Silicon Valley Bank Travels to KC for Gigabit Challenge Finale

As all entrepreneurs know, getting a bank involved in a new business venture is difficult.  But imagine how many entrepreneurs in Silicon Valley ask for bank loans each and every day.  With the amount of startups popping up (and succeeding) in the area, banks have to get heavily involved.  But are they getting involved in the Midwest too?  

Silicon Valley Bank has gotten involved in Midwestern entrepreneurial initiatives through The Gigabit Challenge.  As a partner for the Challenge, Silicon Valley Bank has provided services as well as time and energy to making The Gigabit Challenge a huge success hundreds of miles away from home (and we're not talking about Boston or Austin for that matter...we're talking about Kansas City!).  In fact, Harry Kellogg, Vice-Chairman of Silicon Valley Bank, has contributed his time and efforts to The Gigabit Challenge by participating as an Advisory Board Member.  

Silicon Valley Bank has what is known as the SVB Accelerator: a branch that helps entrepreneurs take their ideas to the next stage.  By getting a better understanding of the current funding environment, learning about networking opportunities and accelerating businesses throughout the region, Silicon Valley Banks knows how to work with entrepreneurs...and knows how to work with them effectively.  


Many thanks to Silicon Valley Bank for making The Gigabit Challenge an entrepreneur's dream come true.  The competition and event would not be possible without the support and dedication to entrepreneurship that this SV bank has given.


Follow Silicon Valley Bank! @SVBFinancial

Missouri Bank Provides "MO" Support for The Gigabit Challenge

WRITTEN BY ALLISON WAY, SENIOR COPYWRITER & CHIEF EDITOR
Be the Difference.  It's a simple slogan displayed underneath the Missouri Bank logo.  But what does it mean exactly?  How has Missouri Bank made a "difference" in the Kansas City area in the past year?  And how is this bank standing out from the crowd?


We believe it's MOBank's entrepreneurial spirit that drives it to become the difference.  


Missouri Bank's philosophy is made up of seven different ideals.  These ideals are entrepreneurial, individual, be the difference, unique, community, better off and authentic.  But the one that we zero in on right away is (of course) entrepreneurial.


MOBank prides itself on being a small business that just so happens to function like a bank.  The bank is stocked with an inventory of tools, resources and expertise for building better business in and around the Kansas City area.  Missouri Bank states that it is 100% committed to getting entrepreneurial dreams off the ground...which may be the reason why the bank decided to partner up for The Gigabit Challenge.


A few weeks ago, Missouri Bank decided to jump on the Gigabit bandwagon and become a partner for The Gigabit Challenge (a worldwide business plan competition where the winner gets the chance to build a business on the Google Fiber network).  With Missouri Bank's outstanding support and entrepreneurial spirit, Gigabit Challenge contestants and winners will receive automatic support from one of Kansas City's most successful and well-known banks.


Thank you to Missouri Bank and all of the sponsors who have come forward to support The Gigabit Challenge.  When Kansas City comes together, everybody benefits.


Follow Missouri Bank! @missouribank
Follow me! @AllisonThinkBig

Lathrop & Gage Partners Up for Gigabit Challenge

WRITTEN BY ALLISON WAY, SENIOR COPYWRITER & CHIEF EDITOR 


When Lathrop & Gage was founded in 1873, the Kansas City law firm was devoted to running a business based on honor, service, trust and value.  And even though it is a whopping 138+ years later, Lathrop & Gage seems to uphold these four pillars--and most noticeably, the service pillar.


Lathrop & Gage has been giving back to the Kansas City community since it first planted its roots over one hundred years ago.  Lathrop & Gage is dedicated to being active and responsible of their communities.  In fact, the L&G attorneys and staff often give their time and talents to numerous civic, charitable and professional organizations.  The law firm currently serves in many leadership roles including their membership in the Center for Entrepreneurs. 


But now Lathrop & Gage is getting involved with entrepreneurship even further.  The KC law firm recently became involved in The Gigabit Challenge, a worldwide business plan competition built to disrupt technology on the Google Fiber network. 


As a Partner in The Gigabit Challenge, Lathrop & Gage is helping to build Kansas City into The City of Entrepreneurs.  By getting involved with the Challenge, this law firm will get a first-hand look at some of the exploding entrepreneurs that have the chance at winning and making their startup dreams come true.


A huge thanks to Lathrop & Gage for getting involved in The Gigabit Challenge.  If you are interested in partnering, please contact Ann DeAngelo at 816-842-5244. 


Follow The Gigabit Challenge! @GBChallengeKC

The Gigabit Challenge Deadline Hits November 18, 2011

The end of November means a lot of different things for a lot of different people.  For some, it may mean Thanksgiving feasts and spending time with family.  For others, it may mean putting up Christmas lights and shopping on Black Friday.  For the entrepreneurial world though, the end of November means the start of The Gigabit Challenge.

Entrepreneurs, this is your time to shine.  The Gigabit Challenge is a worldwide business plan competition looking for the hungriest entrepreneurs with the brightest ideas to turn the tech industry upside-down on the Google Fiber network.  Not only does The Gigabit Challenge have a prize valued at $100,000, but it also allows one entrepreneur to build out a game-changing idea on the fastest network in the world.

But time is running out.  The deadline for executive summaries and applications is on Friday, November 18, 2011 at midnight.  Applicants must submit a 3-5 page executive summary by this time in order to participate in The Gigabit Challenge.

Don’t miss out on this once-in-a-lifetime opportunity.  Apply for The Gigabit Challenge today and turn the technology industry upside-down. 

But wait: there’s more!  The Gigabit Challenge has received an incredible number of high-quality entries throughout the past few weeks.  With submissions from a number of different states and a handful of foreign countries, The Gigabit Challenge wants to get everybody involved.  Interested in joining The Gigabit Challenge team?  Ask us about our partnership opportunities that are currently available.  You can contact us at adeangelo@thinkbigpartners.com or call 816.842.5244. 

Follow me! @AllisonThinkBig

Partnership Issues and the Entrepreneur

Going into business with someone else is a lot like a marriage: you will be spending an inordinate amount of time together, making decisions jointly, making individual decisions that affect the whole, and being together in both good times and bad.  Just as one should not make a hasty long-term relationship decision, so too should careful consideration go into finding the right business partner.

A partnership occurs when two or more persons join together for the purpose of doing business.  Absent a written partnership agreement (discussed below), each partner is liable for any debts or judgments taken on by the business.  Because a partnership is unincorporated, there is no limited liability.  This means that all the partners’ personal assets can be taken to satisfy lawsuit judgments or to settle partnership debts.  Further, any partner can be sued for the full amount of business debt.

Take heart, it’s not all bad.  A partner gives you someone with which to work, to share ideas, and to divide the workload.  Additionally, a partner is someone with whom you can share the financial responsibilities of the business. 

The key is to find someone with whom you can work well.  Look for someone with complementary skills.  In other words, their strengths are your weaknesses and vice-versa.  You are the yin and they are the yang.  They should share your vision and be willing to work as hard as you do.

Although not legally required, a written partnership is STRONGLY recommended.  A good partnership agreement should include the following provisions:

·        the time or money each partner will contribute;

·        the methods for making business decisions and resolving disputes;

·        the division of profits and losses;

·        the procedure for adding/changing partners; and

·        the process for winding up the business.

It’s a lot like a pre-nuptial agreement in that you and your business partner(s) are preparing for the divorce on the eve of the wedding.  However, in the absence of a written agreement, the division of assets (including the business name), profits, and liabilities will be assumed to be equal, regardless of who actually made the contribution or incurred the debt.

Before asking for someone’s hand in a business marriage, carefully consider the pros and cons.  If you find that the good outweighs the bad, go for it!  Don’t let partnership problems sidetrack you from Thinking Big!

 

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Written by: Donald R. Simon, J.D./LL.M., is president and CEO of Simon Business Consulting, Inc., a firm providing consulting services such as business and marketing plan development, incorporations, intellectual property advising, franchising regulatory assistance, and presentations on the basics of starting a small business.  Send questions or comments to don@simonbizconsulting.com.  This blog is provided as a source of information and is not to be construed as legal advice or opinion, or to form an attorney-client relationship.  For legal advice, please consult an attorney.



LIVESTRONG Sporting Park: A Symbol of Hope, A Testament to Collaboration

How partnerships and collaboration bring out the best in the business world.

"Working together, ordinary people can perform extraordinary feats." -- Anonymous

Yesterday, Sporting KC (formerly the Kansas City Wizards) proved this quote to be true when it announced its partnership with the Lance Armstrong Foundation and the club's new $200 million stadium to be named LIVESTRONG Sporting Park.  And with a portion of all stadium revenues, including ticket sales and concessions, funding the foundation's advocacy work, it seems like this partnership would only happen in a fairytale.  But it's happening...and in our own backyard. 

The partnership between Sporting KC and the Lance Armstrong Foundation is a testament to the power of collaboration.  This "match made in heaven" has developed into a mutual relationship in which both parties seem to benefit.  But the relationship is meant to do much more than that- it has been made to change the world.

According to Sporting KC CEO Robb Heineman, the club plans to raise anywhere from $8-10 million for the fight against cancer through 2016 (Yahoo! Sports).  Not only this, but the partnership has also helped the generate the development of local cancer survivorship services for Kansas City residents and beyond.

"Professional sports provide a powerful vehicle to affect positive change in the world," said Lance Armstrong of the partnership.  "LIVESTRONG's partnership with Sporting Club gives us an innovative opportunity to advance the cancer fight in this region and we are eager to get started."  (SportingKC.com).

Armstrong discusses the impact that LIVESTRONG Sporting Park
will have on Kansas City and beyond.

Innovative indeed.  For LIVESTRONG, the partnership doesn't even cost a penny.  But this joint movement between Livestrong and Sporting Club is more than just a partnership and unique business agreement; it is an initiative to save lives through the power of collaborative work and strong partnerships.

"Obviously, the cause is very important to us, but the association with LIVESTRONG for us is significant," said Heineman.  "If we're trying to have a differentiated approach to Kansas City from the other sports teams, this gives us that.  So we can see those kinds of benefits, but the key driver was how we can go find an organization we believe is committed to the same sorts of things that our ownership group is committed to and that will be committed to investment in Kansas City."  (Kansas City Business Journal). 

The partnership is unique, and so is the stadium.  LIVESTRONG Sporting Park will seat 18,500 at soccer games and 25,000 at concerts.  In addition, the stadium will be one of the most technologically advanced stadiums in the US as it focuses on fan experience through WiFi access, themed club environments, IP television networks, and a membership affinity platform. 

The LIVESTRONG Sporting Park will become a symbol of hope and inspiration to people affected by cancer around the world.  The collaborative efforts on both sides of the partnership just go to show that here are bigger and better things out in the business world than making money, hitting it big, or becoming the next Mark Zuckerberg.  Through strong mutual partnerships, we can make the world a better place, one soccer game at a time.

Thanks for your Think Big efforts, Sporting KC and LIVESTRONG!

Written by Allison Way.  Allison is a writer and editor for Think Big Partners, Kansas City's early-stage business incubator and startup accelerator.  To read more of Allison's work, check out the Kansas City Entrepreneurship Examiner as well as her articles on Helium, eZine, Newsvine and BrooWaha.  Follow Allison! @AllisonThinkBig

Think Globally, Act Locally: Entrepreneurs & Investors Celebrate the Launch of the Think Big Partners & Angel Capital Group Partnership

In January, Think Big Partners and the Angel Capital Group partnered to create a nationwide entrepreneur network.  But what does this mean for entrepreneurs, investors, and the startup community, exactly?

It means big things.

The Angel Capital Group, an angel network of investors with five locations nationwide, links together its many networks so that entrepreneurial resources such as startup and seed capital can be effectively utilized to best aid entrepreneurs.  The company’s collaboration with Think Big Partners means that entrepreneurs now have better access to pertinent resources like startup and seed capital, while investors have the ability to see more opportunities and ideas. 

In other words, it’s every startup’s dream come true.  

The partnership between Think Big Partners and the Angel Capital Group was launched on Tuesday as the two companies, as well 42 leaders and professionals within the Kansas City community came together for an informative luncheon about what the partnership can do for entrepreneurs, investors and the community. 

With the launch of the TBP-ACG partnership, entrepreneurs now have the opportunity to be funded by investors across the nation.  Investors can now fund any idea from anywhere in the country.  The nation now has a stronger entrepreneurial and startup base, generating a more small businesses and improving the U.S. economy, one idea at a time.  It’s all part of the “think globally, act locally” approach.

According to Rachael Qualls, founder of the Angel Capital Group, the partnership between ACG and TBP is off to an incredible start.  Between answering investors’ questions and socializing with attendees at the luncheon on Tuesday, Qualls took time to sit with me to talk about what the partnership.

“The partnership is going very well,” she said.  “This is every entrepreneur’s opportunity to get startup help from Think Big Partners and prepare for Angel Capital Group.”  And with handfuls of people already interested in getting involved in investing or starting a business under the guidance of ACG and TBP, it’s not hard to see that the partnership will provide much-needed opportunities. 

During her presentation, Qualls noted that “just because a company has money, does not mean that it will absolutely be successful.”  She later commented that this is the main reason why the Angel Capital Group needs groups like Think Big Partners—to ensure that the entrepreneurs that are being invested in become a success.  Now, because of the partnership, entrepreneurs can obtain startup advice, networking opportunities, and vital connections all while being funded on a nationwide basis from anywhere in the country. 

One thing is for sure: the partnership between TBP and ACG has people talking.  Upon the luncheon’s conclusion, many attendees of the event were curious to learn more about how to get involved in investing or starting a business under the guidance of Think Big Partners and the Angel Capital Group.  With the buzz spreading from Kansas City to Nashville, from Memphis to Jackson, Mississippi (and soon to New Orleans!), the TBP-ACG partnership is growing—all in the name of thinking globally and acting locally.  

The Angel Capital Group, with five locations nationwide and growing, is an angel network of investors that links together its networks so that entrepreneurial resources, such as startup and seed capital, can be efficiently utilized to best aid entrepreneurs.  In addition, ACG provides education and support to various communities in order to aid in establishing more angel investor networks. 

Written by Allison Way.  Allison is a writer for Think Big Partners, Kansas City's mentorship-based startup accelerator and business incubator.  To read more of Allison's work, check out the Kansas City Entrepreneurship Examier as well as her articles on Helium, eZine and BrooWaha.  Follow Allison! @AllisonThinkBig

PART 1: Think Big Partners Chooses the Angel Capital Group to Create a Nationwide Capital Network

Something big is happening in Kansas City.

As part of this week’s Think Big Partners Sneak Preview Event, Herb Sih, co-founder of TBP, made an important announcement that got all entrepreneurs talking.

Two companies have collaborated in order to provide capital-raising opportunities with the benefits of vital entrepreneurial resources in order to improve the startup community in Kansas City and throughout the nation.

These two companies are Think Big Partners and the Angel Capital Group (ACG).

The Angel Capital Group, with five locations nationwide (and growing!), is an angel network of investors that links together its networks so that entrepreneurial resources, such as startup and seed capital, can be efficiently utilized to best aid entrepreneurs.  In addition, ACG provides education and support to various communities in order to aid in establishing more angel investor networks. 

Think Big Partners and the Angel Capital Group, originally located in Nashville, Tennessee, are partnering to create a nationwide capital network and are looking forward to expanding both of their valuable resources to entrepreneurs on a nationwide basis.  Combined with Think Big Partners' national conference for entrepreneurs, investors and startups, Think Big Partners and ACG can effectively help entrepreneurs locate capital easily, assist investors in finding more businesses worth funding, and help more ideas locate the right home anywhere in the country.

Together, the two companies are combining the importance of entrepreneurial funding with the vital services, resources, and help that entrepreneurs often need when starting up a new business.  This is the first collaboration of its kind, all in the name of serving entrepreneurs, building stronger communities and changing the world.

So what can you expect from Think Big Partners and the Angel Capital Group in the years to come?  The two companies plan to provide incubating environments with strong funding arms in as many communities as possible—and not just in hubs such as San Francisco, Austin and Boston—but in any city that wants to grow its entrepreneurial base.

Do you have more questions about the Angel Capital Group’s collaboration with Think Big Partners?  Stay tuned for Part 2!  In a few hours, check back with us and read up on the special interview I conducted with Angel Capital Group founder, Rachael Qualls!

Written by Allison Way.  Allison is a writer and videographer for Think Big Partners, Kansas City’s mentorship-based business incubator and startup accelerator.  To read more of Allison’s work, check out the Kansas City Entrepreneurship Examiner as well as her articles on Helium, BrooWaha, eZine and Newsvine.