Unveiling MEMx: Entrepreneurship for Everyone
As a community, we are quite familiar with the troubling state of the Memphis economy (unemployment 50% above the national average and country-leading poverty levels for comparably-sized cities). The persistence of these and comparable indicators leads to the inescapable conclusion that traditional approaches to talent and economic development are insufficient by themselves to help Memphis re-establish a thriving economy. Fast-growing entrepreneurial companies helped cities across the US transition their economies and establish the foundation for long-term economic success. Young, entrepreneurial companies generated almost all net new jobs in the US over the last 30 years, and a disproportionate share of high-tech or knowledge workers for the greatest economic impact. Unfortunately, the Memphis economy generated few of these companies and our workforce in high-tech or knowledge jobs is 25% to 50% lower than national averages. With these workers trailing US averages and low levels of investment in this talent and support of entrepreneurship, Memphis has both a challenge and an opportunity. Today, JumpStart, Inc. and Start Co. are pleased to release MEMx, a plan-in-action to advance the economic future of Memphis with the guiding principle that “Entrepreneurship is for Everyone.” MEMx was built by JumpStart, Inc., Start Co., and the input of over 200 Memphis area organizations and community leaders who participated in the research and thinking. It is the most comprehensive survey of entrepreneurship support conducted in Memphis and already activates partners aligned for making measured gains in entrepreneurial activity in 2014. This isn’t just startups for startups’ sake –
Veterans make great Entrepreneurs
According to an SBA study, military service is highly correlated with entrepreneurial tendencies. That’s good news for Memphis and Shelby County, whose proximity to the Millington Naval Base contributes to a population of more than 60,000 veterans. These veterans and their families are already equipped with skills that lay a solid foundation for starting up. Not only are they hard workers and team players, they know how to continue moving forward, despite the sometimes difficult journey. However, while the veteran community has a leg up in certain aspects, when it comes to starting a company, it’s not always easy to find the necessary resources. For those looking to start and grow their businesses – specifically technology businesses – Start Co. is the place to turn to. Start Co. is a nonprofit, venture development organization that helps entrepreneurs turn their unique, high-growth-potential ideas* into scalable business models and companies. We have seen a number of veterans and other entrepreneurs pass through our doors with technology or software related ideas, and over time we have cultivated a wealth of knowledge and resources to share with those who are beginning the startup journey. Thinking about starting up? Here are some of the services we offer: Weekly workshops – Speakers discuss different aspects of starting up. Topics range from legal and marketing advice to creating a better product or developing a working business model. Ad hoc mentoring and office hours – These sessions ensure that entrepreneurs stay on track and avoid some of the
5 Benefits of participating in 48 Hour Launch
This weekend, Start Co. is kicking off Global Entrepreneurship Week with 48 Hour Launch. The event begins on Friday night, when participants have two minutes to pitch their company ideas to the community. Teams will then form around the five most popular ideas and spend the rest of the weekend preparing their companies to launch. On Sunday night, the companies will be presented to the community to compete for a $1,000 prize. Previously launched companies include MentorMe and ScrewPulp. It goes without saying that the collective talent and resources available throughout the weekend are invaluable to the five newly launched companies. Should they decide to continue with their companies’ development, founders will have covered remarkable ground and gained useful connections in the span of only two days. However, regardless of whether or not your own idea is selected, participating in 48 Hour Launch is definitely a worthwhile experience. Here are the top five benefits participants can gain through the experience: 1. Where else can you find so many startup professionals under one roof? Teams will have office hours with legal, ad/design, and accounting professionals from Baker Donelson, archer>malmo, and The Marston Group. Additionally, developers from Mosaik Solutions and others will be working with the teams to build their products. Just by attending these office hours, participants receive helpful hints and tools that can be applied to any venture. No appointments, no billing. 2. Connect with others who share your entrepreneurial tendencies. Perhaps someone shares your interest in solving a particular problem, or maybe they have advice
Global Entrepreneurship Week is coming to Memphis
G.E.W. 2013: November 18-24th Each year, one week in November is dedicated to people like you — innovators, creators, builders and entrepreneurs — who have big ideas and the drive to bring them to life. This year is no different. Here’s what is happening in Memphis for Global Entrepreneurship Week. Check out these Memphis Events: Friday – Sunday, Nov. 15-17: 48 Hour Launch – Register to attend HERE. The event kicks off on Friday at 6pm at Start Co. Participants have two minutes to pitch their business ideas, and then the crowd votes and forms teams around the five most popular ideas. After a weekend of business development, with professional assistance from designers, marketers, lawyers, accountants, and tech developers, among others, the community will gather again on Sunday night at 6pm to watch the newly launched companies pitch for a $1,000 prize. Tuesday, Nov. 19: Lunch & Learn – Memphis Bioworks, 12pm: Join Memphis Bioworks for a panel discussion featuring iScreen Vision: Anatomy of an Entrepreneurial Success Story. Ignite Memphis, Vol. 6* – Crosstown Arts, 7pm – Register to attend HERE Your favorite night of enlightenment, entertainment, and beer is back. 12 presenters will have 5 minutes, 20 slides, and a lot to say. With topics as varied as the slides are creative, you’re guaranteed to learn (and laugh) more in two hours than you have all week. (This event is being put together by Undercurrent, with the help of Start Co., New Memphis Institute, and Orion Federal Credit Union) Wednesday, Nov. 20: Watch your Twitter and Facebook feeds! We’ll shower some love on our
Think Like an Entrepreneur: How Start Co. is Changing the Game for Student Journalists
At Start Co., we believe that thinking like an entrepreneur is a mindset that benefits more than just our founders. That’s why when Dr.s Lurene Kelley and Carrie Brown of the University of Memphis approached us about developing a course that taught entrepreneurial skills to their journalism students, we couldn’t say no. “Given the disruptive forces that have forever changed the traditional news model, we thought that we needed a course that would encourage a different kind of thinking among our students,” said Lurene Kelley. “We wanted them to think about developing their own journalistic endeavors or at least learn to think in a more innovative fashion.” Many would say that this partnership was born out of necessity. The Internet has destabilized the business models that sustained quality journalism for decades. “It is no longer enough for journalism students to develop strong skills in writing, reporting and creating multimedia editorial content,” Carrie Brown stated. “They must also learn business fundamentals, marketing strategies and how to take advantage of new opportunities for sustainability and growth.” This nontraditional skillset is essential in order for journalists to figure out their future in the age of the Internet. Entrepreneurial Journalism is a course requirement for any student seeking a graduate degree in journalism. Throughout the semester, the class utilizes Start Co.’s founder’s toolkit in order to emphasize the importance of creative problem solving. Students are taught to fully embrace the three D’s of starting up and learn to conduct customer discovery, explore product delivery
Kickstart that business heart: Start Co. finds itself fostering a booming startup scene
They listen to him as if a quiz will follow. As he speaks with his hands, attempting to project an imaginary graph on something about “money flow” and “potential costumers,” two women sit across from him. Their yellow notebooks are tattooed with information he’s shared. “…And this is when you’ll want your company to look at other ways of revenue,” their teacher, Start Co. Co-President Andre Fowlkes said, as he continued his lesson. It looked like a college lecture. But the two listening to him aren’t students. They’re entrepreneurs. And this type of scenario isn’t uncommon. In fact, given what Start Co. offers local startups and entrepreneurs, it’s one of many. Think of Start Co., as a Swiss-Army Knife of resources to Memphis’ startup and entrepreneur scene. They offer mentorships, workshops, and pitch practices. Their workspace, which includes Wi-Fi and coffee, is also open. And if speed is key, the company offers accelerator programs, which Start Co. Community Manager Hillary Quirk described as “three-month long boot camps that cram a lot of business development and entrepreneurship skills.” Located in the same building as Playhouse On The Square in Midtown, Start Co. started in 2008 to help a growing entrepreneur ecosystem. “If you looked at the growth from 2006 to today, then yeah.” Start Co. CEO/Co-President Eric Matthews said. “It is growing, and it seems to be growing dramatically. Every week, it’s three to five new entrepreneurs that reach out to us and are looking for support or assistance. That’s a
First Upstart Memphis Cohort to Host Demo Day
Far too often we see buzz phrases like “glass ceiling” and “gender gap” in the news with no thoughts on how to combat them. We know that women face adversity professionally, especially when trying to start their own business, and we can agree that this is unfortunate—but what have we agreed to do about it? That’s why Start Co. decided to provide solutions and create Upstart Memphis, a women’s exclusive accelerator program for tech-based startups. On July 11, 2013 four teams were given $15,000 each to get their startup off the ground. Now, we would like you to see just how far they’ve come. Join us Wednesday, October 23 at the Malco’s Studio on the Square at 2 PM as we celebrate and highlight our female founders and their accomplishments. This year, Upstart Memphis will be showcasing: Leni Stoeva, CEO of Artwardly, a web-based service that leases artwork to businesses, corporations and collectors. Kelli Meade, CEO of GemPhones, a brand of high-fashion earphones designed to include both quality of sound and functionality. Zakkiyah Daniels, CEO of Stylecrook, a fashion retail marketplace where members can save on the latest styles with the help of their friends. Audrey Jones and Demarcus Bowser, co-founders of Kids360, a mobile app that allows parents to communicate their emergency contact information across multiple channels. In addition, we will also feature Brit Fitzpatrick, Founder and CEO of MentorMe as well as Tameesha Desangles, an entrepreneur who has advanced through Start Co.’s Launch University and earned an opportunity
A personal letter from Andre Fowlkes on the Jumpstart Partnership
Two and a half years ago, Start Co. (LaunchMemphis at the time) was having difficulty raising social, political and financial capital in the Memphis area. Actually, most of its support was coming from outside the region, from Nashville, with the exception of a few gracious sponsors here locally. We were a 100% volunteer organization with a few hundred dollars in the bank who knew that if we could not get the local community involved in our efforts to never stop building founders and their companies, our organization would go away. At that same time another organization based in Cleveland, OH was making some noise in terms of building the infrastructure for high growth entrepreneurial companies in Northeast Ohio. This got the attention of the Obama Administration, and they were asked to take their successes into other regions of the country. Jumpstart Inc. agreed and began the Jumpstart America initiative which was supported by the Knight and Surdna Foundations to expand into 6 regions. Start Co. noticed this group in Ohio who has now invested directly in over 70 companies and has accelerated another 400 companies, whereby these companies have now secured over $550MM in risk capital. We considered them one of the lead venture development organizations in the country, not just because they are teaching startups how to fish, but because they are teaching startup organizations how to fish, and this is what we believe we need here in Memphis. It was at the beginning of 2011 that we cold
Start Co. and Jumpstart, Inc. Announce New Partnership and Vision for Memphis
Start Co. and JumpStart Inc. announce new partnership and vision for Memphis entrepreneurial ecosystem MEMPHIS, TN (Aug. 6, 2013) – Start Co. announces their partnership with JumpStart Inc., a nationally recognized nonprofit venture development organization, on a project aimed at enhancing the existing efforts to connect Memphis startup businesses with the resources they need to succeed. This partnership is the first step in developing a sustainable five-year plan to put Memphis on the map as a center for venture development and innovation. The project aims to increase the pipeline of quality entrepreneurs and companies across sectors, provide relevant technical assistance pre- and post- accelerator, increase seed and follow-on funding available to high potential startups, and generate more entrepreneurial ideas from all members of the community. “After two years of discussions, we’re excited to kick off this collaboration with JumpStart,” says Andre Fowlkes, co-president of Start Co. “Working with JumpStart further supports our mission of relentlessly building companies and founders for the advancement of Memphis’ entrepreneurial ecosystem. We’re excited to leverage JumpStart’s expertise, resources and track record.” The project will capture critical data related to the creation and development of high growth ventures, inform the enhancement of entrepreneurial support resources and identify productive partnerships. “We choose to work with Start Co. because of their track record in supporting high growth technology startups in the Memphis market,” says Mike Mozenter, President of JumpStart’s regional consulting arm. “Our organizations have complimentary missions, and I have been impressed with the resources and support that Start
Introducing Start Co.: our new name and growing vision
Start Co. Launches New Name and Visual Identity Tied to Advancing High-Growth Startups: Growing Venture Organization Promotes Memphis as Startup Destination LaunchYourCity, Inc., an economic development organization that focuses on building startup companies and their founders, today announced the transformation of its organizational identity to Start Co. The new name and identity better reflects the organization’s service offerings and values under a unified platform and mission to advance the economic future of Memphis through supporting technology entrepreneurs and startup ecosystems. “The rebrand is a result of the amazing growth our organization has encountered over the past few years, and speaks to Start Co.’s forward-looking values, as well as the growing demand for building start ups here in Memphis,” said Eric Mathews, the founder and CEO of Start Co., formerly LaunchYourCity. “It more clearly defines who we serve and what we are about – which is to relentlessly build start up founders and their companies with methodical discipline and boundless optimism.” The unveiling of the new brand and identity is a key step in the organization’s transformation, and will be fully realized in coming months through the roll-out of a completely redesigned website and rebranded service offerings. In addition to these programs, Start Co. will continue to operate accelerator programs including Seed Hatchery, the 90-day mentor program focused on technology startups and Upstart, an accelerator program specifically geared toward building women-led and owned startups. “Our new name better represents our brand,” said co-president Andre Fowkles. “Start Co. aligns with our mission