Archive for SCR News

Boulder Trip #3

What a difference a week makes…On the bus right now riding to Denver airport after another exhausting and exhilarating Boulder trip.

I’m getting better at the travel itself — finding little tricks and habits to reduce stress and increase productivity on the road. I recently added tethering to my phone plan, so I be fully online anytime anyplace. It’s a beautiful thing when it works — but apparently this week AT&T’s data network crapped it’s shorts; I’ve basically been offline when outside of my little “offices”. Frustrating to have to lose productive time like that, especially when the whole purpose of these Boulder trips is to Get Shi% Done.

16 hour days every day this week — the team is getting it done! Had some great conversations with amazing investors and potential partners; putting the pieces into place to take our company to the next level. I love interacting with all these smart, experienced, and forward-thinking pros. They’re all building something, and going out of their way to help other entrepreneurs, the ecosystem, and Boulder/Colorado. Almost everyone I’m talking to thinks 5-10 years out and inspires me to try to do great things.

And things are definitely rolling along now with Funding Launchpad… first customer is live! More in the pipeline. Our 2012 strategy is working, our 2013-14 strategy is rock solid, and on the plane out here I came up with a great way to get tens of thousands more investors to engage with our platform. We’re also surrounding ourselves with a great network of vendor partners and potential Board members — already they’ve provided fantastic guidance on our strategies and tactics.

It’s been an uphill battle to get here… but I can’t imagine ever returning to cubicle life! The wife will want me to take the whole weekend off, of corse; how do I explain that relaxing doesn’t relax me? (At some point I’ll get the company to the stage where I’m not feeling constant existential dread, right?)

We helped put on a great crowdfunding conference in Boulder this week. I gave a 25 minute talk on platforms; was fairly well received even though I started working on it at 6am the day of the conference… never enough hours in the day. Was awesome to see my team kicking ass this week. Everyone is focused on driving forward every day, and there were several times where most would have said “eh, this can wait until tomorrow” but every time the team stepped up and said “let’s get this updated and sent out before we go” — only makes me more committed than ever to up my own game in some way every week.

I’ve gotten to enjoy doing talks and especially panels and Q&A sessions. Investor conversations too — now very comfortable, especially when I can turn it into a conversation instead of a “pitch”. Fundraising certainly is time consuming, though; will be a welcome day when I can put fundraising on hold and get back to growing the business.

On Wednesday night a reporter from Inc. magazine had dinner with me and two co-founders. He’s doing a deep dive into the whole CF industry; but it sounds likely that we’ll be mentioned extensively in a feature article in a few months. Oh, apparently I’m quoted in yesterday’s Denver Post too — Woo hoo!

Yesterday was demo day for TechStars Boulder; very bummed to have missed the event (conflicted with our CF conference) but at least I got to catch up with the two teams I know (MobiPlug and Ubooly) at the after party. Super stoked to see what they do next!

So: all I need to do is finish this fundraising round, assemble a board of directors, build out the team, establish dozens of deep partnerships including one fundamental tie-up, get 1,000,000 investors on the site, and establish Funding Launchpad as a reliable, robust, friendly, trustworthy, and effective platform for raising money and finding good investments.

All right — the first quarter break is over… Game on.

2 talks today…

Quite a day! — Exhilarating and draining at the same time. I think I got a little taste of what life is like for a professional speaker… well, what it’s like being a professional speaker when you’re not really a natural-born speaker.

Had the privilege this morning of following David Cohen in the “Conversation over Lunch” series at PivotGuild. Great conversation about Crowdsourcing and Crowdfunding with about 35 creative folks. Had a great time riffing with Alyson Miller about the pros and cons, opportunities and limitations of Crowdsourcing. I love working with great people!

No slides, just a few notes and some really engaging conversation with the group. I believe they got something out of it, and I have to admit I enjoyed myself as well.

 

Then in the evening I was on the Startup Meetup ”First Wednesday Funding Talk!” schedule. Main purpose being to update some folks about the upcoming Crowdfunding exemption (via the JOBS act).

The event started with a fantastic walkthrough by Twoology, who I have no doubt you’ll be hearing about in the near future. Keeping relationships healthy? Way better than finding new relationships… seriously, though, great presentation and really engaging project.

Then I got up there and proceeded to drop some knowledge with a side order of what-the-hell-am-i-doing-up-here — actually that’s a bit harsh…, in all honesty it went very well. Just still a bit of a perfectionist I guess. I won’t be completely satisfied until I can picture Steve Jobs smiling down on me at the end of a presentation.

Anyway.

Point is that I love working with the community here, sharing knowledge, and doing whatever is in my power to make great things happen.

We’ve got some exciting stuff in the works, and look forward to helping lots of companies raise the money they need to do insanely awesome stuff.

I’m thankful to be part of an entrepreneurial community as awesome as the Boulder/Denver scene… Namaste.

My Highlights of the Week

Monday — Met with Wells Fargo and talked about how they can help us grow… then did some business at the Absinthe House in downtime Boulder (with 4 new dental fillings; there was some slurring).

Tuesday — Met with 2 different kickass local entrepreneurs; compared notes on our projects, and got some great ideas for moving some things along. Got grilled by a very smart potential client; they asked all the right questions — now we just need to up our game and deliver the goods.

Wednesday — Talked partnership opportunities with some guys that are starting their own incubator, then had beers with another kickass local entrepreneur who may be one of our first client companies.

Thursday — “Conversation over lunch” event with David Cohen over at PivotGuild, then was interviewed (online talk radio) by Larry Nelson over at http://w3w3.com/.

Gotta love entrepreneurship; gotta love this town.

February Update email…

I thought I’d share the email I just sent out to various folks that have asked to be kept in the loop on Vim Funding’s progress.

If you would like to be added to this monthly update please let me know! The more the merrier.

(Also: I promise to start updating this blog more frequently with all the fun and painful stuff that starting a company entails.)

——————————————————————————————–

Happy Monday, all!
I’m happy to report that Vim Funding made great progress in February.
Short version: We are on track to start serving our first paying clients in a few short weeks. (This puts us far ahead of any known direct competitors.) We are also setting up a national CrowdFunding Alliance, and continuing to successfully build awareness of our company and brand.
More details and a couple of requests below:

Team

We have grown by one!
Kyle Lamy has not even completed his big move to Boulder yet, but he has joined us full time to tackle our front-end programming needs (and more). Super-psyched to have him on the team.

ICF Legislation Update

After weeks with no visible action on capitol hill, recently Senator Reid announced that crowdfunding legislation is on the Senate’s short term agenda. We’ll update our blog with the outcome of tomorrow’s hearing on the subject. (No hint yet on the details of the bill.)

Yesterday, Senate Majority Leader Harry Reid announced the Senate would press forward with bills “to spur small-business growth”. Reid announced the Senate Banking Committee‘s next hearing on investment crowdfunding will be held on March 6.

While there are still obstacles to the passage of this bill, it now seems likely that we will see crowdfunding-enabling legislation in the next few months. After that, of course, the SEC will have at least 90 days to write rules based on the final bill.
As we were reminded by our contacts in D.C., if we don’t see a final bill by May 4 (the beginning of the Summer recess) the national crowdfunding exemption will probably not pass until early 2013; as things like this often get put on hold during campaign season.

Crowdfunding Platform & Clients

As noted last month, we are not waiting for the national crowdfunding exemption to begin our operations.
We are building our crowdfunding platform (Funding Launchpad — new logo at the top of this email!) to comply with existing state securities laws. We are currently targeting March 16th to be ready to host SCOR-based campaigns our initial Beta customers.
Clearly there is a lot to do between now and then; but even if we need to adjust that date by a couple of weeks we will be way ahead of potential competitors; while everyone else waits for Congress to pass the national exemption, we will be helping actual customers raise hundreds of thousands of dollars each. When the national law passes, we will simply modify the platform to support both state and national crowdfunding offerings.
We have an initial Beta client list of 3 companies ready to sign on, and are building our our sales pipeline.
Ask: If you know of a Colorado company that would be perfect for crowdfunding, please let us know!

Funding Wizard

While we don’t yet have any target dates for our Funding Wizard, our plans in this area have been extremely well received and the design of the tool is starting to take shape. The entrepreneurs and lenders/investors that we talk to agree that this tool will fill a very real need in the startup and small business community.

Outreach / PR

Survey – As part of our continuing outreach activities, we are conducting a quick survey on Investment Crowdfunding. Please take 3 minutes to answer the survey and pass along if you can!
CrowdFundingAlliance.org – We have reached out to the major national players in the Crowdfunding space, and will be working together to form an industry advocacy group. Vim Funding will be one of the founding members of the organization, which is chartered to
Online – We’re also still seeing great success with our social media outreach (through twitter, quora, linkedIn groups, and our own blog).
Offline – Had great conversations in February with folks from RVC, Open Angel Forum, CAMT, COIN, and several banks and alternative funding groups. We’re working hard to make Vim Funding a well-known piece of the funding puzzle here in Colorado.
Ask: We are looking for more opportunities to speak publicly on crowdfunding!
Please let me know if anyone has questions or suggestions!
-Steve

Founders are so desperate for funding that they listen to me

So first of all — wow, public speaking is still sometimes a challenge for me. I thought I was over this by now…

I just got back from doing a presentation in front of about 50 people over at the DaVinci Institute. Suffice it to say it was not my best performance. I was delivering a 20-minute version of a 45 minute talk that I’ve done a couple of times now… for some reason, in shortening it up I feel like I omitted all the juicy bits, and was just delivering generalities.

In general, if I know what I want to say (and I have a clue what I’m talking about) then I’m not terribly nervous in front of a crowd. For some reason, today was different — maybe I didn’t really know what I wanted to communicate after all. Hmm. There were a lot of smart people in the audience too, which may have added to the sudden case of the nerves that hit me when it was my turn to talk.

In the end, I think I managed to convey some interesting information, but it was not terribly well presented. Still, let’s call it a net win in that some people learned some things, and I didn’t burst into flames on stage.

But back to the point in the post title…

Despite my lackluster performance on stage today, the underlying topic was one that entrepreneurs just can’t resist — finding money for your startup. These folks are so passionate about their ideas (some of which are awesome, and some of which I don’t think have much of a chance) that they’re willing to listen to some schmuck from out of town babble on for 20 minutes and they actually take notes. And then come up afterwards to talk, in the hopes that I can help them land that magical round.

I wish I could help them all land the money they deserve (whether that be zero or a somewhat larger number). I hope I can at least help a couple of them, at this point.

But the thought I kept rolling around on the way home was just how devoted these folks are to giving birth to their company; that they’re willing to do whatever it takes to make things happen. Even if that means listening to someone like me.

Humbling, really. I’m grateful to have had the opportunity to talk tonight, and I will strive next time to deliver a performance worthy of their passion.

So… Yup, I’m Starting a Company

Vim Funding logo

Big news, everyone!

It’s official, I’m starting a company. Lots of work to do on the website, logo, and other various pieces… but we do have a website live at VimFunding.com

Vim Funding will be one of the first companies to offer an honest-to-goodness crowd-investing platform, so that small business owners and entrepreneurs who are looking to raise funds for growth can offer their tribe a chance to participate.

Think Kickstarter, but not donation-based.

We will be offering several different investment models, and we believe we will be the only ones who will offer the complete package:

  • Educating entrepreneurs and SMB owners on all their funding options
  • Assisting them in determining which funding path is right for them
  • Helping them prepare for and manage a stellar crowd-funding campaign
  • Minimizing the hassle of investor management after the campaign

At the moment, crowd-investing is not legal in the US, but that is about to change — I’ll write more about that on the Vim Funding blog soon. Please subscribe there (or follow @vimfunding) to learn more about funding-related issues. I intend to share everything I can find that will be helpful to those seeking funding.

I could really use your help with two things:

1. I’m looking for a technical co-founder to build this platform. Founders equity share, of course, plus salary as soon as we get a small funding round pulled together. I’m more than happy to have someone involved “spare time” until we figure out if (a) we work well together and (b) we have funding. Know anyone? Please let them know!

2. What should this platform be called? Right now my front-runner is FundingSwarm.com Thoughts on that name? Any suggestions for better names? Please let me know in the comments!

Thanks, and do hit me up if you want any more details!

Denver Startup Weekend 2011

Denver Startup Weekend logo
I just finished up my first (hopefully not last) Startup Weekend, down in Denver.

Kudos to the organizers. Great event… well run, lots of fun for all. I would guess that we’ll see 3-4 new companies emerge from the chaos of this weekend, which is pretty impressive if you stop to think about it.

There were plenty of ups and downs:

  • Pitching was a blast, and my idea seemed to resonate with plenty of folks.
  • Years of rock-paper-scissors practice paid off in the form of a new Kindle.
  • My pitch made it through the first round of voting; but then failed to engage a team — partially due to a glitch with the voting, in my opinion. (Due to a tech failure, we fell back to sticky notes… people had to vote based on “domain names” that they couldn’t easily connect with the pitch concepts. Ah well.)
  • Suddenly lacking my own team I had to scramble to join another… a bit tricky when you don’t have a clear “I’m a programmer” pick-up line.
  • Slow day on Saturday… we spent a lot of time fighting with APIs and flip-flopping on technology questions. (Got it worked out in the end.)
  • Sunday was much better… most of the team was jamming away and we made some really amazing progress in the last 6 hours.
  • The final presentation came off without a hitch — which was a relief because mere minutes prior we were having rate-throttling issues with our API calls.
  • We got some good questions and positive feedback from the judges. All in all we made a respectable showing of it.
The Startup Weekend experience is pretty amazing. I would definitely recommend it as long as you’re someone who can jump in and help make things happen one way or another in real-time.
I think I learned as much from watching the other teams as I did from what we built… more, perhaps. We focused mainly on a product demo… but some teams pulled together financial models, branding, and social media campaigns over the weekend as well — impressive and inspirational.
Oh, and of course there was great food, beer, and general geekery galore.
Next time around, I’ll have a better-prepared idea to pitch, and I will definitely take more of a leadership role in the team (this time I chose to let the guys with the idea take the reins). Would be awesome to come out of the next one with a fully viable business already cranking… now that I’ve been through the first one that seems like an entirely possible outcome.
Boulder Startup Week May 2012 here I come.
It’s always good to try something new, stretch a bit, and see what you’re capable of. Now that it’s back to “real life” the next adventure is already beginning… More on that as soon as I can share.

And… We’ve Landed!

Sunrise from our back porch. It’s the beginning of a whole new chapter!

sunrise from our back porch

 6am on 9/1/2011 or so…

We now officially live in Colorado! Erie, technically, but just a quick downhill run into Boulder.

As can be expected, we have spent the last few weeks doing little but packing, prepping the Raleigh house for sale, traveling and saying goodbyes, and unpacking… We’re to the point where the house is now “functional” (beds, internet, sort-of-kitchen), so it’s time to get back into things!

Looking forward to hitting the coffee houses; meeting more great Boulder entrepreneurs, investors, mentors, pundits, cheerleaders, and gawkers; and attending as many events as I can.

Very excited to start to find my place in the community, find ways to contribute, and hopefully find the right people and idea to merit throwing caution to the wind and diving in to build something new.

And of course, as time allows, enjoying the beauty around Boulder — I’m itching to do some climbing, hiking, and (soon) some snowboarding.

 

I feel like it’s a whole new day me!

Going to TechStars Demo Day!

I’m very excited to be able to attend TechStars Demo Day next week in Boulder. Many thanks to David Cohen for making this possible! With any luck I will find another amazing team of entrepreneurs in this TechStars class that I can help out.

My first real seed investment was in a TechStars company out of the Spring’11 Boston cohort — will post a few notes on that company next week. It has already been rewarding being involved as an investor in this startup, and I hope to find ways to help this company grow over time. (Another nice side-effect of that investment is that it gives me a nice excuse to visit my friends in Boston periodically!)

I’m also excited about next week’s trip as it will feel great to see our future home town one more time before the big move, which is set for Aug 29… coming up fast; we can’t wait to call Boulder home!

Going to Angel Bootcamp!

Very excited to be attending Angel Bootcamp next Tuesday 6/14 in Boston!

I’ve been spending as much time as possible over the last three weeks (since my next chapter crystalized during Boulder Startup Week) learning everything I can about investing, entrepreneurship, and Boulder. I still have much to learn I am not one to shy away from a challenge or to skimp on my reading.

When I heard about Angel Bootcamp last week it was a no-brainer — it would have been criminal not to at least try for an invite. I feel lucky to have been accepted and look forward to an intense day of learning. Will share everything I can here afterwards!