The Start Co. Starter’s Toolkit
Overview The Start Co. Starter’s Toolkit is designed to guide Startups in the early stages of development from the idea phase to the product success phase through the Startup Valley of Death. As a Startup it will often seem like the odds are against you, when you pursue your ideas, you burn through your precious time, money, and resources, it is no wonder that the average Startup founder fails 3.7 times before achieving some form of business success. By creating this toolkit, Start Co. is hoping that promising entrepreneurs will recognize how much work is necessary to put into their companies and themselves to achieve success. Founders will not be able to attain this success without growing on their own, without the aid of Start Co, and this pathway should teach entrepreneurs to be more self-sufficient. 4 D’s – Tool’s and Methods The 4 D’s are the four stages of development, while not a comprehensive list, it points to solid first steps to establishing some staying power as a business. Entrepreneurs should be well-versed on their own companies stages of development before seeking out investment dollars or other late stage resources in order to gain trust and market knowledge to show how viable their business ideas really are. These methods are put in place because there are no shortcuts when it comes to achieving entrepreneurial success, but structure and planning will push your business forward while enforcing clearset goals. D1: Founder Development To attain Startup success the founder must continually
Innovation District Convening Featuring National Experts
On July 27th, 2021, Start Co. hosted a virtual convening with experts on building and sustaining innovation districts. Innovation districts align public and private partners behind a shared effort to boost economic growth and improve residents’ quality of life. The expert speakers were: Bruce Katz, Co-Founder of New Localism Advisors and the Nowak Metro Finance Lab at Drexel University David Adams, Chief Innovation Officer at the University of Cincinnati Michael Pegues, Chief Innovation Officer of the city of Aurora, IL Andre Fowlkes, President of Start Co., moderated the session as speakers shared insights, lessons learned, and best practices in building communities around the world. Each speaker was given roughly ten minutes to share personal insights on how to advance successful place-based economic development strategies, such as Innovation Districts, through local collaboration and national engagement. This was followed by an engaging interactive discussion. In Memphis, partners are coming together to build a special district called The Digital City, a model analogous to that of an Innovation District. The Digital City is facilitating cross-sector participation from government, businesses, and community leaders to invest time, expertise, and capital to activate technology and talent to drive inclusive economic growth. The effort is anchored in the heart of downtown Memphis, and its benefits will radiate throughout the region. “The Digital City is trying to marry Smart City infrastructure with entrepreneurial ecosystem-building; doing it around corporate, government, and institutional anchors that are here for cluster-based innovation and entrepreneurship” – Andre Fowlkes Highlights from the virtual convening
Making a Great Elevator Pitch
Vital to every successful business is a “sticky” Elevator Pitch, one that includes a brief, memorable business description around 2-4 sentences. A potential resource needs to understand what solution you are offering. Have real, vibrant examples prepared that demonstrate how you helped a customer overcome a unique challenge. Providing examples demonstrates that you can solve problems specific to the individual. Be clear in what you are asking for with the pitch. This is most effective when you have a clear understanding of where your business is at in terms of development. Are you solely in need of funding, or can this person provide you with potential customers, mentorship, resource connections, or talent? Construct your pitch with your end goals in mind. Example: Start Co. is a non-profit organization that works with ideas and entrepreneurs that have ideas; we accelerate those ideas into startup companies; and surround those companies with an ecosystem of support resources. It is our relentless building of founders and their early stage companies that we feel is the missing ingredient to stimulating Memphis’ economic growth. Early stage refers to those startups ranging from ideas to companies demonstrating product success. Starting up is very difficult because of the lack of early stage technical assistance; access to quality mentors; connections to seed, validation, and angel funding; and access to resources that can stimulate growth. Start Co. solves this problem through its Start Mentoring, Start Investing, Start Launching, and Start Empowering platforms; where we are mentors, investors, evangelist, and catalysts
Alumni Spotlight: SecondKeys
Continuing on with our series highlighting our accelerator alumni, we spoke with CEO, Amber Hayes, and CTO, Mars McClain, of Memphis-based startup, SecondKeys. Amber has a background in electrical engineering and computer science. Three years ago, after previously working as the lead developer with two startups, Amber decided to start SecondKeys. Mars brings a background of data analytics, computer science, and intelligence operations to his role as CTO. Together, Amber and Mars help SecondKeys provide a cloud-based property management tool that implements machine learning to help predict maintenance plans and capital allocation. SecondKeys is simultaneously a woman-owned, minority-owned, and veteran-owned startup. SecondKeys came in 3rd place for Startup of the Year in 2019, as well as having been placed in the Top 10 Startups of Memphis for three consecutive years. They have also placed in Nashville’s 36|86 pitch competition. What are the 5 – 10 year goals for SecondKeys? Mars: “We want SecondKeys to be the catalyst for how we rethink real estate technology in the US. Wherever a person needs a place to live, we want the foundation of our work to be a part of it.” How has being based in Memphis enhanced your business? Amber: “We used to know about startup accelerators in big cities and out of state when we first started the company. However, being able to stay in the South and receive funding there has helped us gain more customers here.” What has guidance from Start Co. has been the most impactful for your
Digi.City — Digital Skills Building is Now America’s Moral Imperative
The work from home (WFH) movement has demonstrated the importance of technological literacy and access. Regardless of your profession, there is a minimum requirement for tech expertise with the bar raising everyday. Further, we must overcome the digital divide. Read up more in this great article by Chelsea Collier, our director of Digital Communities and founder of Digi.City here: https://www.digi.city/articles/2020/7/27/access-to-digital-skills-building-is-americas-moral-imperative
Interview with Sumeet Chahal Part 2
Recently, I had the opportunity to interview Sumeet Chahal, the Chief Experience Officer (CXO) of Bunker Labs. Sumeet is a veteran of the United States Marine Corps and holds a degree in Computer Engineering from Texas A&M University. The United States military provides a massive network of support for military personnel, but this network is under-utilized when veterans leave the military. Sumeet and Bunker Labs strive to build and leverage a network of veteran entrepreneurs. Veterans leave the military possessing a wide skill set, yet they are 40% less likely to receive traditional bank loans. Sumeet described to me that for many veterans, serving was an act of selflessness, and many shy away from utilizing this network because it felt selfish to ask for help. Bunker is changing this narrative. By connecting veterans throughout the country through entrepreneurship programs that help veterans find resources and scale their businesses or the pre-COVID-19 social gatherings to connect with other entrepreneurs. Bunker gives veterans the support to make the necessary connections, whether it be a mentor, a partnership, or a new customer to help veteran-owned businesses scale. Check out part 1 of the interview here. Carter: You’ve been all over the United States, from College Station to Dallas to OKC to Chicago to Memphis, what are your thoughts on Memphis’s current trajectory and potential to continue fostering entrepreneurship and technological innovation? Sumeet: I will speak very candidly about this as I am very passionate on the topic. Prior to moving here, my understanding
Interview with Sumeet Chahal Part 1
Recently, I had the opportunity to interview Sumeet Chahal, the Chief Experience Officer (CXO) of Bunker Labs. Sumeet is a veteran of the United States Marine Corps and holds a degree in Computer Engineering from Texas A&M University. The United States military provides a massive network of support for military personnel, but this network is under-utilized when veterans leave the military. Sumeet and Bunker Labs strive to build and leverage a network of veteran entrepreneurs. Veterans leave the military possessing a wide skill set, yet they are 40% less likely to receive traditional bank loans. Sumeet described to me that for many veterans, serving was an act of selflessness, and many shy away from utilizing this network because it felt selfish to ask for help. Bunker is changing this narrative. By connecting veterans throughout the country through entrepreneurship programs that help veterans find resources and scale their businesses or the pre-COVID-19 social gatherings to connect with other entrepreneurs. Bunker gives veterans the support to make the necessary connections, whether it be a mentor, a partnership, or a new customer to help veteran-owned businesses scale. Here is the first of two parts of our interview: Carter: Can you give me a bit of background on the beginnings of Bunker Labs, as well as your story in working for Bunker? Sumeet: Bunker Labs was founded six years ago by Todd Connor. In late 2016, I had decided that I wanted to shift my focus towards entrepreneurship. This led me to move to
From Digi.City: 7 Essential Elements of a Smart City Ecosystem
Getting the most out of the capabilities of a Smart City goes beyond the technological infrastructure in place. The people creating and benefiting from the solutions built on top of the technology create an effective ecosystem. Smart City efforts are usually led by one community entity, but the key to success is to get all parties within a community to engage in order to maximize the benefits. You can read up on the 7 fundamentals of a Smart City ecosystem in this great article by Chelsea Collier, our director of Digital Communities and founder of Digi.City.
Stickiness Factor
You can only be successful if people are willing and able to be your customers. They must know about you, and be compelled to act. Malcolm Gladwell asserts in The Tipping Point that “the stickiness factor” is one of three necessary elements for an idea to reach critical mass and tip into the mainstream. Brothers Chip and Dan Heath adopted Gladwell’s term and expounded further on the concept. To be sticky, an idea needs to be: Simple Unexpected Concrete Credible Emotional, and involve Stories Example: The Power of Stickiness Which statement below resonates more with you? Which are you more likely to remember? Our mission is to become the international leader in the space industry through maximum team-centered innovation and strategically targeted aerospace initiatives. OR We will “put a man on the moon and return him safely to the earth by the end of the decade.” One final note: discussed above are ways that you can make your own message resonate with a potential customer or the market. But your company’s success is about far more than making the initial sale. The Cluetrain Manifesto revolutionized marketing with the simple statement that Markets are conversations. The authors further assert that there are three primary categories of activity in any marketplace: transaction, conversation and relationship. Ultimately your customers are people, not “targets,” “market niches” or “demographics.” People want to connect and they want to matter. Especially with the internet and social media, they expect to see behind the curtain. And they talk.
Interview with Emmanuel Tuombe of ABES Engineering
Recently, I got the opportunity to speak with Emmanuel Tuombe, Founder and CEO of ABES Engineering in Memphis. Growing up witnessing the challenges created from a lack of infrastructure in Rwanda, Emmanuel set out to become a civil engineer. He founded ABES Engineering in 2015 with the goal to build a profitable business and to give back locally and around the world in underserved communities. After a successful career working for the largest engineering firm in the world, Bechtel, Emmanuel embarked on the entrepreneurial journey with ABES. Through his involvement in the community and a chat with the city of Memphis Mayor Office through the Office of Business Diversity and Compliance (OBDC), Emmanuel learned about and thought highly of The 800 Initiative, a program with the primary goal of growing existing minority-owned businesses in Memphis. After joining The 800, his business developed quickly. With The 800, ABES was able to learn how to scale his business by partnering with other engineering firms, as well as create a sound strategy to support Emmanuel’s vision and ABES’s growth. Learn more from our interview here. Carter: What work is ABES Engineering currently doing? Emmanuel: “ABES is currently involved with many major infrastructure projects with the City of Memphis, Shelby County Government, the International Port of Memphis, and the Community Redevelopment Agency (CRA). We partner with other engineering firms, such as the largest in Memphis, Fisher Arnold, to execute our projects. We will soon embark on projects with the Tennessee Department of Transportation. ABES