Technology and Management Solutions Pursuit of Passionate Purpose
    November 2012
 
In the November 2012 Newsletter
  What's Money Got to Do with It? / Five Tips / Blog

Welcome to new subscribers, especially from International Women's Forum and the Coolest Women We Know. This is a season of thanks. I am grateful and send you thanks for your pursuits of passionate purpose, which bring meaning, connections, and contributions to life. Now, on to that pesky question of money.

What's Money Got to Do with It?

John Hickenlooper, now the Governor of Colorado, knows what funding has to do with it — the success of a business, that is. As a Denver entrepreneur working to launch Colorado's first brewpub and Denver's first craft brewery 25 years ago, it was not easy. At the recent Colorado Capital Conference in Denver, Hickenlooper explained, "It look two years and over 200 meetings to raise $400,000 to launch the Wynkoop Brewery Company. Those who did invest received a 90% return per year for 12.5 years when we sold out. Entrepreneurs, if you have been turned down over and over, don't quit! It takes persistence."

It's still not easy for Colorado entrepreneurs to secure funding, but the Rockies Venture Club (RVC), which has been hosting the Colorado Capital Conference (CCC) for 24 years, makes it easier. RVC runs monthly meetings, bringing the entrepreneurial community together through educational seminars and company presentations. Peter Adams, Executive Director of the RVC, reports, "Of the 14 companies pitching at CCC this year, eight have been identified by angels for continued due diligence, ultimately leading to investment in some. This process has led to over 20 RVC pitching companies receiving funding totaling over $10 million so far in 2012, with even more investment expected within the next few months. RVC Angels meet in Boulder, the Tech Center, and now Golden every month to collaborate on investments and create a community that makes angel investing both fun and effective by sharing the knowledge of a diverse group of investors."

There are many entrepreneurial organizations popping up in Colorado, and now it's imperative that the community work together to minimize overlaps between organizations and address the service gaps that remain. At a roundtable lunch held at the CCC, some initiatives were established including:
A Common Calendar was created so events don't conflict with one another.
Angel groups agreed to work together to syndicate deals so that combined resources can better meet the capital needs of entrepreneurs. Deep dives are scheduled so that each angel group can share their best deals with peers in other cities.

Five Tips for Entrepreneurs
BE PERSISTENT and don't quit. Be creative and try alternative funding channels such as friends and family, angels and angel groups, venture capitalists, incubators such as Plug and Play Tech Center at the Innovation Pavilion, crowd funding incubators such as Story Stock Exchange, and many more.
JOIN A MASTERMIND GROUP and learn from others. RVC sponsors a Mastermind Group or organize your own group of non-competing entrepreneurs seeking funding.
PARTICIPATE in the Angel Capital Summit. There's an upcoming event in March 2013.
GET CONNECTED. The entrepreneurial business community is taking steps to connect investors to entrepreneurs. Get involved. For example, consider participating in the Rockies Venture Club, Silicon Flatiron Center, Meet Up groups such as Denver Founder's Network, TiE Rockies, and many others.
BOOTSTRAP. Do everything possible to keep your venture afloat. Ideally, you can raise some cash through sales of your product or service. Consider consulting in your area of expertise as it relates to your business. Keep your burn rate under control and as low as possible.

Practical Information for You

RADISH. Interested in more of the Radish story? Follow Radish @RadishSystems or @ChoiceView on Twitter. And subscribe to Radish's RSS feed.

BLOG. Check out my latest Radish Sprouts blog posts about business, career, and life performance. There you'll learn about Five Tips to Create Income from Innovation.

More Money, Less Work, More Fun!

Theresa M. Szczurek, Ph.D., CMC®
Radish CEO, Entrepreneur, and Speaker

Pass it on. Feel free to share this newsletter (under my name and copyright) with your colleagues.
   
Theresa M. Szczurek, Ph.D.

Technology and Management Solutions

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