Tennessee Innovation in the News
Investors roll their eyes when entrepreneurs make overly optimistic claims like: “This is a $1 billion market. If I just get 3 percent of it I’ll have a $30 million company in three years.” You may reach numbers like that if you get really lucky, but in most cases, it’s harder to win early customers than entrepreneurs think, said Charlie Brock, CEO of Launch Tennessee, a public-private organization focused on building entrepreneurship in the state. He has raised angel capital for start-ups and provided it as a backer. Instead of trying to dazzle investors with enormous revenue predictions, show them how you’ll win sales, Brock advises.
Times Free Press: Chattanooga website Causeway.org prepares for entry into the physical world
People need help to get things done. That was the theory behind Causeway.org, a Chattanooga website onto which neighbors could post worthy projects and encourage others to sign up to help. It was supposed to be a Kickstarter for community kitchens, a Craigslist for causes. “If we do it right, Causeway becomes the front door for civic entrepreneurism in Chattanooga,” said Stephen Culp, the Scenic City entrepreneur who spearheaded the idea in between founding Web-based startup ventures.
In cities across America, we are witnessing a “Rise of the ‘Entrepreneurial’ Rest.” To celebrate the changing landscape of our entrepreneurial economy, Steve Case is spearheading the Rise of the Rest Road Tour, which will make its final stop in Nashville on Friday, June 27th. Members of the media are invited to join a press availability with local and national entrepreneurs and civic leaders to discuss trends bolstering Nashville’s startup economy, and the efforts to shine a national spotlight on young, high-growth companies outside of Silicon Valley.
National Innovation in the News
New York – Twitter is buying video-editing startup SnappyTV to make it easier for television broadcasters and others to share videos of their shows and events on its microblogging service. SnappyTV’s technology for editing and live clipping is already widely used by media companies that Twitter works with, the San Francisco-based company said in a blog post today.
Google Inc. (GOOG) is buying two small companies to boost its advertising and wireless technologies as part of an acquisition binge. The Mountain View, California-based company purchased video-advertising provider MDialog Corp. as well as wireless startup Alpental Technologies Inc. Google is looking to create new capabilities and to bolster existing businesses.
One common question I hear far too often: where are the investors interested in non-tech companies with viable business plans and ready-for-market consumer products? It can be frustrating when all we hear about are angels and VCs with money to throw at any tech startup with a good idea and a business plan. It isn’t that funders for traditional products don’t exist. However, unlike with tech, there isn’t a central place like Silicon Valley where there is a significant concentration of investors. Entrepreneurs have to think a bit more creatively and consider some of the old stand-by sources of early stage funding.
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