Building a Million Dollar Business Part Time #15b: Announcing Our Judges

Today we announce the Hot Mommas Project judging panel. (I’m also pasting the list below). They are awesome. Here is the press release.  How do you figure out how to “announce” something? This is how I did it given that we are going guerrilla and, even if we had more money I wouldn’t spend it because the economy stinks: Continue reading

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Building a Million Dollar Business Part Time #14b: Confessions and Reflections

This is the second of two posts reflecting on what has worked, and what hasn’t, since conceiving and implementing the Hot Mommas Project case study competition. See first Confessions and Reflections post.

It ain't pretty. Computer + Face Mask = Fake Relaxation

It ain't pretty. Computer + Face Mask = Fake Relaxation

Pictured here, I am “relaxing” with my computer open.  Quite unsightly on a number of levels. First confession: I may be a part time working mom physically, but I am full time-plus mentally. I am constantly thinking about the project. I’m freaking exhausted. I seriously think I have carpal tunnel in my shoulder. Continue reading

Building a Million Dollar Business Part Time #14a: Confessions and Reflections

Starbucks

Helping me fight the fight every day: Starbucks

Here is a little review of what held true and what didn’t for the Hot Mommas Project journey since March (when this insider’s blog was started). Things that turned out not to be true – that was not by design.  I think I was just hopeful. You know, like, “Here’s how we’re going to do this. YEAH!” Then, reality unfolds. Continue reading

Building a Million Dollar Business Part Time #14: How to Do a Business Model

The Hot Mommas Project is making CLOGS, but not the kind you think.

The Hot Mommas Project is making CLOGS, but not the kind you think.

The Hot Mommas Project has no business model. Is that wrong? Okay, maybe that is not totally true. We have 5 out of 6 parts of a business model.  The clincher: We’re missing the economics.  So, to rationalize this – I have decided there are two primary ways to look at business models. This can be summarized as:

A. What I teach my students at GW.
B. The “Because it would be cool” theory.

A. Okay, let’s first start with what I teach my students about business models. One of the best business model tools out there is a 6 part process constructed by a team at Syracuse led by Michael Morris.

The 6 parts of the business model – in layperson’s terms – according the the Michael Morris paper are:

1. How we create value – what you do/make and put out there in society
2. For whom – okay, this one is self explanatory
3. Internal comp advantage – operational efficiencies or processes that make you better
4. External com advantage – how folks outside the company know you’re better
5. Economics – how you make money
6. Exit strategy – what is your exit from this business, is there one?

This is an incredibly back-of-the envelope description of the paper by Mike Morris and his team, but, you get the general idea.  There is a grid at the back of the paper I have students fill out using various business examples. First, we start with a seemingly non-businessy example. Mine is Lord of the Rings. I hand out a summary about the filming, the tax advantages they gained filming in New Zealand, how they filmed it all at once, how they locked in the stars for all three in doing that, the rights to the book, the cult following, and some other stuff. Then, using information we just know – because we walk upright and have cable – the students talk about how the movie makes money.  That’s fun. That’s when they realize they know more than they thought about business. Last, is the exit strategy part. This is a zinger. LOTR really shows students how movie makers put in a TON OF MONEY for something that they HOPED would make a ton of money back in a relatively short period of time.  There is, however, no way to be sure.  What does this sound like? Uh?  Venture Capital?  So, the movie industry has been doing this for a loooooong time before VCs became the Britney of finance.  Mark Ordesky was one of the LOTR producers and we have talked about collaborating on this curriculum, which would be cool. Which gets me to my next point.

P.s. Don’t confuse business model with business plan. Here is a good piece on business plans.

B. The “because it would be cool” business model.

I started the Hot Mommas Project because it was needed (See first post, and blog brief or about page).  I also thought it would be cool. People had, and continue to have, all sorts of ideas for how the Hot Mommas Project can make money. However, I am pretty much just forging ahead with what fills a need in women’s education. Exposure to role models correlates with women’s professional success. So, we provide role models on paper so the stories of those leaders can be read anywhere, anytime, free.  (Side note: We used to sell the cases, but, that was a pain.)  Family and work life balance is a HUGE issue globally impacting the supply and demand side of employment. So, Hot Mommas Project cases address the personal lives and backgrounds of case protagonists are discussed along with business lessons such as the 4 Ps of marketing and what have you.  All of this is geared to be taught in a classroom, so educators are preparing the next generation of workers with the toolkits that research – and reality – shows they need. I am not sure how we are going to make money to be honest. I’ve thought of a coaching network with exclusive access to our data. I’ve thought of workshops and conferences. I just don’t know. All I know is I’m doing the right thing by starting this initiative and I’ll let the case readers tell me what they need.

page_po_fashion_70s_01_0706041803_id_32471I am intrigued by the term “CLOG” – which I made up the other day – since what we are producing is a hybrid between a case study and a blog. So, maybe we’ll be the inventor of CLOGS, but, a clog we can all be proud of and not just associated with bell bottoms and unattractive hair styles. Here is a sample CLOG (the kind we are building).

Others who I perceive have a “because it would be cool” business model:

Guy Kawasaki and www.Alltop.com. Here is Guy on Twitter.  More on Alltop. Even MORE!

Peter Shankman and Help a Reporter Out. Here is Peter on Twitter. More on HARO.

Both of these guys are successful and intelligent. My guess is they don’t get involved in much of anything that won’t ultimately make scads of money.  However, at the outset they appeared very personally connected to their ventures and doing it because they though it would be cool….not just for money.  Is this true guys? I would love to know and will forward you this post.  Clearly there are big markets for both areas in which Guy and Peter are involved. Ted Leonsis, friend of the Hot Mommas Project, won’t get involved in a market under 10 million clients.

The Hot Mommas Project is involved in the education market, specifically written products which is a $15 billion dollar market globally.  Can you help us brainstorm a financial model for the Hot Mommas Project?

Building a Million Dollar Business Part Time # 13: Leadership and Management

Here is another installment in the Hot Mommas Project path to becoming a million dollar venture/organization…while being led by a mom working part time. Can it be done? We’re here to figure that out. Our big thing right now is the Hot Mommas Project Case Study competition. Click here to nominate someone. As you’ll learn below, we need to get 200 women to write their cases by January 31, 2009. (We are double checking – now – that this is REALLY the number we need to achieve. Oy. I hope it’s not. More on this later.) This blog post is on management and leadership because:

1. I’ve read a lot about this area (hasn’t every business junkie?)

2. As discussed above, I’ve been going through some semi-useful OTJ training lately.

3. Heard Cameron Herold speak, former COO of 1800GotJunk, and I plan to regurgitate a lot of what he says with which I agree.

Management

The Team

Team

This is who I’m managing right now. Pictured here Achin Jain, Esther Leff, and Kaitlyn McAuliffe. We’ve recently added Ximena Iacono, primarily because her name begins with an “X” which is really cool.

***********************************

INTERLUDE

[Music starts: Marvin and Tammi rocking out to “Aint No Mountain High Enough“–because that’s what’s on Kaitlyn’s iTunes right now]

First, let’s have our interlude about self-management, perhaps the hardest management of all.

9.00 – 9.45 am – Extensive conversation with director of my son’s school. Don’t ask.

10.00 am – Back home, at computer. The team and I need to get 200 women to write cases by the end of January. [Voice inside my head] “My number one priority today is to do this blog so Kaitlyn can work her social marketing magic and drive people to www.HotMommasProject.org to write their cases.” I click on my email inbox to find notes from Cameron Herold’s talk to EO.

10.53 am – “What was I looking for?” I spent the past 53 minutes cleaning out my emails. Bad girl!

[music stops]

11.10 am – My window of opportunity is lost. I have to start prepping for a client meeting.

3.00 pm – Back from client meeting. Open email in box again to look for Cameron Herold notes.

[music starts]

4.23 pm – I’ve spent the past 83 minutes finding a new photo for www.HotMommasProject.org. Bad, bad girl!

[music stops]

5.30 pm – It’s time for a call with Esther. I have spent the past 67 minutes texting with Achin about the website, emailing with Esther and Kaitlyn about their tasks, emailing with Jennifer Moore (of Pink Heels), answering student questions via email, and posting stuff for my course on Facebook.  

[Music starts]

That’s management folks. It’s balancing, powering through, doing what needs to get done….and, if you miss one goal, you clean up real fast. I prioritized things above the blog because – well – they were more important. Including the next event. 🙂

5.45 pm – Both my kids run into my home office naked and laughing. I inform Esther our conference call is officially over. I think she says “okay.” Am hoping I didn’t hang up on her.

11.00 pm – In bed with computer. Husband is next to me in bed on computer. Blog is STILL not written. frankensteins_monster_boris_karloffWatching Skins get spanked. Trying to resist Twitter. Feel like this: “Must.Pick.Brain.Up.Off.Floor.” (Said in Frankenstein voice – Go Mary Shelley!)

END INTERLUDE

*************************************

What’s the big deal about management and leadership?

People talk about management and leadership all of the time because it’s hard. Really hard. I realize now I was a very spoiled manager. I’ve walked into situations in the past where killer teams had been picked or were part of a machine-like recruiting process. I’d manage them, and think I had something figured out. Even my past teams of Hot Mommas consultants (see first or second post on this) were pretty plug and play. They had all been senior executives and what not. On top of it, they were moms so – by definition – they could run a small country. Now it is a whole different ball game.

So, what’s really been a bad idea? The following things have been a bad idea:

1. Hiring a warm body – In the past, I have hired warm bodies. Someone says, “I want to work with the Hot Mommas Project” and I would say, “Great!” Those days are gone. (This is not true for you Liz and Meredith!)

2. Going with less structure – I work with a lot of students. Structure, structure, structure seems to work best for me and for them. (Examples below).

3. Not praising or encouraging – These people are not slaves, they are people. I see a lot of entrepreneurs treat employees badly. This is namely because they treat themselves like badly.

So, what’s been working?

The top 3 list.

First, here is the Top 5 list basic principle which I learned from Cameron Herold.

1. Always have a sense of the top 5 most important tasks you’re working on.

2. Write it down.

3. Carry it with you. Review it throughout the day.

5. Spend the last 5 minutes of each day making a list of the top 5 priorities for tomorrow.

6. Be accountable – Every day, an email should be waiting for you in your inbox from your staff with their top 5 from day before and what they hit or not and why.

THE TOP 3 LIST – our version of the above. (In a total contradiction to an earlier post, much of the team works virtually. Also, my team is part time because they are undergrad and MBA students.)

1. On your desktop have a document which says has the following: Top 3/On–Deck/Accomplished. Our Top 3 are focused on a specific goal or outcomes (measurable), and each week the actions change to meet that goal or outcome. It is immediately clear from the updates if weekly actions support a Top 3 item or not. These are our major goals right now.  Hit the following case number (number of written cases on site):

Kathy – 100 (How: Partners, personal network, HARO, Twitter, Facebook, PR, events like the American Mustache Institute Stache Bash and BlogHerDC. Earlier post =full scoop)

Esther – 40 (How: Partners with social media/women’s groups, personal network, PR, events, Twitter)

Ximena – 30 (How: Academic/faculty focus, e.g., “assign case writing to your students”)

Kaitlyn – 15 (How: Personal network, bloggers)

Achin – 15 (How: Personal network, bloggers)

If anyone out there has other ideas for us, please post here. P.s. We have no money. We spent it all on @djuth from FMS (We love you Dave! You’re worth it! ) I am so busy with the above goal have no time to raise money and am almost completely relying on GW’s development department.

2. Monday the Top 3 list is sent from the team to me.

3. I spend Monday to Wednesday coaching the team on the list and supporting them. I do this via email and/or phone. Email really takes a long time unless the list is pristine. We’ve worked a lot on that, strangely…formatting, business writing, info I need to know.

4. Wednesday is a team meeting. Since Monday through Wednesday was spent on task management, I try to focus the mid-week meeting on a discussion of results and visioning (e.g., This is where we’re heading).

5. Friday – Another update is sent. The team is cutting and pasting their list for the week, and beginning to project their top 3 for the following week. Coaching takes place via email on Friday and over weekend (when some of my team members catch up on some of their work, especially if it was mid-terms…which is was last week).

6. Rinse repeat.


7. Motivation and inspiration. Esther also mentioned that having goals, and reaching them, is inspirational/motivational/etc. So, I send out frequent updates with things that are happening. “XYZ just said they’d be a judge.” or “Look what this case-writer said!” or “This company just signed on to provide prizes.”  I put FYI in the subject line so the team can filter. We also did the a version of the “can you imagine” wall described below after last Wednesday’s meeting.

Esther’s wants to see Hot Mommas Project become a datasource of women-friendly companies.

Kaitlyn’s wants to get the Millionaire Matchmaker, who she loves, to write her case.

5 things to do to build a company and wrap up:

Kaitlyn has suggested I do shorter posts, and post more frequently…so, I’m taking her advice. Before I sign off, here are a few leadership nuggets from Cameron Herold5 things to do to build a company:

1. Painting a picture – Visualize the future of your business and communicate it to employees. Show them an example. Share it. It is not about “how.” Example: The “can you imagine wall” at 1800GotJunk where staff wrote creative ideas and dreams for the business. Here is Cameron Herold’s painted picture.

2. Great people – Like Jim Collins says, “Get the right people on the bus.” Use Top Grading by Brad and Geoff Smart plus a scorecard (letter grade for employees every 6 months). Example: Group interview process at 1800GotJunk focused on core concepts: “Do I like them and do they fit?” The goal is to raise the average skill set of the group with the hire.

P.s.

The Dream by Matthew Kelley. If you care about your staff’s dreams, they’ll go through brick walls to help you.

– At 1800GotJunk, all employees get 5 weeks vacation. Wow!

3. Reverse engineer the future – Look at every sentence of the painted picture and say, “What can we do to make this come true? What are the missing pieces?” Rank in terms of urgency and impact. Use a spreadsheet in conjunction with the painted picture to clearly see the complexity of the future. Example: 1800GotJunk asked, “How many trucks will we need in x years? What are the bottlenecks? Have we called the truck supplier?” They did. It changed their supplier relationship and way they did business. Numbers also gave them the ability to think about people they needed to hire. They were growing 3 or 4 percent a week. We did this the other day when we mapped out, numerically, how many individuals we’d need to contact to make our case goals. It was an eye opener.

4. Meeting rhythms – Plan your work. Work your plan. Example: 1800GotJunk has a very regimented process for running meetings. The basis are:

a. All meetings have a purpose and a maximum of 3 desired outcomes.

b. No agenda, no attenda – If there is not an agenda, no one will come.

c. Book for half of the time you need – You’ll get it done. This didn’t work for us Wednesday, but will keep trying.

5. Technology Accelerators – Accelerate performance through technology. Examples: Buy staff lap tops, not desktops (Employees will work additional hours for free at home). Have 2 to 3 monitors up at one time for time savings (clicking between screens wastes time). Blackberries and iPhones at blackberryguy.com (Manage the blackberry, don’t let it manage you.) Turn off notifications. Buy headsets (www.headsets.com). Have wireless in the office. The list goes on and on.

At the end of the day, Cameron believes that the secret formula is an equation: Focus, faith, and effort. Read more in his book BackPocket COO.

PARTING THOUGHT:

Since I’m giving our promotional card to everyone ranging from my Zumba instructor at Golds to strangers on the street, I feel it would be hypocritical not to give you the plug as well.

The Hot Mommas Project is an award-winning women’s leadership initiative housed at the George Washington University School of Business. We’re building the world’s largest women’s case study database which will be free, online, and available to women, girls, and educators worldwide. Read this for detail. Read promotional postcard for short attention span version. Go to our main site and WRITE YOUR CASE! Be a Role Model…Tell Your Story…Help Others…Get Published.

HEY! If you, or someone you know is a role model whose story could help women and girls, and could be taught by educators in classroom, email us and include “nomination” in the subject line. Click here to see how cool it is to be nominated.

Building a Million Dollar Business Part Time #12: Search Engine Optimization and Link Love

The Hot Mommas Project Case Study Competition has launched (what is this? See our blog brief.) Now, it’s time to get the word out. One of the ways to do that is search engine optimization and other social media tools. Lessons learned from BlogHer DC yesterday are the subject of this post.  It took a while getting there, however.

Pictured here: My shower running.

White Noise Machine

White Noise Machine

Rather pathetically, I am in my bathroom typing so I don’t wake up my husband. This is pretty indicative of the weeks/months I’ve been having which is detailed in a different post for those schadenfreude-inclined individuals.

*****************************************

INTERLUDE

[Blog Themesong “Everybody’s Got Their Something” by Nikka Costa Plays. Check out on PANDORA…my new love]

Monday October 13, 6.52 a.m.

Location: Inside my head, in my house in DC…Which is – as my son says – “In the world” and “not make-believe.”

Today, the Hot Mommas Project Case Study competition launches. I am getting ready to go to BlogHer Reach Out Tour in DC to promote the competition.

Last and this weekend were a severe flurry of emails between Dave our developer, Achin on our team (see earlier post), our testers, and me. Now, we take the BETA site live and wait for complaints, hopefully some praise. 

7.52 a.m. Now it’s time to go to the conference with Esther. We’ll see how it goes. Wish us luck.

8.48 a.m. The BlogHer conference started 18 minutes ago. I still haven’t left the house.

[Music stops]

……..Flurry of emails. Flurry of emails. Flurry of emails……..

…….Fix sign in process at http://www.HotMommasProject.org………

[Music starts again]

10.02 a.m. I am finally at the conference. I walk in directly from the garage into a really exciting environment.  Cool exhibitors and SWAG.  Tons of friendly, smart women. What’s not to like?

10.15 a.m. Attend a killer presentation on “Online community building as a natural promotional tool” moderated by Elisa Camahort Page. All panelists amazing. They ask for social media success stories from the audience.  I am called upon:

“My name is Kathy Korman Frey and I run a women’s leadership called ‘The Hot Mommas Project’ housed at the George Washington University.  We started a blog just over a year ago, and got on Twitter this summer. The increased interest we’ve received due to this foray into social media led to funding for our venture. With that money, we built a software program where women come online and tell their own story to serve as role models for women and girls around the world. We actually are launching TODAY.”

The entire room, filled with hundreds of people, claps. Yay.

12.30 p.m. – I exit presentation and look at my blackberry. We just got our first hate mail.

[Music stops]

12.38 p.m. – I get another email from a SUPER POWER interactive education guy who has agreed to be a judge for us.  (We are not revealing our judges until after the beta, but, I am psyched and so is the team!)

[Music starts again]

12.38-8.30 p.m. – I attend the rest of the conference, meet some amazing people, get fabulous reactions to the project, Esther and I hand out every last case competition postcard. We wrap up the night being interviewed by @dcconcierge for a cool women’s telecom blog and we also hear from @yoga_mama that she’s already started her case.

END INTERLUDE

***************************************

FINALLY…THE SOCIAL MEDIA AND SEARCH ENGINE OPTIMIZATION TAKEAWAYS or, as I like to call it, “A list of everything I’m doing really badly.” Is badly a word? Geeeeezzz this blogging and reading and writing thing is soooo complicated! (Said in Napoleon Dynamite voice).

(Note: I am trying to be cool and load a Napoleon Dynamite clip using www.killerclips.com, but, WordPress is like the Gestapo w/ foreign HTML so, my apologies if it’s screwed up. Use “Napoleon Dynamite” link above. Is worth it.)

TAKEAWAYS:

From Charlene Prince Birkeland at Yahoo’s Shine Magazine:

1. How to organize your site/blog. Think – Usable, clean, organized, one click away. What does this mean? No clutter. All key items “one click away” not buried.

2. Research key words. Do this at www.freekeywords.wordtracker.com. Use key words strategically in headlines and in your posts. What does “strategic” mean? For example if 1500 searches coming in for your term, you know your post will get buried/lost. The lower you go (e.g., 300, etc.), the better the chance you’ll have at winding up at the top of search results. Use the words in categories and tags. Tag photos. Rename photos (vs. “IMG5762139”) and put on Flickr so there is a better chance of it showing up in a search.

3. Know your current audience – I am not sure how to do this. I seem to have missed/zoned this part of the presentation.  From the earlier panel moderated by Elisa Camahort Page, I picked up the following:

– Poll your users (BlogHer has used Zoomerang, Micropoll, and Survey Monkey). Your blog company may offer a polling function, too, for free. One audience member suggested Google Forms as the “the stupid easy lazy way to do it.” More on Google Forms.

4. Montior

What do you monitor?
1. Page views – How many. What are most popular?
2. Time spent – How much time? You want people to get lost in your site.
3. Search terms – What terms are bringing people to your site?
4. Links (and reciprocate with link love) – Who is linking into you? Remember to reciprocate and give some “link love” meaning post on their blogs).

How do you monitor? Use a mix of the below:
Google Analytics
Sitemeter
www.haveamint.com
Stats from your pubisher’s tool (e.g. “stats” button on WordPress)
Blog ranking sites (Here are a few: http://www.blogrankings.com/, http://technorati.com/pop/blogs/, http://www.blogpatrol.com).

5. Publish

Think about publishing in new venues like:

BlogHer (not sure about dudes here)

Web circles – considered an oldie but goody (some competitors listed too)

Shine – Cannot figure out how to publish there at quick glance, but, they said you can publish there.

Boing boing – I looked this up and am not sure in what context it was mentioned, but, here is a funny Boing boing post called “Iran: You Suck at Photoshop.”

Don’t forget LINK LOVE and to post on other blogs when they post on yours…and so on…and so on.

If you get “the opportunity” with millions of hits, remember that you have a window of time. Keep the content coming, and keep it fresh, to hold onto those new readers.

6. Don’t “Spray and Pray.” This was not in the Yahoo presentation, but, is useful.  Flipping the Funnel by Seth Godin talks about social media marketing.  It is not about the MOST eyeballs, it is about the BEST eyeballs. Well, actually, it is about MOST – but the way you get there is by having ambassadors, fans, etc. willing to endorse your cause/product/idea/thoughts/words. “Find your 1000 true fans, have them make asks on your behalf…Tell a friend, put a widget on your site,” was the advice of a panelist. “People trust each other, not the media.”  This is essentially the social media hybrid version of Malcom Gladwell’s connector, maven, and salesperson concepts from The Tipping Point.

SUMMARY:

Summary of tools used commonly by bloggers/social media folk: Blogging (wordpress, typepad, yada yada), Twitter (here I am on Twitter. Here is Esther. Here is Achin. We are currently peer-pressuring Kaitlyn – stay tuned.), Facebook (here is Hot Mommas Project on Facebook), Friendster (not on this), Flickr (not on this, yet), Ning (for creating communities) some YouTube (not on this) and video stuff mentioned, but have a feeling that is in a bit of an “early adopter” stage. Some LinkedIn – not a ton. Then, do all that other stuff mentioned above (meaure, monitor, link love, etc.) and then use the below to try to keep your brain from exploding.

TO KEEP YOUR BRAIN FROM EXPLODING:

In a panel led by the authors of 50SomethingMoms and SarahandtheGoonSquad we learned about the following:

1. In Google Reader – Star article at top left corner to save for later

2. http://www.zotero.com – Good for academic research and tracking citations

3. http://www.linkedin.com/static?key=browser_toolbar_download – Linked in Toolbar for Firefox

4. http://www.yoono.com/ – Gives you access to Facebook, Twitter, etc. all at one place.

5. http://www.digsby.com/ – Another tool a blogger just spoke about (learned about it from her son. cool.).

6. http://www.rescuetime.com – Analyzes your internet usage each day. Eek! You can set timers, goals, alarms.

7. Organize yourself/make the world smaller – With tools like StumbleUpon (and other social bookmarking tools like, e.g., del.icio.us) as well as Twitter search.

8. (I added this) Use www.Alltop.com to see blogs by area of interest. Check us out at www.moms.alltop.com.

P.s.

Net squared (an initiative of TechSoup.org) helps nonprofits with all of this stuff. Always check out @Kanter with respect to this field.

P.s.s. As I mention almost EVERY FREAKING TIME – Chris Brogan (@ChrisBrogan) and Guy Kawasaki (@GuyKawasaki) are good folks to monitor re: all things social media. In this realm there is also Shashi. We can’t forget our man Shashi (Shashi Ballamkonda). He took the picture here of the three of us.

Shashi Bellamkonda

Esther Leff, Kathy Korman Frey, and Shashi Bellamkonda at BlogHer DC. Photo Credit: Shashi Bellamkonda

P.s.s. Here is Kimberly Wilson at BlogHer.

Kimberly Wilson at BlogHerDC

Kimberly Wilson at BlogHerDC

She is an ORIGINAL Hot Mommas Project Case Protagonist (the ones published before we opened up this competition).  She has a yoga/clothing/publishing empire but is super chill and unassuming. We love her. Check out www.hiptranquilchick.com for more.

PARTING THOUGHT:

Among other things, The Hot Mommas Project needs to do a better job of: Posting more freqently and doing link love.  So, those are a couple of goals.  Shorter posts would help me accomplish this. Feel like I’m writing a book here.

Q and A: Venture Capital Resources; My Mom

For whatever reason I cannot post a comment to my own blog, which I find highly annoying – so, I am making a Q&A post. Here are two questions people have asked me in emails/tweets/and posts.

1. Is your mom okay?  (From many).

I was really touched by this question. Thanks, so much. Yes. She is a new woman. (As some of you may have seen, my mom had a near-death experience due to truly weird complications after knee surgery.)

2. Any ideas on VC resources? (From Brent in Hawaii)

First of all, your site www.greencollartech.com is cool. Okay, re VC resources… 

Brent, Without knowing more detail on what kinds of VC resources you’re looking for (e.g., finding avenues for deal flow, etc.) I make the following assumption:  You’re LOOKING for financing.

 

Below are some general links for learning about and connecting with VCs. Pardon the “square 1” discussion if you already know all this. Of course, the #1 thing is usually a connection into the firm, so asking around is key. The #2 thing is understanding what stage they invest in, as well as their “personality” to make sure you all will play well together. If you are the CEO, prepare to get ousted and lose control if you bring in a VC. That is the worst case scenario aside from failure. (Is that very doomsday? Sorry if so. But, gotta put on your big boy/big girl Underoos to play with VCs.) I would go to a VC for two things:

 

 A. Money (a lot) to get big fast, and

 B. Expertise and connections.

 

 If you have B, you could go to an angel. Most entrepreneurs start with FFF first (friends, family, fool hearty). RE: debt – this is a tough market for debt, as many know. 

 

 Here are some places I would start for VC info:

 1. Guy Kawasaki (since you got to us via his Twitter stream) http://blog.guykawasaki.com/2006/09/venture_capital.html (good link from his blog, there are many others).

 

 2. The people at Angel Soft: http://www.angelsoft.net/ “The ecosystem for early stage investing”

 

 3. The people at NCVA (National Venture Capital Association) http://www.nvca.org/

 

 4. The people at EMPEA (if you’re into emerging markets) http://www.empea.net/

 

 5. The MIT Enterprise forum – http://enterpriseforum.mit.edu/. Don’t see one in Hawaii, but, if you know a motivated MIT alum, maybe you could start one there. Otherwise, just try to get in on the CA ones (if they’re any good). Here in DC, they seem to be one of the most visible entities for bringing investors and entrepreneurs together.

 

 6. TAG (The Accelration Group) – http://www.acceleration-group.com/.

Connecting angels and entrepreneurs when I last spoke with them, always looking for deal flow.

 

 EXTRA BONUS RESOURCE for WOMEN: Springboard Enterprises

http://www.springboardenterprises.org/

 

 7. UNIVERSITIES – always a good locus for VC activity. E.g., Any local business plan contests at universities near you in which VCs are involved. For instance, when I search for “Hawaii University Venture Capital” many relevant links come up, particularly the following:

 

http://www.bizjournals.com/pacific/stories/2008/01/21/daily45.html?jst=s_cn_hl

http://www.hawaii.edu/cgi-bin/uhnews?20080811105425

http://www.hvca.org/

 

You will also be in an interesting situation due to your location because my guess is:

 

A. Lots of pretty well-off VCs and Angels have homes/retire in Hawaii

B. They didn’t get rich by sitting on their tush, and are probably looking for an occasional venture or cause with which to involve themselves part time, even if they are “retired.”

 

 Hope this helps!

 

 P.s. Here is my basis for answering your question (about VCs, not my mom):

1. Hanging out with entrepreneurs

2. Hanging out with VCs

3. Raising $8 from New York Life with a sr. mgt team (of which I was a part) for an aging/health venture (after speaking w/ many VCs)

4. Teaching

5. Being taught (e.g. going to these forums – and even back to my MBA – and getting the scoop from VCs…which, theoretically, is #2).

 

P.s.s. And, BTW, just when you think $2 or $5 or $8 million is a lot, talk to someone who invests tens or hundreds of millions in ventures. In a strange way, it can make things less intimidating. We know someone who invests only $50 to $500 million! Ha! Asking for $5k or $20k sponsorships seemed less intimidating after learning that.

 

P.s.s.s. Feel free, everyone, to comment on your favorite resources or push back on my assessment. This is just a quick and dirty.