Do you have a Plan “B”?
September 29, 2009
In follow-up to the TEN Lunch & Learn meeting held at the Infotonics Technology Center regarding “Plan B” technologies, we are reaching out to help you vet your good ideas. The Workforce Innovation in Regional Economic Development (WIRED) program realized this region holds many good ideas not presently being pursued that are well suited for regional job creation and economic advantage. Therefore, through WIRED, ITC is providing a rare opportunity for individuals who have a Plan “B” idea to assist them in the process of vetting those ideas and receiving training around the entrepreneurial process.vuon@earthlink.net to set up an initial interview meeting. You will have the opportunity to discuss your Plan “B” idea/technology to a technologist, receive training around the entrepreneurial process and the resources available to help you through that process, and, who knows, maybe become the next upstate New York Plan “A” enterprise!
Sometimes referred to as an orphan idea, invention, or technology, it is the great idea that an innovator just doesn’t have the time to pursue. However, we are providing the opportunity to vet Plan “B” concepts with a technical expert in residence (TEIR) at the Infotonics Technology Center who will provide technical analysis and investigate potential market opportunities. Furthermore, for the technologies/ideas that show promise, additional WIRED training resources are available for assistance in forming a new company, market analysis, business plan writing, grant proposal writing, etc.
If you are one of those Plan “B” innovators, or know of someone who is, please contact Michael Potter at (585)415-7272 or email
Sorry for the long hiatus - exciting things in Rochester
September 25, 2009
I apologize for how long it’s been since I posted - life has been busy (which is good) and I had a number of family obligations which came up unexpectedly. We should be back to a more regular posting cycle now. Here’s a summary of some of the latest Rochester news in the Entrepreneurial world:
- In August, Aaron Newman -Techrigy/Alterian’s social tracking guru gave a talk at a recent Rochester Open Coffee Club on entrepreneurship in Rochester and how he built Techrigy into an acquisition target in just a few short years. I’ll be posting a more detailed in-depthlook at Aaron’s speech later this month.
- In September TEN graduated a recent class, and a new batch of TEN students entered the queue. TEN continues to be one of the most valuable entrepreneurial resources in the Rochester area. I’d encourage you to take advantage of their services. As a TEN graduate myself I am feeling for the current students who today are deep into the 2nd day of Jack Derby and George Simmons firehosing information into their brains. I know my brain was tired by about the middle of day two :)
- In national news today the US Commerce Department is establishing a new Office for Entrepreneurship and Innovation, specifically to help startups make workable businesses out of great ideas by giving then training, funding, advisement, data access, andhelp with business start-up red tape. Gary Locke, the new Secretary of Commerce and creator of the OEI has a history of examining innovation roadblocks, including looking at the US Patent Office backlog. A direct quote of Locke’s sums it up: “Instead of working to build a great company or discover a new invention, too many of our brightest minds were busy engineering credit-default swaps”. This blog fully supports the idea that government investment in innovation and entrepreneurship can only improve our national economic status.
- They Eyes on the Future conference is only 21 days away. Please be sure to visit the website, register for and attend this free economic summit and (new this year) career expo, so that we can all learn how to keep Rochester in the top 20 once the boom cycle begins again. That’s right - we’re in the top 20 cities nationwide for retaining salaries, housing values, cost of living, etc. So despite how tough the last year has been - it could be much tougher if you live in other cities. Edith Lank in a recent article in the Rochester Democrat and Chronicle Real Estate column published letters from other cities and towns in the country illustrating families who are in danger of having their houses foreclosed on and taken from them after job loss, or being upside down on their mortgage and having been transferred or moved. We are lucky to be in Rochester.
- A new conference to help small businesses keep up with the latest on how new labor rulings affect local businesses has been announced by Genesee Valley Chapter of the Society for Human Resource Management (GVCSHRM) will be holding a conference and legislative luncheon on October 1st. There will be a solutions exhibit area, Andy Feld author of “Why the current economic crisis is our most wonderful wake-up call” will keynote. Senator Robach, andAssemblywoman John are expected to attend and present at the conference, as well as sessions on EFCA, NLRB, COBRA, and a social media presentation. Afternoon sessions will include Title7, ADEA, FSLA, ADAAA and a session on building capacity. The conference is from 8am-4:30pm. Fees are $147 for GVCSHRM members and $167 for non members. There is a lunch only option for $55.
- A new organization that is charged with retaining NY State investment dollars within NYS has been formed. www.seedny.org is a cooperative venture created by Excel Partners to try to encourage keeping our dollars at home when investing. Loaded with great information for entrepreneurs and funders alike, this site explores the whys and hows of where investment dollars go, and how we can influence their use to better all of NYS. They just held an event in Syracuse and are scheduled to go to Albany on October 13th. From their website: “…Its goals are: to create a public awareness campaign focused on informing all community stakeholders about the critical role that seed funding plays in establishing an entrepreneurial ecosystem that can transform New York into a innovation-based economy. “
That’s all for now - please, attend events, network with your peers, and create a buzz about Rochester and how well we’re doing!
Entrepreneur Profile - Tenrehte, Inc.
June 17, 2009
Company name: Tenrehte Technologies, Inc.
Principal: Jennifer Indovina
Website: www.tenrehte.com
Contact: jennifer.indovina@tenrehte.com
Industry Focus: Wireless semiconductors
# of employees: 5
Startup Stage: Bootstrapping our hardware development system, Linux run-time, and application software which validates and demonstrates our technology. On the business side we are raising seed capital, and engaging initial customers.
Lee Drake: Every entrepreneur learns early that a careful concise, one paragraph elevator speech describing their product or service is a key component of success. What is your elevator speech:
Tenrehte is a wireless semiconductor company which was founded to address consumer demand for smart Wi-Fi enabled products. We simplify wireless product development for electronics manufacturers by providing a turn-key platform which includes a high performance, low power, and low cost Wi-Fi processor bundled with an optimized operating system and a suite of intuitive application development tools. Our products enable customers to create end products more efficiently. Our unique intellectual property provides innovative features for Wi-Fi device manufacturers. On a broader scale, our mission is to improve people’s lives through wireless technology. Tenrehte will revolutionize wireless devices because we understand that the future of consumer electronics depends upon hassle-free plug-and-play connectivity.
Lee Drake: What was the biggest challenge that you’ve faced in building your entrepreneurial business and how did you overcome it?
Raising operating capital. Although my team has been involved in previous start-up companies that have managed to raise the capital to grow a company before does not mean it’s any easier for us this time around. Although the current economic climate has made things “interesting”, we are managing to successfully navigate the situation by remaining focused on the end result. Bootstrapping a semiconductor operation is not feasible for us, however, we have found other creative ways to keep the lights on and we are making good progress.
Lee Drake: What do you anticipate the next biggest challenge will be?
In the short term, the success of our company is dependent upon our ability to validate our business to investors. In the long term, our challenge is the same as every other company; it all comes down to sales.
Lee Drake: What has been the most pleasurable surprise you’ve had as you go down the road of an entrepreneurial startup?
The local Rochester, NY support has been overwhelming. Even though we aren’t revealing too many of our secrets, it’s just incredible to see local elected officials, investors, financiers, and customers getting excited about our technology and our mission. Overall, people want to see us succeed. Indeed this was a bit surprising for me. The very first seed funding pitch I gave was less than 5 months ago to a boardroom full of accredited, but not very tech savvy angels in Manhattan. I stood at the front of a rather large conference room, describing my company and our technology to an audience of harsh scowling faces. I was only about 2 minutes into my pitch when an older gentleman sitting in the back raised his hand and said “So, you make, like, mini-routers that can be put in anything? Cool, it sounds like the Terminator to me.” Everyone in the room erupted laughing. Unfortunately, our technology was not aligned with their investment strategy, so they chose not to invest in our company on that day. However, a managing partner of another investor group was in the meeting and her personal impressions lead her to refer us to more interested investors!
Lee Drake: What did you want to be when you grew up?
I wanted to be a plumber, a singer, a vet, and an astronaut. I was jack of all trades, apparently. I think if you ask anyone else in my team, they’ll say “Engineer” or “Test pilot”, which is why they are in my team.
Lee Drake: If you could give just one piece of advice to someone with a new entrepreneurial idea, what would it be?
Do not get sidelined by fear. Believe in yourself, your idea, and your team and charge forward. Sure there will be bumps along the way, probably many, so just keep pushing forward.
What is Rochester Startups blog?
April 6, 2009
Lee Drake
I was asked by the folks at SpringStage to be the Catalyst for the Rochester area Startup blog and I eagerly accepted. To get a feel for what Springstage is, and what a “Rochester Catalyst” is I encourage you to review this post, which I will summarize here.
- SpringStage is not an angel network
- SpringStage is not an investment group
- SpringStage is not a business incubator
SpringStage is a network of community catalysts who are in tune with their local entrepreneurship and startup scenes. Our goal is to find entrepreneurs who are interested in promoting startup culture and community in their hometowns. The network formally launched in early 2009. This is the first step in ensuring that there is a visible resource in every community for early stage entrepreneurs.
Today, if you’re new to a city and you want to be involved in the start-up scene there, there is no clear cut way to get involved. Springstage hopes to fix that by identifying and promoting credible catalysts in each community. We are providing the infrastructure for those catalysts to begin promoting their location entrepreneurship scene immediately. “
As a board member on the Eyes On the Future event board, Rochester GVCSHRM, Rochester Neighborhood of the Arts, and JSEC, and a former Rochester Small Business Council board member, and an advisor to Nazareth’s Business development program, as well as a serial entrepreneur and developer myself, I feel I have a good cross-sectional background to publish articles of an interesting and engaging nature in www.rochesterstartups.com. But I do need your help. I’m looking for entrepreneurs (at all stages in development) and in all different growth areas to answer a brief 5 question profile, and I’m looking especially for great articles or interviews from Angels, Venture or other investors.
If you are a consultant who works with entrepreneurs, I urge you to pitch me on a story about your services and how they can help the local entrepreneur be successful. We also want to build a link-list of service providers in the area.
Check out my post on entrepreneur-blog
April 2, 2009
Check out my latest update on entrepreneur-blog.os-cubed.com on why it’s a bad idea to assume end-users are stupid.
