Encouraging new investment in Wisconsin

Key words for this post:
Business plans for venture capital
SBA loans

I have fond memories of Wisconsin -- I attended Ripon College, near Green Bay, for two years. The warm winter fires with snow men lining the walkway are still vivid memories. It is good to hear that Wisconsin is taking an active approach to encouraging new and young businesses.

Wisconsin Governor Jim Doyle has just launched his new economic development initiative called "Grow Wisconsin: The 2005 Agenda."

The plan focuses on supporting small-business incubators; encouraging businesses to locate in "distressed" areas; expediting venture capital and angel investor tax credit expenditures and helping the state's manufacturers become more competitive, the governor said.

Doyle announced his plan during stops in Milwaukee, Madison and Green Bay. As part of the effort, Doyle said that Cellular Dynamics International Inc., a Madison-based biotechnology firm involved in stem cell research, has received $2 million in state aid to expand its operations -- creating 33 jobs.

The company will receive a grant and a loan, each totaling $1 million. The money will be used to defray start-up costs and to leverage $4 million in additional investment.

Among the elements of Doyle's initiative are:

• 
  Directing the Wisconsin Housing and Economic Development Authority to deploy $30 million in bonding to support efforts to create more business incubators.
• 
  Creating a flexible grant program called the Super Employment Economic Development Zones to assist companies that create jobs in the state's areas of highest unemployment.
• 
  Supporting legislation to update the angel and venture capital tax credit to make the program more attractive to investors without raising the cost of the program.
• 
  Proposing legislation to establish a Manufacturing Competitiveness Council, and provide $1.5 million to help manufacturers assess their ability to compete, adopt new technology, and improve the efficiency of their manufacturing processes.
• 
  Seeking legislation to require that all gasoline in Wisconsin contain 10 percent ethanol to increase the state's ethanol production and diversify energy sources.
• 
  Directing the state Department of Commerce to pilot regional economic development initiatives led by the private-sector, two of which are currently underway in the greater Milwaukee and Fox Valley areas.

Wisconsin is a stunningly beautiful state, worthy of the finest in venture capital and small business investment. These proposals reach a wide range of businesses, both established and very new -- and, since the investment is government sponsored, these proposals will most certainly welcome minority companies as well.

New venture capital fund for food industry

Key words for this post:
Business plans for venture capital
Custom business plan template

If the name Nestle conjures up dreams of sweet chocolate, you are in the right category, for sweet doings are going on in Switzerland.

Nestle is the world's largest food company. It is the home of KitKat chocolate bars, Purina pet food and Perrier bottled water, among other well known brands. As selling items like frozen convenience food has become less profitable, Nestle is trying to tap into the growing demand for healthier foods.

And they are backing up their efforts with a $500,000,000 venture capital fund (yes, that is five hundred million dollars)!

Since 2002, Nestle has been linked to the Inventages Fund, which makes equity investments in start-ups and academic projects with en eye to buying the technology. Nestle's new fund appears to go one step further by planning to acquire the companies themselves. Nestle may also buy patents from universities or other research institutes and look to market those into consumer products.

At the moment, Nestle's nutrition division accounts for only about five percent of its business. This new venture capital fund should skyrocket that figure in no time.

Nestle is accustomed to working with startups, so this is an unprecedented opportunity for all levels of business.

Starting your business -- one daffodil at a time

My beloved Aunt Frannie saw the daffodils this past year. She passed away about a week ago. A friend sent me this lovely story, and I share it with you in memory of Aunt Frannie.

Several times my daughter had telephoned to say, "Mother, you must come see the daffodils before they are over." I wanted to go, but it was a two-hour drive from Laguna to Lake Arrowhead. "I will come next Tuesday, " I promised, a little reluctantly, on her third call.

Next Tuesday dawned cold and rainy. Still, I had promised, and so I drove there.

When I finally walked into Carolyn's house and hugged and greeted my grandchildren, I said, "Forget the daffodils, Carolyn! The road is invisible in the clouds and fog, and there is nothing in the world except you and these children that I want to see bad enough to drive another inch!"

My daughter smiled calmly and said, "We drive in this all the time, Mother."

"Well, you won't get me back on the road until it clears, and then I'm heading for home!" I assured her.

"I was hoping you'd take me over to the garage to pick up my car."

"How far will we have to drive?" I asked.

"Just a few blocks," Carolyn said. "I'll drive. I'm used to this."

After several minutes, I had to ask, "Where are we going? This isn't the way to the garage!"

"We're going to my garage the long way," Carolyn smiled, "by way of the daffodils."

"Carolyn," I said sternly, "please turn around."

"It's all right, Mother, I promise. You will never forgive yourself if you miss this experience."

After about twenty minutes, we turned onto a small gravel road and I saw a small church. On the far side of the church, I saw a hand lettered sign that read, "Daffodil Garden." We got out of the car and each took a child's hand, and I followed Carolyn down the path. Then, we turned a corner of the path, and I looked up and gasped.

Before me lay the most glorious sight. It looked as though someone had taken a great vat of gold and poured it down over the mountain peak and slopes. The flowers were planted in majestic, swirling patterns - great ribbons and swaths of deep orange, white, lemon yellow, salmon pink, saffron, and butter yellow. Each different-colored variety was planted as a group so that it swirled and flowed like its own river with its own unique hue. There were five acres of flowers.

"But who has done this?" I asked Carolyn.

"It's just one woman," Carolyn answered. "She lives on the property. That's her home."

Carolyn pointed to a well kept A-frame house that looked small and modest in the midst of all that glory. We walked up to the house.

On the patio, we saw a poster. "Answers to the Questions I Know You Are Asking" was the headline. The first answer was a simple one. "50,000 bulbs," it read. The second answer was, "One at a time, by one woman. Two hands, two feet, and very little brain." The third answer was, "Began in 1958."

There it was .... The Daffodil Principle.

For me, that moment was a life-changing experience. I thought of this woman whom I had never met, who, more than forty years before, had begun - one bulb at a time - to bring her vision of beauty and joy to an obscure mountaintop. Still, just planting one bulb at a time, year after year, had changed the world. This unknown woman had forever changed the world in which she lived. She had created something of indescribable magnificence, beauty, and inspiration.

The principle her daffodil garden taught is one of the greatest principles of celebration. That is, learning to move toward our goals and desires ... one step at a time - often just one baby-step at a time - and learning to love the doing; learning to use the accumulation of time. When we multiply tiny pieces of time with small increments of daily effort, we too will find we can accomplish magnificent things. We can change the world.

"It makes me sad in a way," I admitted to Carolyn. "What might I have accomplished if I had thought of a wonderful goal thirty-five or forty years ago and had worked away at it 'one bulb at a time' through all those years. Just think what I might have been able to achieve!"

My daughter summed up the message of the day in her usual direct way. "Start tomorrow," she said. It's so pointless to think of the lost hours of yesterdays. The way to make learning a lesson of celebration instead of a cause for regret is to only ask, "How can I put this to use today?"

So, stop waiting... Until your car or home is paid off; Until you get a new car or home; Until your new job comes along; Until your kids leave the house; Until you go back to school; Until you finish school; Until you lose 10 lbs.; Until you gain 10 lbs.; Until summer; Until spring; Until winter; Until fall; Until you get married; Until you get a divorce; Until you have kids; Until you retire; Until you die... There is no better time than right now to be happy.

Happiness is a journey, not a destination. So work like you don't need money, Love like you've never been hurt, and dance like no one's watching.

Veterans -- Get Help with Franchises!

Key words for this post:
Business plans for veterans
SBA

Veterans have an incredible opportunity to get special assistance in starting dozens of franchises. Check out http://www.franchise.org . On the far left is a box. In the box, click on "Veterans".

You will be amazed at the range of franchises that offer special discounts to veterans. Everything from Merry Maids to automobiles. Some offer a few thousand dollars off the franchise fee. Some offer a percentage off. But all are worth checking out.

While you're at it, be sure to check out the benefits for veterans at the Small Business Administration.

All in all, I'm glad we are doing something to help out our veterans. They have all given so much to us that it is a pleasure to see them get something in return.

Angel investing isn't so risky after all

Keywords for this post:
Business plans for angel investors
Custom business plans

Companies from both the high and low-technology business sectors that are actively seeking funding and partnerships will attend the conference, and the top six hand-picked companies, will present their business plans and receive feedback from both a panel of experienced investors that focus on early-stage investments, and the audience. The application deadline for early stage companies interested in presenting is September 16.

"Last year's Bend Venture Conference was an incredible experience," said Bill Taylor, president of PV Powered, a presenting company at the 2004 Bend Venture Conference. "We were exposed to many influential people who not only helped us to secure financing, but also exposed us to new vendors, talent and the opportunity to improve our business plan and our pitch. Overall, it was an excellent opportunity and I know that any start-up company would benefit from the experience."

Tim Boyle, president and CEO of Columbia Sportswear Company, will deliver the keynote address at this day-long event. In addition, three Central Oregon companies will share their success stories. To attend or for more information, visit the Bend Venture Conference Web site at BendVC.com. Early registration is $149, which includes a continental breakfast, lunch and a post-conference reception. Companies and entrepreneurs interested in presenting can also apply at BendVC.com.

The Bend Venture Conference is presented in association with Economic Development for Central Oregon and the Oregon Entrepreneurs Forum. Title sponsors include Compass Commercial Real Estate and Bank of the Cascades. Additional sponsorships are available by contacting Teresa Fehrenbacher at 541-385-7988 or teresa@specialized-events.com.
Contact: Economic Development for Central Oregon Meg Thompson, 800-342-4135

American Business Women's Day

Keywords for this post:
Business plans for women entrepreneurs

September 22nd is American Business Women's Day.

According to the Center for Women's Business Research, female entrepreneurs generate $2.3 trillion to the American economy and employ more than 18 million people.

Pat yourselves on the back, ladies. This is a heck of an accomplishment!

New venture capital fund for seed level companies

Keywords for this post:
Business plans for venture capital

There’s $77.5 million sitting in the coffers of Formative Ventures of Los Gatos, California, waiting for those absolutely irresistible new projects.

Formative Ventures has put together this fund from investments by Harvard University, the University of Virginia and the University of Pittsburgh, along with 10 other institutional investors.

Formative closed the new fund in August and has already made one investment, in an undisclosed open-source systems management company that remains in stealth mode. The firm is currently negotiating two other investments.

The $77.5 million fund will likely invest among 10 to 12 startups, with each receiving $5 million to $7 million. Formative is one of the few venture capital firms that plans on investing in seed level, with projected $2 million to $3 million to be invested in seed-stage and first-round opportunities, with additional capital reserved for follow-on investments.

Most investments are planned for the western U.S., predominantly in tech companies.

Angel investors in the spring and fall in New York

Keywords for this post:
Business plans for angel investors
Custom business plans

SmartStart Venture Forum, a local event in which 25 early-stage companies make eight-minute pitches to venture capitalists, and Universities of Upstate New York Venture Forum, or UNYTECH, both hold a venture forum in Buffalo.

Both venues are working together to promote each other's event and both will have a presence at each other's event.

SmartStart has been held in Albany every fall for the past four years, but it has pushed back its next event until May 2006 to not compete with UNYTECH, which is scheduled for Sept. 21-22.
"It's upstate's premier event for early-stage companies," said Honen, who is a president of the Empire State Venture Group Inc., the group that organized the SmartStart Forum. It is a collaboration among the Science and Technology Law Center at Albany Law School and other organizations in the private and public sectors.

The Center for Economic Growth Inc., an Albany-based economic development organization, will run the SmartStart forum and the UNYTECH event for the first time, beginning this year.

Competing events

Companies that have participated in SmartStart have received a total of $10 million to $12 million a year in funding.

UNYTECH, founded by the tech-transfer departments at eight schools, including the Rochester Institute of Technology, the state University of Buffalo and Cornell University, focuses on early-stage companies working on technology created at the universities.The event has led to companies receiving a total of more than $11 million, including federal and state funding, over the past two years.

Rensselaer Polytechnic Institute and the state University at Albany have become members as well.

The forums were siphoning participants from each other, but are now cooperating to bring the best investment environment possible to New York startups.

Bela Musits, a principal at the Troy venture firm High Peaks Venture Partners, has participated in both events.

"It make sense for the state," he said. "No sense in having two spring events or two fall events."

And can one company participate in both events? You betcha!

Minority Business Development in Pennsylvania

Keywords for this post:
Business Plans for Minority Entrepreneurs

This fall, The Enterprise Center and the Pennsylvania Minority Business Development Center (PAMBDC) are launching the Minority Technology Initiative (MTI). Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) along with Innovation Philadelphia will help with the initiative's kick-off with a three event fall lunch series on technology commercialization. The events will be held at The Enterprise Center, 4548 Market St., Philadelphia, during the months of September and October and will be held from 11:30 a.m. to 1:30 p.m.

The MTI is expected to increase access of high-growth minority business enterprises to new product and service opportunities in the field of advanced technology. This effort will connect minority business enterprises to technology transfer offices of local universities and national labs, in order to begin to expose CEOs of minority-owned companies to technology licensing opportunities, as well as make them aware of federal programs to finance technology commercialization. The initiative seeks to connect these entrepreneurs with other sources of funding for the development and marketing of innovative, technology-based services.
This three-part series is for entrepreneurs seeking to learn how to grow and expand their company into the area of technology, form relationships with technology transfer offices, as well as learn how to access federal grant funding for research:

Event 1: Tuesday, September 20, 2005 -- Technology Commercialization: What is it and how can my company get involved?

Event 2: Tuesday, October 4, 2005 -- Patents on the Shelf: Showcasing specific licensing opportunities from local universities

Event 3: Tuesday, October 18, 2005 -- Financing Tech Transfer: Getting the funding you need to help commercialize technology

BFTP/SEP is pleased to be a supporting partner in the launch of the MTI, more notably since its initiative, the Minority Angel Investor Network (MAIN) has very similar goals. MAIN, a diversity-focused initiative of BFTP/SEP and its Minority Technology Advisory Board, was launched in 2004 to increase the number of minority-owned technology companies in Ben Franklin's investment portfolio. MAIN has distinguished itself as the first and only organized network of angel investors in the U.S. focused on investing in high growth minority companies. The network has recruited nearly a dozen accredited angel investors since its inception in 2004.
"We are happy to support the launch of MTI, as it complements the primary objectives of BFTP/SEP and MAIN -- to ensure diversity in the technology marketplace," says MAIN co-founder and Vice-President for the Investment Group at BFTP/SEP, Terrence Hicks.

For more information or to register for these events, please visit: http://www.pambdc.com/mti/rsvp.php

About Ben Franklin Technology Partners of Southeastern Pennsylvania

Since 1982, Ben Franklin Technology Partners of Southeastern Pennsylvania (BFTP/SEP) has helped grow the region through science, technology and entrepreneurship. Part of a statewide network in Pennsylvania, BFTP/SEP provides entrepreneurs and established businesses the capital, talent, and expertise they need to compete in the global marketplace. The organization has provided more than $110 million to over 1,400 regional enterprises through various funding means. BFTP/SEP is a founding partner of the Nanotechnology Institute (NTI) and the Mid-Atlantic Nanotechnology Alliance (MANA) and is funded by the Commonwealth of Pennsylvania's Department of Community and Economic Development.

About Minority Technology Initiative

The Minority Technology Initiative (MTI) is a joint effort of The Enterprise Center and Pennsylvania Minority Business Development Center (PAMBDC). MTI was created to increase access of high-growth minority business enterprises (MBEs) to new product and service opportunities in the field of advanced technology. This effort will connect MBEs to technology transfer offices of local universities and national labs in order to begin to expose CEOs of these companies to technology licensing opportunities, make them aware of federal programs to finance technology commercialization (SBIRs, STTR, ATP), and to connect them with other sources of funding for the development and marketing of innovative, technology-based services. The MTI will also focus on increasing access of MBEs to opportunities generated by the burgeoning life sciences cluster of biotech and pharmaceutical companies in the Greater Philadelphia region. The goal of MTI is to see a notable increase in the amount of SBIRs awarded to MBEs in the Greater Philadelphia region, and the development of companies that tap into the extensive opportunities being created by the life sciences boom in the region.

CONTACT: BFTP/SEP Samuel W. Pressley, Director, Marketing and Communications (215) 972-6700, ext. 3085 samuel@sep.benfranklin.org

Caryn Williams, Project Coordinator, Marketing and Communications (215) 972-6700, ext. 3214 caryn@sep.benfranklin.org