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| Summer Camp for Entrepreneurs Aims to Put “Fun” into Raising “Funds” |
August 20, 2008 |
Young companies benefit from tips and tricks on how to secure investors
Markham, Ontario – August 7, 2008 – The word “fun” isn’t usually associated with a company’s efforts to find cash to grow a business, but a Markham organization is out to change that experience with the launch this month of a unique summer camp for entrepreneurs.
The camp, organized by the Innovation Synergy Centre in Markham (ISCM) Investment Network, is being offered free of charge to young companies just starting out or looking to grow their business. Called the ISCM Summer Training Camp for Entrepreneurs, it provides tips and tricks on how to attract investors and secure funds in an interactive environment through mentoring and workshops.
“Like traditional summer camp, entrepreneurs benefit by learning how to bond with others – but in this case, we’re focusing on developing relationships with investors, particularly Angel investors,” said Catarina von Maydell, Director of the ISCM Investment Network, which is running the program from August through early September.
Angel investors are primarily self-made, high net-worth individuals who typically invest – or co-invest with other Angels – between $50,000 and $500,000. They not only bring money to the table, but also a wealth of industry expertise, sometimes taking an active role in the companies they support.
“It’s challenging for small companies looking for first rounds of financing,” said von Maydell. “Once companies have exhausted the ‘love money’ – money from friends and family – they have a very difficult time finding and securing the next sources of investment, which are often Angel investors.”
ISCM launched the summer camp to fill a much-needed gap in the marketplace and prepare interested businesses for the organization’s ISCM Money Chase 2008: Investment Forum event, which takes place October 23, von Maydell explained. The Investment Forum is a unique event in which 24 young businesses – selected from a pool of applicants – that are looking for growth funds will have the opportunity to present their case to a roomful of investors.
Attendees of the camp will learn such tips as how to:
· Identify and find the best investors and partners for their company;
· Present effectively to potential investors by telling a compelling business story that will secure interest.
· Prepare for investor meetings and have the right information in hand prior to the meeting;
· Create realistic and actionable strategies for fast revenue and company growth;
· And much more.
The Innovation Synergy Centre in Markham is a leading Canadian business advisory centre that specializes in helping small and medium-size companies grow. ISCM’s Investment Network provides a unique service geared towards grooming early-stage companies for the investment community and helping entrepreneurs find the right investor at the right time.
For more information or to register for the ISCM Summer Training Camp for Entrepreneurs, please visit www.iscm.ca or call (905) 248-2727.
FOR GENERAL TIPS ON SECURING FINANCING, PLEASE SEE BELOW.
FINANCING TIPS
The Innovation Synergy Centre in Markham offers these general tips for young companies looking to secure financing:
* Identify why your product or service is important. An interesting concept with little market potential has no monetary or business value. Make sure you know specifically who would buy your offering, why, and how much they’d pay for it.
* Know your market thoroughly so you can quickly describe your sustainable competitive advantage. Develop a solution-focused pitch about your business that your grandmother can understand. Have a 10-second pitch to pique curiosity and another 60-second “elevator pitch” to stimulate interest.
* Understand your growth strategy before you approach potential investors. What is the business development strategy? How will the company deal with increasing work? Remember that “technicians work IN the business; successful entrepreneurs work ON the business.” Be the successful entrepreneur.
* Have a good understanding of the strengths you bring to the company. Identify the gaps, how you will fill them and how you’d work with new complementary team members. Demonstrate you’re open to being coached, recognizing that the value of investors is not just their money, but also their expertise, rolodex and future fundraising abilities.
* Build your management and advisory teams to have a full complement of expertise: product, finance, operations, and industry expertise, and experience managing high growth. Your experienced team can validate your business, guide company growth, and make introductions to potential buyers, investors and business partners.
* Start looking for growth financing for your business long before you need it. It generally takes a well-prepared company six months to close a deal. Look around and get to know the pros and cons of the different financing sources available.
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