On Wednesday evening, February 8, 2012 the OEN community gathered once again at Backspace Café for what would be a first-hand look into the nurturing world of business incubators. Moderated by PIE’s own Pinky Gonzales, the audience listened intently to an open forum discussion on the good, the bad, and the ugly of four local companies experiences with four local incubators.
OTBC- SheerID’s CEO Jake Weatherly was hard pressed to say anything bad about Beaverton based incubator OTBC, which in addition to mentorship and curriculum, offers office space. Though the commute from his Eugene - based company was demanding, OTBC made it worthwhile by connecting SheerID #with a vast network of veteran entrepreneurs, and provided them mentorship though a personally selected board of advisors. Committed to bringing SheerID’s idea to implementation, OTBC outlined a curriculum that strived to a.) Accelerate their business, and b.) Help them overcome and avoid common business mistakes.
PIE- Revisu’s CEO Brad Heller spoke on behalf of his company’s 3 month stay with Wieden + Kennedy’s incubator: PIE. Located in W+K’s offices in the Pearl, PIE selected Revisu, among other tech start-ups, through an application process, and provided them with cash, office space, and access to W+K, their global network, and a team of mentors. Acting as hands-on or hands-off as Revisu liked, PIE provided the means for Revisu to make more informed decisions on how to start, grow, and boost their company. PIE invests $18K in each company and takes a small percentage of equity of each company that goes through the incubator program.
PSF- Selected as one of the first eight participating companies at the Portland Seed Fund, Vizify CEO and Co-Founder Todd Silverstein shared his honest experience with the Portland Seed Fund (PSF). Surrounded by a group of professionals, experts, and other participating entrepreneurs at all times, Silverstein emphasized the incubators cultivation of peer input. Noting that these collaborated relationships often produce “hard-to-hear truths”, Silverstein graciously contended though, “that you get what you need to hear in order to get where you want to go.” Companies that participate in PSF receive $25K investment in the form of a convertible note. It’s a virtual incubator, they do not have office space.
TiEOR- Techolos Inc. CFO and Co-founder Ram Koganti shared with the OEN crowd his company’s involvement with the Oregon chapter of the global entrepreneurship organization TiE. TiE Oregon’s Hillsboro Westside Incubator provided his company with furnished commercial office space, a mentor, and access to local professionals and entrepreneurial events. Ram highlighted the incubator’s helpful workshops, networking groups, and opportunities to talk with potential angel investors.
Top 5 Take-Aways
1.) Find Your Identity- Develop, know, and define who you are. This is a strenuous process and it helps to know what works for you and what you are willing to sacrifice.
2.) Listening is Crux- You don’t know everything, that’s why you’re here. Listen up because they are here to help.
3.) Avoid Decision Paralysis- A lot of people are going to be talking with you and it can be difficult to know what to do. Take what each person says with a grain of salt, mull it over, and see how you can leverage it.
4.) Go With Your Gut- Easier said than done but at the end of the day you need to make a decision. Make it, move on with it, and adjust when necessary.
5.) Know When to Let Go- The work comes first but only at the expense of something else. Take time step away, regroup, and then go back at it.
