Keywords for this post:
Small Business Administration
Business Plans for Women Entrepreneurs
(Note: Please excuse the erratic posting recently. I am in the midst of moving back to California, and probably won't get back to anything resembling a schedule for several weeks.)
The Small Business Administration is strutting about like the cock of the walk, crowing about how it met its goal for contracts to small businesses last year.
I don't know about you, but I'm not about to start dancing in the streets.
Sure, the $69 billion in contracts for 2004 sounds really great. If indeed it had gone to small businesses. But as we documented earlier, a fair percentage of this money actually went to very large, very well established companies, and not to small businesses at all. The number is a farce.
Also, the measly goal of granting 5% of the contracts to women-owned businesses didn't come close to being reached. That's 5% -- not 50%!!! In fact, only about 3% of the contracts went to women-owned businesses. Yeeesh. What have they got against women?
Goodness only knows what itsy bitsy percentage of contract money went to other minorities -- it's so miniscule that the SBA doesn't even report it.
Hero? Not by a long shot.
Tuesday, August 30, 2005
Wednesday, August 24, 2005
Ohio Gives Grants for Startup Businesses
Keywords for this post:
Business plans for venture capital
Business plans for minority entrepreneurs
Ohio’s very unique Third Frontier program has been around for a decade now, giving money to funds that invest in startup companies in Ohio.
There is good reason that this program has been around for so long – the venture capital companies are expected to invest money of their own, along with the Third Frontier Funds, bringing even more money into the state. While the Third Frontier made grants worth $40 million in the past two years, venture firms have contributed over $200 million in the same time.
It’s an amazing program. Everybody wins. The state wins with new, energizing businesses. Venture capital wins with more money to invest. And small business wins with more money in the pot.
And it gets even better. While most venture capital firms chase the more established companies, The Third Frontier has a special program called the Pre-Seed Fund that targets the new, small comapnies -- even one person companies!
The Third Frontier program said today that it is asking venture capital funds to apply for the grants from the Pre-Seed Fund Initiative, which they can use to invest in early stage companies. Most grants will be between $1 million and $2 million, said Merle Madrid, spokesman for the Ohio Development Department, which runs the program.
The Pre-Seed initiative targets companies that aren't much more than an inventor in a garage, Madrid said. The money is intended to help entrepreneurs test their products and determine if they're marketable.
What more could anyone ask for?
Well, I do have one request: that more states adopt the same type of program.
Business plans for venture capital
Business plans for minority entrepreneurs
Ohio’s very unique Third Frontier program has been around for a decade now, giving money to funds that invest in startup companies in Ohio.
There is good reason that this program has been around for so long – the venture capital companies are expected to invest money of their own, along with the Third Frontier Funds, bringing even more money into the state. While the Third Frontier made grants worth $40 million in the past two years, venture firms have contributed over $200 million in the same time.
It’s an amazing program. Everybody wins. The state wins with new, energizing businesses. Venture capital wins with more money to invest. And small business wins with more money in the pot.
And it gets even better. While most venture capital firms chase the more established companies, The Third Frontier has a special program called the Pre-Seed Fund that targets the new, small comapnies -- even one person companies!
The Third Frontier program said today that it is asking venture capital funds to apply for the grants from the Pre-Seed Fund Initiative, which they can use to invest in early stage companies. Most grants will be between $1 million and $2 million, said Merle Madrid, spokesman for the Ohio Development Department, which runs the program.
The Pre-Seed initiative targets companies that aren't much more than an inventor in a garage, Madrid said. The money is intended to help entrepreneurs test their products and determine if they're marketable.
What more could anyone ask for?
Well, I do have one request: that more states adopt the same type of program.
Monday, August 22, 2005
Merrill Lynch Puts its Money Behind Minority Entrepreneurs
Key words for this post:
Business plans for minorities
Business plans for angel investors
Merrill Lynch, the esteemed financial services giant, has sat up and taken notice of minority entrepreneurs. It has, in fact, hired 200 financial advisors whose sole purpose is to reach this burgeoning market. And for good reason.
According to the U.S. Census, minorities are starting business at three times the rate of Caucasian entrepreneurs. Angel investors and venture capital are all taking notice. Merrill Lynch is just one of the first companies to actually do something about it. There are growing minority-owned companies that need 401(k) plans, investment plans, insurance plans, cafeteria plans, college savings programs and trust plans. Merrill Lynch intends to be there.
Transforming once overlooked and underserved communities into reliable sources of revenue requires innovative approaches and products and a fair amount of outreach and education. In California, Merrill Lynch has targeted minority and immigrant entrepreneurs, offering $10 million worth of small-business advice and financial planning, plus $490 million in loans through its 9-year-old California Partnership for Economic Achievement.
One of the most amazing things that Merrill Lynch is doing is stepping away from standard FICO scores. They look to rental history and utility payments in determining the credit-worthiness of their minority customers.
This is not a quick sell program. Merrill Lynch is looking several years into the future to reap the benefits of what it is doing now.
Business plans for minorities
Business plans for angel investors
Merrill Lynch, the esteemed financial services giant, has sat up and taken notice of minority entrepreneurs. It has, in fact, hired 200 financial advisors whose sole purpose is to reach this burgeoning market. And for good reason.
According to the U.S. Census, minorities are starting business at three times the rate of Caucasian entrepreneurs. Angel investors and venture capital are all taking notice. Merrill Lynch is just one of the first companies to actually do something about it. There are growing minority-owned companies that need 401(k) plans, investment plans, insurance plans, cafeteria plans, college savings programs and trust plans. Merrill Lynch intends to be there.
Transforming once overlooked and underserved communities into reliable sources of revenue requires innovative approaches and products and a fair amount of outreach and education. In California, Merrill Lynch has targeted minority and immigrant entrepreneurs, offering $10 million worth of small-business advice and financial planning, plus $490 million in loans through its 9-year-old California Partnership for Economic Achievement.
One of the most amazing things that Merrill Lynch is doing is stepping away from standard FICO scores. They look to rental history and utility payments in determining the credit-worthiness of their minority customers.
This is not a quick sell program. Merrill Lynch is looking several years into the future to reap the benefits of what it is doing now.
Wednesday, August 17, 2005
Hispanic Market is Skyrocketing
Keywords for this post:
Business Plans for Hispanics
Business Plans for Angel Investors
For those who claim that the Hispanic market is burdened with low income households, I say you may be right today. But tomorrow is a whole new ball game!
The U.S. Census Bureau projects (that not "predicts", but "projects") that Hispanic households will increase their incomes dramatically by 2010 -- that's only 5 years away. How dramatically? Well, for starters, there will be twice as many households with incomes over $75,000.
Now that's a number to sit up and notice.
Any Hispanic entrepreneur -- male or female -- thinking of tapping that market can start planning now for what is going to be a burst of Hispanic market activity.
If angel investors haven't noticed Hispanics in the past, they will now.
If venture capitalists have ignored Hispanics previously, they will now notice them.
This is a MAJOR shift in the demographics of the Hispanic market. And I for one and thrilled to see it happen.
Business Plans for Hispanics
Business Plans for Angel Investors
For those who claim that the Hispanic market is burdened with low income households, I say you may be right today. But tomorrow is a whole new ball game!
The U.S. Census Bureau projects (that not "predicts", but "projects") that Hispanic households will increase their incomes dramatically by 2010 -- that's only 5 years away. How dramatically? Well, for starters, there will be twice as many households with incomes over $75,000.
Now that's a number to sit up and notice.
Any Hispanic entrepreneur -- male or female -- thinking of tapping that market can start planning now for what is going to be a burst of Hispanic market activity.
If angel investors haven't noticed Hispanics in the past, they will now.
If venture capitalists have ignored Hispanics previously, they will now notice them.
This is a MAJOR shift in the demographics of the Hispanic market. And I for one and thrilled to see it happen.
Monday, August 15, 2005
Coffee and croisants for entrepreneurs
Leave it to southern hospitality. This time it comes from Asheville, N. Carolina. The Blue Ridge Entrepreneurial Council has launched a new mentoring program for entrepreneurs.
"BRECfast" is a series of monthly meetings. The first 15 people who register can come. Each BRECfast features a speaker, with opportunity, of course, for entrepreneurs to get acquainted with potential investors.
Contact Jim Roberts, executive director of BREC at jroberts@awnc.org.
If there's no such organization in your area, start one, especially for minority entrepreneurs. Any number of bankers, angels, PR folks, etc., would be thrilled to talk. And a notice in the local paper should set your phone ringing off the wall!
"BRECfast" is a series of monthly meetings. The first 15 people who register can come. Each BRECfast features a speaker, with opportunity, of course, for entrepreneurs to get acquainted with potential investors.
Contact Jim Roberts, executive director of BREC at jroberts@awnc.org.
If there's no such organization in your area, start one, especially for minority entrepreneurs. Any number of bankers, angels, PR folks, etc., would be thrilled to talk. And a notice in the local paper should set your phone ringing off the wall!
Small Business at Forbes Magazine
"Small business" and "Forbes" are not words that I typically put next to each other. But even the venerable Forbes magazine has come to recognize the significance of small and start-up businesses. Take a look at the online version of the magazine. There have been articles by Guy Kawasaki, angel par excellence, that are very thought provoking, and others in the financing arena.
Let me know what you think.
Let me know what you think.
Friday, August 12, 2005
New Angels in New Hampshire
Keywords for this post:
Business Plans for Angels Investors
Custom Business Plans
1001 Free Business Plan Templates
The emergence of a new and vibrant angel investment group is always welcome news. New Hampshire is the home of The Northeast Angels. The Breakfast Club already operates in New Hampshire, but The Northeast Angels plan on being more aggressive and more public in acquiring companies.
So the call has gone out. If your company is in the area and is looking for $250,000 to $1.5 million, visit The Northeast Angels website. Investment inquiries must be submitted via the website. It's one of the better submission forms that I've seen -- they do request basic information, but there is room to include a full business plan and to expand on your project.
May all your encounters be happy ones!
Business Plans for Angels Investors
Custom Business Plans
1001 Free Business Plan Templates
The emergence of a new and vibrant angel investment group is always welcome news. New Hampshire is the home of The Northeast Angels. The Breakfast Club already operates in New Hampshire, but The Northeast Angels plan on being more aggressive and more public in acquiring companies.
So the call has gone out. If your company is in the area and is looking for $250,000 to $1.5 million, visit The Northeast Angels website. Investment inquiries must be submitted via the website. It's one of the better submission forms that I've seen -- they do request basic information, but there is room to include a full business plan and to expand on your project.
May all your encounters be happy ones!
Thursday, August 11, 2005
Great Minority Business Links
Keywords for this post:
Minority Business Loans
Business Finance for Veterans
Small Business Administration
The Office of Veterans Affairs often deals with issues of minorities in business, and to help out those veterans who are minorities, has developed a page of great links for minority business.
There are some just for veterans, some for women, some for Blacks, some for Hispanics, some for American Indians. Sadly, by looking at the stats on the bottom of the page, only about 3,000 people have even seen this list.
It's too good to pass up completely, so stop on by.
Minority Business Loans
Business Finance for Veterans
Small Business Administration
The Office of Veterans Affairs often deals with issues of minorities in business, and to help out those veterans who are minorities, has developed a page of great links for minority business.
There are some just for veterans, some for women, some for Blacks, some for Hispanics, some for American Indians. Sadly, by looking at the stats on the bottom of the page, only about 3,000 people have even seen this list.
It's too good to pass up completely, so stop on by.
Wednesday, August 10, 2005
Women in Business are Barely There
Keywords for this post:
Business plans for women entrepreneurs
Minority business loans
Drat. Just when we think we're starting to make progress, along comes the Great Rug Puller and throws us on our collective ass.
The Great Rug Puller this time is the highly respected Committee of 200, the most elite women's business organization in the world. The C200 Business Leadership Index is the only comprehensive and quantifiable barometer that measures and tracks women's clout and influence in the business word and compares it to men's. It is a scale of 1 to 10, with 10 the best.
From 2004 to 2005 the Index increased about 9%;
From 2003 to 2004 the Index increased about 9%;
From 2002 to 2003 the Index increased about 8%.
With the 26% increase over the past 3 years, one would think that women are starting to catch up, wouldn't one? Wrong.
The Index as a whole now stands at 5.06, with 10 meaning that women are equal to men in business.
Good grief, you'd think we had made some progress somewhere. But the category stats are dismal.
On corporate boards, the Index stands at 3.02.
The venture capital index PLUMMETED 24% the past year, and now stands at 0.81.
With women as managers, the Index stands at 6.29.
In wages, the Index stands at 8.03.
In size of women-owned businesses, the Index stands at 3.08.
I know we are there. I know we are working. I see women all over the internet, building businesses, building relationships and growing.
But compared to men, we don't account for much yet. Damn.
Business plans for women entrepreneurs
Minority business loans
Drat. Just when we think we're starting to make progress, along comes the Great Rug Puller and throws us on our collective ass.
The Great Rug Puller this time is the highly respected Committee of 200, the most elite women's business organization in the world. The C200 Business Leadership Index is the only comprehensive and quantifiable barometer that measures and tracks women's clout and influence in the business word and compares it to men's. It is a scale of 1 to 10, with 10 the best.
From 2004 to 2005 the Index increased about 9%;
From 2003 to 2004 the Index increased about 9%;
From 2002 to 2003 the Index increased about 8%.
With the 26% increase over the past 3 years, one would think that women are starting to catch up, wouldn't one? Wrong.
The Index as a whole now stands at 5.06, with 10 meaning that women are equal to men in business.
Good grief, you'd think we had made some progress somewhere. But the category stats are dismal.
On corporate boards, the Index stands at 3.02.
The venture capital index PLUMMETED 24% the past year, and now stands at 0.81.
With women as managers, the Index stands at 6.29.
In wages, the Index stands at 8.03.
In size of women-owned businesses, the Index stands at 3.08.
I know we are there. I know we are working. I see women all over the internet, building businesses, building relationships and growing.
But compared to men, we don't account for much yet. Damn.
Wednesday, August 03, 2005
Six Million Dollar Ladies
Keywords for this post:
Business plans for angel investors
Custom business plans
Women in business
They each took center stage for four minutes:
Four minutes to convince the judges what she would do with $45,000 to turn her business into a million dollar enterprise.
Actually, four of the finalists already had revenues above half a million dollars, and the other two exceeded $350,000. These ladies were winners. Before making it the finals, each had submitted a business plan, including financials.
The contest, called "Make Mine a $Million Business" was sponsored by OPEN, a division of American Express, and Count-Me-In, a micro-lender based in New York. On top of the $45,000 loan, the winner would receive a year of free mentoring. Count-Me-In founder Neil Merlino had already overseen competitions in Chicago and Dallas, and had seen what a difference the prize made in the lives of the winners.
Now it was time to choose the winner in California. Which would you have picked? Well... the decision was made....
All six entrepreneurs were declared winners. All of them!
"This has never happened before," a Count-Me-In spokesperson said. "But these were very impressive businesses. The women worked very hard on their business plans."
And they were all winners.
I love happy endings. Don't you?
Business plans for angel investors
Custom business plans
Women in business
They each took center stage for four minutes:
- Bonnie Plotkin of Bonnie Plotkin Bail Bonds, Huntington Beach, California
- Desalene Jones of Cha Cha's Doggie Day Care, Sacramento, California
- Gena Nonini of Marlan Farms, Fresno, California
- Sharon Shaheed of Plano Play Music Systems, Sherman Oaks, California
- Leni Romas of Little Twig, Manhattan Beach, California
Four minutes to convince the judges what she would do with $45,000 to turn her business into a million dollar enterprise.
Actually, four of the finalists already had revenues above half a million dollars, and the other two exceeded $350,000. These ladies were winners. Before making it the finals, each had submitted a business plan, including financials.
The contest, called "Make Mine a $Million Business" was sponsored by OPEN, a division of American Express, and Count-Me-In, a micro-lender based in New York. On top of the $45,000 loan, the winner would receive a year of free mentoring. Count-Me-In founder Neil Merlino had already overseen competitions in Chicago and Dallas, and had seen what a difference the prize made in the lives of the winners.
Now it was time to choose the winner in California. Which would you have picked? Well... the decision was made....
All six entrepreneurs were declared winners. All of them!
"This has never happened before," a Count-Me-In spokesperson said. "But these were very impressive businesses. The women worked very hard on their business plans."
And they were all winners.
I love happy endings. Don't you?
Tuesday, August 02, 2005
Venture Capital at 15th Annual Florida Forum
Keywords for this post:
Business plans for venture capital
Custom business plans
Got plans for January 31 and February 1, 2006? If yours is a later stage, rapidly growing company, preferably based in Florida, head on down to 15th Annual Florida Venture Capital Conference at the Sawgrass Marriott Resort & Spa in Ponte Vedra Beach, Florida.
About 20-25 presenters will be selected, and the odds of finding financing aren't bad. Previous presenters have raised over $75o million. 147 venture capital firm from across the U.S., Europe and South America attended the 2005 conference.
Submit an application at http://www.floridaventureforum.org by Friday, September 9, 2005, for consideration, or call (813) 335-8116 for additional information.
Business plans for venture capital
Custom business plans
Got plans for January 31 and February 1, 2006? If yours is a later stage, rapidly growing company, preferably based in Florida, head on down to 15th Annual Florida Venture Capital Conference at the Sawgrass Marriott Resort & Spa in Ponte Vedra Beach, Florida.
About 20-25 presenters will be selected, and the odds of finding financing aren't bad. Previous presenters have raised over $75o million. 147 venture capital firm from across the U.S., Europe and South America attended the 2005 conference.
Submit an application at http://www.floridaventureforum.org by Friday, September 9, 2005, for consideration, or call (813) 335-8116 for additional information.
Subscribe to:
Posts (Atom)