Lemonade Day comes every year in May and did so this past weekend on May 2. For those who don't know, Lemonade Day" happens across the country with kids setting up lemonade stands to sell lemonade and learn entrepreneurship in the process. Over 10,000 stands were put up in Austin last weekend, with sponsorship coming from big names such as HEB, Trilogy and Imperial Sugar.
Essentially, the young entrepreneur must focus on creating the product (lemonade), marketing it, and keeping track of the costs and profits. If you missed it, your kids can get ready for next year or even run their own lemonade day as the summer is quickly approaching and you'll have quite a market for your product. Check out this video to learn more.
Monday, May 3, 2010
Sunday, April 25, 2010
Status on the Proposed Dodd Legislation
Last week at the Texas Funding Symposium on April 21st we had a briefing from DLA Piper on the status of the Chris Dodd bill. For those who haven't heard, the Dodd bill proposes raising the requirements for who is considered an accredited investor and requires startups seeking funding to apply with the SEC first. These two among other provisions would make it much more difficult to fund startups for both the investor and the startup.
The primary group advocating on behalf of the angel investor is the Angel Capital Association. Through coordinated letter writing campaigns and targeted communications to Senators, the ACA leads the effort in getting the word on this proposed bill and having it modified.
To this end, some progress has been made. Liddy Carter of the ACA has made contact through the Connecticut Technology Council and has received some indication that the language in the bill will be modified. In this post it appears the Dodd team is listening to the angels and may side with them in the end.
Best regards,
Hall T.
The primary group advocating on behalf of the angel investor is the Angel Capital Association. Through coordinated letter writing campaigns and targeted communications to Senators, the ACA leads the effort in getting the word on this proposed bill and having it modified.
To this end, some progress has been made. Liddy Carter of the ACA has made contact through the Connecticut Technology Council and has received some indication that the language in the bill will be modified. In this post it appears the Dodd team is listening to the angels and may side with them in the end.
Best regards,
Hall T.
Thursday, April 15, 2010
Texas Funding Symposium -- a Great Lineup of Startups
The Texas Funding Symposium is just around the corner -- April 21st. This year we're introducing the Startup Pavillon in which startups seeking funding will have a place to demo their products and meet with investors. The list of those who are exhibiting are sometimes familiar and often times new. Here's a list:
Waldo Networks
Stella Arrays
MedStar
Onit Technology
Entreave
MyTableNow
Nanolite Systems
Boomerang
Webizcard
Eureka Environmental
Innovate Wireless Health
Angel Tree consulting
Midnight Studios
Green Star Lighting
Several in this group will also have the opportunity to give their Fastpitch.
Also, we added a special briefing by DLA Piper on the the proposed Dodd legislation that, if passed, would dramatically change the landscape for angel investing and startup funding. Under the proposed legislation, the definition of an 'accredited investor' would be raised eliminating about two-thirds of existing investors.
Please join us to see these new startups and learn more about the investing scene here in Austin.
Best regards,
Hall T.
Waldo Networks
Stella Arrays
MedStar
Onit Technology
Entreave
MyTableNow
Nanolite Systems
Boomerang
Webizcard
Eureka Environmental
Innovate Wireless Health
Angel Tree consulting
Midnight Studios
Green Star Lighting
Several in this group will also have the opportunity to give their Fastpitch.
Also, we added a special briefing by DLA Piper on the the proposed Dodd legislation that, if passed, would dramatically change the landscape for angel investing and startup funding. Under the proposed legislation, the definition of an 'accredited investor' would be raised eliminating about two-thirds of existing investors.
Please join us to see these new startups and learn more about the investing scene here in Austin.
Best regards,
Hall T.
Tuesday, April 6, 2010
Chris Dodd Bill Proposes Major Change to Angel Investing
Entrepreneurs come to me on a daily basis seeking funding for their startup and Angel investing plays a critical role for many of these startup companies. The requirements for Angel investing hasn’t changed much since the late 1960s, but the legislation that Chris Dodd has proposed in the US Senate goes way too far.
The driving force behind the proposed changes is the fallout from the Madoff debacle, but the proposed change would greatly impact Angel Investing by changing the requirements of who can invest in startups and how startups can go about raising funding. Based on a survey by Rob Wiltbank of the Venture Research Center of New Hampshire, the ramifications of such legislation could reduce the number of Angel investors nationwide by two-thirds.
To see the proposed bill, click here.
To say that this bill is scary is an understatement. It recommends increasing the thresholds for accredited investors and also puts in a complex process for companies seeking funding which would also make it difficult to syndicate deals across state lines. Other complications include 120 day waiting periods for review of filings.
During the upcoming Texas Funding Symposium (www.fundingsymposium.com) in Austin on April 21st, we’re going to hold a special breakout session for angel investors and other interested parties to learn more about the proposed changes and what can be done to have the voice of the investor heard. Please join us to learn more about it.
Best regards,
Hall T.
The driving force behind the proposed changes is the fallout from the Madoff debacle, but the proposed change would greatly impact Angel Investing by changing the requirements of who can invest in startups and how startups can go about raising funding. Based on a survey by Rob Wiltbank of the Venture Research Center of New Hampshire, the ramifications of such legislation could reduce the number of Angel investors nationwide by two-thirds.
To see the proposed bill, click here.
To say that this bill is scary is an understatement. It recommends increasing the thresholds for accredited investors and also puts in a complex process for companies seeking funding which would also make it difficult to syndicate deals across state lines. Other complications include 120 day waiting periods for review of filings.
During the upcoming Texas Funding Symposium (www.fundingsymposium.com) in Austin on April 21st, we’re going to hold a special breakout session for angel investors and other interested parties to learn more about the proposed changes and what can be done to have the voice of the investor heard. Please join us to learn more about it.
Best regards,
Hall T.
Monday, April 5, 2010
Elizabeth Quintanilla Talks about Her Startup
Elizabeth Quintanilla Talks about Her Startup
Where are you from originally?
I was born in Montreal, Canada but grew up in Corpus Christi, TX
What university did you go to?
All 4 of my degrees are from UT-Austin
What brought you to Austin?
Aerospace Engineering at UT-Austin
What is the idea behind your startup?
Not all businesses have a dedicated marketing resource; I found that a lot of business owners need sound advice on their marketing strategy both online and offline.
What need does it fulfill?
As a business detective, I help understand why those businesses are not reaching their target customers and design marketing strategies to reach them. In addition, I also roll up my sleaves and get my hands dirty with tactical implementation. These business owners also appreciate my operations and technology background which compliments my MBA education.
What exactly does your product do?
I am an on call resource for businesses to identify their marketing and product management needs.
Who is it for?
I offer services for other businesses and focus on tech startups or primary vendors for government contracts
What was the most challenging aspect of starting up a business?
Defining what is my service offering – I am not a “social media expert” but rather a sound business consultant who loves marketing and product management. I specialize in understanding what and why customers are saying about products and businesses.
What is the next step for you and your startup?
Growth and scale – I would enjoy having more business detectives as part of my team.
What advice do you have for entrepreneurs?
If you truly want to be an entrepreneur, stick with it. This is not an easy path but highly rewarding. Also, I would recommend surrounding yourself with some solid mentors to bounce ideas from and help you succeed.
What Austin-based resource have you found to be the most helpful and why?
Actually, there have been 2 important resources for me: Greater Austin Hispanic Chamber of Commerce (GAHCC) and the ProductCamp line of events. GAHCC is a solid organization that truly believes in their mission and helps its members. By becoming their social media ambassador, I was given an opportunity to take a leadership role in their organization and get a better understanding of Austin Business Culture as a whole and not just the high tech scene. ProductCamp is a unique organization seeking to improve the skill sets of Product Marketing and Management by creating a series of events where we can all learn from each other. This is important because we don’t get a lot of opportunities to continue to grow and develop our skill sets.
Where are you from originally?
I was born in Montreal, Canada but grew up in Corpus Christi, TX
What university did you go to?
All 4 of my degrees are from UT-Austin
What brought you to Austin?
Aerospace Engineering at UT-Austin
What is the idea behind your startup?
Not all businesses have a dedicated marketing resource; I found that a lot of business owners need sound advice on their marketing strategy both online and offline.
What need does it fulfill?
As a business detective, I help understand why those businesses are not reaching their target customers and design marketing strategies to reach them. In addition, I also roll up my sleaves and get my hands dirty with tactical implementation. These business owners also appreciate my operations and technology background which compliments my MBA education.
What exactly does your product do?
I am an on call resource for businesses to identify their marketing and product management needs.
Who is it for?
I offer services for other businesses and focus on tech startups or primary vendors for government contracts
What was the most challenging aspect of starting up a business?
Defining what is my service offering – I am not a “social media expert” but rather a sound business consultant who loves marketing and product management. I specialize in understanding what and why customers are saying about products and businesses.
What is the next step for you and your startup?
Growth and scale – I would enjoy having more business detectives as part of my team.
What advice do you have for entrepreneurs?
If you truly want to be an entrepreneur, stick with it. This is not an easy path but highly rewarding. Also, I would recommend surrounding yourself with some solid mentors to bounce ideas from and help you succeed.
What Austin-based resource have you found to be the most helpful and why?
Actually, there have been 2 important resources for me: Greater Austin Hispanic Chamber of Commerce (GAHCC) and the ProductCamp line of events. GAHCC is a solid organization that truly believes in their mission and helps its members. By becoming their social media ambassador, I was given an opportunity to take a leadership role in their organization and get a better understanding of Austin Business Culture as a whole and not just the high tech scene. ProductCamp is a unique organization seeking to improve the skill sets of Product Marketing and Management by creating a series of events where we can all learn from each other. This is important because we don’t get a lot of opportunities to continue to grow and develop our skill sets.
Wednesday, March 31, 2010
Andrew Bushnell of Cospace Talks about Coworking in Austin
Andrew Bushnell of Cospace Talks about Coworking in Austin
Where are you from originally?
I grew up in Salt Lake City, Utah
What university did you go to?
I attended the University of Utah. I earned a B.S. In Finance in 2003
What brought you to Austin?
A combination of factors. I like that Austin is a small city. The talent that is in the city is also amazing, both in the tech and business areas. I love the entrepreneurial spirit that everyone has here. The lack of snow in the winter is also a huge plus for me, coming from Salt Lake.
What is the idea behind your startup?
Our idea was to take coworking, and expand on the idea. Coworking has become an acceptable form of working in the last couple of years, and we saw the benefits of it immediately. What we aim to do is make Cospace the intersection of people, space and resources. A person can come here and have the space they need to work effectively. That person will also have access to the resources he or she needs to grow as a professional, either through training classes, workshops, or, the most important part, the people around them.
What need does it fulfill?
We fill many needs. The most obvious is the need for space to work. We have a place that you can come to and know you will be able to get work done, and have the standard office resources you need to get that work done. If you need to meet with a client that day, we have space for that. You don't have to worry about who is around you, listening to your conversation, because we have private meeting rooms.
We also fill the need for interaction. Too many times I've heard people say they thought working at home or on their own would be wonderful. They can set their own hours, not have to commute, etc. But what a lot of people find out is they miss their coworkers. Just basic interactions with other people can make a huge difference in your day. So that is definitely provided.
We also aim to create an environment where the people working around you are always improving, always striving to be better. That can have a great effect on the other people in the space. We are lucky to have a few people like that as members of Cospace right now. You can just feel that they have a certain 'buzz' around them, and they do push, in positive ways. Usually it's because they have experience in an area, and want to help you to make the right decisions.
What exactly does your product do?
Cospace provides the physical presence that combines people, space and resources.
Who is it for?
Cospace can work for anyone who needs a space to do their business. Cospace works best for people who are looking to further their business or entrepreneurial skills. The intangible benefits a person can get from Cospace are much, much greater than what the actual physical space you get from being a member.
What was the most challenging aspect of starting up a business?
Wow. How do I pick the most challenging aspect? I would say it is believing in your idea. Believing that your idea will work to the point that you are willing to work all day, everyday on it, without compensation. Channelling all of that work is equally as challenging. Since you are starting something new, you can do whatever you want. That makes it very difficult to know which direction to focus all of your efforts.
What is the next step for you and your startup?
Our next step is to start rolling out the resources phase of Cospace. The space is open now, and people are starting to join. We have room for more people though.
We are currently collecting data from the community about the areas of business where they have questions. We want to make sure we are giving them the advice that they really want. We are also in the process of meeting with subject matter experts in the community. These will be the experts we turn to in these fields to provide the resources for our community.
What advice do you have for entrepreneurs?
Don't be afraid to try new things. If you really want to be an entrepreneur, nearly everything you do will be new to you. So don't worry about being bad at something. It's okay to make mistakes. You learn so much more from mistakes anyway.
What Austin-based resource have you found to be the most helpful and why?
The people of Austin. In the six or so months that I have been working on Cospace, I have met so many smart, helpful people. Every time I have a question about something, I seem to find a person who knows the answer, or who is willing to point me in the right direction.
Where are you from originally?
I grew up in Salt Lake City, Utah
What university did you go to?
I attended the University of Utah. I earned a B.S. In Finance in 2003
What brought you to Austin?
A combination of factors. I like that Austin is a small city. The talent that is in the city is also amazing, both in the tech and business areas. I love the entrepreneurial spirit that everyone has here. The lack of snow in the winter is also a huge plus for me, coming from Salt Lake.
What is the idea behind your startup?
Our idea was to take coworking, and expand on the idea. Coworking has become an acceptable form of working in the last couple of years, and we saw the benefits of it immediately. What we aim to do is make Cospace the intersection of people, space and resources. A person can come here and have the space they need to work effectively. That person will also have access to the resources he or she needs to grow as a professional, either through training classes, workshops, or, the most important part, the people around them.
What need does it fulfill?
We fill many needs. The most obvious is the need for space to work. We have a place that you can come to and know you will be able to get work done, and have the standard office resources you need to get that work done. If you need to meet with a client that day, we have space for that. You don't have to worry about who is around you, listening to your conversation, because we have private meeting rooms.
We also fill the need for interaction. Too many times I've heard people say they thought working at home or on their own would be wonderful. They can set their own hours, not have to commute, etc. But what a lot of people find out is they miss their coworkers. Just basic interactions with other people can make a huge difference in your day. So that is definitely provided.
We also aim to create an environment where the people working around you are always improving, always striving to be better. That can have a great effect on the other people in the space. We are lucky to have a few people like that as members of Cospace right now. You can just feel that they have a certain 'buzz' around them, and they do push, in positive ways. Usually it's because they have experience in an area, and want to help you to make the right decisions.
What exactly does your product do?
Cospace provides the physical presence that combines people, space and resources.
Who is it for?
Cospace can work for anyone who needs a space to do their business. Cospace works best for people who are looking to further their business or entrepreneurial skills. The intangible benefits a person can get from Cospace are much, much greater than what the actual physical space you get from being a member.
What was the most challenging aspect of starting up a business?
Wow. How do I pick the most challenging aspect? I would say it is believing in your idea. Believing that your idea will work to the point that you are willing to work all day, everyday on it, without compensation. Channelling all of that work is equally as challenging. Since you are starting something new, you can do whatever you want. That makes it very difficult to know which direction to focus all of your efforts.
What is the next step for you and your startup?
Our next step is to start rolling out the resources phase of Cospace. The space is open now, and people are starting to join. We have room for more people though.
We are currently collecting data from the community about the areas of business where they have questions. We want to make sure we are giving them the advice that they really want. We are also in the process of meeting with subject matter experts in the community. These will be the experts we turn to in these fields to provide the resources for our community.
What advice do you have for entrepreneurs?
Don't be afraid to try new things. If you really want to be an entrepreneur, nearly everything you do will be new to you. So don't worry about being bad at something. It's okay to make mistakes. You learn so much more from mistakes anyway.
What Austin-based resource have you found to be the most helpful and why?
The people of Austin. In the six or so months that I have been working on Cospace, I have met so many smart, helpful people. Every time I have a question about something, I seem to find a person who knows the answer, or who is willing to point me in the right direction.
Monday, March 22, 2010
Capital Factory Seeking New Applications
Entrepreneurs continually come to me seeking seed stage funding but most angel and venture capital groups require at least a prototype and some revenue just to prove out the business model. For those seeking seed stage funding there’s a new category of incubator/accelerator/startup assistance. Here in Austin, the Capital Factory fills that area with their four month long program in which they take in 5 startups and mentor them into fundable deals.
I recently asked Josh Baer what will be new this year. He indicated that they have three new mentors to add to the roster. The new mentors include the following:
Rony Kahan co-founded Indeed.com in 2004 and has grown it into the leading global search engine for jobs with over 25 million monthly unique visitors. Prior to Indeed, Rony co-founded jobsinthemoney.com, the leading job site for financial professionals in 1998 and sold it to Financial News in 2003.
Samy Aboel-Nil was most recently the technical co-founder of MessageOne, responsible for product definition, product strategy, business development for key channel partners, and sales engineering. MessageOne managed well over a million corporate mailboxes before being acquired by Dell Computer in 2008.
Kenny Van Zant is a technology entrepreneur, executive, advisor and board member, with over 20 years of experience with both private and public companies in the Austin area. Mr. Van Zant has been the Senior Vice President and Chief Product Strategist for SolarWinds (NYSE: SWI) since 2006, where he is responsible for the company’s product, market and technology strategy.
If you are seeking seed funding I recommend you investigate the Capital Factory. The Capital Factory is looking for passionate technology entrepreneurs that we can accelerate towards success. You can just have an idea on a napkin or you could have a working product with your first paying customers. Our mentors have started from scratch and found their market fit and they have also scaled their businesses and even taken a few public. Only a few days left to apply. You can apply here.
I recently asked Josh Baer what will be new this year. He indicated that they have three new mentors to add to the roster. The new mentors include the following:
Rony Kahan co-founded Indeed.com in 2004 and has grown it into the leading global search engine for jobs with over 25 million monthly unique visitors. Prior to Indeed, Rony co-founded jobsinthemoney.com, the leading job site for financial professionals in 1998 and sold it to Financial News in 2003.
Samy Aboel-Nil was most recently the technical co-founder of MessageOne, responsible for product definition, product strategy, business development for key channel partners, and sales engineering. MessageOne managed well over a million corporate mailboxes before being acquired by Dell Computer in 2008.
Kenny Van Zant is a technology entrepreneur, executive, advisor and board member, with over 20 years of experience with both private and public companies in the Austin area. Mr. Van Zant has been the Senior Vice President and Chief Product Strategist for SolarWinds (NYSE: SWI) since 2006, where he is responsible for the company’s product, market and technology strategy.
If you are seeking seed funding I recommend you investigate the Capital Factory. The Capital Factory is looking for passionate technology entrepreneurs that we can accelerate towards success. You can just have an idea on a napkin or you could have a working product with your first paying customers. Our mentors have started from scratch and found their market fit and they have also scaled their businesses and even taken a few public. Only a few days left to apply. You can apply here.
Monday, March 15, 2010
Bob Barker Talks about His CEO Coaching Business
Bob Barker Talks about His CEO Coaching Business
Where are you from originally?
Born and raised in Corpus Christi (graduated from Calallen High School)
What university did you go to?
BA with Honors, UT Austin; attended one year of Ph.D. program at Princeton before leaving to pursue a career in software
What brought you to Austin?
The first time was attending UT Austin and graduating BA with Honors (psychology major, math minor); moved to New Jersey and attended grad school at Princeton, then moved back to Austin; recruited to Richardson in 1987; recruited to Michigan in 2003; recruited to Austin in 2006
What is your passion and strength?
Developing a clear vision for growth and supporting it with productive partnerships
What need does it fulfill?
Working with the CEO to clearly define an exit strategy, together we craft a vision for growth aligned with the requirements of potential acquirers. Working with the management team, we produce and implement action plans for partnerships, acquisitions, and strategic products that accelerate the company's move toward an exit.
What exactly do you bring to startups?
Senior management experience at several startups and several major companies in product strategy, strategic partnering, marketing, and business development
What type of startup would benefit from your strengths?
High tech, searching for the right growth strategy, needing to partner with high profile companies for marketing clout, access to customer base, bigger combined solution, etc.
What was the most challenging aspect of starting up a business?
The toughest part for most tech companies is finding a repeatable sales model, i.e. defining a narrative that resonates with and produces value for a clearly identifiable group of prospective customers. Once that’s done, you can focus all your energies there.
What advice do you have for entrepreneurs?
Focus on the business value you provide rather than the technology. Of course, starting off as a “tech head” I definitely place a high value on great technology, but you dramatically increase your chances of future misery and low ROI by pursing an “if I build it, they will come” strategy. Find the pain and gain a deep understanding of it as early as possible, then let addressing it drive product and services development.
What Austin-based resource have you found to be the most helpful and why?
Austin is blessed with a multitude of great resources for entrepreneurs and some really knowledgeable people who want to help you get started. Choosing the right ones to work with is highly dependent on the stage and type of your venture.
Just to mention a few: Austin Technology Council, ATI, Austin Entrepreneurs Network (of course!), TechBA, TechRanch, Texas Venture Labs, Vistage… the list is long!
Where are you from originally?
Born and raised in Corpus Christi (graduated from Calallen High School)
What university did you go to?
BA with Honors, UT Austin; attended one year of Ph.D. program at Princeton before leaving to pursue a career in software
What brought you to Austin?
The first time was attending UT Austin and graduating BA with Honors (psychology major, math minor); moved to New Jersey and attended grad school at Princeton, then moved back to Austin; recruited to Richardson in 1987; recruited to Michigan in 2003; recruited to Austin in 2006
What is your passion and strength?
Developing a clear vision for growth and supporting it with productive partnerships
What need does it fulfill?
Working with the CEO to clearly define an exit strategy, together we craft a vision for growth aligned with the requirements of potential acquirers. Working with the management team, we produce and implement action plans for partnerships, acquisitions, and strategic products that accelerate the company's move toward an exit.
What exactly do you bring to startups?
Senior management experience at several startups and several major companies in product strategy, strategic partnering, marketing, and business development
What type of startup would benefit from your strengths?
High tech, searching for the right growth strategy, needing to partner with high profile companies for marketing clout, access to customer base, bigger combined solution, etc.
What was the most challenging aspect of starting up a business?
The toughest part for most tech companies is finding a repeatable sales model, i.e. defining a narrative that resonates with and produces value for a clearly identifiable group of prospective customers. Once that’s done, you can focus all your energies there.
What advice do you have for entrepreneurs?
Focus on the business value you provide rather than the technology. Of course, starting off as a “tech head” I definitely place a high value on great technology, but you dramatically increase your chances of future misery and low ROI by pursing an “if I build it, they will come” strategy. Find the pain and gain a deep understanding of it as early as possible, then let addressing it drive product and services development.
What Austin-based resource have you found to be the most helpful and why?
Austin is blessed with a multitude of great resources for entrepreneurs and some really knowledgeable people who want to help you get started. Choosing the right ones to work with is highly dependent on the stage and type of your venture.
Just to mention a few: Austin Technology Council, ATI, Austin Entrepreneurs Network (of course!), TechBA, TechRanch, Texas Venture Labs, Vistage… the list is long!
Friday, March 12, 2010
Mark Ligeza of Secret Weapon Systems Talks about His Startup
Mark Ligeza of Secret Weapon Systems Talks about His Startup
Where are you from originally?
I was born in Austin, but spent my formative years in suburban Houston.
What university did you go to?
University of Texas
What brought you to Austin?
School and family
What is the idea behind your startup?
The general impetus for forming our business was to create new enabling products that would dramatically reduce the cost of PC ownership for organizations. Our first offering - the ImageMagic product line - dramatically simplifies the creation, management, and deployment of Windows Standard Operating Environments (SOE).
What need does it fulfill?
In 2008, Forrester Research published a study that identified the significant cost organizations incur in managing and maintaining SOE images. Our vision is to enable organizations to reduce those costs.
What exactly does your product do?
ImageMagic provides a single interface where a deployment of any Windows operating system is completely designed, created, and maintained. Quite simply, ImageMagic dramatically reduces the time and cost associated with deploying PCs across an organization.
Who is it for?
ImageMagic comes in two varieties. ImageMagic Pro is a tool for Systems Administrators, Systems Integrators and IT consultants. ImageMagic Enterprise is a system for businesses with 1,000 or more PCs.
What was the most challenging aspect of starting up a business?
In addition to the associated technical challenge to develop high quality products, establishing credibility and market differentiation is key.
What is the next step for you and your startup?
Expanding our customer base.
What advice do you have for entrepreneurs?
Take any estimate you have going in and double it.
What Austin-based resource have you found to be the most helpful and why?
We recently engaged PetersGroup Public Relations and they’ve been instrumental in helping us differentiate and develop a go-to-market strategy.
Best regards,
Hall T.
Where are you from originally?
I was born in Austin, but spent my formative years in suburban Houston.
What university did you go to?
University of Texas
What brought you to Austin?
School and family
What is the idea behind your startup?
The general impetus for forming our business was to create new enabling products that would dramatically reduce the cost of PC ownership for organizations. Our first offering - the ImageMagic product line - dramatically simplifies the creation, management, and deployment of Windows Standard Operating Environments (SOE).
What need does it fulfill?
In 2008, Forrester Research published a study that identified the significant cost organizations incur in managing and maintaining SOE images. Our vision is to enable organizations to reduce those costs.
What exactly does your product do?
ImageMagic provides a single interface where a deployment of any Windows operating system is completely designed, created, and maintained. Quite simply, ImageMagic dramatically reduces the time and cost associated with deploying PCs across an organization.
Who is it for?
ImageMagic comes in two varieties. ImageMagic Pro is a tool for Systems Administrators, Systems Integrators and IT consultants. ImageMagic Enterprise is a system for businesses with 1,000 or more PCs.
What was the most challenging aspect of starting up a business?
In addition to the associated technical challenge to develop high quality products, establishing credibility and market differentiation is key.
What is the next step for you and your startup?
Expanding our customer base.
What advice do you have for entrepreneurs?
Take any estimate you have going in and double it.
What Austin-based resource have you found to be the most helpful and why?
We recently engaged PetersGroup Public Relations and they’ve been instrumental in helping us differentiate and develop a go-to-market strategy.
Best regards,
Hall T.
Friday, February 19, 2010
Creg Parks Talks about His Startup
Creg Parks Talks about His Startup
Where are you from originally?
Dallas, Texas
What university did you go to?
UT-Arlington
What brought you to Austin?
Business, the culture, and geography
What is the idea behind your startup?
AMH was created in June 2008 and is a healthcare management and consulting company that specializes in the planning, development, implementation, and operations of various healthcare delivery systems, managed care networks and our new Healthcare Information Solutions. Our company goal is to improve the healthcare delivery system.
What need does it fulfill?
Over the past two decades we have developed and negotiated provider fee schedules for payers and providers. This process is very time consuming and it is difficult to conduct this analysis. Our market research indicates that 9 out of 10 healthcare providers do not perform any type of predictive modeling or fee schedule analysis because they do not have the time, expertise, or tools to do so. Furthermore, 95% of these target customers have indicated they are interested once we introduce the process and the PMT solution to them. The PMT process takes a few seconds compared to the manual process, which can be about 2-20 hours. One of many success stories from our current PMT customers provided the information for the client that the new rates proposed by a Payer would have decreased their annual revenues by $250,000 annually, therefore the customer did not agree to the proposed terms. Without the PMT analysis, the client would not have known this financial impact to their business.
What exactly does your product do?
We offer a new financial analysis software and service called the Predictive Modeling Tool or “PMT”. PMT analyzes historical medical claims data based on current or past payment rates providing our clients the total projected financial impact of the new rates. Our target customers are healthcare providers, payers, health systems, self-insured employers, and governmental entities. The PMT solutions change the current complex healthcare payment system and fee schedule analysis process into an affordable, easy to use solution.
Who is it for?
Our target market: healthcare providers, payers, employers, governmental entities, and future products for the healthcare patient community.
What was the most challenging aspect of starting up a business?
Market penetration, company and product branding and positioning.
What is the next step for you and your startup?
Go to market, secure funding, product development of additional modules.
What advice do you have for entrepreneurs?
Prepare, be persistent, never give up, network, secure appropriate funding, create a smart advisory board and experience strategic alliances.
What Austin-based resource have you found to be the most helpful and why?
Austin Entrepreneur Network-great capital resources, networking and business education. Also the Small Business Development Center is a good resource of information
Where are you from originally?
Dallas, Texas
What university did you go to?
UT-Arlington
What brought you to Austin?
Business, the culture, and geography
What is the idea behind your startup?
AMH was created in June 2008 and is a healthcare management and consulting company that specializes in the planning, development, implementation, and operations of various healthcare delivery systems, managed care networks and our new Healthcare Information Solutions. Our company goal is to improve the healthcare delivery system.
What need does it fulfill?
Over the past two decades we have developed and negotiated provider fee schedules for payers and providers. This process is very time consuming and it is difficult to conduct this analysis. Our market research indicates that 9 out of 10 healthcare providers do not perform any type of predictive modeling or fee schedule analysis because they do not have the time, expertise, or tools to do so. Furthermore, 95% of these target customers have indicated they are interested once we introduce the process and the PMT solution to them. The PMT process takes a few seconds compared to the manual process, which can be about 2-20 hours. One of many success stories from our current PMT customers provided the information for the client that the new rates proposed by a Payer would have decreased their annual revenues by $250,000 annually, therefore the customer did not agree to the proposed terms. Without the PMT analysis, the client would not have known this financial impact to their business.
What exactly does your product do?
We offer a new financial analysis software and service called the Predictive Modeling Tool or “PMT”. PMT analyzes historical medical claims data based on current or past payment rates providing our clients the total projected financial impact of the new rates. Our target customers are healthcare providers, payers, health systems, self-insured employers, and governmental entities. The PMT solutions change the current complex healthcare payment system and fee schedule analysis process into an affordable, easy to use solution.
Who is it for?
Our target market: healthcare providers, payers, employers, governmental entities, and future products for the healthcare patient community.
What was the most challenging aspect of starting up a business?
Market penetration, company and product branding and positioning.
What is the next step for you and your startup?
Go to market, secure funding, product development of additional modules.
What advice do you have for entrepreneurs?
Prepare, be persistent, never give up, network, secure appropriate funding, create a smart advisory board and experience strategic alliances.
What Austin-based resource have you found to be the most helpful and why?
Austin Entrepreneur Network-great capital resources, networking and business education. Also the Small Business Development Center is a good resource of information
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