Re-inject Cash into Your Business : A message from our President & CEO |
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Raising capital is usually one of the first conversational points brought forth when we are speaking with prospective clients. Most founders put forth considerable effort on securing crowdfunding, angel investment or venture capital but very few seek out grants and alternative sources that bring direct cash flow into their businesses.
In our February newsletter we highlighted the City of St. Petersburg's Grow Smarter Grant program for businesses in targeted industries located within the City. The City of Clearwater also offers an incentive program, the ad valorem tax exemption. The program targets companies locating in Clearwater within designated industries. I would encourage you to review your local and state incentive programs to determine eligibility for grants and incentives in your area.
Last week during our Accelerator cohort session, Powers Kane cofounder/CRO of RecoupeTax, discussed the R&D tax credit program. He noted that more than 90 percent of eligible businesses miss out on the opportunity to take advantage of the tax savings. On March 25th, United Capital Funding will offer a webinar on Factoring 101. Factoring is an alternative source of funding that helps companies improve short-term cash flow needs by treating their invoices as collateral. This non-debt solution can prove a viable option to many companies from startup to established companies. Additionally, there are numerous pitch competitions that provide prize money. The Greenhouse in partnership with University of South Florida St. Petersburg hosts a quarterly Pitch Night event where the winning company is awarded $5,000.
We encourage you seek out non-traditional sources of capital that drive cash to your bottom line. Whether you seek incentives, grants, pitch opportunities or consider alternative sources of funding, being aware of them is the first step.
From all of us at the Tampa Bay Innovation Center wishes for a wonderful Spring!
Warm regards,
Tonya Elmore | President & CEO
Tampa Bay Innovation Center
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Mentor Spotlight: Three Questions with
Joy Randels, founder & CEO, New Market Partners
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1. What inspired you to become an entrepreneur?
My dad always told me I could do anything if I were willing to work hard and act with integrity. Challenging the status quo and taking risks is part of who I am. I'm always looking for a better way or how to solve problems. I started selling when I was nine years old, launched my first business at 17, and I've never looked back. I'm competitive, and I love leading and building teams. It feels natural to me.
2. What is your background?
Early in my career, I worked at Apple for Guy Kawasaki, who later became an investor in one of my companies. I have built 14 companies, primarily in technology. Nine had successful exits, including two IPO's, two miserable failures, and three are operating today. I love that as an entrepreneur; no two days are ever the same. We are serial innovators, constantly growing and evolving.
I'm an alumnus of the University of Georgia and MIT, attended executive programs at Harvard Business School and Emory University, and hold multiple cybersecurity and technology certifications.
3. Why do you mentor?
Mentoring is much like leading a company. It's a multiplier that provides an opportunity to share your knowledge and experience, to help others navigate obstacles shortening their path to success. Being a founder requires hard work and courage. Being of Native American-Irish descent, I also advocate for tech diversity to create a level playing field for everyone.
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Required Reading for Tech Startups by Ken Evans, managing director
In the @TBInnovates B2B tech accelerator workshops, we discuss product discovery and validation in some form almost every week. As part of those discussions,
we often refer to several helpful books that reinforce these topics.
To help you get started, here are some quick summaries and key ideas that capture the essence of the books we reference in our workshops. The list keeps expanding, but here are the top three.
Crossing the Chasm – get to know the (early adopter) users who will support the first iteration of your product well before it is perfect.
This is heralded by many as the bible for tech start-ups that are attempting to go from idea to product to sustainable market growth; I do not disagree. I have been a loyal follower of Geoffrey Moore since volume 1 of this book and, over the years, have gifted copies to dozens of colleagues who were new to the journey.
The Innovator’s Dilemma – customers hire your product to do a job, focus less on the technology and more on the delivered outcome or impact.
Clayton Christensen’s assertion that people hire products to do a job can be a hard lesson for tech start-up founders. The notion that it is about something deeper than the technology or unique functionality can be a real hit to the ego, but if you develop empathy for your users and what they are trying to achieve, you will unlock a whole new dialog with your market.
The Four Steps to the Epiphany – an essential perspective on early-stage start-ups that focuses on the customer and not the product. By changing the discussion to focus on discovery and validation, founders can avoid the pitfalls of becoming too enamored with technology and “hot” markets.
No list would be complete without the wisdom of Steve Blank. The Four Steps breaks down the entrepreneurial journey and takes a deeper dive than Crossing the Chasm by identifying the milestones that founders need to consider when planning and testing a new product. it is also the opportunity to set the ground rules for contributions and the culture of accountability in your start-up.
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On this episode of Built on Strategy, Brandon Lisi of Object 9 is joined by Ken Evans, managing director of the Tampa Bay Innovation Center’s Tech Accelerator Program. The podcast discusses the myth of big numbers and talks about practical ways to gain customer bases within different market sectors. Ken focuses on the early stage founder and helping them get to a scalable model, and believes solving a real problem for your first customer is the most important element for acceleration in a market place. Identifying customer’s behavioral patterns and assessing their interests and needs is key to building a brand.
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Upcoming Innovation Center Events |
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Innovation Center Partner Events |
SOFWERX: Disruptive Speaker Series, March 31st, 10 a.m.
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Tampa Bay Innovation Center has the space, resources, and programs startup founders need to build scalable tech ventures.
Fully furnished offices available with great views of downtown St. Petersburg.
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Thank you to our Platinum Sponsor, Pinellas County Government.
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