Good moves, bad decisions, and the sometimes ugly end result of a startup were shared with attendees of the April 14th OEN PubTalk™. The PubTalk panel discussion “SplashCast – What Happened?” featured a SplashCast founder and two investors in the company. Founded in 2007, SplashCast’s mission was to help consumers develop videos, text, graphics and music embedded in broadcast "channels." The company raised over $4 million in funding yet closed its doors in 2009.
OEN’s Dave deFiebre served as moderator of the PubTalk panel discussion that included SplashCast founder, lawyer and entrepreneur Tom Turnbull, who held key positions at three venture backed startups and SplashCast investors Angela Jackson and B. Scott Taylor. Jackson, Managing Partner of AB Jackson Group LLC and active angel investor and coach, was Chair of OEN’s Angel Oregon 2010. Taylor, founder and CEO of TAOW, Modern Marketing, author, and serial entrepreneur, was a co-founder of VirtualRelocation.com, which was acquired by Monster.com.
Valuable and candid SplashCast issues and startup takeaways provided by panel included:
--Too many SplashCast investors (approximately 70)—seek fewer investors/larger investments
--Too little initial funding--raise money when you can
--Early business plan wins are key to incremental funding
--Cash reserves are cyclical--whether in favor or not
--Three business models resulted in many changes of direction—cash burned too quickly
--Staffed up too early with no market-ready products
--Hired “the big guy” (expensive vp of sales) too early
--Good communication serves investors well—be as forthright as possible, especially with bad news
--Former entrepreneurs as founders and early hires are key—they’ve been “in the trenches’, dealt with many changes, uncertainty, and ambiguity
--Don’t scrimp on legal advice, but keep a close watch on monthly invoices—they can mushroom
--Be open to creativity—this delivers “brilliant moments of execution”
--Contrary to some current opinions, now is a good time, and Portland is a good place for startups—be optimistic, be “scrappy”
Upcoming OEN PubTalks April 21, May 12
SW Washington PubTalk™ “Pitch Night” April 21st
The Southwest Washington Workforce Development Council (SWWDC) in partnership with the Oregon Entrepreneurs Network (OEN) will host PubTalk Pitch Night April 21st in Vancouver, WA. Three local entrepreneurs will pitch their start up businesses and engage with attendees, providing an invaluable learning opportunity for entrepreneurs.
When: April 21, 2010 From 5:15 PM - 7:00 PM
Where: AHA! 415 W. 6th Street Ste 605, Vancouver, WA
OEN PubTalk™ "The Art of Bootstrapping" May 12
Five successful entrepreneurs will reveal of the art of bootstrapping in a panel discussion on May 12th. The founders of Jama Software, Paydici, Rumblefish, Reliable Remodeler, and Urban Airship will share how they used creative solutions and drew from nontraditional resources to build their companies with limited capital. The event will be moderated by Rick Turoczy, founder and principal writer of Silicon Florist, Portland's premier blog on technology and entrepreneurship.
When: Wednesday, May 12, 5:15 PM - 7:00 PM
Where: Backspace, 115 Northwest 5th Avenue, Portland, OR 97209