Startup School Workshop One Wrapup
- November 17th, 2008 /
Thanks to everyone who came out to the first night of Startup School last Thursday. It was a great event and I think everyone is pretty jazzed about the 504ward competition and the enthusiasm of the participants who are all going to be entering great biz plans in it.
We had a great lineup of speakers: Me, John Laurie from UNO, Richard Montgomery from VCE Capital, Chris Reade from Carrollton Technology Partners, and the inimitable local film auteur Ben Reece from Deltree.
Some highlights:
- My presentation is embedded below, but I focused on finding and communicating the reason your business needs to be in New Orleans.
- John emphasized the need not to work backwards. You really should have your whole plan done before you write your exec summary. Bios, not resumes. Financial highlights, but not full pro-forma for the exec summary.
- Richard spoke to the difference between what he views as a fundable company, and the goals of 504ward. He is looking for high-growth companies that can do $50 mil in sales in 10 years. While those companies are a fit for 504ward, so are sustainable “lifestyle” companies, that generally aren’t able to attract VC capital.
- Chris got everyone fired up with turning their plan into reality. He spoke of the pitfalls of expensive office space and friends as partners. He also recommended an LLC for most companies and talked about filing online through the Secretary of State’s website. He recommended having a good lawyer to make sure you have a good operating agreement if you have partners.
- Ben got people thinking about their video submission. It was agreed that everyone should do one because its an opportunity to forge an emotional connection with the panel of judges.
We’ve prepared an extensive collection of business plan resources and added them to our wiki.
On Friday, Jessica White of the Idea Village invited me to join her and Leslie Jacobs who is behind 504ward on the Garland Robinette show to talk about the entreprenuerial community here in New Orleans. You can listen to the podcast of the interview online on the WWL site.
Idea Village asked me to emphasize the following points with regards to what they are looking for in 504ward submissions. I wanted to post them here for anyone who wasn’t able to be there:
- You must be a sustainable business
- You must prove how you retain the 23 – 34 year old demographic
- The competition is not about attracting new people but about the retain the people currently in New Orleans
So, thanks to everyone for making it such a great event. The second part of the workshop series is this Saturday, Nov 22 9am-noon. We’ll be doing “speed dating” work-shopping of business plans. More details on the wiki. If you’re not registered yet, sign up and attend.
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