News

Please join us in our excitement as we dive into the Social Media space. Candace Chapman, owner of Candace Lynn Chapman Marketing, has done an amazing job in getting the NEF message out there. As well as running her own marketing services company, she is Vice President of Marketing for ContentOro, provider of high-quality content for marketing via a revolutionary proprietary process. Candace is also Head of Marketing for The Jibe, a web development agency that designs and delivers exceptional digital experiences.

In addition to being a NEF newsletter subscriber, please visit and follow NEF to keep up to date on the entrepreneurial community of South East Michigan. You will not want to miss out on the new posts and updates that are made regularly. Pick your favorite social media platform and we will see you there!

Twitter: https://twitter.com/NEFmichigan

Facebook: https://www.facebook.com/newenterpriseforum

LinkedIn: https://linkedin.com/company/new-enterprise-forum

Google: https://plus.google.com/b/104986908727915455220/104986908727915455220/posts?gmbpt=true&pageId=104986908727915455220&hl=en

The New Enterprise Forum congratulates Stefan Sysko as its new NEF Vice President replacing Helen Ewing, who is stepping down after enjoying her tenure of service. Stefan has brought a wealth of experience to this role since joining the NEF Board in July of 2014. He has done an outstanding job in organizing and hosting NEF’s Pitch Pit.

Stefan is an entrepreneur with over 25 years of experience. He is co-founder & CEO of early-stage startup, Citizen Retail LLC, focused on supporting sustainable economic development through creation of independent retail ownership opportunities. Stefan’s background includes market planning & development, as well as new product development, business development, and training. He advises startups, emerging, and turnaround companies on launch, growth, and rebuilding strategies. Through a strategic partnership with metro Detroit-based Poco Labs, Stefan helps companies with concept development, consumer research and product design. He serves on the Board of Advisors for startups CarePRN and The Common Penny.

He has served on the Marketing & Development Committee for Mosaic Youth Theatre of Detroit, volunteered as a mentor, coach and advisor at Detroit Creative Corridor Center and TechTown Detroit, and helped develop and run the highly successful Retail Boot Camp for TechTown Detroit. Stefan holds a Bachelor of Business Administration from Wayne State University and an MBA from Eastern Michigan University.

DTX Launch Detroit, a 10-week technology startup accelerator for college students and recent graduates, is accepting applications for Summer 2016. An information session will be held on February 24 from 6-8pm at TechTown Detroit, 440 Burroughs, Detroit.

Click here to register for the DTX Launch Detroit Information Session (it’s free and there’s pizza!)

Click here to learn more about the program from our website

Click here to apply to the 2016 DTX Launch Detroit Program

Launch Detroit covers all the fundamentals of launching a new enterprise, including:

  • Designing, testing, and evaluating your value proposition
  • Finding the right product/market fit
  • Developing your business model canvas
  • Conducting customer discovery
  • Team building
  • Pitch coaching

Launch Detroit is open to undergraduate, graduate-level and recent graduates (within two years), from any Michigan college or university. Michigan residents attending college out of state are also eligible. Participants will receive a stipend of $2,500 per individual (up to $7,500 per team). Applications close on April 22, 2016.

Launch Detroit is a program of the Detroit Technology Exchange (DTX), a  strategic partnership between TechTown Detroit, BizdomInvest Detroit, the Detroit Creative Corridor Center, the Henry Ford Innovation Institute, NextEnergy and TechStars Mobility—Driven by Detroit. The program is supported by the Michigan Economic Development Corp.’s Michigan Strategic Fund and the New Economy Initiative for Southeast Michigan.

It is hard to believe that it has been 30 years since the New Enterprise Forum was founded back in 1986 with an idea Tom Porter could not ignore. Entrepreneurs needed a community of support and training to help their fledgling companies take flight. As they do today, business professionals volunteered their time and expertise developing a team coaching approach that is still as unique, valuable and relevant to entrepreneur’s growth as it was ‘back in the day.’ New Enterprise Forum has become known as a safe place to learn the fine art of pitching to investors to get that first meeting that will lead to future funding.

So it is with pride and gratitude that this NEF 30-year Book was compiled for your enjoyment. As you look through the pages, we hope you will share in the pride of all of these accomplished entrepreneurs, whether their businesses were successful or not. They had the guts to try. Perhaps, you were a part of their adventure. We hope you will share in our gratitude to all the NEF supporters. We would not be here today if it were not for the hours our members, coaches, boards, investors, stakeholders and partners have generously donated over these many years. To all the entrepreneurs, thank you for allowing NEF to be a part of your journey.

Were you one of our intrepid entrepreneurs? Share your story with us . . . where are you and your company now? How did NEF help facilitate your success? Email social@NewEnterpriseForum.com and we will post your story on our social media networks.

Happy 30th Anniversary NEF!

With the entrepreneurial ecosystem expanding from coast to coast, venture investors deployed capital to 3,662 companies located in 133 Metropolitan Statistical Areas (MSA) in 2015, according to the MoneyTree™ Report by PricewaterhouseCoopers LLP (PwC) and the National Venture Capital Association (NVCA), based on data from Thomson Reuters.

Michigan MSA’s making the Top 133 Include:

  • Ann Arbor – 24th, 25 deals, 22 companies, total investment $221 million
  • Detroit – 37th, 16 deals, 14 companies, total investment $78 million
  • Grand Rapids – 53rd, 5 deals, 5 companies, total investment $12 million
  • Kalamazoo – 66th, 4 deals, 3 companies, total investment $4.2 million
  • Lansing – 77th, 2 deals, 2 companies, total investment $6 million

“Contrary to popular belief you don’t have to be an entrepreneur living in San Francisco, New York or Boston to receive venture capital funding. There are pockets of innovation all across the United States, and as long as you have a groundbreaking idea with high-growth potential you are well positioned to attract venture capital funding to help grow your business,” said Bobby Franklin, President & CEO of NVCA.  “As more cities, states and municipalities dedicate greater resources to foster the growth of their local ecosystems, venture investors are taking notice and deploying capital across much larger areas of the country. This not only helps the entrepreneurs themselves but local economies as well through job creation and sustained economic growth.”

To review the release by NVCA, click here. You will be able to download here venture investment by MSA data. Also click here to read Mitechnews.com full article.

Please join me in welcoming Vivek V. (Vic) Havele as our newest NEF Board member. In his new NEF role, Vic will be our NEF News Article Director. He brings a wealth of experience and expertise to our organization. Vic is the President of CAEtech International, Inc. provider of engineering & Information Technology Services to the automotive and non-automotive industry. He is Founder & CEO of Rockstar Innovations which is launching a non-profit organization/portal “iendeavor.org” for helping entrepreneurs in successfully launching technology ventures through coaching, mentoring and partnering. Vic is also President of People Forge Technologies which is engaged in developing and implementing PeopleForge Talent Solutions such as StemTalent, SeedTalent, GlobalTalent etc. for diverse market segments. He has served NEF as a business coach helping entrepreneurs be successful. Vic is also currently serving as an I-Corps mentor for a tech startup from University of Michigan and recently mentored two teams in the Lawrence Technological Universities’ I-Corps program. Vic holds a Master of Science degree in Mechanical Engineering from Marquette University, Wisconsin, Business Executive training from Tuck School of Business, New Hampshire and Loyola School of Business, Maryland.

Lauren Bigelow, the executive director of the Accelerate Michigan Innovation Competition was recently interviewed by the Detroit Free Press. Algal Scientific, a past graduate of NEF coaching was highlighted as a local success story.  As Lauren stated, Michigan has become a friendly environment for start-ups, citing the many resources available to help start-ups be successful.  You can read the full article at A conversation with a queen of start-up innovation. This was published on December 13, 2015.

NEF continues to play a strong role in helping grow Michigan’s start-up ecosystem.

The 6th Annual Accelerate Michigan Innovation Competition (AMIC) was held in Detroit November 4-5, and New Enterprise Forum salutes all participants for their efforts.  Special congratulations go to $100,000 Prize Winner Genomenon, an NEF coached company presented by our own Board member Steve Schwartz!

Of the 55 semi-finalist teams from around the State, almost one quarter of them had received coaching from NEF Teams:

·         ArborLight                             Beet Analytics                      Civionics                               ContentOro

·         GAPro System                      Genomenon                         LogiCoul Solutions

·         MakerOS                               MyFab5                                  PhaseIQ

·         PicoSpray                              SurClean                               Workit Health

 

In addition to Genomenon, WorkitHealth qualified as one of the ten finalists.  ArborLight (Alternative Energy), WorkitHealth (Information Technology) and PicoSpray (Advanced Transportation) won top awards in their categories.

 AMIC is not just a business plan competition, but also a great event for networking and connecting with potential investors.  Several of our presenting companies reported getting requests for follow-up meetings from investors.

 New Enterprise Forum is proud of the work it does to help entrepreneurs connect with potential investors, and congratulates this year’s AMIC winners.

How do NEF coaches stay current on the investment process and refine their coaching skills?  By participating in other mentoring/coaching processes, that’s how!

This fall, a number of NEF coaches are volunteering their time to act as mentors for the University of Michigan course, Financing Technology Commercialization, FIN/ES - 329/629 run by Prof. David Brophy and David Bloom.  This course walks 15 actual start-ups and assigned student teams through the process of evaluating their assigned start-up and using their evaluations as the basis for preparing an Investor Presentation.  Each team is assigned local mentors as well as actual investors from the East Coast and Silicon Valley.  As volunteers, NEF mentors get access to what students are being instructed on, panel discussions made up of investors and start-ups discussing their experiences and recommendations, and a (non-NEF) mentoring/coaching experience.

 NEF coaches participating in this year’s course are:

•    Stew Nelson

•    Bill McPherson

•    Francis Glorie

•    Sheu-Jane Gallagher

•    Gary Hazen

If your interested in becoming a coach or are an entrepreneur interested in receiving presentation support, please contact the NEF at newenterpriseforum.org.

Ever wonder how venture capitalists and angel investors decide on whom to invest in? Or how many pitches they see in a year?

The panelists at the September NEF Forum meeting answered those questions and more. So far this year Dave Gregorka of Baird Capital has seen 75-100 pitches and Tom Shehab of Arboretum Ventures 125-150. That’s a lot of pitches. If you are an entrepreneur seeking funding you likely often wonder, how does one pitch prevail over others and what are VC’s looking for?

All panelists agreed on the importance of seeing “due diligence” in the teams they review.  Doug Finch, who is involved with angel investors groups, looks at how good the team is (CEO, etc), the size of the market, and what exit strategy they are aiming for. It’s important the entrepreneur knows the “lay of the land”, stresses Doug Gregorka. Doing the research to understand whom funds what enables entrepreneurs to focus on those VCs and angels who they have the best chance of getting some interest from.

Following a question from the audience about whether $15 million is too much to raise in Michigan, moderator Emily Heintz, Associate Director, Michigan Venture Capital Association, noted that 56% of capital comes from out of state. She added that Michigan does welcome activity from other states. The rise of syndicates that organize to fund a particular venture adds to multi-state funding. Gregorka confirmed, “The midwest is used to syndicating”. It was agreed that $15 million is not too much to raise in Michigan. “If the deal is right we’ll find the money”, Gregorka summed up.

Regarding where the VC money is coming from these days Finch said that lots of “quiet money” is coming from conservative Michigan investors–what is often thought of as old money. And, when deciding who to approach, don’t worry too much about what a VC or angel has invested in in the past.  “A VC might want to balance their portfolio so don’t rely on past investments too much”, adds Gregorka.

To learn more about the investment community two books were recommended. Angel Investing by David S. Rose talks about how to become and angel investor. Venture Deals by Brad Feld and Jason Mendelson deals with the mechanics of negotiating the deal. It’s important to remember that a VC can bring more to the table than just the check.

 

 

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