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North State WIRED Venture Communities: Cultivating the Innovation and Entrepreneurial Ecosystem

North State WIRED Venture Communities: Cultivating the Innovation and Entrepreneurial Ecosystem . A Few Opening Slides for Context. Our Economy is Crappy High Growth Entrepreneurs Drive Cluster Development and Jobs/Income Growth

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North State WIRED Venture Communities: Cultivating the Innovation and Entrepreneurial Ecosystem

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  1. North State WIRED Venture Communities: Cultivating the Innovation and Entrepreneurial Ecosystem

  2. A Few Opening Slides for Context • Our Economy is Crappy • High Growth Entrepreneurs Drive Cluster Development and Jobs/Income Growth • Community Must Understand Distinctions Among Small Businesses and Entrepreneurs to Take it to the Next Level

  3. Innovative Growth Ventures in Large Markets (Technology, process, business model, intellectual property) SME – Mature Industry (Textile, wood, fab – Est. manufacturers & resellers) Local/Regional Small Business (Regional ISP,Restaurant, Gas/Food Market) Self Employment/ Microenterprise (Cleaning Service, Local Artisan, Independent IT Consultant) The Small Business and Entrepreneur Continuum: Differing Needs and Stages

  4. Demistify Entrepreneurs • 50,000 Foot Level Talk is Pervasive • Immerse Ourselves “In the Trenches” • Understand the Mindset – Read “Atlas Shrugged” by Ayn Rand • Most Community-Based Approaches Related to Entrepreneurship are Too Generic • Recognize the Distinctions; Respond Accordingly

  5. Venture Island-Chico Are You Up for The Challenge?

  6. What is Venture Island-Chico • High-Growth Companies Compete for “Big Kahuna” Designation and Cash Awards • Companies Benefit from Mentoring/Advising, Peer Networking, High Visibility – While Supporting Noble Community Causes (Homegrown Entrepreneurship and Local Charity) • Competitions Include Screen Tests, Monthly Entrepreneur Challenges, and Finalist Showdown • Events Become “Must Attend” Networking Standard in the Region • Unique Format (Modeled After Survivor TV), Multi-Media Activities and Audience Participation Create Buzz • Venture Communities Web Portal Creates Continuity, Maintains momentum and Becomes Marketing Engine In-Between Events • Substantial Opportunities for Community Organization Engagement and Support of Venture Island-Chico

  7. Venture Island-Chico Objectives • Raise awareness about importance of homegrown entrepreneurship • Put Chico (and region) on the map as entrepreneur-friendly • Assist at least 20 Chico (and other North State) businesses • Institutionalize it so it has permanence • Raise visibility about key issues facing entrepreneurs (talent, capital, facilities, visibility, etc.)

  8. Key Objective: Formalize High Growth Potential Entrepreneur Network!

  9. Key Item: Let’s Expand Our Committee • Opinion leaders, local business icons • Workforce investment, econ dev orgs • Academics – Administrators and faculty -- Business, MIIS, Engineering, Entrepreneurship • Elected officials/policy leaders • Venture capitalists • Established and Retired CEOs/executives from industry • Media • Startup and early stage growth entrepreneurs • Angels and potential angels • Private sector service providers • Experienced advisors/mentors

  10. Venture Island-ChicoBenefits to Entrepreneurs • Coaching and Mentoring • High Profile Visibility • Grow Peer Network • Technical Assistance from Nonprofit and Private Sector Service Providers • Access to Capital and Talent

  11. Expert Feedback for Contestants!

  12. Local CEOs Can Provide Valuable Perspective

  13. Its Even Possible to Close A Deal!

  14. Monthly Event Format • 4:30-5:15 Networking/Registration • 5:15-6:30 Program • 6:30-7:30 Networking (and Ongoing Screen Tests)

  15. Pricing? • General Unaffiliated Attendees • Members of CEPCO/Venture Communities • Sponsoring Organizations • NoRTEC/WIRED Partners • Contestants

  16. How to be a Contestant • Thursday, Feb 7 – fill out application • Friday, Feb 8 – up to 20 entrepreneurs notified of Feb 21 screen tests • Thursday, Feb 21 – Screen Test #1 (maximum of 6 contestants selected) • Thursday, Feb 28 – 2nd round of applications due • Friday, Feb 29 – additional entrepreneurs notified of March 6 screen tests • Thursday, March 6 – Screen Test #2 (field of 8 contestants finalized)

  17. More Info on Screen Tests • Two-Minute “Elevator Pitch” Format • Judges will provide written feedback • Contestants from Screen Test #1 may re-present at Screen Test #2

  18. Ways to be Involved Other than as a Contestant • Sponsor Venture Island-Chico ($1,250 to $10,000?) • Make Tax Deductible Contribution to Venture Island-Chico Investment Fund I (up to 200 individuals or $100k maximum) • Become a CEPCO Venture Communities Member • Participate in Texas Hold’Em Fund Raiser • Attend the Monthly Events!

  19. Entrepreneur Challenges – What are the Competitions? • Understanding of Market/Competitive Landscape? • Building the Winning Team? • Presenting a Winning Sales Presentation? • Business Model and Financial Plan? • Exist Strategy? • Other Ideas? • Maximum of 5 Minute Presentation by Each Contestant (maybe that’s too long)

  20. Panelist Input at Events • After all entrepreneurs have presented, establish 20-30 minute block of time • Scoring occurs at conclusion of panel comments/questions to contestants

  21. Scoring System • 3 Stages of Competitions (Screen Tests, Entrepreneur Challenges, Finalist Showdown) • Create Island Theme for Names of Challenges • Scoring Involves Judges, Audience and Contestants • Audience Role Increases • Only Financial Contributors to Venture Island-Chico Fund May Cast Vote in Finalist Showdown

  22. Scoring System - Continued • 1-10 Point System with 10 Being Highest Possible Score • Panelists Weight of Scoring (2/3 in Screen Test, ½ in Challenges, 1/3 in Finalist Showdown) • Audience Weight of Scorning (1/3 in Screen Test, ½ in Challenges, 2/3 in Finalist Showdown) • Bonus Points Dished Out by Secret Vote of Contestants • Three Finalists Based on Cumulative Score from the 3 Challenges

  23. Scoring System - Continued • Technology for Real-Time Scoring by Audience • Penalties (and Potential Disqualification) for Contestants Exceeding Time Limit

  24. Cash Awards • Money Raised Through Poker Tournament and Tax Deductible Contributions to Venture Island-Chico Fund I • Options for Contributions Above $500 • Target for Fund Raise – Minimum of $50k, Maximum of $110k • $5,000 Prize to Two Runner Up Finalists • Balance of Investment Fund to Big Kahuna as Low Interest, Deferred Loan (or Convertible Note) – working with local attorney on this

  25. Proposed Charitable Component • Partner with North Valley Community Foundation (NVCF)? • Joint Marketing and Promotion • Poker Proceeds Help Cover Direct, Ongoing Costs of Venture Island-Chico Program • Tax Deductible Contributions to Venture Island-Chico Investment Fund c/o NVCF • Loan Agreement Between NVCF and Big Kahuna Company • Repayment of Loan for Charitable Programs in the Community

  26. Venture Island-Chico Calendar of Events • February 21 at Enloe Conference Center (Kick-Off and Screen Test 1) • March 6 at Enloe Conference Center (Screen Test 2 and Announce Field of Contestants) • March 27 at Sierra Nevada (?) – Initial Entrepreneur Challenge • April __ at Enloe Conference Center – 2nd Entrepreneur Challenge • May __ at Enloe Conference Center – 3rd Entrepreneur Challenge and Announce Finalists • June 26 at ____ - Finalist Showdown and Check Presentation as Part of CEPCO Annual Dinner

  27. The Right Keynote Speaker Can Make All the Difference!

  28. Another Keynote Examples – Guy Kawasaki, Investor and Author

  29. And One More – Rich Karlgaard, Publisher of Forbes, and Author

  30. Key Action Items! • Develop/Finalize Venture Island Logo/Web Banner • Finalize Pricing-Related Items • Web Portal Live, and Upload Initial Information about Venture Island (and Venture Communities) • Online Registration, Linked to New Bank Account • Finalize Media Partner (Print and Broadcast?) • Develop “Call for Contestants” News Release, Print Ad, Radio Ad, E-Blast Marketing Piece • Meet with NVCA to Pursue Partnership • Finalize Legal Mechanics of Loan Agreement • Finalize Tag Line for Competition • Develop Island Themes for Names of Entrepreneur Challenges (Jungle Boogie?)

  31. Key Action Items - Continued • Finalize Entrepreneur Challenges and Create In-Depth Write-Ups for Each • Finalize Technology for Capturing Audience Vote in Real-Time • Determine Poker Tournament Lead Person • Determine Other “Actors” – MC (Roger Akers), Host?, Roving Reporter? • Finalize Role of Start-Up TV Network (Fundability) – discuss video element on-site • Finalize Schedule/Venues (check Roger A. calendar) • Finalize Keynote Speaker for Feb 21 Kick-Off

  32. Key Action Items-Continued • Recruit Judges/Panelists – Investors, CEOs, Domain Experts, Sponsors (need total of up to 24 – but service providers must “pay to play”) • Develop Venture Island Video (book-end), and game plan for quick turn-around episodes • Develop PPT for use at civic, business and university meetings to promote Venture Island-Chico (and broader WIRED initiative) • Develop job descriptions for each key role to help institutionalize • Explore merchandising options • Develop plan for structured in-between event coaching of contestants • Need “Hold Harmless” legal form that all contestants must sign prior to participating

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