Big news for the Entrepreneur Center, NTC, and Nashville’s entertainment scene! Joe Galante, former Chairman of Sony Music Group, was just announced the entrepreneur-in-residence to help startups in the digital media and entertainment industry. Welcome, Mr. Galante, to 105 Broadway! We’re excited that you’re here. To read more, click here.
Posts Tagged ‘Entrepreneur Center’
16
FEB
Negotiating a Term Sheet
Last night’s Roundtable on Negotiating Terms Sheets was another success in our evolution of connecting startups with venture capitalist. For the past two years we have focused on capital formation and this year we wanted to tackle the next level which is negotiating a term sheet. The event was sponsored by Bradley Arant Boult Cummings.
Bill Brown, CEO of Entrada said “To fail when you are doing something as courageous as starting a company is not really a failure.” It is not part of our culture today, but one we need to embrace more as part of the startup culture in Nashville. Are you ready to fail in a safe environment? If so, join us April 15 for Nashville Startup Weekend.
Vic Gatto with Solidus, is always good for a quote or two and this one is interesting. “Are you playing checkers while others are playing chess?” In other words, are you really thinking through your strategic options and trying to stay a step ahead of your competitors and capital partners?
Another good point made by our panelist last night is to make sure you do diligence on your capital partner. Each venture capitalist or angel has their own needs and interests, so make sure you know who you are doing business with in the transaction. Also, it is important to ask if you are the first investment or last investment in a fund because that might determine the timing of the exit strategy for your venture.
J. Tod Fetherling, President/CEO of the Nashville Technology Council asked the question “Are start-ups too focused on valuation?” ”In an early stage world, there is no such thing as valuation,” said Jim Phillips, Partner XMI High Growth Development Fund. The point here is that most startups are beginning from ground zero. If you have traction with customers in your business, then you can have a different conversation.
Another question asked to the panel was “How do you negotiate when you have little leverage and at the Idea stage.” The panel responded that you don’t have much leverage at all. However, you build credibility as you build your customer base and your business. It is really important to show results each and every day.
This week kicks off Global Entrepreneurship Week (GEW) throughout the world. GEW serves to inspire those with an entrepreneurial spirit to think and create differently- to not “take a job, but “make a job.” Tennessee alone is hosting over 70 events, the most in the country, with several of those happening at our very own home at 105 Broadway.
Why does entrepreneurship matter? From our perspective, when we support creatives with innovative ideas, we help build a strong technology community which is vital to our future and economy in Middle Tennessee. We do this via our overall mission, and more specifically through supporting initiatives such as the creation of the Nashville Entrepreneur Center (NEC) and communities that target growth populations like T3 and Women in Technology of Tennessee.
The Nashville Technology Council (NTC) and NEC are hosting this month’s Women in Technology of Tennessee (WiTT) meeting on Tuesday, November 16th at 105 Broadway. WiTT is a nonprofit organization dedicated to creating new possibilities for women to advance and succeed in technology careers. WiTT provides a forum to empower women in technology through education, outreach, mentoring, and networking. This month’s meeting will feature Dr. Robbie Melton, who is the Associate Vice-Chancellor for Educational Technology at the Tennessee Board of Regents. Her topic will be an overview of iPad technology and the current leading educational and business related applications. Also speaking will be Michael Burcham, CEO of the NEC and J. Tod Fetherling, President and CEO of the NTC.
If you are interested in attending, you may register here. Click here to see the list of all GEW events being hosted this week at the Nashville Entrepreneur Center.
Last week was an eventful week for the Tech Council. We announced our newest board members and held our first board meeting of our new year. Not only was it the first board meeting, but it was our very first to be held in our new office space.
We’re proud to announce to you all that we’ve moved in with the Nashville Entrepreneur Center at 105 Broadway. The Nashville Chamber of Commerce and the Nashville Technology Council were both instrumental in getting the NEC off the ground, and we are very happy to be continuing this close relationship. This cohabitation is symbolic of Nashville making its mark as a leading city for technology based start-ups. The Tech Council will continue working closely with affiliate organizations such as the Nashville Chamber of Commerce and the Nashville Health Care Council on events and projects key to helping the Nashville technology community succeed and grow.
Please take note of our new address, phone and fax numbers:
Nashville Technology Council
105 Broadway, Suite 200
Nashville, TN 37201
Main Line: 615-873-1284
Fax: 615-250-8793
17
DEC
Top 10 NTC Moments from 2009
Nashville Tech Story (12/17/09)
As the year comes to an end, we can’t help but remember all of our accomplishments in 2009. Take a look at our picks for the top 10 NTC Moments in 2009.
1. Branding – Feel the Beat of Technology. On January 22, 2009, after 10 years, the Nashville Technology Council unveiled its new brand at the first Membership Breakfast. New creative, new print, and new website.
2. Techville 2009 – Mapping the Future – March 23rd we released the first poster-size Techville.us map, illuminating the technology landscape in Nashville, in addition to an interactive site at www.techville.us.
3. Cinco de Mayo Margarita Mixer – We love a themed party – May 5th we decided to shake things up with the addition of a brand new networking mixer. CEO’s, CIOs, Digital, Geeks, and a beautiful view of the city punctuated the evening.
4. The Naked Hospital – Are you transparent? – With a visit from Congressman Marsha Blackburn, the community discussed the importance of electronic health records and transparency for hospitals and other healthcare providers.
5. Entrepreneur Center – Accelerating businesses - In conjunction with the Nashville Area Chamber of Commerce, the Entrepreneur Center was formed, accelerating the growth of the business in the Nashville area. The Entrepreneur Center’s Mission is to connect entrepreneurs with critical resources to accelerate business creation and growth
6. Marketplace Launch – Saving money for our members was key in the year of the Recession – Health Insurance, Professional Services, Office Products, and more are available at a discounted rate for Nashville Technology Council Members
7. InfoSec Conference – Our Largest Conference Yet — September 17th marked the largest InfoSec Conference in the history of the Tech Council. This was also the largest meeting for the ISSA in the Southeast. Dan Geer from In-Q-Tel had everyone mesmerized.
8. 10th Anniversary Bash – Happy 10th Birthday to the Tech Council – September 22nd marked the 10th Anniversary of the Nashville Technology Council. The Tech Council has grown from 22 founding companies to 385 member companies over the 10 years.
9. 1st Annual Awards Gala – Celebrating Success in Technology – October 27th, over 400 individuals gathered at the Symphony Center, walked the red carpet, and watched as technology industry leaders were recognized for their accomplishments. Gibson provided the guitars and we all felt the beat at the Schermerhorn.
10. Steve Ballmer to visit Nashville – On December 3rd, we announced our line-up for the 2010 Membership breakfast, including Steve Ballmer, CEO, Microsoft, and Abbie Lundberg, former Editor and Chief of CIO Magazine.
Thanks to all of our members, volunteers, and technology enthusiasts for making this year a success. In 2010, we will focus on member engagement, workforce development, new programs, education, and economic development. Enjoy the holidays and we look forward to a great year ahead.
Nashville Tech Story (12/4/09)
The Nashville Technology Council conducted a roundtable discussion on Capital Formation last night. The event was held and sponsored by Bradley Arant Boult Cummings.
The panelist included: Vic Gatto (Solidus), John Chadwick, (Claritas Capital), Jim Phillips (XMI High Growth Development Fund), and Christopher Rand (Tristar Technology Ventures). The session was moderated by Chris Sloan from Bradley Arant Boult Cummings.
As previously reported, Tennessee and Nashville in particular is set to receive approximately $100M of new early stage/seed investments from the TNInvestco Program. This program is really causing a lot of excitement, but as we learned last night, there is some tempered enthusiasm about how much immediate impact this will have on the entrepreneurial community.
One thing that struck me last night is how much Harpeth and Massey Burch continue to impact the city with their alumni now running multiple funds, including Chadwick and Gatto.
Vic Gatto brought his usually entertaining and candid responses to the table. He uses three screens for new deals: Geography (DC to TX to FL), Seed Stage, Customers/Management Team in place. He likes “applied technology” using existing technology in new industries. In particular, he is looking for healthcare revenue cycle opportunities that are applying technology to increase efficiency and effectiveness in care delivery and reimbursement.
Additionally, social gaming and mobile applications are interesting to the panel and we have some level of expertise developing here locally. At least two of the audience members are focused on energy and green technology plays. There doesn’t seem as much appetite for these types of investments, due to lack of deep industry expertise, but also, the funding required to bring it to market and exit. Kleiner Perkins and other Sand Hill Road firms are investing 75-80% of their funds in energy plays.
John Chadwick is focused on startups in healthcare, digital media, and mezzanine funding. His recent investments include Studio Now, Metro Park and Digital Blue.
Christopher Rand is focusing on bringing technology transfer from Universities from both inside and outside of the state. Ideally, they would be looking at $1-3 million investments with a low end of $250K. Tristar and Innova will likely be the only TNInvestco funds to focus on biotech.
XMI’s fund is focused on “crossing the infrastructure divide.” They are looking businesses with a revenue model and in need of $500K to $1M. They will reserve up to 50% for follow on investments.
All agreed that is it is good to have a “warm” introduction if a new business plan is going to be funded. All of the panelists agree that a solid management team or an experienced entrepreneur is one of the first hurdles to be cleared. A great idea is important, but the money follows experience. One exception was Jim Phillips from XMI, who seems to have more of the backend business processes in place, so that a sole entrepreneur with a bold new idea can get launched with less risk. All agreed that the stimulus money will hopefully open more doors for new entrepreneurs.
John Chadwick mentioned the new Entrepreneur Center as a good platform to help entrepreneurs work through the kinks of starting a business and gaining access to capital.
So the real question is how much will the TNInvestco help. The panelist believed it will create 15-16 more deals statewide that get funded in the next two years. The audience asked questions related to talent availability in Nashville and the angel market. The panelist all agreed there is sufficient talent and business plans available in Nashville to create the demand, but now is the time to get prepared for funding if you feel like you have a fundable entity. Vic Gatto said “I see 5X the number of deals as I would fund”, so there is plenty of deal flow in town. That is a healthy sign from our vantage point.
Editor’s note: this is the first of five daily features during Global Entrepreneurship Week.
Guest blogger Mark Montgomery is a serial entrepreneur and strategic consultant. He was the co-founder and former CEO of echo, a digital music innovator which was acquired by IAC in 2007. Along with his other pursuits, Mark chairs the Advisory Board of the Nashville Entrepreneur Center.
Mark Montgomery from Nashville Entrepreneur Center on Vimeo.
Global Entrepreneurship Week (GEW) runs from today, November 16, through November 22. Global Entrepreneurship Week is a worldwide event intended to inspire, connect, mentor and engage young people with the desire to change the world. Partners include universities, high schools, non-profit organizations, successful entrepreneurs and government agencies. Tennessee has more events going on during GEW than any other state—and is a great reflection on the capabilities and opportunities for Nashville and Middle Tennessee.
While measuring the exact impact of entrepreneurs in a market can be a difficult task, it is clear that where entrepreneurship flourishes, wealth and value are created in that city. Our fair city has always been home to risk-takers and great thinkers (offer to buy Chamber CEO Ralph Schultz a beer and he’ll fill you in from the 1850’s forward…), and today they make up 21.6% of our economic ecosystem. Because of the high concentration of the creative class here in Nashville, we not only have a more traditional group of small businesses and sole proprietorships, we also have Keith Urban and the Kings of Leon, among many other great artists. Along with our rich musical history, we also have a more than few small healthcare companies…a strong foundation to build upon.
The short version of my story is that I moved to Nashville in 1990 with $800.00 and a guitar in hopes of becoming a big fish in a big pond. I managed to become a decent-sized fish, but not as the next George Lynch. My grandfather had one of the first personal computers, and I had always been a bit of a curious computer nerd. I became interested in the web in the early nineties, and began building websites in 1994. On April 20th, 1996, I helped launch an ecommerce platform selling music directly to consumers. That moment defined the next 10+ years of my life. In 1999, I co-founded echomusic with Neil Einstman, and off to the races we went. Grown organically out of cash, we moved the company through many phases; and in 2007, we sold the company to the Interactive Corporation (IAC). The sale gave me something I had not had in a long time: a boss. After a couple of years, I recognized that while I was certainly capable of running an operational business unit of a major multinational corporation, at my core I am a builder. So back into the sea of entrepreneurship I threw myself.
I signed up to help launch our Entrepreneur Center for two simple reasons. First, a healthy entrepreneurial ecosystem requires connection and community. The EC gathers all of that energy and focuses it in one place. Focus and execution are the key to success; and while I am glad that to date we have succeeded without this level of focus, I am extraordinarily excited to watch as the EC’s impact begins to be felt in Nashville and Middle Tennessee. This focus will bring mentorship, tools, business plan advice, educational and networking opportunities, directories and pathways to capital to our community of entrepreneurs, providing real value and support at a key time in the life of a business.
Second, Nashville has become my permanent home, and I believe that we all have a responsibility to give back. It gives me great pride to know that as new people arrive here with their dreams in tow, they will have a place that will provide focused resources for those dreams. And by committing to my community, I will have the opportunity to watch many of those dreams come true.
echo was a pioneer in the digital music space, and I will always say with pride, “yes, sir, we built our technology business in NASHVILLE.” Our city and state has many other pioneers, companies that have the ability to be truly transformational in music, healthcare, publishing, logistics, payments, and more. As my next big dream unfolds, as exciting as that is for me, I am even more excited to watch Nashville’s community move to the next level in its support of ALL its entrepreneurs.
If you are an entrepreneur, this is your week! Take a moment and be grateful for what you are doing. If you work for one of us, how about a pat on the back (or better yet a hug…) and if you enjoy one of the products as a consumer, take a moment to say thanks…it means so much…
Be well!
The Nashville Tech Story (9/25/2009)
The Nashville Entrepreneur Center (www.entrepreneurcenter.com) mission is to connect early-stage entrepreneurs with the people, businesses and resources they need to succeed, and to celebrate deals and entrepreneurial progress, in Middle Tennessee.
“Nashville has already proven to be fertile ground for entrepreneurs; 21.6 percent of our work force is made up of sole proprietors,” said Janet Miller, Chamber chief economic development and marketing officer. “The Nashville Entrepreneur Center will ensure that new generations of entrepreneurs have access to the tools they need to grow and prosper.”
“This is a community effort and we need to say thank you for helping to get the EC established” said NTC President Tod Fetherling. “We literally met with hundreds of entrepreneurs to get their input and have solicited feedback from business organizations, including Nashville Capital Network, SCORE, Nashville Business Incubation Center, Tennessee Technology Development Corporation and many more.”
The EC would not be in existence if were not for Joe Kustelski and our Owen Accelerator Interns. They worked tirelessly this summer to research and create a plan for the EC. The product and strategy is right on point.
“It’s rewarding to work on a project that will have such a profound impact on this city,” said Kustelski. “While Nashville is already home to a large number of self-employed, this resource is a strong starting point for us, as a community, to transform Nashville into one of the country’s most vital environments for entrepreneurs.”
“[The Nashville Entrepreneur Center] is the next logical step in moving Nashville to prominence on the national stage as a place to build the next great business. ‘You built that in Nashville’ should be the norm, not the exception,” said Task Force member Mark Montgomery, Founder of EchoMusic.
The creation of the Nashville Entrepreneur Center is a result of Partnership 2010’s Entrepreneurship Task Force, which was formed in late 2007 to identify opportunities to strengthen Middle Tennessee’s entrepreneurial community.
The 75-member Task Force met for nine months under the co-chairmanship of Robert A. Frist, Jr., chairman and chief executive officer of HealthStream, and Michael Shmerling, chairman of Choice Food Group. The Task Force identified seven priority recommendations; first among these was the creation of a virtual entrepreneur resource center, an online community tailored for fundable, scalable, high-growth ventures.
“By assembling resources, brainpower and access to capital all in one place, Nashville is demonstrating to the rest of the country that we’re serious about fostering entrepreneurial activity in our community,” said Shmerling. “Nashville is full of smart, creative, independent people, and this resource center will help them achieve their goals as entrepreneurs.”
Next steps for the Nashville Entrepreneur Center include applying for 501(c)(3) status, hiring key positions and working toward the creation of a physical meeting and co-working space.
“This new resource is invaluable for an entrepreneurial business like mine,” said Joe Freedman, Partner of Music City Tents & Events, LLC. “Now, high-growth businesses in the region will be able to access resources developed specifically for their unique needs.”
