Think Big Demo Day Fosters Collisions, Unites Entrepreneurs and Investors

Just two simple words have the ability to make investors turn their heads and make entrepreneurs’ palms sweat: Demo day.  Demo day is the opportunity for startups to get in front of angel investors and venture capitalists and pitch their ideas with the hopes of getting funded, or at the very minimum, making strong connections.

Think Big hosted its very first Demo Day on Wednesday, August 28, 2013 at the Think Big Partners loft.  You could feel the energy and passion of each entrepreneur as they stood solo on the Demo Day stage in front of 85+ investors, community leaders and startup enthusiasts.  And although each 8-minute pitch seemed simple and comfortable enough, what the audience may not have realized is that many of these entrepreneurs had been practicing for weeks to deliver the perfect pitch--after all, that’s what it takes to get funded.

For the eight presenting entrepreneurs, Think Big Demo Day didn’t just take place on August 28.  The journey toward Demo Day started when they decided to turn their idea into a business.  From there, the entrepreneurs built, grew and launched a new startup right here in Kansas City.  Four of the presenting startups went through the Think Big Accelerator program.  Many utilized the benefits of Think Big Coworking space.  And all were consulted and mentored by Think Big Partners along their startup journey toward Demo Day.

Think Big Demo Day began with a 45 minute networking luncheon and an opportunity for entrepreneurs, startups, community leaders and investors to get acquainted with one another.  After lunch, the audience warmed up with energetic opening remarks from Think Big Co-founder and Managing Partner, Herb Sih and a quick 10-minute tour of Think Big Coworking.  

By 1:00PM, it was time for the pitches.  Polished presentations from Nathan Benjamin (InvenQuery), Jeb Ory (Phone2Action), Parker Hills (Keyzio) and Jeff Alholm (CandyCam) were followed by Q&A sessions from the audience and were then followed by explosive applause.

After a short break, it was Group 2’s chance to pitch.  Many audience members frivolously jotted down notes as Scott Tibbits (Katasi), Connor Sweeney (WeeJay), Bryan Richard (Fully) and Pierre Barbeau (Moblico) presented their startup concepts to the crowd.  Once again, the room burst into applause after each and every pitch.

By the time Pierre Barbeau stepped down from the stage, the audience was still fully energized and geared up to get some face time with the presenters.  Lucky for them, Think Big Demo Day wasn’t over.  The chance for investors to entrepreneurs to connect was just beginning.  Many decided to stay at Think Big to meet one-on-one with each other while others moved the event down the street to Snow & Company for frozen cocktails, power networking and further beneficial connections. 

Although the ultimate goal of Demo Day was to connect entrepreneurs with investors and funding, another goal rose from the gathering of so many passionate and energetic people: an increased number of collisions.  As mentioned by Herb Sih during opening remarks, the reason that companies get funded and that more jobs are created is because of increased collision density.  The term “collision density” is the level of collisions made between entrepreneurs, investors and connectors in a single area.  The higher an area’s collision density is, the more quickly and efficiently innovative development can occur.  Increased collision density was just another much anticipated outcome of Think Big Demo Day.

 

Think Big Partners would like to thank all attendees and presenters, as well as the partners of the Think Big Accelerator who help address the needs of the startup companies: The City of Kansas City, Missouri; Microsoft BizSpark, Twilio, SendGrind.  And a special thank you to all mentors and resident advisor, Dr. Julie Edge.

The next round of Think Big Accelerator applications open September 16, 2013.  For more information, please visit www.thinkbigpartners.com or call 816-842-5244.  

020 Think Big Radio: The 10 Questions Every Venture Capitalist Will Ask

Every entrepreneur is nervous to pitch to investors.  No matter what you do, your palms may sweat, your hands may shake and your voice may quiver while delivering your ever-important pitch.  And you should be nervous—you’re talking to the people who could potentially invest in your company!  But there is no need to look nervous when under the startup microscope.  Think Big is here to help.  In this episode of Think Big Radio, you’ll get insight into the top 10 questions that venture capitalists almost always ask during the question-and-answer session of a pitch.  Questions include:

1. Where did you get your idea?  If it’s so great, why hasn’t anyone else done it?
2. Are you funded?  Who, other than yourself, has invested money into your idea?
3. What is your monetization strategy?  In other words, how will you make money off of this idea?
4. How big is your market?  Are there enough people that want to spend money on your idea?
5. There are risks involved in any startup, but have you thought of yours?
6. Have you heard of ______?
7. How big is your team?  How much money are you spending to currently operate?
8. What is your exit strategy?
9. Tell me more about yourself.
10. What did you do before this idea came along?  What are your prior experiences?

So listen up, tune in and Think Big!  This is Think Big Radio, and we’re here to help you perfect the grueling investor question-and-answer session.

020 Think Big Radio: The 10 Questions Every Venture Capitalist Will Ask 

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Are You Fired Up!? iKC Unveils Fire Up Presenters

iKC is hosting Kansas City’s first Fearless Innovators and Ruthless Entrepreneurs’ Unconventional Pitch (Fire Up) on June 20, 2012.  This month, the conference sought out 11 knockout presenters to participate in Fire Up.  And now, we have the names:

Fire Up Topic #1: What’s the Next Disruptive Innovation?

• Kevin Payne— Better Data, Better Decisions, Better Lives
• Joel Stephens— Augmented Reality Mirror: Next Time, “Test Drive” Your New Hairstyle First!
• Adam Coomes— Non-Sexy: The Next Disruption
• Doug Richards— Gamification: The Way We Work, Learn and Play
• Christian Braddock— Slurpees, Big Gulps and the Gross Profit Split: The Revolution of the Franchisor-Franchisee Relationship

Fire Up Topic #2: Answers to Questions You Didn’t Know You Had  

• Tim Sylvester— How can Modern Infrastructure Make KC the Most Entrepreneurial City in the World?
• Herb Sih— How to get S%&^ Done Fast
• Shaun Williams— How to Maximize ROI in a Mobile World
• Eze Redwood—Innovative Platforms Bring Collaboration: How Unique Virtual Spaces can Unite Groups
• Bryan Richard— Why Software Development is Hard: 5 Tips for Managing Developers, Shipping Software, and Staying Sane

Presenters only have 5 minutes (20 slides, 15 seconds per slide) to convey a particular message.  Wish these Fire Up presenters good luck on June 20—they’ll need it.  This will be the most intense pitch series KC has ever seen!  Are you ready? 

What Is a Fire Up Presentation?

iKC is throwing Kansas City's first Fearless Innovators' and Ruthless Entrepreneurs' Unconventional Pitch.  We know, it's a mouthful.  That's okay, though...you can just call it "Fire Up" for short.

Fire Up is made of lightning-fast pitch presentations from a number of local innovative entrepreneurs. The catch? Entrepreneurs only have a few minutes to convey their pitch to an audience.  With only 15 seconds per presentation slide, Fire Up will put entrepreneurs in a hot seat and will force them to be concise, to think on their feet and to spark the interest of the crowd.

What does a Fire Up look like exactly? We'll show you. Here's an example of our own:

 

Interested?  You can participate in a Fire Up on June 20th (sponsorship opportunities for Fire Up are also available!).  Learn more at www.sparkinginnovation.org.

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The 4 Characteristics VCs Look for in Startups

According to research done by the U.S. Bureau of Labor Statistics, nearly 60% of new businesses shut down within the first four years of operation.  With these slim chances, it seems even more impossible to get funded. But don’t run off to the corporate world yet, entrepreneurs. Instead, check out the top four things venture capitalists look for when selecting a startup to fund:

1. A Coachable and Passionate Management Team
   
   When venture capitalists set out to invest in new projects, they first examine the brains behind it all. Whether your business is run by an individual, a partnership or small management team, the VC wants to be confident that the business is built on a solid foundation. Venture capitalists look for management teams that are goal-oriented and coachable. If the management team is not willing to learn from the VC, the collaboration needed to grow the business is difficult, if not impossible, to establish.
   
   Two important characteristics that entrepreneurs need to be successful are resiliency and emotional intelligence. Resilient entrepreneurs exhibit passion and are the driving force behind the business and its employees. Entrepreneurs who have emotional intelligence also have the intuition to know when to pack up and move on to the next, more viable idea. Great entrepreneurs understand that making mistakes is part of the job description. Venture capitalists value entrepreneurs who can learn from failure and can use it as a motivator.
    
2. Realistic Business Plans and Expectations
   
   An entrepreneur must write a clear and concise business plan that defines what product and/or service their business offers.  Although a long, detailed strategy is not always necessary, a solid written plan assures investors that the entrepreneur has calculated the potential opportunities, risks and competitors in the marketplace. Having the official business name, description, competitive analysis and goals clearly outlined in the business plan will be helpful in the long run.
   
   More often than not, startups take twice as long to get off the ground and cost twice as much as the founders expect. Clear predictions and correct expense calculations are crucial for establishing a business’ credibility to potential VC’s. For more information on what (and what not) to include in your business plan to attract the right VC, see 5 Business Plan Mistakes that Send Investors Packing.
    
3. Ability to Problem Solve and Scalability
   
   Venture capitalists look for businesses that have long-term viability. Successful startups must be scalable in nature (in other words, they must possess the ability to grow and perform with consistent quality). Venture capitalists look for businesses that solve problems that are financially worth solving. The idea is not relevant, or financially viable, if there is not a sizeable, addressable market that cares about the problem the business is trying to solve. The business needs to provide a service that people are willing to take action on, right now.
   
   At the same time, it isn’t just the idea that is important.  In fact, the process could possibly be the most critical for a startup. Herb Sih, startup consultant and co-founder of Think Big Partners, advises that “entrepreneurs seeking to gain funding from a venture capitalist should remember not to fall in love with their idea, but instead fall in love with the idea of solving their problem.”
   
   Business success is not always measured by an end result, but how the leaders react to the obstacles along the way. The ability for an entrepreneur to rebound after failure is an indicator that he or she will be successful in the future.
    
4. Mutually Beneficial Relationship
   
   Venture capitalists are not all the same. At the end of the day, the business in question should fit into the VC’s overall portfolio and the relationship should make sense for both parties.  But how can entrepreneurs connect with venture capitalists in the first place?  To many, they seem extremely difficult to find.
   
   There are a handful of guidelines about what not to do when approaching investors. One of the worst ways to attract venture capitalists is by unsolicited email. Many times, this demonstrates that the entrepreneur has not done the appropriate research. If you have a particular VC in mind, find a way to get connected through professional acquaintances or at networking events. Use professional social media platforms like LinkedIn to stay connected after the initial meeting and attempt to develop a professional relationship through social media.  And always keep in mind that whether the benefit is high margins, proprietary, patented technology or a different advantage, a VC ultimately cares about their return on investment - and how soon they will get it.
   
   Securing adequate funding can be stressful and time consuming. If you focus on these four tips while planting your small business seed, you will reap the rewards of a credible VC and valuable capital!

Read more articles just like this at www.thinkbigpartners.com! 

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Pitch to Silicon Valley Investors: Apply for Think Big Partners' First Accelerator Class

WRITTEN BY ALLISON WAY, SENIOR COPYWRITER & CHIEF EDITOR 

Stay tuned, Kansas City entrepreneurs.  Think Big Partners will soon be announcing the application process for its first ever accelerator class (read more about Think Big's latest announcement here).  

This spring, Think Big Partners will select candidates from The Gigabit Challenge and other startups to participate in its first accelerator class.  The class will undergo an intense and accelerated mentorship process with an emphasis on investor pitch perfection.  Once the class has sharpened its skills, the entrepreneurs will be invited to Think Big Partners' Flyover Fieldtrip, a trip to Silicon Valley to meet with Bay-area investors and funders.

Stay tuned for more information about Think Big Partners accelerator class and get involved.  Call 816-842-5244 if you have any questions or to learn more.

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