This past week Sony and I had the great pleasure of participating in the Entrepreneur Launch Pad program sponsored by the Providence Rhode Island Chamber of Commerce.
This educational series kicked off with a three day “boot camp” led by Jack Derby and George Simmons from the Derby Management Group and is part of a 6 month program designed to educate and introduce startup businesses to the Venture Capital and Angel investor funding community. This initiative is intended to stimulate economic growth for the RI business community. Perhaps I am bias as a participant but what an excellent idea on behalf of the chamber.
I have to say the program was excellent! We took away a lot of valuable information and met some wonderful folks. This was set up as a workshop where the lectures by George, Jack and others provided insider information on how to hone our pitch and fill in the voids of information required to improve our focus and solidify the vision and factual information in our business plan as it relates to the funding community. What helped make it powerful for me was the workshop setting with 16 other startup businesses that are going through some of the same strategic and growth challenges that we have been going through. I know there will be a lot of homework over the coming months since they unraveled so much great info to digest and apply but well worth the effort. This program has the potential to be just as it is intended by its very title, a “Launch Pad” for growth and success.
Quick overview:
Through six months of intensive coaching, the Chamber will provide entrepreneurs with hands-on, real-world specifics and answer the vexing questions that keep them awake at night. Entrepreneurs will also have the opportunity to meet investors from throughout the New England region who are specifically interested in generating deal flow from Rhode Island.
Among the topics to be covered in Entrepreneur Launch Pad:
• How to successfully raise venture capital?
• How to craft a winning business plan?
• How to ramp-up sales?
• How to recruit an "A" level team?
• How to protect intellectual property?
• How to get to the next round of financing?
• How to land the next meeting?
• How to meet the right people?
• How to negotiate a term sheet?
The ideal applicant would look like this:
• Revenue: 0 to $10 million
• Number of Employees: 2 to 50
• Market Size: Would support company growth to $10 million in sales
• Product or Service: Non-commodity
• Growth Capital Needed: $1 million to $5 million
• Market Sectors: Software, hardware, clean tech, alternative energy, health care, medical devices, preventive health, defense related, oceanography, financial services
If you want to learn more about the Derby management group check out their site: http://www.derbymanagement.com, if you want to learn more about the program visit the Providence chamber site: http://www.providencechamber.com/Launchpad.aspx or contact Janet Raymond, senior vice president/economic development/operations at jraymond@provchamber.com or 401.521.5000.

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