Missed the Tech Roadmap Orientation? Read on:

If you missed one of the Technology Roadmap Initiative (TRI) orientation meetings, you are not too late to participate.  Here’s a quick summary:  Phase 1 (April 6th – May 3rd) is open to anyone that wants to participate and/or submit their idea/invention/product/service to be chosen for further assistance and assessment in Phase 2. As part of Phase 1, we are offering two upcoming workshops, as follows.

Entrepreneurship 101 on April 20th – a fast-paced, jam-packed hour with information about entrepreneurship, starting a business, financing realities, and more.  The second workshop is Profit 101 – which is an interactive half day workshop focused on idea refinement and generating and refining your ideas/inventions/products/services.

For one $30 fee per idea/invention/product/service you get to attend BOTH workshops if you want (one includes lunch) AND/OR it includes the application fee for submitting your idea/invention/product/service for consideration into Phase 2.

Visit the TRI page to learn more.  Give me a call and we can go over it!  If I get enough interest, we will hold another informal orientation session next week, so let me know if you want more information.

Contact me, Tammy Everts, Business Development Director, 509-575-1140 or tammy@ycda.com to get your idea in the fast lane today!

Buckle up for the Tech Roadmap Initiative!

We are excited to announce the launch of two new entrepreneur initiatives to support inventors & innovators.  New Vision, the Yakima County Development Association, announced today that it is initiating two new initiatives to support emerging businesses in the Yakima Valley.  We are partnering with Impact Washington, and poised to start the Technology Roadmap initiative over the next month.  Later this year in September, we will start the Enterprise Challenge, our inaugural business plan competition.

The Technology Roadmap Initiative (TRI) is designed to help inventors, entrepreneurs and established businesses get their ideas, new product lines and inventions in the ‘fast lane’ to commercialization.  We are working with Impact Washington to help people evaluate and commercialize their bright ideas.  The first part of this initiative is for everyone that is interested in launching their inventions or product ideas – Yakima County inventors and entrepreneurs with innovative new products or inventions that are close to market-ready or past the ‘idea’ stage and existing businesses that want to expand or diversify products or areas.  We will then take applications from interested parties and a panel of judges will select up to five individuals or teams for in-depth assistance.

Impact Washington, formerly Washington Manufacturing Services, will help us with the Technology Roadmap initiative.  They will provide general orientations on product development and then provide higher level support during the project’s second phase.  According to Linda Adams, marketing manager for Impact Washington, “We are excited about helping New Vision on this new initiative.  Impact Washington has helped several companies bring new products to market, so we are a natural partner on this project.”

New Vision and Impact Washington will use Eureka Ranch’s Winning Ways Program and Merwyn assessment to evaluate ideas for market viability.  Merwyn has evaluated over 20,000 innovations ranging from industrial products to consumer products and services over the past 10 years with a success rate of over 70% in predicting market success.  Individuals or teams selected for the second round will receive a free Merwyn assessment, which costs $2000.

Two initial orientation meetings will be held at Perry Technical Institute (2011 W Washington Avenue in Yakima) for people that are interested in the TRI and will give inventors, entrepreneurs, and established businesses a clear sense of how this project will unfold:

• April 6, 2010 from 7:00 – 8:00 p.m.
• April 7, 2010 from noon – 1:00 p.m.

In September, New Vision’s business plan competition, the Enterprise Challenge, will commence.  The EC is an interactive business plan competition to identify the best & brightest new innovative business ideas and solid business plans.  It will run until December when winners are announced and cash prizes – top prize is $10,000! – are awarded.

Our goal through these initiatives is to help emerging companies take root and grow in our Valley.  New Vision established a five-year goal to support the formation, survival, and growth of 20 high value business ventures (companies or business expansions less than three years old).  We are still working to define the high value part but we are confident that these new initiatives will help local businesses and jump start some valuable economic activities for our region.

Contact me, Tammy Everts, Business Development Director, 509-575-1140 or tammy@ycda.comfor more information!

Are you really an entrepreneur?

I’ve heard the definition of an entrepreneur is someone that sees a need or problem and designs something to fix said problem.  Sounds easy enough, right?  I see problems every day – I could do this!  You’re thinking, piece of cake, I could too! Just how do you know if you’re an entrepreneur? Take Dan Isenberg’s Two Minute Entrepreneur Test to see if you’re destined to be an entrepreneur or if you may want to do some more soul searching.  Love #15, Can you start without gobs of money?

Then, if you want a second opinion, you can also answer 20 questions by Seth Kravitz, SecondCityCEO, that delve further into the realities and sacrifices many entrepreneurs face.   Warning – this test really goes for the ‘gut check’, for example are you willing to miss your kids’ baseball games and dance recitals?  Put personal relationships at risk? Live without a vacation for years?  I love his question #2, I embrace Failure.  I’ll admit, I failed this test with flying colors.

Many people consider themselves entrepreneurs or as ‘having the entrepreneurial spirit’.  One thing I’ve learned in working with this population is that many entrepreneurs have a distinct and unique personality, yet there are some common traits and characteristics (definitely a topic for a future blog).

I would also surmise that there are entrepreneurs out there that have been turned down for financing, scored low on assessments and driven their friends and families crazy, yet ended up with a successful idea or invention.  I recently read that Apple, eBay and Google (among many others) were initially turned down for venture financing.  It takes perseverance, passion, drive and common sense to keep pushing your idea.

In response to the two tests, what other considerations are important for entrepreneurs?

Show me the Money!

Unless you have a rich uncle that has left you a large inheritance, you will most likely need to look at your own bank account to find the money to start your business.  One of the biggest misconceptions for financing a business are that there is FREE government money available to start a business, especially in the form of a grant.   Unfortunately, the truth about grants and loans is that they are not readily available and even if you are able to get a loan, you are going to have to have to use your own resources.  The average entrepreneur needs about $20,000 (at least) of their own funds (borrowing from family & friends, maxing out credit cards, using personal savings) to get a business venture going.  If you think that you don’t need any cash on hand to get started, you may want to think again and run some financial projections.

According to an article by US Bank, “Getting a small business loan from a bank is difficult because start-ups are risky ventures and banks are not known for their risk taking.  That’s not to say that small business loans aren’t out there, just don’t hold your breath.  Grants from the government work similarly.  They’re hard to come by and the time it takes to search for them could be better spent working on the business itself.” With the tight credit market and tough economy, bootstrapping, or the process of starting a business without any outside financing, is becoming the only option for many entrepreneurs.  Do you have any advice for other entrepreneurs?

If you’re not familiar with the term ‘bootstrapping’, you may want to attend a short workshop on March 3rd to learn more about your options for financing a business.  This is the third workshop in the Yakima Valley Entrepreneur Network’s ‘Working Lunch Series’, presented in partnership with SCORE.   This class will focus on financing options for getting your business off the ground, how to prepare a loan package and the truth about grants and free money.  Workshops are taught by professionals with real-world business experience.

• Financing your Business, Wednesday, March 3rd, 2010.  11:30 a.m. to 1:00 p.m.

Held at the Central Washington Business Resource Center, 10 North 9th Street, Yakima 98901.  Classes are $10.00 each if you pre-register or $15.00 at the door and includes the price of lunch.  To register or for more information, call me at 509.575.1140 or email tammy@ycda.com.

Business Plan=Plan your Business

Just how important is a written business plan?  Do you really need to spend all that time with a plan, I mean, you know exactly what you want to do, it’s all in your head, right?  Understanding what goes into a business plan is almost as important as the plan itself. If you know you should do a plan but aren’t sure how or where to start, we’ve got a workshop for you.   I would also emphasize that if you are going to be seeking ANY outside funding, a business plan is essential.

Business Plan Basics is the second workshop in our ‘Working Lunch Series’.   If you are thinking about starting a business, these workshops are for you.  Attend one or all of the sessions to learn what you need to get started.  This class will focus on business plans and you will learn the basic components of what goes into a business plan.  Workshops are presented in partnership with the Yakima Valley SCORE Chapter and taught by professionals with real-world business experience.

• Business Plan Basics, Wednesday, February 17th, 2010.  11:30 a.m. to 1:00 p.m.
• Financing your Business, Wednesday, March 3rd, 2010.  11:30 a.m. to 1:00 p.m.
• Marketing your Business, Wednesday, March 17, 2010.  11:30 a.m. to 1:00 p.m.

Held at the Central Washington Business Resource Center, 10 North 9th Street, Yakima 98901.  Classes are $10.00 each if you pre-register or $15.00 at the door and includes the price of lunch. Register online or for more information, call me at 509.575.1140 or email tammy@ycda.com.

You can also get assistance from  the YVEN Business Plan Assistance Page, meet with a SCORE or SBDC counselor or use a software program.  I was thinking about starting a home-based business on the side a few years ago and ran the projections and numbers through Business Plan Pro and realized that I would be making less than a dollar an hour.  Needless to say, that was quite a bit different than the $50 an hour I thought I would be making!  What are your best tips for preparing a business plan?  In your experience was it necessary and/or helpful?

There is no ‘I’ in Entrepreneur

If you are an entrepreneur or small business owner and haven’t formed a business team yet, you should consider it.  I attended the Northwest Entrepreneur Network Think Tank last week that had presentations from two emerging businesses that were recent winners of NWEN’s First Look Forum.  They both stressed the importance of building your business team, from a CEO, CFO, CPA, to M-O-M whether it is to help run the business, gain financing or even just for moral support so you don’t have to go at it all alone.

Many entrepreneurs have an idea that they want to protect so they are hesitant to bring in an outside person.  This is understandable, so it is wise to choose your team carefully.  The best example was from one of the presenters who said he just wants to be the ‘crazy inventor guy’ so he needed a business partner to run day-to-day operations and, more importantly, come across as more ‘business-like’ in pursuing financing.  In his case, he has a team member that runs the business end of it, and a Chief Financial Officer.

Other key team members you should have access to would be an accountant or CPA, an attorney, a banker, and if you’re married, it might make things easier on the home front to have your spouse on board (maybe not involved in the business, but at least supportive of your efforts!).  Keep in mind that there is free business counseling available through our local SCORE Chapter and the Small Business Development Center.

What other key people should be involved?  Do you have any experience with forming your business team and if so, what lessons did you learn?

Do you want to BYOB?

Or in other words, do you want to Be Your Own Boss?  If you are thinking about starting your own business, our workshop on February  3rd is just for you.  Attend the first workshop in the Yakima Valley Entrepreneur Network’s ‘Working Lunch Series’, presented in partnership with SCORE.   If you want to start a business, attend one or all of the sessions to learn what you need to get going.  This class is perfect for you if you want to start a business, but are not sure where to start.  It also includes a brief self-assessment to evaluate your readiness for starting a business.  Workshops are taught by professionals with real-world business experience.

• Thinking about starting a business?  Wednesday, February 3rd, 2010.  11:30 a.m. to 1:00 p.m.
• Business Plan Basics, Wednesday, February 17th, 2010.  11:30 a.m. to 1:00 p.m.
• Financing your Business, Wednesday, March 3rd, 2010.  11:30 a.m. to 1:00 p.m.
• Marketing your Business, Wednesday, March 17, 2010.  11:30 a.m. to 1:00 p.m.

Held at the Central Washington Business Resource Center, 10 North 9th Street, Yakima 98901.  Classes are $10.00 each if you pre-register or $15.00 at the door and includes the price of lunch.

Register online or for more information, call Tammy Everts, Business Development Director at 509.575.1140 or email tammy@ycda.com.

Penny for your (original) thoughts

Do you think you’ve got the next great original idea or invention?  This is more difficult than one thinks.  If you think it’s easy, just try to come up with a unique name for a business or website.  Chances are, if you have thought of the next best product, website, retail idea or invention, someone else has too.  I’ve thought I’ve had some one-of-a-kind ideas and talked to people that also have, only to find out upon further research that there is sometimes the exact name or identical product already out there.

It can really be discouraging to the potential business owner to find out another person had their great business name, idea or product that he or she was going to make or sell and become a household name.  The good news is that there are some free tools you can use to search patents, trademarks, business names and more.

• Washington State Trade Name Search:  Before you license a business in Washington, you should verify that the trade name is available.
• Here’s an excellent page on Patents, Trademarks and Copyrights – Business.Gov/Intellectual Property
• Free patent search US Government Patent Office or Google Patent Search. Read more about the US Patent Process.  Be wary of these websites that offer assistance with ‘free patents’, they could be too good to be true.
• Free trademark search:  US Government Trademark Home Page
• Find out if you need a copyright for that blog, movie, book, etc. US Copyright Office.  There is an excellent FAQ page.
• There are numerous free website domain name searches available.  Two that I’ve used are godaddy.com and networksolutions.com.

These links are just a starting point when it comes to innovation and business assistance.  What are your favorite websites for business resources?

One of our Entrepreneur Network strategies for 2010 is to identify and assist Yakima Valley entrepreneurs, inventors and emerging businesses.  We realize that we can’t recruit a large 500-employer company to the region every year and are making a concentrated effort to ‘grow our own’ companies.  If we can assist ten emerging companies that will grow to 10, 20 or 100+ employees, it will only help to diversify and stabilize our economy.

Stay tuned for more on assisting inventors and entrepreneurs and for more exciting news on our first business plan competition this fall – we’ll have details soon.

Skin in the Game

College basketball season is here and for some reason when teams have similar colors it makes me think back to my junior high days when the boy’s basketball team would scrimmage and teams would be divided up into ‘shirts’ and ‘skins’.  The more I learn about bootstrap financing, the more I’ve heard about  ‘skin in the game’.  This expression is now a business term attributed to the well known investor Warren Buffett referring to a situation in which high-ranking insiders use their own money to buy stock in the company they are running.

If you have started your own business, chances are that you contributed a significant amount of your own ‘skin’ or money into starting your business.  If an owner doesn’t have something invested, there really isn’t much risk at failing.  Bootstrap financing is another buzzword referring to the same concept – as the owner or entreprenuer you need to tap into other resources such as personal savings, family and friends for start-up capital.  The average entrepreneur invests $30,000 of his or her personal funds.  If you’ve tried to get a loan recently, you are well aware that lending regulations have tightened up!

In Washington State, there are some small business loan programs, microloan programs and grants available for start-ups, but these still require an investment  on the part of the business owner.  Also, you will most likely also need a business plan, financial statements and financial projections for any grant or loan application.  There are extremely limited grants available for the average business venture and unless you have some revolutionary product or are working on a high-tech or technology product, grants are even fewer and farther between.

What is your best advice for someone looking for start-up?  Save what you need? Perfect your pitch to try and access venture capital?  Borrow from mom & dad? Max out credit cards?  We’d love to hear what has worked for you and/or important lessons learned.

EDA Grant to Support Entrepreneurship

We were recently notified that we secured a $100,000 federal grant to support our entrepreneur initiative.  The United States Economic Development Agency (EDA) grant will help us take the Yakima Valley Entrepreneur Network to the next level.  We plan to organize an initiative for inventors and stage two business plan competitions in 2010-2011.  The funds will also allow us to offer special business seminars and help ensure that the initiative works throughout Yakima County.  Our team is quite pleased with how much has been accomplished in our first year and now we have significant new resources to sustain our emerging business initiative.  Stay tuned for more news and updates about New Vision’s entrepreneur network and for contest details.  Check out the video "Help for Entrepreneurs" on KAPP TV’s website. 

If you have any questions or suggestions surrounding this initiative please contact me at 509-575-1140 or Tammy@ycda.com.

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