What Happens in Vegas...Was Laundered Through Kansas City

To the average citizen, Las Vegas and Kansas City don’t have a whole lot in common.  Kansas City’s Power & Light District will never live up to the pulse and energy of the Vegas strip.  Vegas will never have the succulent, lip-smacking barbecue that Kansas City is famous for.  Kansas City will always have insane summer humidity while Vegas boasts a nice, dry heat.  And Vegas won’t ever have the same wholesome, Midwestern mentality that is always found in Kansas City.  To the naked eye, Vegas and KC can’t get more opposite. 

But believe it or not, Kansas City and Vegas have more in common than one may think.  The commonality that the two share lies within the power of entrepreneurship.  Both cities are booming with startup success stories, entrepreneurial initiatives and powerful leaders.  From Tony Hsieh’s Downtown Project to KC’s own LaunchKC initiative, both cities are on the verge of becoming the nation’s next startup hubs.

Which is why members of the Think Big Partners team are heading west to Vegas for the first SXSW V2V.  SXSW V2V offers entrepreneurs from across all creative industries a place to learn the skills, make the connections and find the inspiration to take their ideas and talents to the next level.  Over 1500 thought leaders will be in attendance at the first ever SXSW event in Las Vegas.

Think Big Partners’ involvement in SXSW V2V is more than just attendance.  Herb Sih, Managing Partner and Co-founder of Think Big Partners, is hosting a mentor session on creativity and inspiration from 10:15AM-11:15AM on Monday, August 11 at the Cosmopolitan.  At the session, Herb will be providing expertise and knowledge via a one-on-one career council to SXSW V2V attendees.  Sign up for a one-on-one session with Herb here.  And be sure to tweet #mentorsih on Monday! 

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Another great opportunity for Kansas City entrepreneurs is the private networking reception that will be hosted at THEhotel.  The event is KC@V2V, a penthouse party with plenty of tempting cocktails, exceptional talent and powerhouse networking on the evening on Tuesday, August 13.  To learn more about the event, click here.  For further information, please contact Rachel Scott at info@singlewingcreative.com. 

In Case You Missed It: Great Minds Think Big Photo Recap

On Wednesday, Think Big Partners hosted the first event in the Great Minds Think Big series. The fireside chat-style event series is an intimate, inside-look into some of the greatest entrepreneurial minds from the biggest companies both here in Kansas City and across the country. At Great Minds Think Big, two innovative thought leaders with completely different backgrounds will come together to challenge one another’s thought processes and provide insight, inspiration and encouragement to entrepreneurs and startups.

The first Great Minds Think Big event spotlighted Danny O'Neill of The Roasterie and Scott Tibbitts, aerospace entrepreneur.  The evening was filled with insight, inspiration and words of wisdom from both entrepreneurs including topics such as:

• The challenges and fears of starting a company
• Moments when they thought too big, too fast
• Why not everyone should be an entrepreneur
• The importance of unique ability
• Their entrepreneurial bucket lists  

After discussion with moderator Herb Sih, the floor opened for the audience to ask questions.  Following the Q&A, appetizers and beverages were served with an hour of power networking. 

Check out some of the highlights of the first Great Minds Think Big event in the photos below:

Moderator Herb Sih starts the GMTB discussion with Danny and Scott.

Over 50 entrepreneurs made it out to KC's most intimate startup event. 

Outpost Media captures the GMTB event. 

GMTB concluded with networking and appetizers. 

Power networking after the fireside discussion.

A big thanks to everyone who made GMTB a success--Blue Pot catering, The Roasterie, Scott Tibbitts, Danny O'Neill, our organizers and all of those who made it out to the event!

Miss out on KC's most intimate entrepreneur event?  Don't worry!  Details about another Great Minds Think Big event will be out soon.  Stay tuned.

Follow Great Minds Think Big by searching #GMTB.  

Startup Grind Features Think Big Partners’ Herb Sih Feb. 21

**Update: Startup Grind has been rescheduled for Wednesday, February 27 at 6:00pm. 

Are you craving knowledge of the entrepreneurial variety? Do you enjoy fireside chats? Is networking one of your many interests? If you answered yes to one or more of these questions, Startup Grind is the event for you!   

Startup Grind is a 30-city event series spanning over 13 countries. The events seek to educate, inspire and connect entrepreneurs from all walks of life. Born in the tech startup mecca of Silicon Valley, Startup Grind puts the best and brightest founders and investors up on stage to tell their stories to the rest of the global entrepreneurial community.

On Thursday, February 21, Think Big Partners’ own Herb Sih will be taking the stage at Cremalab, the site of Kansas City’s Startup Grind event. The event begins at 6:00pm with an hour-long networking event. Herb will take the stage at 7:00pm for a fireside chat followed by a question and answer session. For just $10.00, you can be there live to hear Herb share his philosophy on business and entrepreneurship. He’ll also be giving an overview of all the many projects he is currently involved in.

Surely a can’t-miss event, Startup Grind will continue to deliver on its stellar reputation. As always, Startup Grind promises to be filled with insightful information from successful, innovative entrepreneurs, and the Kansas City leg is no different. So don’t wait till the last second! Get your tickets to Startup Grind right now so you do not miss out on wisdom from one of Kansas City’s greatest entrepreneurial minds. 

Think Big Innovations: What does it mean to Hackovate?

2013 has already been an exciting year for Think Big Partners.  Not only are we gearing up to host two big Kansas City events, Hackovate Health and the 2^nd Annual iKC, but we have also launched our newest podcast—Think Big Innovation Radio.

Think Big Innovation Radio seeks to ask “what’s the next big thing?”  After all, our world moves faster than ever before.  New ideas are born every day at an exponentially increasing rate.  However, without innovation, our world could never have dreamt of the routine we are accustomed to today.  At Think Big Innovations, we’re fascinated with breakthrough technologies and disruptive ideas that are changing the world and shaping our future.  And we want to share these new, exciting and groundbreaking technologies with you. 

To introduce you to Think Big Innovations, I sat down with Herb Sih, cofounder of Think Big Partners and Think Big Innovations and discussed the newest worldwide innovation competition—Hackovate Health.  Hackovate is a healthcare, tech-focused innovation competition that will conclude with a finale event on February 26, 2013 at Union Station in Kansas City, Missouri.  Learn more about what Hackovate is, who should apply, why Think Big and partner H&R Block are hosting the competition and more in this episode of Think Big Innovation Radio. 

Learn more about Hackovate: @Hackovate

Freelancers University Presents The Art & Science of Marketing Your Company

Let’s face it. Today’s prospective client is inundated with more marketing messages than ever before. You, as a startup, need to stand out...and attract the right clientele. Between all the media options out there, it’s no surprise that interruption-based marketing is fighting harder than ever for a slice of your target’s attention. And of course, there are unique challenges to marketing your company when you’re facing rapid growth, small budgets or are entering an already-crowded marketplace with your service.

That's why Freelancers University is hosting The Art and Science of Marketing your Company, a 2 hour seminar to teach entrepreneurs and startups the ins-and-outs of traditional marketing, integrated marketing and inbound marketing (and how they work both separately and together).  Instructed by Herb Sih, co-founder of Think Big Partners and up-and-coming marketing agency Inboun, this class will get down to the marketing nitty-gritty that you really need to hear.

In this class, you’ll discover:

• The difference between traditional marketing and integrated, inbound marketing (and why they work differently)
• Key considerations for identifying your business goals that will drive your marketing strategy
• Specific tactics to employ based on your business goals
• Ways to research your marketplace for marketing insight
• The importance for mining your marketing feedback loop to produce the best service in your niche market
• 10 things you must do when creating a successful, integrated, inbound marketing plan for your company

Join Think Big, Freelancers University and tons of entrepreneurs, startups and marketing professionals for this event on Wednesday, September 19, 2012 from 5:30-7:30pm.  The event will take place at bizperc (1800 Baltimore in KCMO).  Cost is $20 before September 12th and $25 after.  Register today!

Follow me! @AllisonThinkBig

Waffles Are Just Pancakes with Syrup Traps: Startup Waffles

I stepped into the elevator and instantly smelled bacon. I don’t know about you, but that’s the way I like to start my mornings! Think Big Partners hosted the feeding frenzy, Startup Waffles, as part of One Week KC last Friday and boy, oh boy was it a sticky success! 

The spread was something to behold. There were waffles (of course!), but you could choose between regular and blueberry. But there was also bacon, bananas, coffee and juice. Oh, and don’t even get me started on the scrambled eggs (mixed with cheese, onions, green, red and yellow peppers and bacon!). They were the best I’ve ever tasted.

Just days after iKC, Startup Waffles sparked some residual conversations about the conference (check out our blog to read recaps of the events!). I overheard some mumblings about the Fire Up contest, in which Think Big Partners’ co-founder Herb Sih participated. During Startup Waffles, Herb was spotted busily passing out waffles to everyone as he schmoozed with the crowd. Many entrepreneurs in attendance were deep in conversation. Even the bizperc office dog, Dante, graced us with his presence.

We laughed, we talked and we ate (a lot). A great time was had by all!  We had such a good time, in fact, that we plan to host more Startup Waffles events in the future!  Stay tuned—we’ll be sure to keep you posted on the next time we serve up a delectable breakfast for our favorite people; entrepreneurs! 

The Bustling Crowd During Startup Waffles

Sarah Snyder Serving Up Some Tasty Waffles

Herb Sih’s Fire Up: How to Get S*#! Done Fast (Plus a Recap of iKC’s Fire Ups)

iKC hosted Kansas City’s first Fearless Innovators and Ruthless Entrepreneurs’ Unconventional Pitch (also known as Fire Up). Fire Up is an intense 5 minute, 15 seconds-per-slide pitch contest. Understanding what these entrepreneurs were saying during their speedy spiels was the hardest part of these lightning-fast pitches. Here are some details I can recall from the pitching whirlwind.

Kevin Payne, Joel Stephens, Adam Coomes, Doug Richards and Kathy Pate were the entrepreneurs of “Fire Up: The Next Disruptive Innovation”. Five entrepreneurs gave their pitches about products or ideas that should be in the marketplace. The groundbreaking ideas ranged from “non-sexy stuff” to 7-Eleven’s gross profit split to re-engineered human data systems. The presentations and presenters couldn’t have been more different if they had planned it.

The winner of the this Fire Up contest was Doug Richards. His idea was Gamification. The next disruptive innovation that he proposed was a way for a game to produce work-like results. This program is based on experiential psychology. Users will choose an adventure and then receive results based on their performance. Richards believes this new program will replace social media and render the term obsolete.  

This process of super-quick pitches is mind-blowing and bound to boost creativity and innovation. I know I’m motivated to think outside the box, but I’d never be able to pitch anything at Fire Up speed! Kathy Pate let out a huge sigh when she was finished and said, “That was the most stressful 5 minutes of my life!” The entrepreneurs kept the crowd engaged throughout the presentations and we all left Fired Up!

To catch a glimpse of Herb Sih’s Fire Up called How to Get S*#! Done Fast (he participated in Fire Up: The Answers to Questions You Didn’t Know You Had), take a look at this video below (it’s bound to make your mind race!): 


(We apologize—this isn’t the FULL presentation and it also doesn’t have the best quality!  Also, please ignore Allison Way’s random giggles and high pitched shouts at the end).  

Entrepreneurship, Networking...and Mechanical Bull Riding?

After a long (but educational!) day of panelists and networking, iKC conference attendees migrated over to Kansas City Power & Light’s greatest country-western bar, PBR Big Sky.  Ties were loosened and beers were consumed.   Attendees had the opportunity to mingle and pick the brains of the speakers in a casual setting.  All-in-all, it was the perfect end to a successful iKC event.

The greatest part of the evening? Seeing Think Big Partners’ CEO and co-founder Herb Sih riding the mechanical bull—an image none of us are soon to forget.  We had to share it with you:

Think Big Partners Launches First Accelerator Class

Think Big Radio 019: Think Big Accelerator
Listen to Think Big Radio as Herb Sih dives into what Think Big Accelerator is all about.

Think Big Partners has made quite a few announcements in 2012.  From The Gigabit Challenge to the launch of Think Big Ventures, TBP seems to be moving at the speed of light (and as one of the members of the team, I can confirm this!).  

But one of our most exciting announcements was just leaked this morning--the launch of our first accelerator class.  Now introducing the Think Big Accelerator.  

The Think Big Accelerator is a 14-week program that will aid tech-focused, early-stage startups and entrepreneurs in launching a business faster, stronger and smarter this September. 

With a team made up of entrepreneurs, mentors, investors and founders of startup companies, Think Big Partners’ accelerator program combines lessons and observations from other successful programs across the nation to create a model that allows experienced and budding entrepreneurs to build new startups.  Think Big Accelerator sets itself apart, however, by allowing these entrepreneurs to maintain life outside of their businesses while participating in the program. 

“We have studied, observed and finally created our own accelerator model that we think will work better for entrepreneurs who want to remain dedicated to their families and other obligations while still participating in the program,” says Herb Sih, co-founder and managing partner of TBP.  

In order to facilitate this idea, the first class of Think Big Accelerator allows entrepreneurs to arrive ready to work on Monday and leave on Thursday night during the 14-week program.  This model will let traveling entrepreneurs return home on the weekends to spend time with family and manage other responsibilities. 

   

“We have studied what can be done in a short period of time in the startup world,” says Tyler Prochnow, co-founder and senior partner at Think Big Partners.  “After studying the success that startups have in sprint programs like Startup Weekend, Startup Bus and hackathons, we created Think Big Accelerator’s model for the fast-paced, highly-focused entrepreneur.”

“We are amazed at what can be done in a short amount of time,” says Herb.  “With important milestones and deadlines in place, we believe that the entrepreneur participating in Think Big Accelerator will be able to maintain a work-life balance and recognize the opportunity to reenergize, refresh, refocus and reflect at the end of each week by connecting with family when returning home.  It’s a contrary belief, but we think that stepping away from a business actually allows entrepreneurs to work smarter, faster.” 

Entrepreneurs accepted into the program will receive what Herb refers to as “rockstar treatment” while building their businesses in Kansas City.  Think Big Accelerator has assembled the ingredients for participating entrepreneurs to come to Kansas City and work on their businesses comfortably.  The accelerator will provide custom-tailored key elements for the entrepreneur such as real estate, essential service providers, dry-cleaning, restaurant specials, living arrangements, technology, office space and more.  Kansas City businesses interested in providing discounted services for Think Big Accelerator entrepreneurs are encouraged to contact Think Big Partners at (816) 842-5244. 

In addition, those accepted into the accelerator program will partake in field trips to many Kansas City locations for inspiration, education, collaboration and ideation. 

Think Big Accelerator is looking for five to ten technology-based startups (especially businesses with a focus in consumer-facing services, software, web services, apps, etc.) to participate in the program.  Entrepreneurs will participate in the 14-week program Monday-Thursday with the goal of building a successful startup and finally pitching to investors at the end of the program on two separate demo days—one traditional, and one utilizing a state-of-the-art technology.      

The application window for Think Big Accelerator will be open June 15, 2012 until August 10, 2012.  Think Big Partners’ first class will start on September 10, 2012 and finish up with graduation and demo days during the week of December 10, 2012. 

Think Big Accelerator will take 6-8% equity in participating companies with an $18,000-$24,000 investment.  Additionally, there will be an alternative track for those who are not interested in funding but would like to participate in the program. 

To learn more about Think Big Accelerator, please visit www.thinkbigpartners.com/accelerator. 

Follow Think Big! @thinkbigKC

Check Out @thinkbigKC During Social Madness!

@thinkbigKC, the ultimate Twitter handle of Herb Sih and all that is Think Big Partners, has been nominated to compete in the Business Journals' Social Madness (#socialmadness) competition!  What does this mean exactly?

It means that @thinkbigKC is competing in a one-of-a-kind corporate media challenge that measures the growth of a company's social presence.  It allows social media users to leverage their own social influence and vote for a favorite local business on the Social Madness page.

So vote for Think Big (@thinkbigKC) starting today and support our social media efforts!

Vote here: http://www.bizjournals.com/kansascity/exclusives/socialmadness and thanks for becoming a part of the Social Madness movement!

Announcing Think Big Ventures I and First Investment in EyeVerify

Think Big Partners , a Kansas City based early-stage business incubator and technology-focused startup accelerator, announced the launch of its first venture fund, Think Big Ventures I, along with its first venture investment, EyeVerify.

Think Big Ventures I will primarily focus on early-stage, technology-focused web services, apps, software and related opportunities. The fund will also have a preference for highly scalable business models that involve the consumer, established intellectual property, experienced management teams and strong addressable market potential.

With the first close of the fund, Think Big Partners is pleased to announce its first investment in Kansas City-based startup, EyeVerify.  EyeVerify is a software startup that brings to market an authentication module that utilizes cameras on mobile devices to take images of an eye to use as a unique biometric identifier.  The software allows mobile users to capture an image of their eye in the place of entering a password to access their mobile phone.  Toby Rush, founder and CEO of EyeVerify, is a serial entrepreneur and graduate of the PIPELINE Entrepreneurial Immersion Program. 

“The Think Big Ventures investment is one with a lot of smart, experienced people involved,” said Toby Rush, founder and CEO of EyeVerify.  “This fund will allow us to network and connect with others on a much higher level.  Think Big Ventures has extra impact behind it simply because of the people involved, their expertise and experience as founders.” 

Think Big Ventures managers Herb Sih and Tyler Prochnow will manage the fund and will utilize an investment committee process to determine investment decisions. The fund will draw benefit from relationships previously established by Think Big Partners, in addition to searching for the right startup companies across the nation, especially the Midwest.

“We believe we have something unique to offer today’s smart startup. Smart money comes in many forms,” said Tyler Prochnow, senior partner at Think Big Partners. “Our network of advisors, mentors and strategic partners, combined with our milestone-based, dosed capital mentality, aligns everyone’s interests while still allowing us to remain objective and highly disciplined in execution.”

Learn more about Think Big Ventures by following Think Big on Twitter: @thinkbigKC

When is the Best Not the Best?

WRITTEN BY TYLER PROCHNOW, SENIOR PARTNER AT THINK BIG PARTNERS


One of the biggest traps for entrepreneurs is the temptation to choose a partner, an employee, a vendor, a consultant, a lawyer or any other service provider, simply because that person/company is supposed to be the “best” in their particular field.  If we at Think Big had a nickel for every person who came through the door touting their team as having the best web designer, the best software engineer or the best sales director, we’d have a pretty big jar of nickels.  And while excellence is an extremely important factor in choosing one of the above mentioned providers, the question is not whether that individual/company is the “BEST”, but rather whether they are the “BEST FOR YOU”.

My standard stump speech on entrepreneurship always includes a few minutes on the importance of learning from one’s mistakes.  Not a day goes by that I don’t counsel someone on  how each mistake can make you and your business stronger if you are willing to embrace it.  And yet, just because one says it over and over does not mean that we don’t sometimes ignore our own advice.

A couple of years ago, I  pursued a new venture that had significant geographic spread.  The venture required the involvement of individuals in New York, Los Angeles, Phoenix, Atlanta and Kansas City.  Even though I am an attorney by trade and have been involved in hundreds of millions of dollars of complex transactions, this particular deal was beyond my area of expertise.  Trying to prove that I belonged with the big boys in all of these cities, I retained the services of an attorney who had a reputation for being the “best” in the city in handling this specific type of transaction.  It didn’t matter that I had not worked with this attorney before.  I was convinced that he was the right person for the job because he was deemed the “best” by others.

I won’t bore you with all of the ugly details, but hiring this attorney was a huge mistake.  In the middle of our transaction, my attorney decided that one of our potential business partners had a better chance at landing the deal and he kicked me to the curb in order to switch his representation to that person.  To this day, I’m still shocked by the way things transpired.  I don’t know whether it was an ethics violation, and I’m not interested in spending any time to find out.  Instead, I used that error in judgement on my part as a learning experience going forward.

Since that day, I have never hired a service provider or taken on a partner based solely on competence.  I now look for someone I know or trust above all else.  Someone who I know has my best interest at heart and will look to protect me when things get difficult.  And I must say this philosophy has paid significant dividends.  Any endeavor worth pursuing has its ups and downs.  There are always going to be those critical moments in the life cycle of a business when the easy thing to do is just throw up your hands and give up.  At those critical moments, it is extremely important to have a support structure around you that assists you through the difficult time.  Those are the people who are the BEST, because they are the best for you at that point and time.

Don’t misunderstand.  I’m not suggesting that ability and expertise are not extremely important.  Every vendor, consultant, provider, and/or partner that you retain has to be capable of getting the job done.  However, there is almost always more than one person who is capable of providing excellent service.  In the past few years, I have been very lucky to find both tremendously talented people who are also exceptional friends: my partner at Think Big, Herb Sih, my partner at Connexsus, Rusty Rahm, my attorneys, financial advisors, and others.  I go to sleep every night knowing that each of them is an outstanding business operator and a great friend who I trust to support my business and life ventures.

The bottom line is this: In most instances, there is more than one person/company capable of providing excellence.  Your challenge is to find that person who is both proficient and aligned with your interests.  They may be aligned personally, financially or philosophically, but your business will operate much better if you can match up at least one.

Follow Think Big! @ThinkBigKC

Entrepreneurial Attitudes In Kansas City [From Brad Feld of TechStars and Foundry Group]

Brad Feld, co-founder of Foundry Group and TechStars, recently corresponded with Herb Sih, co-founder of Think Big Partners, to discuss the startup scene in and around the Kansas City area.  Read the article featured on Brad's blog, Startup Communities and view it below: 

Brad Feld of TechStars
and Foundry Group.

I’ve gotten many emails about how startup communities grow and develop completely separately from Silicon Valley. Following is an overview of what’s driving the Kansas City startup community right now, written by Herb Sih, the co-founder and managing partner of Think Big Partners.

The founders of Think Big Partners toured the startup scene in Silicon Valley before they launched their Midwest business incubator and startup accelerator.  And although the Think Big team uncovered helpful tips during a tour of the Valley (like the impact of coworking spaces, the need for local funders and the importance of a tech culture), they seemed to learn one lesson that was much more impactful after returning back to their home of Kansas City:  You don’t need to be like Silicon Valley in order to get Silicon Valley-esque results.

Herb Sih of Think Big Partners.

And that’s where Think Big Partners started.  They asked themselves, “How can we make a Silicon Valley impact with our own Midwestern roots?  How can we make a dent in the startup and tech worlds in our own city, on our own watch?”  The team answered these questions by developing one of Kansas City’s first coworking spaces, which has been the second home to over 50 entrepreneurs and their startup companies.  Think Big Partners also developed a business incubator and startup accelerator model that has helped to launch and grow some of the most successful Midwestern businesses today.  With collaboration from other Kansas City entrepreneurial superstars such as the Kauffman Foundation, KCSourceLink, Kansas PIPELINE, the University of Kansas City-Missouri Bloch School and others, Think Big Partners helped to make entrepreneurial success one of the city’s main focuses.

And Think Big Partners’ launch was timed just right.  Because soon after the launch of TBP, Kansas City (and the Midwest for that matter) underwent an immense entrepreneurial transformation.

Since the launch of Think Big Partners, entrepreneurship seemed to explode in and around the Kansas City area.  Startup companies such as Zaarly, Dwolla and LiveOn have flourished in the Midwest.  There has been so much startup success that the Midwestern region has become known as Silicon Prairie.

But it isn’t Silicon Valley that has defined the terms for Silicon Prairie.  The Silicon Prairie area is an entrepreneurial movement in its own right.  For instance, Silicon Prairie has become the home of the nation’s first Google 1-Gigabit Fiber Network, has been named the IT hub by The Wall Street Journal and is gradually becoming known as The City of Entrepreneurs.  This has all been on Silicon Prairie’s watch—not Silicon Valley’s.

But how has this entire region grown its startup scene without help from Silicon Valley?  The answer is obvious: with entrepreneurial attitudes.  Silicon Prairie is all about collaboration.  At one moment, you’ll see that H&R Block has rejuvenated its entrepreneurial mentorship program and the next, you’ll find that The Kauffman Foundation has invested in Kansas PIPELINE initiatives.  In one instant, you will learn about Think Big Partners’ Gigabit Challenge business plan competition and the next, you’ll see five new coworking spaces pop up around the Midwest.  Everyone is working on entrepreneurship together—making the Midwest one of the nation’s up-and-coming entrepreneurial hubs to date (we like to also call this “coopetition”—where competitors end up cooperating together instead of competing against each other.  This is one of the main reasons that Kansas City and the Midwest have become so entrepreneurial.)

Kansas City: It's the people in that make this community
an entrepreneurial one.  

It’s not about having a Silicon Valley attitude—it’s about having an entrepreneurial attitude.  It’s about partnering with other organizations in and around your area.  It’s about thinking big with entrepreneurs that sit next to you in your coworking space.  It’s about collaboarting with tech gurus, social media wizards and community leaders at cool business events.  It’s the people that make a community an entrepreneurial one—not the location—and it’s up to you to contribute.

Follow Brad! @bfeld

Follow Herb Sih! @thinkbigKC

Think Big Cofounder Launches Startup Your Fitness Blog

As a serial entrepreneur, Herb Sih, cofounder of Think Big Partners, has two speeds: stop and go.

Unfortunately, when one big opportunity began (the launch of Think Big Partners) another opportunity was missed--a healthy lifestyle.  As soon as Herb launched the Kansas City-based startup accelerator, all other "hobbies" seemed to be shoved to the side, including a healthy diet and exercise.

But Herb has decided not to ride the entrepreneurial wave fueled by a 5 Hour Energy and Town Topic hamburgers this month.  In fact, the serial entrepreneur has promised to use the month of April, starting on April Fool's Day, to take on a brand new attitude toward exercise and healthy living.

From April 1st until April 30th, Herb is beefing up his exercise regimen in preparation for Ruckus in St. Louis on May 5th.  He's getting everyone involved in the process--his family, employees, coworkers, partners and even some brave bizperc tenants.

Herb Sih explains to the Think Big team that we are starting a new fitness challenge. 

The Think Big Fitness Challenge has begun!  Our goals have been displayed on the glass of Herb's office.

Want to join the Think Big Fitness Challenge? Here's how!

• Set your goal for the month: how much will you work out from April 1 until April 30?  Every 20 minutes of exercise equals 1 point.  One hour workout, therefore, equals 3 points.  The Think Big goal range seems to be between 30 and 80 points (here's a hint: Herb's goal is 50 points!).
• Give yourself a handicap if you already work out quite a bit.  For example, Blake Miller, a partner at Think Big Partners, has a -9 point handicap because he is involved with Crossfit.  This will help the workout-aholics challenge themselves, too! 
• Keep track of your points throughout the month.  Be sure to stay on track (and eat healthy too!).
• Check back on Herb's Startup Your Fitness blog for tips, tricks and his inside story. 
• At the end of the month, let us know if you reached your goal.  If you did, we will give you a special shout-out and celebrate with you!  

Join Think Big's Fitness Challenge and startup your fitness today!  Learn more on Herb's new blog, Startup Your Fitness.

Follow Herb's journey on Twitter! @thinkbigKC

010 Think Big Radio: The Startup Culture of Silicon Valley

Herb Sih shares some lessons learned while in Silicon Valley.  Silicon Valley has its own unique culture and way of doing business.  Knowing what to do and what to avoid will help anyone traveling to Silicon Valley be more successful.  Culture, pace of life and the way people dress are different.  Be prepared to notice these differences and react accordingly.  Silicon Valley is unique and is not to be replicated, but learning from the people there and bringing back that knowledge can benefit you and your business.

010 Think Big Radio: The Startup Culture of Silicon Valley

REVIEW US!  We want to hear what you think of Think Big Radio.  Give us a review on iTunes.  

Follow Herb! @ThinkBigKC

009 Think Big Partners: The Think Big Field Trip

Last week, four members of the Think Big team traveled to Silicon Valley with 10 other Midwest startup businesses for the Think Big Field Trip.  While there, entrepreneurs from the Midwest presented their business pitches to numerous Bay area investors at the Silicon Valley Bank Seed Showcase and the Think Big Showcase.

Herb Sih, Tyler Prochnow and Blake Miller give us the inside scoop on what happened on the Think Big Field Trip in this episode of Think Big Radio:

009 Think Big Radio: The Think Big Field Trip
REVIEW US!  We want to hear what you think of Think Big Radio.  Give us a review on iTunes. 

Follow Think Big! @ThinkBigKC

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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KC Business Magazine Announces 2012 Rising Stars

WRITTEN BY ALLISON WAY, SENIOR COPYWRITER & CHIEF EDITOR
Last week, KC Business magazine selected 34 of the most promising Kansas Citians to receive a Rising Stars honor.  This program, in its third year, honors the city's most outstanding leaders under the age of 40 in the creative, entrepreneurial, nonprofit and corporate entities.

Think Big Partners' own co-founder, Herb Sih, participated in the program as a judge alongside Steve Booth (PlattForm Advertising), Jerry Jorgensen (Park University), Julius Karash (KC Business magazine) and Jeanette Prenger (ECCO Select).

Congratulations to this year's Rising Stars!  Thank you for dedicating your time and hard work to the Kansas City community.

Clifton Alexander, Reactor Design Studio

Adam Brown, Fun Services

McClain Bryant, Husch Blackwell

Mike Burson, Weitz Company

Matt Clark, Honeywell FM&T

Bryce Davis, UMB Bank

Jessica Dotson, AGENDA:USA

Paul Gutierrez, 17^th & Summit Group

Rachel Hack, Google

Jennifer Hannah, Lathrop & Gage

Jeremy Hegle, U.S. SourceLink

Philip Hickman, Ph.D., Genesis Promise Academy

Zach Hubbard, Block Real Estate Services

Jenny Kincaid, Social WRX

Matt Madden, Google

Anthony Magliano, Quixotic

Kevin Mallot, Netsmart Technologies

Chris Marshall, Callahan Creek

Sarah Martin, Rx Insight

Mark Mazzarese, Pilecap Inc.

Matthew Motsick, Catapult International

Audrey Navarro, Kessinger/Hunter & Co.

Paul Neidlein, Turner Construction Company

Kevin Oldham, United Country Marketing Services

Crispin Martin Rea Jr., Kansas City Missouri School Board

Seamus Smith, Will & Trust Center

Rachel Spear, Morningstar Communications

Jeremy Tasset, Nueterra Capital Management

Tucker Trotter, Dimensional Innovations

Lee Everett Urban, Martin Pringle

Lindsey Wade, rw/2 studios

Lyndon Wade, rw/2 studios

Ryan Weber, KCnext

Keli O’Neill Wenzel, O’Neill Marketing & Event Management

Tomorrow, the 34 honorees will be awarded at a networking and cocktail reception from 6:00 to 8:00pm at Berg Event Space.  Tickets are $30 and are available at kcbcentral.com.

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Think Big and Microsoft BizSpark Offer Startups $60,000 in Cloud Services on Windows Azure

WRITTEN BY ALLISON WAY, SENIOR COPYWRITER & CHIEF EDITOR

Think Big Partners, a technology-focused startup accelerator and mentorship-based collaborative coworking space for entrepreneurs, and Microsoft BizSpark Plus have collaborated to offer startups $60,000 in cloud services on the new Windows Azure program.

BizSpark Plus is an extension of the Microsoft BizSpark program, designed to accelerate the success of startups around the world. The program works through select incubators and accelerators such as Think Big Partners to provide value-added products and services to high-potential startups. The BizSpark Plus package will provide startups up to $60,000 of compute and storage per startup for up to two years.

Microsoft BizSpark has selected Think Big Partners among 40 other incubators and accelerators to become a part of its BizSpark Plus Partners global network and will provide exceptional Microsoft offers to the high-growth startups undergoing the Think Big accelerator process. The 40 accelerators and incubators involved in this program have been chosen by Microsoft based on their ability to attract and work with world-class startups. Over time, Microsoft plans to extend additional offers to startups through the BizSpark Plus Partners.

"We are excited about this opportunity," said Herb Sih, Co-Founder of Think Big Partners. "Microsoft BizSpark is a valuable and proven technology solution for entrepreneurs and startups when they need it most. In addition, BizSpark Plus has given Think Big Partners the opportunity to be faster and smarter when it comes to building profitable companies."

Think Big Partners has worked with high-growth tech startups from across the nation that use cloud computing services. According to TechStars, cloud applications are driving the new startup ecosystem and provide startups the ability to drive user adoption, scale their businesses and generate financial returns faster than ever before. Windows Azure will offer a simple and powerful platform for the creation of Web applications and services.

By providing Windows Azure, Microsoft and Think Big Partners hope to help startups grow their businesses by offsetting cloud computing costs so that they can focus their efforts on other business challenges including research, development, investment and promotion. For more information about the BizSpark Plus program, please visit http://www.microsoft.com/bizspark/plus.

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The Problem with Good Ideas

WRITTEN BY HERB SIH, CO-FOUNDER AND MANAGING PARTNER

As a startup accelerator and coworking space for entrepreneurs, we see a lot of good ideas. Unfortunately the sad (but very necessary) reality is that not all good ideas are worth doing.  In fact, approaching good ideas in a disciplined manner with structured execution can lead to financial returns that are 2-10 times greater than ventures that proceed without this qualification process.

So how can you tell if an idea is worth doing? First and foremost, you need to determine that your idea is one that can be turned into a profitable company, within reasonable risk parameters, within a reasonable amount of time. Especially in today’s economy, you have to move fast and smart to make the most of your good idea. “Good idea” risks are varied, but generally fall into a few main categories that can be assessed prior to launching most new ventures.

Problem #1 – No Market Demand

We see brilliant ideas that offer clever new products and services on a regular basis. With that said, the aspiring entrepreneur needs to ask, “What problem does my product or service solve?” If you can identify a specific deployment for your “solution”, then the next question should be “What is the cost of not solving this problem – and what is the cost of my solution that I am offering?” Is the consumer motivated to take action based on this simple view?  Is it a big enough difference to tip the consumer on just simple economics?

Without demand from the consumer, many aspiring entrepreneurs face longer marketing cycles with higher odds of failure.  It’s better to have a market place need that is already in place than to create a brand new market for a problem that no one thought needed to be solved. One caveat—products like the “Snuggie” (blanket with sleeves)—defies this assessment model. If you don’t mind the risk of creating a new marketplace on this basis- go for it. But make sure you understand the risks involved in making this bet. Conducting effective due diligence like this can make all the difference.

Problem #2 – Addressable Market

So you have identified that the product and solution equation compute in your favor. How about the scale of economics? If the marketplace has millions of prospective consumers then you are definitely onto something. But what about if the marketplace is significantly smaller? How many competitors are in your space that you must now fight for market share?

“Total addressable market” is a term that considers the entire marketplace revenue opportunity without much regard to competitors. While this looks great on paper as a chart inside of a business plan, it is not a realistic assessment of what can be realistically achieved. A better approach is a serviceable market assessment based on factors such as geography, target market feature sets and pricing and service models.

Having competition is not a bad thing. In fact, our view is that it is often a good thing to have some form of competitor that offers some version of part of your solution.  Creating a brand new market for a product or service that has never before existed can be very costly.  "Blue Oceans" and "Red Oceans" are great ways to look at markets, but don't completely abandon the pragmatic market assessment view. If one looks for competitors that have similar target markets and offerings, the addressable market size assessment becomes much clearer.


Is your market size big enough to make for compelling and sustainable financial returns?

Being able to assess your good idea through more due diligence and understand the addressable market is critical in understanding if the risk-reward relationship to launching your idea is worth doing.

Problem #3 – Internal Rates of Return vs. Risk/Reward

To truly understand if a good idea is worth doing, you have to look at the cost of capital vs. the potential financial gain. Often times, we will ask the trick question of “If you raised a five million to make one million…is that a good deal?” The answers lies as much in the amount of time it took to make that return on investment (ROI), as it does on the risk to obtain it. Conversely, if you raise a million to make ten million, that sounds like a pretty good deal. But if it takes 20 years to achieve that ROI, that equates to a meager 12% internal rate of return. This is clearly below par for nearly any investment consideration from venture capital, private equity or even angel investors.  It should also be below your threshold, too.

Consider all of these elements into the return calculus and your ability to evaluate your investment of time and money into your good idea.  Hopefully the good ideas worth doing will become much easier to distinguish through this process. 

Problem #4 – Execution “X-Factors”

Is your product or service scalable? Is it replicable in other markets? Can you repeat the service model or deployment mechanisms for continued success without undue risk? Does your idea have barriers to entry that are low enough for you to achieve but high enough to keep others out?

Barriers to entry could come in the form of capital requirements, domain expertise, industry insight, rolodex (access to opportunities), having the right people and agility to execute, and many other factors.

A good idea that is difficult to execute is problematic to investment consideration. Once an idea moves beyond “idea risk” and into the real challenge of “execution risk”, the capital requirements become bigger and the risk becomes greater. If your product or service does not pass muster on these critical factors, then you may want to reconsider before launching.

Problem #5 – The Human Factors

Having the right people on board your team is everything. This doesn’t mean you have to recruit the best and brightest and keep them on your bench waiting for work. But it does mean knowing how to find them–and utilize them–when the necessary time comes. This is one of the strongest benefits to working with business incubators, accelerators and sometimes even coworking spaces with the right people.

Here is another human factor consideration that can rear its ugly head against your good idea. Is the founder or team coachable? Coachability is hugely important for many successful startups. No one knows everything, and the startup team that blindly (and deafly) executes their business plan and is tone deaf to good advice from the right people should expect more trouble hitting their milestones of success.

Nothing can replace “been there, done that” expertise and wisdom that is often the result of narrowly escaping the dire consequences of a plan gone wrong...then made right. Seeking relevant, timely advice and then having the capacity to make smarter decisions is essential for a good ROI. If your good idea is lacking the right people or is unwilling to be coached by qualified mentors, then your good idea immediately becomes more risky and may not be worth doing. Participation from the right people at the right time is a key to your success.

Last thoughts

There are many other considerations that can be factored into the go/no-go decisions of launching your next BIG idea for a startup company. Here are a few more:

• Do you possess enough “cross domain” expertise to build the right product and service, and then bring it to market? Think in terms of both insight and job function.
• Are you prepared for the incredible time and effort that your good idea will demand to be successful? No matter how good your idea may be, it will likely take twice as much time and money to execute.
• Do you have the “will to win”? Easier said than done, but when work needs to be done at midnight, are you prepared to do it? The startup world is a results-based economy. While effort and good intentions are appreciated, the only thing that ends up mattering most is results. Be prepared for this reality.
• Does your product or service have Intellectual Property rights that can be protected?  This is a very valuable asset not to be overlooked.
• Understand the likely financial outcomes for your good idea. Does this mean a long term profitable company with no exit? Or does this mean a potential or likely acquisition for a variety of reasons? Take time to understand the path your company will likely have to take.  Both the work involved and the type of investment capital you seek will become clear.

Summary

Blindly executing your good ideas without taking stock of the financial outcome is never a good idea. If you can detach yourself emotionally from your good idea and approach your concept with discipline, purposeful scrutiny and a dose of “prove it” skepticism, this can make all the difference between wasting time and money in pursuit of an ill-fated idea, or launching the next BIG thing.

Incubators offer services to help supplement missing expertise and talent. Accelerators offer a disciplined approach and tempo to forced execution through a set of circuit breaker milestones. Coworking spaces can offer collaboration, hooking up with new ideas and partners and a place to maximize your productivity while working. By design, Think Big Partners and bizperc combine all three of these essential ingredients to help turn you good ideas into a good idea worth doing.

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