How to Find the Right Investor for Your Startup

A good team of investors can be the foundation of your startup’s success, but a bad one can obliterate even the strongest ideas. Investors can provide your business with more than capital — they can become resources for organizing, marketing, and realizing ideas. Knowing what to look for in an investor and being able to attract the best kind of investors are vital skills for any new entrepreneur.

Attracting Investors

As a newbie with limited experience, how do you convince potential investors you are worth listening to — and get them to buy into your idea? Here are two qualities I strongly believe are key:

Communication: In a time when people are constantly connected online, it’s essential to be good at correspondence in its simplest form. People hate being relegated to your voicemail, and unanswered emails make it appear that you don’t have time or don’t care about responding.

Our investors know they can call me anytime, and I’ll always pick up the phone or get back to them quickly. Respond to phone calls and voicemail messages and make time — not just to read, but also to thoughtfully answer emails every day.

Honesty: Being truthful is obviously non-negotiable. If you misrepresent yourself or your business, you’ll be dead in the water.

It’s natural to think seducing investors with best-case-scenario figures is the most effective way to get funding for a new project. Actually, the opposite is true. Nothing will torpedo an investor’s confidence in you faster than projecting everything through rose-colored lenses.

Making cautious or even negative projections shows investors you’re honest with them and also capable of being realistic about your project’s potential problems. Underpromising and over-delivering is your best bet, and an honest assessment of a project’s strengths and weaknesses is crucial.

Sealing the Deal

Once you’ve established yourself as accessible and trustworthy, you will not have to go out of your way to land the investment. Take these steps in advance to increase your chances of sealing the deal:

Prove it works. Once you’ve built a business successfully — even a small one — investors are more likely to believe in you. Get an idea going, and achieve small successes to show you’ve got the drive to see things through. As someone who’s been on both sides of the table, I personally feel more confident investing in ideas that have already proven viable.
Build relationships. Every person you meet is a potential investor or a contact who will lead you to one. This has proven true for me dozens of times. I met a guy at Starbucks once who introduced me to a group that invested $250,000 in one of my ideas. We eventually sold that business for seven figures.
Be likable. It’s impossible to raise money if investors don’t like you. Engage people and be friendly. Look sharp and exude positivity. An investor once told me that he chose to invest in my company because I was personable. “I know we have a winner here because of you. I like you,” he said.

Finding the Right Investors

Getting the right investors for your project is just as important as being able to attract investors. Here’s what I advise upcoming entrepreneurs look for in their investors:

Diversity: The more well-rounded your investment group is, the better suited they’ll be to address the challenges your company will face. Look for investors with diverse backgrounds and experiences.

Positivity: Supportive people can be the difference between a project’s success and failure. No company can grow without encountering problems. Finding people who remain confident through these times can improve your chances of success.

Investors are vital in far more ways than just providing cash. Depending on the arrangement, the right group can become unofficial consulting firms or even assist in day-to-day operations. My current partner, Ryan Goldschmidt, first invested in a nightlife venue he had neither the experience nor the skills necessary to operate. After an exhaustive search, he found a company willing to invest in the buildout with the skills to operate a large venue and the capital needed to make the necessary improvements.

Of course, some investors prefer to remain at arm’s length. Either way, your team of investors can make or break your startup. Always approach potential investors with honesty and confidence, and don’t forget to be picky when choosing the right people to partner with.

Aaron Pitman and Ryan Goldschmidt are founders of RA Domain Capital, a domain name development firm. Aaron is an angel investor and an entrepreneurial thought leader. He welcomes anyone to reach out to him through Twitter (@aaronpitman) or you can visit him directly at aaronpitman.com.

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

Softbank’s Joe Medved: Diligence Is For Entrepreneurs Too

The national VC investors and angels who spoke at Everywhere Else Cincinnati loved the concept of talking to and educating entrepreneurs from everywhere else. In the months leading up to Everywhere Else Cincinnati, we fielded a lot of emails from investors asking about pitch contests and deal flow. Joe Medved joined Blair Garrou (Mercury Fund), Mark Hasebroock (Dundee Venture Capital), Mark Richey (West Capital Advisors/Draper), and Bob Coy (Cincy Tech) on the stage at one point or another during the conference to help educate early stage startups and entrepreneurs. The general consensus was if entrepreneurs are more in tune with the investor community, a lot of time will be saved.

Medved took that idea to the extreme by cramming down probably an entire college course worth of entrepreneurial content into a 30 minute talk and equally robust slides.

Our Managing Editor Monica Selby already covered the truth about getting VC attention, almost immediately after Medved left the stage.

Medved’s presentation was filled with important information. Equally as important as getting VC attention is the fact that due diligence is just as important for the startup as it is for the investor. Too many times startups are so excited about getting a “yes,” they are willing to take money from anyone.

Entrepreneurs need to make sure that the investor is the right fit for their startup. Does the startup see eye to eye with the investor? Does the investor bring value to the startup outside of just money? Taking on an investor is a partnership almost like a marriage. Just as a marriage, it may take a while to get into but it’s a lot harder to get out of. In that respect it’s even harder to get an investor out than it is to get divorced.

Medved offers these tips for doing due diligence on your investors:

References! Speak to entrepreneurs the investor has backed before, including those who have crushed it and been crushed.
– Is there healthy engagement with the investor? And their team?
– Where can they help & what types of board members complement them?
Leverage their network for customer references
– On top of your existing customer references, ask to pitch your business to potential customers in their network
Follow on investments
– If they’ll follow, how frequently do they?
– How much would they reserve?
If you’re working with a fund what is their capital health
– What percentage of their fund is invested and reserved
– If they’re raising soon, is your individual lead in good standing?

All of these points are very important to a startup. As painful as it may be for your pocketbook or bank account or even your startup, if the answers to these questions aren’t comfortable for your team, product and startup you may need to look for another investor.

Follow Joe Medved on Twitter @joevc

Check out more coverage from Everywhere Else Cincinnati here.

Brandery Draws 425 Investors In The Middle Of Cincy Startup Week

Ok it’s not officially Cincy startup week yet, but we’re looking to change that for next year. Our own Everywhere Else Cincinnati conference kicked off the week with two and a half days of 20 minute power talks, keynotes, and panels teaching young entrepreneurs and early stage companies anything and everything from branding to talking to investors.

The Brandery’s annual demo day, an opening of the new Cintrifuse, TED Cincinnati, and #Hack4Good rounded out more events and entrepreneurial experiences than some cities have for their actual startup week.

In planning our conference, we worked closely with The Brandery who actually housed our Cincinnati office as we geared up for the main event. Brandery co-founder Dave Knox kicked off the Everywhere Else conference. Brandery General Manager Mike Bott appeared on a panel about what accelerators are looking for.

Now in it’s fourth year, the Brandery, which some locals believed would never work, continues to improve upon the growing Cincinnati startup ecosystem. Year after year it seems the startups improve and the crowds get even bigger.

The main event for the Brandery startups kicked off Wednesday morning at 8am. Even Proctor & Gamble former CEO Bob McDonald was in attendance alongside some of the biggest investment firms in the country. Folks like Mercury Fund’s Blair Garrou, SoftBank Capital’s Joe Medved, Dundee Venture Capital’s Mark Hasebroock and others made a point to head into town a few days early to also speak to the crowd of hundreds at Everywhere Else.

Bott told cincinnati.com that eight of the ten companies had already lined up follow on funding for after the completion of The Brandery program. Those startups were: Tapfit ($750,000), Chalky ($750,000), and Sqrl ($500,000). Co-Ed Supply has already done $25,000 in sales and raised $150,000 while Frameri, a new way to buy glasses, surpassed their $30,000 Indiegogo goal and raised $43,000.

The stand out from last year’s Brandery class, Flight Car, has already raised over $5 million dollars, graduated from the Y-Combinator program and expanded their peer-to-peer airport car rental services to multiple airports. They are preparing for a launch at LAX later this month.

Nibletz is working with The Brandery, CincyTech, the Cincinnati Regional Chamber, Cintrifuse and other organizations to make the first week of October officially “Cincy Startup Week.”

As a testament to the success of The Brandery, Modulus, a 2012 graduate of The Brandery won the Startup Champion honors at Everywhere Else Cincinnati.

Here are all of the Brandery 2013 companies:

• Awesomatic: Tool allows a business’ customers to support each other.

• Chalky: Connects advice-seekers with mentors who’ve been in their shoes.

• Co-Ed Supply: Delivers box of college essentials on a monthly subscription, connecting brands with the college market.

• Donde: Mobile locator platform helps marketers drive retail sales.

• Dwllr: Allows buyers, sellers and real estate professionals to share information throughout the home-buying process.

• Frameri: Provides interchangeable eyeglass frames with one pair of prescription lenses.

• ShopStoree: Visual commerce platform allows retailers to create interactive online storefronts.

• Sqrl: Tool makes gathering information from clients and groups of people painless. Current focus is on accounting software market.

• Tapfit: Allows users to find, purchase a pass and exercise at studios, gyms and group fitness options that best fit their needs.

The Brandery’s next class will open registration in February. You can find out more about The Brandery here.

Check out our Brandery Coverage at nibletz.com

A Startup Walks Into A Bar And Orders…

Six decade old advertising agency archer>malmo gave an amazing discussion at SXSW 2013 called “When Bad Names Happen to Good Startups.” It was a candid look at naming mistakes startups make. While sometimes names are an afterthought based on a url’s availability, the folks at archer>malmo and their investment arm a>m ventures, preach the importance of a name because it’s the foundation of your brand.

Patrick Woods, a>m ventures Managing Director, says “say nodaddy to godaddy” referring to the practice of naming a startup for a URL. That was just the beginning of an amazing presentation at our Everywhere Else Cincinnati conference earlier this week. What transpired after a brief introduction had the entire audience talking for the rest of the conference. In fact, shortly after the discussion The Cincinnati Business Courier’s Andy Brownfield was so blown away he posted this story.

So the story goes like this: archer>malmo’s Senior Copy Writer Justin Dobbs is a close friend of Woods. “He’s one of the most creative guys I know,” Woods told the audience. So it was a feeling of shock, or possibly being blown off when Woods was recently looking for a gift to get a male friend for his birthday. He figured he would turn to Dobbs’ creative edge to help him come up with something truly amazing. Dobbs’ suggestion? A bar of soap. But not just any soap,

Dobbs suggested a bar of Duke Cannon. Now Duke Cannon is a man’s soap. Its brand isn’t just a brand; it has a personality. Brand is bold, and masculine and their branding is something Woods was successful in driving home.

Their website and brand image is filled with personality. “Tested by soldiers, made in the USA” is one of the rotating graphics that dons the companies web page. “Veggie Burger’s Don’t Mind If I Don’t” is another.

“Duke Cannon doesn’t dine with vegans and he could give a damn about your iPad,” it says on the company’s about page.

Duke Canon’s personality is that of a man, a man’s man. If he walked into a bar he would undoubtedly order something hard.

That’s one question Wood’s asked the audience at Everywhere Else Cincinnati. “What would your startup order at a bar?” “What would your startup order to eat?” was another.

Woods said startups that use simple descriptors may have found the perfect way to tell what their startup does, but they’re so simple that they are insulting to users.

Duke Cannon has a brand voice and startups need one too. “Startups almost feel like they need to sound like a startup. Don’t try to sound like a startup,” Woods said to the audience.

“When you develop a strong personality, you start moving your startup from a product to a brand,” Woods told Brownfield. “Personality is what your brand says when you’re no longer speaking.”

Nibletz would order a Redbull and Vodka and pizza.

Find out more about a>m ventures here.

St. Louis’ Six Thirty Accelerator Announces Inaugural Class

The new fintech startup accelerator in St. Louis, backed by Cultivation Capital and Square’s Jim McKelvey, held an event on Wednesday evening to announce their first startup cohort. McKelvey is joined by Hal Gentry, serial entrepreneur and general partner at Capital Innovators, and Joe Reagan CEO of the St. Louis Regional Chamber, as co-founders for the accelerator called Six Thirty which takes its name from the height and width of the St. Louis Arch.

They received over 100+ applications from all over the world from startups with a financial element. They successfully weeded out the group to just four. Here are the companies in the first session, which officially starts Monday.

Hedgeable, Matthew Kane and Michael Kane
Hedgeable is a next generation Vanguard, providing low cost, risk managed investment products in response to the Financial Crisis.
https://www.hedgeable.com/

MiiCard, James Varga
Through a patented process, miiCard leverages access to online financial accounts to verify an individual’s identity beyond a photo ID through a simple process that occurs completely online in five to ten minutes.
http://www.miicard.com/

Upside, Tom Kimberly
Upside uses innovative financial science and beautiful user interface to provide goal-based investment management to mass affluent young professionals.
https://www.gainupside.com/

XYverify, Elliot Klein
XYverify enables consumers, merchants and financial institutions to reduce costs and prevent fraud via a mobile authentication platform.
http://xyverify.com/

McKelvey is also spearheading another new startup related effort in St. Louis called Launch Code.

Jeff Hoffman: 10 Tips For Entrepreneurs I Learned Along The Way: Lessons From Everywhere Else Cincinnati

Monday afternoon Priceline and Ubid founder Jeff Hoffman took the stage. For decades Hoffman, an entrepreneur his entire life, has spoken to big corporate CEO’s, sales forces, and countless others in the business world. Over the past two years, when we hear “startup conference” and “Priceline fuonder,” it’s been Scott Case, the founding CTO of Priceline and the founding CEO of Startup America. Case drives home excellent points about startup communities.

After spending most of his career creating business plans (successful ones at that), Hoffman has now turned to building entrepreneurs. He is a founder of Venture Camp, a reality show and accelerator that had it’s inaugural session in an Indianapolis mansion. After the success of the first cohort on film and with their companies, Hoffman is looking to expand the program.

Hoffman told the story of his entrepreneurial journey to the audience at Everywhere Else Cincinnati. He started out as an entrepreneur not because he wanted to make huge amounts of money but because he wanted to at least attempt to fix broke things he came across.

“I set out… to deal with problems that no one is fixing,” Hoffman told the crowd at the Duke Energy Convention Center in Cincinnati.

Although uBid and Priceline have been wildly successful Hoffman said “big companies don’t just appear. Even Priceline was a small startup”.

Hoffman then started in on his 10 points of entrepreneurship:

1. Find Your Purpose– People who are focused on purpose far exceed the people who focus on money. Find the purpose that drives you. To illustrate this example, Hoffman told the story of an employee he had named Chris whose purpose was to get his family out of a trailer and into a real house and nothing was going to stop him.

2. Work Backwards from your goal. Set your goal and work backwards. Set your goals and then find out each step to get there, and then do them.

3. Get engaged in the world around you. Sit next to someone you don’t know. The more engaged you are, the more ideas you come across. “I’m amazed with the network I built because I was just out somewhere doing something,” Hoffman said.

4. Solve a real problem.

5. Win a gold medal at one thing– Find something, and tune out everything else. Hoffman explains that many entrepreneurs don’t like this because they worry about the next idea. He then explained that the people that get to work on their next ideas are the ones who won a gold medal on their first idea. He turned to Amazon founder Jeff Bezos as an example: “Bezos always wanted to sell everything, but he became so damn good at selling books, the best damn book seller in the world and with that gold medal built out Amazon. People trusted him on their book sales experience; now they’ll buy anything from him”. Gold Medal= credibility

6.Build a great team- Hire someone smarter than you. “Don’t you want to be the manager with 7 people on the all star team, not the one who has a shitty team because you didn’t want players better than you?” Hoffman asked. Hoffman added that he told his Priceline team once that they could completely change industries on one Friday morning, and they would still win.

7. Get out of your office. The best companies build their product for customers. When Hoffman has a good idea he grabs his car keys to go out and find someone with a wallet who likes the idea.

8. Launch Something- MVP doesn’t mean put a crap product out there. If you go too lean, you’re putting your reputation on the line. “I remember you. You’re Jeff, the crap guy.” Don’t over do the lean thing just to rush something out there. Do two functions of your five function product and crush them. Lean is like throwing shit to the wall.

9. Find a mentor.

10. Work Hard.. success is no secret, work hard. – Hoffman saved his best personal story for last. He’s good personal friends with Evander Holyfield. One day he was visiting with Holyfield who was finishing a workout and Hoffman was spotting him. Holyfield was doing an extremely difficult exercise that he does 300 times a day. Hoffman was counting with Holyfield and then apparently lost count at 299 or 300. Holyfield needed his friend to be absolutely certain whether it was 299 or 300. When Hoffman wasn’t sure Holyfield went down one more time and did the exercise again.

When Hoffman asked Holyfield why he did that, the heavy weight champion told him “The difference between 299 and 300 is the difference between heavyweight champion of the world and just another boxer.”

Needless to say Hoffman does 300 every single time.

Cincinnati Startup Modulus Wins Everywhere Else Cincinnati 2013 Startup Champion

Modulus founder Charlie Key wasn’t looking to win a startup pitch contest when he signed up for this week’s Everywhere Else Cincinnati conference. Key is very active in the local Cincinnati startup community and likes attending startup events. The Modulus team ended up leaving the event with the big ass trophy.

Startups in the Startup Avenue at Everywhere Else Cincinnati participated in the CincyTech, and Cincinnati USA Regional Chamber Startup Poker Run. Over 50 investors and VIP’s at the conference were given five poker chips on Monday morning when they checked in. From 1:00pm-5:00pm that afternoon the investor group was told to check out all of the startups and hand out their chips to the startup they thought was the best. At the end of the afternoon the 5 startups with the most chips got to pitch to the crowd and to a group of judges.

West Capital’s Mark Richey, Draper Triangle’s Will Indest, a>m ventures Patrick Woods and Cincy Tech’s Avi Ram served as the contests judges.

The five finalists were:

Energy Harvesters- a Boston based startup that uses kinetic energy built up through walking and footwear to charge cell phones.

Kids360– a Memphis based startup that helps parents have a better piece of mind in emergency situations while their children are in the care of others.

Tixers- a ticketing platform aimed at season ticket holders and others that eliminates the risk of tickets not selling on Craigslist or StubHub.

Spacefinity- a Pittsburgh startup in the sharing community that allows people to rent space in their homes, sheds, garages, basements and other areas for others to store their stuff (AirBnb for storage).

Modulus– a scalable application platform for developers that offers node.js hosting, MongoDB and performance analytics in the cloud, based in Cincinnati.

All fives startups made engaging 3 minute pitches and then were put through a 3 minute Q&A session with the judges.

Modulus was the judges’ favorite with Tixer in 2nd place. Modulus was crowned the Everywhere Else Cincinnati 2013 Startup Champion. They received a huge trophy, bragging rights, and startup services including a branding consultation with archer>malmo (a>m ventures) and an investor meeting with Cincy Tech.

Key was surprised that their team had won, and they quickly took their trophy back to the office and shared it with their social networks.

Find out more about Modulus here.

Four Rules Every Female Entrepreneur Should Follow

While many business challenges are common for all founders, there are unique lessons that women entrepreneurs will have the opportunity to learn in business. Here are several essential lessons I’ve learned as a successful female entrepreneur and what every female founder should know along the way:

Own your success.
There are several things that, as a woman, you should never apologize for, and at the top of that list is your well-deserved success. The apologetic undertone of some women entrepreneurs is subtle, laced with an excuse, chocked up to ‘luck’ or a dismissed congratulatory pat on the back. Many of us aren’t outright asserting, “I’m sorry that I am successful,” but a lack of confidence and all of the above are bedfellows of the same notion. Ladies, we already face an uphill battle in some cases. Don’t pack more unnecessary personal baggage on your rise to the top. When you earn a congratulatory remark from your peers, embrace it gracefully and confidently. And according to leadership consultant, Rachelle J. Canter, Ph.D., “If you can’t own this success for yourself, then own it for all the other women who look up to you and emulate you.”
Never underestimate your value.
We have all read the headlines that insist women still earn less than men. According to ThinkProgress contributor Sarah Glynn, in the U.S., “women on average make only $.77 cents to every dollar earned by men. Some of that wage gap is the result of women being more likely to work in certain industries or occupations, but about 40 percent of the difference in men’s and women’s wages cannot be explained by any measurable factor.” As a woman, this pay gap may have haunted you in corporate America. But it should no longer hold court in your business. Consider this: you are in complete control of your earning potential. In order to make a shift in your business you must be aware of your gifts and talents, understand what you have to offer within your industry, and monetize your products and services to reflect what the market will bear. Couple all of this with your unique value creation. Tell yourself a positive story about what you have to offer the world. No more excuses. As Albert Einstein notably suggested, “If you put a small value on yourself, rest assured that the world will not raise your price.”
It’s lonely at the top, so bring others with you.
By nature, the front-end of innovation is lonely, but this isn’t necessarily a bad thing. “You do something no one else has ever done and leave everyone else scratching their heads and howling in protest. As the saying goes, ‘You can tell who the pioneers are from the arrows sticking out of their backs,'” suggests MACPA contributor Bill Sharidan. An article published by the Harvard Business Review echoes this notion — it’s isolating at the top. For founders, it can be unsettling. The survey found that “half of CEOs report experiencing feelings of loneliness in their role, and of this group, 61 percent believe it hinders their performance. First-time CEOs are particularly susceptible to this isolation.” Much of the loneliness that entrepreneurial leaders will face is connected to the growing pains of personal development. Or as Jack Welch, former Chairman and CEO of General Electric, has said, “Before you are a leader, success is all about growing yourself. When you become a leader, success is all about growing others.”
Be unapologetically authentic.
Authenticity is a bankable currency. It can define your business and set you apart from the clutter of a cookie-cutter marketplace. You (and your customers) are not well-served by haphazard attempts to be someone else. According to organizational development professors Rob Goffee and Gareth Jones, “Leadership demands the expression of an authentic self. Try to lead like someone else and you will fail. Employees will not follow a CEO who invests little of himself in his leadership behaviors. People want to be led by someone ‘real.’” The same can be said for your business and its customers. Authenticity in business is a baseline of belief in what you say and in what you sell. It is the courage to offer unique value and market yourself in a way that is consistent with your brand. Being everything to everyone sets you up to be nothing to no one.

Erica Nicole is the founder and CEO of YFS Magazine, the definitive digital magazine for startup, small business news and entrepreneurial culture. As an entrepreneurial change-agent, Erica Nicole been featured in national media outlets including Forbes.com, Upstart Business Journal, Fox Business, MSN Business on Main, The Huffington Post, Black Enterprise and more.

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

8 Mandates To Finding Your Meaning From Elevate’s Jake Stutzman At Everywhere Else Cincinnati

At most startup conferences, there’s a speaker or two who makes everyone get up from the chairs and do something, get the blood flowing, meet new people–you know orchestrating meaningful collisions. That speaker at Everywhere Else Cincinnati didn’t come until Tuesday afternoon when Jake Stutzman the founder of Omaha’s Elevate took the stage.

Stutzman, whose firm spearheaded the “experience” part for Everywhere Else Cincinnati, wanted to make sure that the attendees in the room were doing what they were supposed to. After testing moving the group closer to the front and closing the gaps, he tested the audience participation and moved on with explaining 8 mandates to finding your meaning as part of his discussion, “Find The Meaning Find The Money”.

The eye opening talk led off with Stutzman throwing some basic words on the screen and asking the audience to say what brands those words represented in their minds. For instance when he put the word “coffee” on the screen the crowd quickly blurted out Starbucks. For computer, most said “Apple”, and for the word “Phone” most shouted out iPhone, although one person went retro yelling out “Motorola Razor”.

While most of the brands said here made the list of the “World’s Most Valuable Brands”, they are extremely valuable because they own the category in people’s minds. How does a product go beyond just a product and become that category owning brand? Stutzman mapped it out clearly with these 8 mandates. “Usefulness only lasts until something better comes along,” Stutzman told the crowd. Need an example of that, just look at Blackberry.

These 8 important mandates are:

1. Know Yourself

2. Know Your Audience. Who’s your audience? Is there an audience for your product? How do you engage that audience?

3. Know Your Competitor and your category. Do a competitive audit, and know what your competitor does

4. Be Different.

5. Cast a Vision

6. Make it accessible, have brand identity, create memorable experiences and make sure your brand is infused in everything

7. Be Consistent. Consistency is the key to all of this. “It’s the difference between a chaotic brand and a charismatic brand,” Stutzman said.

8. Empower brand champions, find those champions for your brand those people that are extremely loyal and give them the tools to help grow your brand. These brand champions will work for you because you want to.

Nick and I got to experience all of this first hand starting with a two day workshop at Elevate’s Omaha, Nebraska office. There the Elevate team asked us hard questions about exactly what we wanted to do, who attended our conferences, who read our website, who shares our content. Who do we want to come and what do we want them to do? This is why Elevate is so much more than a design firm.

Elevate helped our brand appeal to multiple senses. Visually how was everything going to look? How were we going to direct people and what were they going to do on site?

Moving into 2014 we will have three conferences and continue to work with Elevate, who will help us make sure we continue to drive home these mandates.

Find out more about Elevate at elevate.co

YEC Founder Scott Gerber Knows The Most Important Question to Ask

Scott Gerber woke up the mid-afternoon crowd at Everywhere Else Cincinnati. The fast talking, pacing New Yorker, pulled everyone together and mixed them all up in the middle of the room. Then, he instructed them to look to someone next to them and ask the most important question:

How can I help you?

After 30 seconds, he cut off the buzz and pointed out all the business cards exchanged and conversations started. The exercise highlighted the thesis on which he’s built the Young Entrepreneur Council: social capital is the most valuable currency in the age of social media.

According to Fast Company, the most important role people can take on in the current economy is that of the superconnector. The superconnector spends his time trying to connect other people–even if on the surface they have nothing in common. The superconnector can see relationship possibilities where other people might not.

So, how do you become a superconnector? As with anything we do, the most important thing to get right is the mindset. Our instinct as people is to figure out what we can get from people. Within in 20 seconds, we decide if the person we’re talking to can help us.

The superconnector, however, asks first, “How can I help you?” They give (A LOT) before they take. And, they dedicate real, meaningful time to the people they meet. Gerber insists that we must walk away from the phones, walk away from the computer, and spend real time with the people we come across. We tend to think people with a lot of Twitter followers are influential, but that’s an ego metric that means far less than real conversations.

Gerber’s talk rings true in a world with fewer and fewer set industries. We live in a “slash” world (I’m an editor/writer/mom, for example). Gone are the days in which we spend 40 years in the same job, honing the same craft. In the mobile world we live in, becoming a superconnector can be the best way to not only grow your own career, but also give back to society at large.

To learn more about Scott Gerber, follow him on Twitter and visit theyec.org.

To Grow A Startup, Grow as an Individual

Of all the speakers at Everywhere Else Cincinnati, none embody the Everywhere Else mentality more than John T.Meyer, the Founder of Lemon.ly – a startup that builds awesome infographics. Meyer and Lemon.ly are based in Sioux Falls, South Dakota, the state’s largest city with a population just north of 159 thousand. “Everywhere Else” personified.

Meyer’s talk, entitled “Don’t be Everyone Else at Everywhere Else,” outlined a more internal, individualized approach to building a startup. Rather than focusing blindly on bettering and building the company itself, Meyer argued, an early-stage founder is better served by expending an equal amount of time and energy in bettering his or herself. Or, essentially, a founder should grow as a person to grow the company. Meyer went on to outline 7 points, in the form of quotes, that speak to this approach:

Execute on being you

-Gary Vaynerchuk

Essentially, in the context of Meyer’s discussion, this means that a founder should play to his or her strengths. If you know sales, sell. If you code, code. Conversely, if you know marketing, don’t code, and so on. Play to your strengths.

When human judgement and big data intersect there are some funny things that happen.

– Nate Silver

While tracking big data and various metrics is a familiar undertaking for founders, Meyer brought this up in the context of individual, daily life; i.e. tracking the quantified self with a Fit Bit or some such device. It goes back to knowing and executing on yourself.

It is not enough to be busy. The question is: What are we busy about?

– Henry David Thoreau

Meyer argued that everyone is busy, but a founder must prioritize, and eliminate to the extent it is possible, lesser tasks and focus on the larger goals. A sort-of task triage if you will.

The difference between successful people and very successful people is that very successful people say ‘no’ to almost everything.

– Warren Buffett

This Buffet quote speaks to the Thoreau quote above. It is not enough to simply prioritize your tasks as a founder, you must learn which of those to reject. This is a very less = more approach.

Everyone has highs and lows that they have to learn from, but every morning I start off with a good head on my shoulders, saying to myself ‘it’s going to be a good day.’

– Lindsay Lohan

Meyer used this quote, jokingly, to argue for the use of an alarm clock, as opposed to setting an alarm on a phone. More-or-less, Meyers argued, once you come in contact with your cell phone, it instantly compartmentalizes your brain into ten or more different sections, and you are completely unable to focus on the task at hand. You would be better served to go “phoneless” for the first few minutes or hour of your day.

I don’t know the key to success, but the key to failure is trying to please everybody.

– Bill Cosby

This gets back to saying ‘no’ and focusing on what you are doing. It is important to focus on what you are building and make it really good at what it does. Don’t expand the problem you are solving into sub-problems. Fix it, fix it real good.

If you really want to know where your destiny lies, look at where you apply your time

– Mark Cuban

A fitting end to the talk. Look at what you love doing, and go do it.

Essentially, Meyers talk boiled down to combining two aspects that are usually presented as dichotomy; the self and the company. Rather than treating the two as sort-or exclusive of one another, both should grow in tandem. To grow as a company, it is important to grow as an individual.

Andrew Thompson is the Managing Editor of TechFaster.

SoftBank Capital’s Joe Medved Tells the Truth About Getting VC Attention

It’s investor morning at Everywhere Else Cincinnati. We have some talented VC’s talking to the crowd, including a keynote from Joe Medved of Soft Bank Capital.

Medved’s talk was a gold mine for new founders considering raising capital. Seriously, he gave away all the secrets, even the ones to the most common question founders have:

How do I get a VC’s attention!

Medved had all the answers, some of them a little surprising.

Referrals, referrals, referrals. Without a doubt, the number one way to get a VC’s attention is a great referral. VC’s get pitches from thousands of companies a year, and they have to cut through the noise somehow. To drive the point home, Medved talked about that general info email address every company has on their website. “We may have taken a few meetings from that email address, but I’m pretty sure we’ve never actually invested in a company that used it.”
Networking was the second best way Medved listed for connecting with an investor. Conferences like our Everywhere Else series are great places to meet personable, helpful VCs. Meetups are also a great place, especially if they are super niche. For example, if you’re a hardware company and you meet an investor at a hardware tech meetup, you can feel confident they’re interested in hardware deals.
Don’t have a the kind of meetup you need close to you? Start it yourself! Proving that you’re a connector and can get things done is a great way to prove your worth to anyone, but especially and investor.
Medved, like all of us, talked regretfully about that massively full inbox. For busy investors, a better way to engage online could be commenting on their blogs or interacting with them on Twitter. This type of communication will grow, but at the moment, it’s often easier for VCs to interact on those platforms than through email.
Alternative sites like AngelList are far down the list, but they are still a good way to begin connecting. Crowdfunding can also be effective because once your prove the market value of your product, investment can seem a lot less risky.
Finally, apply to an accelerator, particularly one that engages lots of investors as mentors. These accelerators are set up to filter through cold proposals, so the investors that commit to mentoring know that some of the initial due diligence has already been done. If you handle the accelerator wisely, you have 3 months to prove your worth and get to know the VCs on a personal level. We all like to work with people we like, so a personal relationship is always a good thing.

That’s just a small portion of the great content we’re hearing at Everwhere Else. Stay tuned as we roll through day 2 in Cincinnati.

4 Steps To Find The Right Mentor For Your Startup

People often say that finding a mentor is essential as an entrepreneur, especially if you’re young. I am a junior at Duke University and the co-founder of Star Toilet Paper, so the experience I had prior to starting this company includes camp and caddying work. How do I even know what steps to take or how to develop a business?

While many people within the realm of entrepreneurship are willing to help, there is a big difference between someone who answers a few questions for you and someone who is genuinely interested and invested (not monetarily) in both your company and in you as a person. To me, the most important aspect of a mentor is the latter; your mentor must have a vested interest in learning more about you and what you wish to do to change the world with your new company.

But how do you go about obtaining this type of mentor, and how do you know if they are the right person?

Where: In college, I have access to both people and resources. But you don’t need to be a student to access the people and resources you need. In any major city, there will be a variety of incubators, accelerators and universities which are hotbeds for innovation and centers of knowledge. That does not mean that you need to find the entrepreneurship professor at the closest university. See what is around you and how you can make the most out of those resources. I have found that it is often the third or fourth degree of separation that leads to the best person for you.

When: ASAP! Even if you have thousands or millions of dollars in revenue, a mentor can be helpful. It is important to know that, no matter where you are in your business, there is always room for improvement and a sounding board. The advantage of having a mentor as that sounding board rather than an employee or co-founder is that they come with a consumer perspective. When you work on something 24/7, you begin to lose touch with the thoughts of those who will actually be using the product. Having someone outside the company is a great way to get back in touch with that side without having to test or survey.

How: Just ask. Having access to people and resources is helpful, but the relationships do not go as far as mentorship. Generally someone interested in mentoring will send emails saying things like, “Hey, wanted to catch up and see if there was anything I could do!” They recognize how valuable their time is to you and thus, you need to do the same. Tell them what you are looking for and why you specifically want them to mentor you. Demonstrate the value that they will have in the company. And just ask.

So…Who?: Of course, there is no easy answer to this question; it depends on personal preference and what you are looking for help with specifically. For example, in our case, there are multiple possibilities. We are looking for people with expertise in the toilet paper field, in the marketing field, and in the business development field. Chances are, just one person doesn’t embody these characteristics.

That being said, it is better to have different people with different types of expertise so that you know the question you are asking will be answered by somebody with years of knowledge and experience.

Furthermore, when you find someone you believe could make a valuable mentor, ask yourself whether you are comfortable sitting down for hours and talking with that person, both about the company and yourself. Your mentor should love what you are doing and love your passion. Make sure that they are interested in you at least as much as they love the business.

Bryan Silverman is the co-founder of Star Toilet Paper and a junior studying neuroscience at Duke University. His company utilizes a two-ply business model: they first obtain a large public venue to receive toilet paper at no cost, then reach out to advertisers who pay half a cent per ad to target that demographic. He is a New Yorker at heart, a diehard Yankees, Giants, and Nets fan and of course, a Cameron Crazie.

10 Best Blogs For Business Advice

Question: What’s your favorite blog for Internet-based business advice?

Start with SEOMoz

“The Daily SEO Blog from SEOMoz is filled with articles on marketing, brand building, community management and more. The company embraces transparency and often shares their own strategies and metrics to better help other online companies. Using the advice from the SEOMoz blog, we’ve managed to increase our traffic by 10 times in the past year. Thank you, SEOMoz!”

– Bhavin Parikh | CEO, Magoosh Test Prep

Opt Into Unbounce

“What Oli Gardner and his team have built with the Unbounce blog is amazing. This is my favorite because they have incredibly useful infographics on the process of internet marketing. Very few blogs go as in-depth on internet marketing as Unbounce. Make sure you check out their “Noob Guide to Online Marketing,” which is a great cheat sheet to continuously grow your company’s brand online.”

– Lawrence Watkins | Founder & CEO, Great Black Speakers

Make Use of Mixergy

“I love these targeted interviews from Mixergy that I can watch with Andrew Warner and his guests. Generic advice just isn’t as valuable, and being able to watch the guest adds another dimension. The interviews are inspiring and always leave me with ideas, tactics and strategies to implement in my business.”

– Kelly Azevedo | Founder, She’s Got Systems

Learn From @ASmartBear

“@ASmartBear is a really insightful blog for startup entrepreneurs, founders and CEOs with a focus on marketing and customer acquisition. Jason Cohen, the author of the blog, previously built a multi-million dollar company without VC money, and then sold it for cash.”

– Matt Mickiewicz | Co-Founder, Flippa and 99designs

Anita Loomba for More Media

“Anita Loomba has created a fantastic social media and online marketing blog that displays visual infographics and provides relevant and valuable information for anyone looking for ways to get a handle on their social media. You can subscribe to her blog through email too, which helps when you’re on the go and not at your computer!”

– Stacey Ferreira | Co-Founder and Vice President, MySocialCloud

The @KISSmetrics Marketing Blog

“The @KISSmetrics Marketing Blog has some of the best Internet marketing advice I have ever found. They are wonderful about breaking down complex techniques into step-by-step instructions. It’s one of the few business blogs online where I don’t feel like I have wasted 10 minutes of my life, reading the same old advice rehashed over and over again, like elsewhere!”

– Seth Kravitz | CEO, Technori

Find Fred Wilson on AVC

“Fred Wilson, a VC and principal at Union Square Ventures, has a daily blog called AVC that he has written for years. His posts are insightful (check out the archives too!), but even more valuable is the comments section, which often runs hundreds of comments deep. Each post is a dense discussion of savvy Internet-based business advice from entrepreneurs, VCs, marketers, sales folks and more.”

– Aaron Schwartz | Founder and CEO, Modify Watches

Vin Vacanti’s How To Make It as a First-Time Entrepeneur

“Yipit co-founder and CEO Vin Vacanti writes a blog that is full of thoughtful, honest, actionable and inspiring lessons. Especially relevant to the first-time entrepreneur, but really relevant to just about anyone, each of Vin’s posts is a winner.”

– Derek Flanzraich | CEO and Founder, Greatist

Peek Into PandoDaily

“PandoDaily offers a great alternative to actual insightful news in the Silicon Valley, and the interview they do with prominent investors and founders are great for interesting insights and learnings.”

– Jesse Pujji | CEO, Ampush

Read Neil Patel at Quick Sprout

“Big supporter of Neil Patel’s blog at Quick Sprout. He consistently publishes high-quality, resourceful articles on Internet-based advice. Definitely recommend following it.”

– Ben Lang | Founder, Mapped In Israel