Mobile
Monday, April 13, 2009
Biz / News Advice from Five Ventures
Posted By Rhiannon Fionn-Bowman on Mon, Apr 13, 2009 at 5:27 PM
Last Thursday's Five Ventures competition at UNC Charlotte was a can't miss for anyone either wanting to start a business or trying to turn their current business into something investors would be interested in. So, since you couldn't go, we decided to summarize the day-long event for you.
What is Five Ventures? It's a business plan competition. Each year businesses strut their stuff before five separate panels of judges — biotechnology pharmaceuticals and devices, software as a service, service/ retail and student/ non-profit. Why? They are hoping to win thousands of dollars in cash and business services.
This year, 15 companies from all over the southeast made it to the final round. What are they selling? Everything from low-cost pharmaceuticals you sniff up your nose to a new online platform for the media.
The real prizes, though, are the lessons learned.
Representatives from Best Medical, who were first runners up in the software as a service category, said the work they did to prepare for Five Ventures only makes them feel more confident about asking for additional funding from other investors.
Two of the event's keynote speakers offered sound advice for the competitors and anyone else looking to start a business or propel a current one toward success. Here it is:
From Joshua Boger, Ph.D., CEO of Vertex Pharmaceuticals, Inc.:
- Have a mission. Your whole company is driven off of the your mission statement. Don't let anyone -- not customers, investors or even your mother -- pull you off track. He also said, "If you stick to your goals, the money will follow."
- Get into blue water. Red water is where other competitors bloody themselves. You want to be in blue water where there is plenty of room to do your thing. In other words: what makes your company, product or service different?
- No matter what, remember your business is a people business. "What distinguishes a company," he said, "are the people." Though he looks for employees who knows their stuff, he's also looking for people who stand out because of who they are.
From Reginald Bowser, CEO of Red Bow Photo:
- Choose the right partner, otherwise you'll lose interest in your own company.
- Don't drink your own coffee. Surround yourself with people who aren't afraid to tell you the truth.
- Do what you do best and hire other people to augment your deficiencies.
- Focus on the end game. How are you going to monetize your ideas? What's your exit strategy?
- Don't be a trunk hugger -- go out on a limb, that's where you'll find him. "Make the limb bow a little bit," he said.
- Trust your gut.
- Do the Nike thing -- Just Do It.
Think you'd like to compete next year? Good idea. But, you might want to get started now. Here are the details.
Speaking of...
Latest in The CLog
More by Rhiannon Fionn-Bowman
-
Cancer's better with a side of 'shrooms
Aug 7, 2020 -
The Last Mountain will move viewers
Aug 4, 2011 -
Government's mixed message for women
Aug 2, 2011 - More »
-
First Drip (4/13/15): Shooting at N.C. community college, more
The news you need to know today
-
Question the Queen City: Charlottetown Mall and its nearly forgotten time capsule
A child's coffin contained relics of the past that stood neither the test of time nor the elements
-
Photos: KKK, New Black Panthers hold rallies on S.C. Capitol grounds 1
Dueling rallies lead to arrests, medical transports.
