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Important Note: All ideas contained herein are the express property of Eric Patrick Marr and/or the Contributors. Express, written permission must be obtained to use these ideas, or any variations, and fees may apply.
Story: I have lived in Dallas, Nashville, Charlotte, and Raleigh. Each winter I would meet 30-40 VERY smart people in sports bars watching UK BB. To a person, almost everyone would say, "I would love to move back home, but I just cannot find a good paying job."
Story: When in Raleigh, a friend called me and asked me if I knew anything about a company called DataBeam in Lexington (he knew I was from Lex). I said, no, but would make a few calls and call him back. I called the Chamber and got NOTHING. I called my dad and was sent a complete file.
Story: Upon graduating from Vandy (MBA), I called the Chamber to inquiry into what they might be able to do for someone in my shoes. Sent a member's directory.
Good Kauffman FACTS --> http://www.kauffman.org/uploadedFiles/kfs_08.pdf. Survey of start-ups, demographics, industries, funding, etc. This provides an excellent overview of what a start-up looks like, how it is financed and its economic impact.
And, the data behind the assertion that venture backed companies outperform --> PDF HERE.
- There is economic justification to focus on developing venture backed companies (they simply outperform per dollar invested). This is a tough sell because you are talking about a very small universe and therefore, fewer ultimate votes you can point to upon your bid for re-election (assuming public dollars are used to incent start-up creation).
- Two things drive company creation -- PEOPLE and DOLLARS. (along with a good idea)
- Kentucky is starved for capital -- both human and financial.
- I have a full blown PPT deck on this very idea....
- Having capital is ONLY one tenth of the battle; having seasoned entrepreneurs and operators is the other 90%. Ideas are a dime a dozen and that is precisely why most GOOD VC firms NEVER sign an NDA, more than likely, they will see your idea by the end of the month.
I like this idea of an "Lexington Entrepreneurial Investment Fund (EIF)." #InvestLex. - EPMNOTE: This DOES NOT mean I am implying the talent does not exist here, but I would say that we are talent scarce (as well as capital).
Something where startups who succeed with original seed money (this original seed money could come from a "TIF" spinoff, encouraging innovation and ideas with the right mentorship and guidance, then reinvested back into the fund, thereby growing the fund as they grow. The WEG's could also play a role here, if this fund is launched beforehand, giving Lexington businesses global exposure. Then, in next 5 years, as they grow, Lexington's EIF will grow.
Story: I have lived in Dallas, Nashville, Charlotte, and Raleigh. Each winter I would meet 30-40 VERY smart people in sports bars watching UK BB. To a person, almost everyone would say, "I would love to move back home, but I just cannot find a good paying job."
Story: When in Raleigh, a friend called me and asked me if I knew anything about a company called DataBeam in Lexington (he knew I was from Lex). I said, no, but would make a few calls and call him back. I called the Chamber and got NOTHING. I called my dad and was sent a complete file.
Story: Upon graduating from Vandy (MBA), I called the Chamber to inquiry into what they might be able to do for someone in my shoes. Sent a member's directory.
Good Kauffman FACTS --> http://www.kauffman.org/uploadedFiles/kfs_08.pdf. Survey of start-ups, demographics, industries, funding, etc. This provides an excellent overview of what a start-up looks like, how it is financed and its economic impact.
And, the data behind the assertion that venture backed companies outperform --> PDF HERE.
EricPatrickMarr |
Latest page update: made by EricPatrickMarr
, Jul 17 2009, 11:55 AM EDT
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