On Friday I attended an entrepreneur’s conference called Epifany Conference. The conference was to unveil the Epifany Network. The concept behind ePIFany is the PIF-pay it forward concept. The Epifany Network is created by entrepreneurs FOR entrepreneurs.
I really like the concept because lately I’ve been reading a lot of books and talking to a lot of people who have already been there done that and got the t-shirt type. I decided that while those people have valuable knowledge, I was wanting feedback and motivation from those who haven’t written a book on their challenges yet, those who were “still in the trenches” so to say. And that is what ePIFany is all about. It is about getting entrepreneurs to help others with problems they are both experiencing, or just finished.
So a venture capitalist will never be the one speaking on the topic of venture capital, it will be a regular joe entrepreneur talking about how they went about getting ventrure capital. It is not a business pitching environment at all.
For example, at this network luncheon, we all came in and mingled for an hour, talked and got to know each other. Then we had some excellent lunch and got into introductions. After that the guest speakers are announced.
Tim Hunt of LingoTek talked on what to get organized when going to talk to a venture capitalist. Here are the notes:
Your ideas are worth squat and a waste of time unless you do them!
1. First step is to get connected-build a network
* Get Introduced to:
Previous Investors
Current Investors
Lawyers and Accountants
Other Entrepreneurs
Professors
2. Show Traction
Prove your team-test them don’t just hire, have them be working with your company already. (This reminds me of Seth Godin’s Blog about interviewing.)
Prove technology-do you have something that is working already, or just an idea-refer to “you’re ideas are worth squat” comment.
Prove Market-What is your market, do you know, have you done any testing?
Tim says that investors are always, ALWAYS doubting. If you come in with some evidence already that you can PROVE them wrong, you’ve got a stronger case.
3. He also says to make sure you are doing your financial projections right. Sometimes he has come across people who simply forgot about the taxes part of the process. You do have to pay taxes on that bundle of money that comes in.
4. Another thing he says that investors don’t like to see/hear is how you haven’t paid yourself in so many months/years. They wonder why the heck you are running the business-it is a business-pay yourself. If you aren’t able to pay yourself, you see it as dedication, but sometimes investors see it as an unprofitable situation.
5. Distinguish between assumptions and knowledge. Assumptions include that you will sell and people will want what you sell and that the marketplace is huge. This is a good place and time to be ALL KNOWING!!
6. Changing the industry doesn’t happen overnight! (this is where I personally fall short. When I think of an idea, I want it implemented two days ago and I want results yesterday.!) Don’t get discouraged! Growth will always take time.
7. Clean up your act BEFORE. Don’t say, this is something we are in the process of changing. Confess everything to yourself.
8. Acknowledge competition. EVERYONE has competition, either directly or indirectly. If someone asks about your competition, you ought to know them better than they know themselves.
9. Tell new lies. This is a hint to check out Guy Kawasaki’s post “Top Ten Lies of Entrepreneurs.”
Tim went on to talk a little about how his business started and what his thoughts and challenges were and still are. I recommend visiting Epifany and register for this network. To do that: register as though you were going to attend the conference. The network only costs $100 for the year. Thats less than some of the networking activities I attend. They are state wide, so the location of meetings varies-which I love meeting new people outside of Utah County.
You can also contact Greg Larsen: greg@epifanyconference.com
The only complaint I have is there needs to be more women entrepreneurs!!! LOL