RIT presents serial entrepreneur and investor Terry Matthews
December 10, 2009
‘Serial Entrepreneur’ Terry Matthews to Speak at RIT Dec. 11
Matthews to offer his secrets on how to launch successful businesses
Terry Matthews, the founder of more than 60 telecommunications, information technology and software companies, will discuss how to create successful new ventures during a 3 p.m. talk on Friday December 11th at Rochester Institute of Technology’s B. Thomas Golisano College of Computing and Information Sciences Auditorium.
The event is free and open to the public.
Matthews is the chairman of Wesley Clover, a private equity firm that describes itself as being in the business of building businesses. Matthews and his team at Wesley Clover utilize their extensive experiences in the technology realm to identify gaps in the marketplace and launch new enterprises to fill them. Wesley Clover reaches out to either recent college graduates or those at the tail end of their academic career to lead the charge, offering training and mentoring along the way.
In the past two years, seven recent RIT graduates have formed companies for Wesley Clover.
“Terry Matthews is what I call a serial entrepreneur,” says Richard DeMartino, director of RIT’s Albert J. Simone Center for Innovation and Entrepreneurship. “His passion is empowering and coaching young entrepreneurs in building businesses. The insight he will offer in his presentation will be invaluable for anyone looking to launch their own business.”
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!
The Entrepreneur’s Network accepting applications for Class VIII
July 20, 2009
As a TEN graduate myself, I can highly recommend TEN’s excellent program. As the press release below points out you get a $7500 value for only $350, thanks to the use of Monroe County and WIRED grant economic development funds. This is YOUR TAX DOLLARS at work, and an excellent example of how stimulus dollars are being applied at a local level. If you’re an entrepreneur, and need help getting started this is the best $350 you could possibly invest in your new business.
The Entrepreneur’s Network is now accepting applications for its next class, which begins September 23, 2009. Based on best practices of leading entrepreneurial training, education and networking programs, TEN’s mission is to grow life sciences, technology-based, and/or scalable, high-revenue potential firms across the upstate region. TEN is an intense six-month program, focused on helping entrepreneurs - new or old - avoid the pitfalls that can limit growth or decrease the likelihood of securing investment. Even if you’re a proven entrepreneur, business is an ever-changing environment and we cover the latest strategies for improving sales, securing financing, building or enhancing business plans, and presenting your firm to key stakeholders - be it venture capitalists, banks, insurance companies, or potential customers. We constantly hear from our alums the message, “If only I knew these things before I got started. I could have saved so much time and done a better job!”
Class size is limited to 20 participants to allow for maximum interaction. The cost of this program is $7500 per participant, but thanks to the support of the County of Monroe, Finger Lakes WIRED, and COMIDA, the cost to you is only $350 per person - payable only if you’re accepted into the program. The deadline to submit is September 7, 2009.
Here’s the Class VIII schedule:
- September 23: Class VII Graduation AND Class VIII Kick-Off Celebration
- September 24-25: Derby Management Entrepreneurship Boot Camp
- October 15-16: Building Financial Models / Sources of Funding & Term Sheets
- November 12-13: Derby Management Sales Effectiveness Boot Camp
- December 1 and 15: Investor Presentation Boot Camp
The sessions lead by Jack Derby and George Simmons from Derby Management are invaluable, and bringing them to Upstate New York only raises the level of awareness of the business opportunities that exist here. Some of you may have heard Jack present the keynote address at the last Rochester Regional Business Planning Competition. If you’re interested in participating in this year’s program, click on the TEN Membership Application to register.
If you’re interested, or have any questions, feel free to drop Jean Kase a note at jkase@monroecounty.govor call at 585.753.2031. For more information you can check out TEN’s website: www.ten-ny.org
Rochester Open Coffee Club announces July meeting
July 7, 2009
The Rochester Open Coffee Club will hold it’s July open meeting for high tech entrepreneurs at the Bagel Bin in Pittsford at 8:30am on Friday July 10th. The meeting is held in the back meeting room, off the main dining room. Deb Labudde describes the next meeting as follows:
“For July’s ROCC meeting, we will be joined by Dennis Kessler, an active local angel investor, executive professor of business administration at the William E. Simon School of Business at the University of Rochester, and co-owner of Kessler Restaurants, LLC, the largest Friendly’s franchisee in the country. Dennis earned a Law Degree from Yale University, a Master’s Degree from the City University of New York and a Bachelor’s from John Jay College of Criminal Justice of the City University of New York. ”
For more information or to sign up for updates or to attend the meeting please visit the website at: http://www.rochestercoffeeclub.com/blog/
According to a recent study Rochester is in the top 20 metro areas!
June 19, 2009
Rochester’s regional economy is in the top 20 of the 100 most populous metro areas. A study by the Brooking Institution divided the top 100 metro areas into groups of 20, ranging from strongest to weakest - and Rochester was in the top 20 for a strong economy. Rochester rated well in areas such as employment, housing prices, foreclosure rates and overall regional economic growth. We did rank dead last for wages however. So what does that mean? A thriving economy with an inexpensive workforce! So entrepreneurs from all over - come to Rochester. Our highly educated, inexpensive workforce and our thriving economy makes the perfect location to create a new business. Our low housing and commercial property prices will also make setting up your first office attractive and inexpensive. Husband your cash and make it last longer by living in a region with lower wages and a better standard of living than 80% of the metro areas in the US. If you are a NY State resident consider that our area ranked better than New York City, Buffalo, Syracuse, Albany and the Hudson Valley region.
Our recession in Rochester is being considered “recession light” compared to the rest of the country. We’re one of the few Northeastern cities where that is true - others in that category come from Texas and the Plains states.
Our overall growth rate is now stagnant - but by coming to Rochester and setting up here you can help turn that around! Our stable housing prices means you don’t have to worry about losing 23% of the value of your home overnight, like in cities like Miami and Las Vegas. While the rest of the country showed a 6.3% decline in housing prices ours climbed by 2.5% - 10th best rate in the country.
And Ventures and Angels - the next time a Rochester entrepreneur approaches you be aware that they are building their company in an area with a strong economy, a low cost of housing and wages, and a thriving real estate and rental market. Your investment dollar will last longer, and be more efficiently used by investing here in Rochester.
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.
Thomas DiNapoli to speak at upstate venture capital event
May 27, 2009
Comptroller Thomas P.DiNapoli to address UVANY Rochester Capital Forum
Location: The Inn on Broadway Rochester, NY
When: Tuesday, June 2, 2009 5:00 - 9:00 p.m.
New York State Comptroller Thomas P. DiNapoli and a panel of private equity professionals will discuss the Common Retirement Fund’s In-State Investment Program that is looking to invest $528 million in New York-based companies, including early stage and growth capital for Upstate New York businesses. The New York State Common Retirement Fund invests with private equity managers who seek to invest in companies in New York state that require capital for growth or to refinance ownership. The program, created in 1999, targets investment of state funds in the New York state economy. The program aims to help generate jobs and private sector investment in the state.
The event will also offer an opportunity to personally network with Upstate and NYC capital providers; legal and accounting firms; and others interested in venture and private equity transactions.
Entrepreneur’s Minute
Entrepreneurs looking for funding will have an opportunity to make a one-minute presentation during the “Entrepreneur’s Minute”. Companies interested in an opportunity to present at the “Entrepreneur’s Minute” should sign up on line when registering to attend the event. There is no additional cost to present if you are selected.
Who should attend:
- Established businesses seeking growth capital
- Capital Providers looking to invest in upstate New York companies
- Entrepreneurs seeking capital for their ideas
- Students interested in private equity
- Professional advisors seeking to gain information to help clients
- Angel Investors seeking partners for future investing
- Students with new business ideas, looking for funding
Admission:
Pre-registration closes noon on Monday June 1, 2009: Walk-ins Welcome!
UVANY Members: $30.00 Paid in Advance / $45.00 At the Door
Non- Members: $50.00 Paid in Advance / $65.00 At the Door
Students: $20.00 Paid in Advance / $30.00 At the Door
Agenda:
5:00 - 6:00 Registration, Networking, Cash Bar, Hors d’oeuvres
6:00 Program: Welcome,
UVANY Overview,
Introduction of Sponsors: Kevin Halpin, UVANY President
NY State Comptroller Thomas P. DiNapoli
Panel Discussion:
Moderator: J. Montieth Estes, Attorney
Thomas McGrath, Senior Investment Officer, NYS Common Retirement Fund
Tom Rest, Private Equity Specialist, Credit Suisse Alternative Investments
Jose Coronas, General Partner, Trillium Group, LLC
David Waterman, Managing Director, DeltaPoint Capital Management, LLC
Entrepreneur’s Minute
Introduction of Private Equity and Venture Capital Providers
Networking Reception, Cash Bar, Hors d’oeuvres
Thomas P. DiNapoli,the 54th Comptroller of the State of New York, has transformed the way the Comptroller’s office does business since taking office in February 2007. DiNapoli has increased oversight of government spending, provided greater openness to the public and developed new opportunities for New York’s entrepreneurs. The New York State Common Retirement Fund is the third largest public pension plan in the United States with more than one million members, retirees and beneficiaries from state and local governments. Comptroller DiNapoli is the sole trustee of the Fund and manages a diversified portfolio of public and private equities, fixed income, real estate and alternative instruments.
NextGen Rochester - an organization of young investors will meet at One Ryan
May 20, 2009
Get more info on NextGen, participate in some of our multi-media activities (see our photo gallery on Facebook), or just hang out with some great people! Complimentary appetizers will be served throughout the event! We will also have the opportunity to experience One’s new deck. You can sign up for the event on Facebook, or visit the organization’s facebook profile page to join the Facebook group and follow future events.
For more information about NextGEN Rochester visit their website. Joining NextGen means you are committing to invest in someone’s future through leadership, friendship, and philanthropy. Dues are deposited into a fund to a RACF (Rochester Area Community Foundation) fund. NextGen is targetted at professionals between 21 and 45 who find value in grantmaking for local charitable causes, and addressing community needs.
Results from the Business Plan Competition
May 18, 2009
Five finalists competed on Friday May 15th for the coveted Entrepreneur Business Plan award. The 5 companies came from a variety of fields and enterprises:
- Tenrehte (Ethernet spelled backwards) created a complete computer on a chip that integrates wifi and onboard programming into a small thumbnail sized format. Current systems incorporating these features are as large as the backplane of most smartphones, or an Arduino board and require significantly more power to function. The system supports external usb and memory access and is targeted at low power consumption devices such as smartphonesand personal media players. The product was presented by, in this author’s opinion, boththe youngest and best presenter of the 5. Though she didn’t place in the top 3, the presentation here was smooth, polished, had all the right answers, and had excellent use of slides and props. Although I did not have access to all the information and business plans presented I came away believing that this product would be a clear winner. I and others at my table at the event were surprised that Jennifer Indovina, her company and her idea didn’t place higher. Since other chipmakers are currently rolling out similar services using 3 separate chips a quick time-to-market could help this company’s green technology (it uses 2/3 the power of current chips due to it’s efficient design) into a leading chipmaker, or an excellent acquisition target.
- The other “just show” presenter was Sweetwater, a company that has a portable on-site converter that takes wet biomass and produces pure ethanol. Since the system is portable only the end-product ethanol need be transported from the site, and one system can be used to service a number of biomass producers. The system does not require the biomass to be in any particular format, and unlike current corn-to-ethanol conversion systems can be used with both wet and dry materials. A significant new tool in the “green” tool bag, this energy company has an excellent presentation, and a solid set of management and engineering partners to make this a going concern.
- Clinical Insight Software, the third place winner, was a SAAS medical work flow management and EMR system that was specifically targeted at a limited market (cardiologists and other cardiac care capabilities). The system links directly into the measurement machines and not only monitors and records the output, but assists the doctor in creating an accurate diagnosis using the information gathered, combined with the doctor’s input. Though an impressive feat, in this author’s opinion a major weakness of this presentation (and I’m biased because I do software development) is that the system has a long way to go if it only services 2 clients (as it does now) and requires significant engineering and configuration to service different work flows for other clients (as it does now). I think this product was probably an excellent one-off solution that will require significant investment to bring to a more general market and adapt from a licensed model to a SAAS model of delivery.
- The second place presenter was Microgen, a chip based nanotechnology level power generation device, smaller than a tin can, that could be used to power, or re-power, low power consumption devices. The product generates energy based on tiny levers that move up and down as the entire device vibrates. Perfect for powering remote sensing devices, and portable devices that require recharging, this is sort of the microelectronic version of the “self winding” watch that winds up as the user wears it on their wrist. Combined with Jennifer’s product this device could create self-powering rechargeable devices for a variety of purposes. This product also did not place in the top 3. The presentation was a little more “Techy” than Jennifer’s and lost some points to style and prose, but gained them back in a fairly light sense of humor and audience engagement.
- The winner of the competition gave, in this author’s opinion, the worst of the 5 presentations. Furthermore his technology (while new) is based on very old tech - using the “ring” power carried through copper phone wires to be able to power and/or recharge remote devices on phone poles such as cable repeaters, FiOS distribution points etc. Since it relies on power from the phone company which already has significant backup generator and battery systems, it removes the requirement to place awkward to replace batteries in devices on the pole, rather it can power devices directly. This product also had the distinct advantage that it is already in production and being resold. The investment would be expansion capital.
Products were presented to an audience of about 150 people, and 6 judges. An additional 100 at least showed up for the luncheon and awards. Each product, regardless of my opinion or the opinion of the judges gave an excellent showcase for the power of Rochester’s entrepreneurial community. I was impressed by all 5 presenters and their products, management teams, and well thought out business plans. Behind the scene there were scores more presentations that never made it this far, but may well have been just as deserving.
Congratulations to the winners!
1st Annual Entrepreneurship Luncheon
May 1, 2009
Join area entrepreneurs on May 15 at the Hyatt Regency Rochester for the 1st Annual Celebration of Entrepreneurship Luncheon Come join the party and get a glimpse of Rochester’s future! Please join High Tech Rochester, Greater Rochester Enterprise, Rochester Institute of Technology, University of Rochester Simon Graduate School of Business, Nazareth College School of Management and Digital Rochester to celebrate entrepreneurship in our region. Winners of the Rochester Regional Business Plan Contest will be announced, and more than $50,000 in cash and prizes will be awarded. Plus, special recognition for some future entrepreneurs.
Friday, May 15, 2009
12:00 noon - 1:30 p.m.
Hyatt Regency Rochester
Tickets are $45 each or $450 for a table of ten
| Registration & Networking | 11:30 a.m.-12:00 noon |
| Luncheon & Awards | 12:00 noon-1:30 p.m. |
Keynote Speaker: Jack Derby, President, Derby Management and Investor, Common Angels
You are also invited to join us from 9:00 a.m. - 11:00 a.m. in the Hyatt Regency Ballroom to listen to the five Business Plan Contest finalists give their presentations to the blue ribbon judging panel. Admission is free, but registration is required. If you are not attending the luncheon, but wish to attend the morning finalist presentations, RSVP at info@htr.org or 585-214-2400.
