’s what they think. 

 Money— every entrepreneur needs, but to some it is a mystery as to how to fund their company.  Successful entrepreneurs are money smart and I’m not talking about knowing how to work the stock market. They invest their own money in their company and it is documented on the books.  They know their expenses. They know their needs. They seek out all avenues for funding and develop a plan.  Some decide to bootstrap the company while others realize at some point they will need an infusion of capital, either angel or venture.  Smart entrepreneurs know which kind of funding they need and they know how to go after it. 

As important as all of those points are, the truly money-savvy entrepreneur never loses sight of two things:  raising money takes a long time, sometimes six months or more, and all money is not the same. The need to do due diligence on the source of funding is just as important as the due diligence the funder does on the company.

 Times are tough and money is tight, but waiting until you need the money and being desperate can have dire consequences.  Sometimes the strings are so tight it can choke the company.   Read the fine print.  One company received an equity investment by a corporate investment fund. While it was a minor percentage in equity, the company failed to read the agreement thoroughly.  They didn’t realize that the company could not be sold without consent of the equity investor.  That small print cost them the ability to raise any capital from venture investors.  I have plenty of stories to tell about this.  My caution is before signing on the dotted line, think seriously about the long-term effects of the agreement and always read every word of the agreement.

 Good entrepreneurs are passionate, they work hard, they seek advice, and they know their limits.  They have a business and financial plan to grow their company; they evaluate it and make adjustments as needed.

By Robbie Melton
TEDCO Director of Entrepreneurial Innovation
rmelton@marylandtedco.org

Click here for Bio.

Suicide entrepreneurs^TM have good intentions of creating great companies, but when realities of launching a successful start-up hit, these well-intentioned entrepreneurs are often responsible for their own demise. Their good intentions of creating a viable company jeopardize their company.

Sometimes it is difficult to spot a suicide entrepreneur, for the trained observer (read: savvy investor), however, the traits are obvious. Suicide entrepreneurs:

•  are so in love with their technology that they cannot get out of the lab to develop the business;
• will not share any technical information about their product for fear of it being stolen;
• do not listen to advice from experts who are trying to help them,
• lack customer validation to show that anyone wants the product;
• create companies that are way too insular; everyone involved is a family member which is a red light for investors; and
• have companies that are not focused on one product, but many which dilutes their ability to bring any one product to market. 

 Unfortunately, I have way too many stories to tell about the suicide entrepreneur.  A classic example involves a married couple that licensed a technology.  They were passionate about the technology, however, neither one of them was an engineer nor did they understand their potential customers’ needs. They thought they had the solution – hire an engineer to develop the technology and let the customers come running.  An important fact to note is this was the first start-up company for both of them, and being a husband and wife team made it difficult to raise capital. 

 Their biggest mistake was executing their plan exactly as envisioned.  They took the product to an industry show after the designs were complete and prototypes were manufactured.  The prototypes received positive feedback from potential customers, but there were no purchases. The technology was too difficult to install. However, customers said if the product could be installed another way they would purchase it. By that point, the company ran out of their seed money, was not able to raise any additional capital and was unable to redesign their device. Had they met customers before designing the device, they could have avoided this costly mistake. Sadly, they were forced to close their doors. 

 Most entrepreneurs go into business because they believe their product can make a difference. I am willing to mentor any entrepreneur who wants to make their vision a reality, and work at it. 

It all goes back to three things: 1) being self-aware, 2) being willing to take risks, and 3) avoiding ALL suicide entrepreneur tendencies in favor of doing what is necessary to make your company a success.

Click for here Bio.

There are four main concerns that are important for getting a startup company on the road to success.  These are that the Startup have a unique solution to a problem,  that the founders have a target market, that the company have an entrepreneur and a management team with business experience, and that the company have funding to achieve their first milestones.

•Problem and Solution

A cool technology is not enough to start a business; rather, the technology needs to answer a problem and the solution needs to be better than other solutions which are currently offered in the marketplace.  For example, when Facebook was developed there were already many social networking sites.   However, Facebook was different.  It was developed in a university setting where users felt comfortable revealing their identities.  This made it easier to find friends, which gave Facebook a unique advantage over the other sites.   Once Facebook had large numbers of users, it could compete with other sites. (Dinesh Ganesarajah, Kellogg School of Management)

•Market

If the founders or CEO of a business hope to eventually attract angel and venture money, they need to consider the size of their market.  It needs to be large enough to supply returns for these investors.   Alternatively, the founders can bootstrap or rely on their own funds or revenue to move the business forward.

•Management Team-Led by an Entrepreneur

While university startups are often initiated by the inventor, an inventor often lacks the business experience to take the technology forward as a commercial product.   It generally takes a management team that is led by an experienced entrepreneur.   An entrepreneur is defined as the owner or manager of a business enterprise who by risk and initiative attempts to make a profit (Collins English Dictionary, 2009).  A serial entrepreneur is the best.  This is someone who has started up a company previously and has more experience understanding the market, has more important connections with other entrepreneurs and with investors, and is willing to take a risk.

•Funding

Startup and seed funding is essential for the new company.  In order to move forward with the new business, the founder or CEO will need capital to meet milestones in the development of the product and to launch his/her business.   The company can bootstrap, depending on friends and family, the founders’ money, or services to provide capital.  Some entrepreneurs start a business part-time.  However, this can send a red flag to investors that the founders are not serious about the venture.  Early startups are not able to procure bank loans and venture capitalists often prefer more mature companies. 

Fortunately in the State of Maryland there is seed funding for startups.  TEDCO’s TechStart program will provide up to $15,000 to fund Maryland university-based or federal lab-based teams, entrepreneur, inventor, and tech transfer managers, to determine whether specific technologies would have the potential to be commercialized through a startup company.  These funds could be used for such things as a freedom to operate analysis or a market analysis.  TEDCO has further funding for the startups. 

The Maryland Technology Transfer and Commercialization Fund (MTTCF), offers up to $75,000 to Maryland companies for developing technology in conjunction with a Maryland university or Federal lab or to a company in a Maryland incubator, while the Working Capital Loan Fund (WCLF) offers low interest loans of between $15,000 to $50,000 to qualified early-stage companies in the State of Maryland to assist with expansion, market entry, or product launch.  Other funds exist in the State for further funding such as the Maryland Industrial Partnership Program (MIPS), Maryland Biotechnology Center awards, Maryland Department of Business and Economic Development (DBED) Challenge and Enterprise programs, and the Federal Small Business Innovative Research (SBIR) awards, and Federal and State tax credits.

In a 2006 article, “Do Company Founders Make Better CEOs?” by Fortune magazine, it argues that companies that are run by founders outperform the companies that are run by non-founders.  It also makes a reference to a study done by Rudiger Fahlenbrach at Ohio State University that looks at the performance of 2,300 largest companies in the U.S. from 1993 through 2002. 

The study found that about 11% of the 2,300 companies are run by their founders and they outperform the market by approximately 8% per year.  This article raises several questions – 1) What makes a great CEO? 2) Why do many investors, particularly venture capitalists, replace the management team post investment, citing the need to have more capable management team that can perform at a bigger level?  3) Are founders really inadequate to run companies when companies get bigger?

Looking at some of the top CEOs/founders more carefully, we immediately see that they are not “typical” CEOs for startups that we come across.  For example, Jeffery Bezos, founder/CEO of Amazon, is a techie with Wall Street, banking and financial background, Warren Buffet, founder/CEO of Berkshire Hathaway, is trained in finance and grew up with a brokerage company that his father owned, and Richard Fairbank, founder/CEO of Capital One Financial, is a Stanford MBA and although he founded the company, he did not officially become a CEO until about 6 years after starting the company. 

A common thread for many of these founders/CEOs is that they have significant business expertise.  It’s true that as the company gets bigger, the role and expertise need to be shifted.  For example, a startup may be heavily focused on achieving technical milestones while an advanced company may be focused more on the ability to market, maintain relationships and penetrate the market.  Even at a higher level, knowledge in a buyout, IPO or mergers & acquisition can be the difference between exiting with high financial gains and exiting with just modest gains.  From the very beginning, ability to foresee and execute is crucial. 

Can founders learn to be great CEOs at a higher level?  In my opinion, founders are just as capable of running large enterprises but they have to learn to adapt to changes and learn to effectively manage a steeper learning curve as the company grows. 

 Here are some of the ways to do this:

1)      Surround yourself with experts. 
You don’t ever want to be the smartest person (or the only person) in your company.  Ask people to serve on your advisory board if you need certain expertise but can’t afford to hire a full-time management team.  Many experts will be willing to serve on the advisory board for free, a small equity or a fee. 

2)      Always be willing to listen and learn – and execute. 
Entrepreneurs, in general, are extremely enthusiastic about their products/services and eager to tell their story.  This is a good thing but don’t let this get in the way of listening to what others have to say and learn.  When approaching investors, make sure that you understand what type of investments they make. If they are willing to talk with you, make your polished pitch and then listen to what they have to say. If an investor recommends something, don’t approach the same investor again until a significant effort has been made to implement or explore that recommendation – this affords the entrepreneur more credibility to listen and execute.

3)       Embrace the role of a salesperson. 
The CEO of a biotech company I worked for (who also happens to be the founder of Genzyme and has a tennis court named after him at a major university) gathered a bunch of us in a room and asked a question, “If you were to describe my job function in one word, what would that be?”  The term that he was looking for was a “salesperson.”  You have to sell your vision to your employees and future employees, sell your products to customers and sell your ability and company to investors and potential collaborators. 

4)      Effectively communicate with others and always be prepared for possibilities. 
Some say luck happens when preparation meets opportunity.  Whether you are working with your employees, investors or customers, genuine and effective communication is always appreciated.  Regardless of time, place and circumstances, some of these interactions may lead to greater opportunities.

There is no one-size-fits-all approach to becoming a success and I do not believe there is any one person that has answers to everything.  However, some characteristics are seen more frequently in successful entrepreneurs.  There will be bumps along the way – sometimes failure is not an option, it is essential.  Learn and persevere.  It is very exciting to see TEDCO’s Portfolio Companies do well but for the CEOs and founders that make things happen, it’s even more of a thrill to see their businesses take off.  

Be prepared, expect great things and enjoy the ride!