The 2nd Annual LaunchMemphis Investment Forum was held June 19th at the FedEx Institute and attracted an impressively wide range of companies. We are proud to be able to refer to it now as an annual event, and we continue to be excited about the long-term viability of this event. Entrepreneurs brought their ideas and pitches to investors with companies ranging from concepts that were still in the early development stage to companies that have been in operation for several years. The event included representation from the retail, real estate, medical device and software industries.
Based on the feedback we have received to date, the event has once again exceeded the expectation of those that participated. Meetings are occurring with investors and the dialog that started at the event continues today. For some participants, the practice of pitching 7 times in 1.5 hours was challenging, educational, and life-changing. For others, it was a way to discover the areas that need work and to try out different pitches on an audience that asked challenging questions and pushed them to consider some interesting alternatives to their business models.
This year’s event was a more compact event, with a smaller seed track. We felt that most participants last year were just too exhausted at the end of the day to provide the feedback that the entrepreneurs deserved, and the changes we made were received well by those who participated. Whereas last year the number of companies in the seed track outnumbered venture companies 3 to 1, this year it was evenly split, with 7 companies in each track. While these numbers reflect the types of applications we received, they are also reflective of what we see as some maturation of some participants. We couldn’t be happier with the quality of the ideas we are seeing in the area.
Like any event, there are always lessons learned and things that we can do better. Our two top priorities as we look to next year’s event are engaging a broader base of investors to help grow the event and improving the pitches of those companies that participate. We recognize that in some cases, the presenters had great ideas but still had some work to do to turn the great idea into a great business. We will continue working with entrepreneurs and investors to help these great ideas become great businesses that can help take our great city to new levels. We were once again reminded by all those that presented that no city has a monopoly on innovation, and Memphis is a place that has the talent to compete with any city in the country.
If you are an investor (angel or institutional), we want to hear from you — we need to work together to ensure that this event can become a showcase for the talent that is in Memphis and that is all too often unrecognized by the media and the investment community.
For those that participated or plan to participate next year, look for updates on upcoming events to really try to help anyone interested get better at pitching their company to investors, partners, and prospects. We realize this is an area of critical need for our budding entrepreneurial community, and we want to provide events and means to help everyone improve.
We also want to thank our sponsors for the event, Tennessee Technology Development Council, TECworks, and the FedEx Institute at the University of Memphis. We could not continue this event without their support and greatly appreciate all their efforts in making this event a success.