Tips for Veteran-owned Startups with Dan Lauer

Tips for Veteran-owned Startups with Dan Lauer

https://businessriff.com [https://businessriff.com] Dan Lauer from Maryville University talks about Tips for Veteran Startups Veteran Entrepreneur Funding Challenges Mary discussed her podcast "Stuck? Time to Improv" with Dan Lauer from Maryville University, focusing on challenges faced by veteran entrepreneurs. Dan identified early-stage capital as a key challenge, noting that while there are good education and networking programs available, veterans often struggle to access funding for equipment and business setup. He emphasized the importance of accelerator programs like Techstars and Y Combinator, which provide not just capital but also resources such as intern support, faculty advisors, and mentorship. Veteran Accelerator Program Overview Dan described their veteran accelerator program that selects 6-8 participants annually from 400 applications, providing them with $50,000 in equity-free funding. The program includes information sessions and peer support to help applicants navigate the competitive application process, with veterans assisting other veterans throughout the application. Mary agreed that applying to accelerators helps startups focus on their problem-solution fit and unique value proposition, noting that such programs create economic ripple effects across the region. Maryville Veteran Accelerator Program Dan Lauer discussed Maryville's new Veteran Accelerator program, which aims to support veterans in entrepreneurship through certificate programs, student clubs, and community outreach. He explained that funding will come from companies, foundations, and governments through pass-through philanthropy rather than an equity fund. The program will be led by Beth Sweet, a former army colonel and senior leader at NGA, providing an authentic veteran-to-veteran experience.

Entrepreneur Mindset Tips with Tina Kadish

https://businessriff.com [https://businessriff.com] Tina Kadish, From Job to Joy, talks about Entrepreneur Mindset Developing Entrepreneurial Mindset for Startups Mary and Tina discussed the importance of developing an entrepreneurial mindset for startups. Tina explained that transitioning from a corporate career to entrepreneurship requires shifting from following others to taking control of one's life and business. She emphasized that an entrepreneurial mindset is crucial for embracing uncertainty and maintaining a growth mindset while building a business. Types of Entrepreneurs Discussion Mary discussed three types of entrepreneurs: those born to be entrepreneurs, reluctant entrepreneurs who start their own business after leaving comfortable situations, and accidental entrepreneurs who begin with a hobby. Tina agreed with Mary's classification and emphasized that reluctant entrepreneurs must embrace the responsibility and uncertainty of running their own business, including designing their own schedule and seeking opportunities without relying on a regular paycheck. Entrepreneurial Mindset and Coaching Tina emphasized the importance of believing in oneself and learning new skills as an entrepreneur, highlighting the need for resourcefulness and connecting with the right people, including coaches. She stressed that entrepreneurs cannot do it alone and recommended hiring a coach to support the journey. Tina also advised reframing sales as "serving" rather than "selling," suggesting this mindset change would make it easier to approach potential clients with solutions to their challenges. Growth Mindset and Networking Strategies Tina discussed the importance of developing a growth mindset and connecting with the right people to support personal and professional growth. She explained that identifying the right people requires trial and error, emphasizing the value of being authentic and open in networking and community engagement. Mary advised listening to intuition and being willing to move on from conversations that don't feel helpful after a short period. Time Management and Business Growth Tina and Mary discussed the importance of managing time effectively by focusing on income-producing activities rather than busy work. Mary shared a tip about attending events you don't want to go to, as they often prove valuable for business growth. Tina emphasized the benefits of working with coaches and finding the right community when starting a business, while Mary concluded by promoting BusinessRiff and inviting listeners to book a call for startup support. FB: www.facebook.com/tina.kadish LI: www.linkedin.com/in/tinakadish Website: www.fromjobtojoy.com YT: https://www.youtube.com/@tinakadish118

Funding for AgTech Startups with Jim Schultz

https://OpenPrairie.com [http://OpenPrairie.com] Jim Schultz from Open Prairie talks about Funding AgTech Startups Agricultural Tech Investment Discussion Mary welcomed attendees to the "Stuck Time to Improv" session and introduced Jim Schultz, an investor, as the guest speaker. The discussion focused on the agricultural tech industry, highlighting its potential for startup businesses and the importance of preparation when approaching investors. Agtech Investment Strategy Requirements Jim discussed his focus areas in agtech, including automation and robotics, data optimization for farmers, and biologic technologies replacing synthetic chemicals. He outlined three key requirements for considering new equipment or technology proposals: understanding the channel strategy for reaching farmers, having field trial data across different crops and conditions, and having expertise on the team through advisors or board members. Agricultural Technology Entry Mistakes Jim discussed common mistakes made by new entrants in the agricultural space, highlighting three key issues: implementing a direct-to-farmer channel strategy, which he noted is difficult and slow to build revenue; and insufficient field trial data to prove technology effectiveness. Jim provided an example of a hypothetical robot weeding technology, suggesting the need for proper testing and validation before market entry. Field Trial Data Distribution Strategy Jim discussed the importance of understanding field trial data, particularly when testing different crops like tomatoes, cabbage, and corn. He suggested that ag retailers and farm co-ops, rather than traditional Cooperative Extension services, are better channels for reaching farmers. Jim provided an example of The Equity co-op in Effingham, Illinois, which has approximately 8,000 farmer members, highlighting the potential reach through such partnerships. Mary confirmed the need for beta testing with farmers. AI Deployment in Agriculture Opportunities Jim discussed potential AI deployment opportunities, particularly in John Deere's FieldView technology which provides farmers with field insights from tractor and combine diagnostics. He noted that while higher-yielding crops might not always taste better, there are opportunities to modify crops for different properties like oil content in soybeans or fiber content in corn. Jim also mentioned current market prices for soybeans and corn, explaining that farmers need prices around $12.50 for soybeans and $5 for corn to be profitable, which is above current trading levels. Agricultural Technology Investment Opportunities Jim discussed investment opportunities in agricultural technology, highlighting the potential for premium opportunities in corn and soy production, as well as organic farming initiatives. He emphasized the importance of a well-prepared marketing deck, including details on channels, field trials, team composition, and financial models for potential ag tech companies seeking investment. Jim noted that out of 500-600 deals reviewed annually, only 2-4 are funded, underscoring the need for strong presentations to get through the selection process. Some useful links: Open Prairie - https://www.openprairie.com/ [https://www.openprairie.com/] The Equity - https://www.theequity.com/ [https://www.theequity.com/] Shenandoah Valley Organics - https://www.farmerfocus.com/ [https://www.farmerfocus.com/]

Investor Ready Financial Projections with Kelvin Taylor

https://businessriff.com [https://businessriff.com] https://tayloredanalytics.com Financial Projections That Are Investor Ready with Kelvin Taylor, Taylored Analytics Financial Projections for Entrepreneurs Mary and Kelvin discussed the components of financial projections for entrepreneurs, particularly focusing on total addressable market (TAM) and its importance to investors. Kelvin explained that investors evaluate business scalability based on the size of the market opportunity, noting that a business with a larger market opportunity, such as $100 million versus $1 million, tends to have a higher valuation. Financial Forecasting and Cash Flow Kelvin discussed the importance of understanding and validating assumptions in financial forecasting, emphasizing that entrepreneurs should focus on cash flow statements alongside profit and loss statements and balance sheets. He compared cash to air for a business, highlighting that even if a business is profitable and growing, it can still face peril if it runs out of cash. Kelvin also stressed the need for entrepreneurs to clearly articulate their go-to-market strategy when presenting financial forecasts to investors. Social Media Marketing Metrics Discussion Mary and Kelvin discussed the importance of understanding metrics like reach and click-through rates when using social media for marketing. Kelvin explained that go-to-market strategy involves accessing potential customers, while product market fit refers to the sales pipeline as an indicator of market demand. Product-Market Fit Research Strategies Kelvin and Mary discussed the importance of product-market fit in go-to-market strategies, emphasizing the need for unbiased market research to ensure sales pipelines reflect genuine customer interest. They highlighted that early research involving potential customers can prevent wasted time and effort, while cautioning against relying solely on friends and family for feedback. Kelvin shared his experience about the challenges of asking for sales at market rates, noting the need for thick skin and courage in entrepreneurship. Pricing Strategy Discussion Kelvin and Mary discussed pricing strategies, focusing on price-led costing and cost-plus pricing approaches. Kelvin explained that price-led costing involves determining the price first based on market research, while cost-plus pricing calculates the price by adding a desired margin to the cost basis. Kelvin emphasized that price-led costing is superior but stressed the importance of conducting market research to set appropriate prices, warning against unilaterally deciding prices without understanding market willingness to pay. Pricing and Brand Value Discussion Kelvin and Mary discussed pricing strategies and brand value, with Kelvin explaining how competitors use inflated cost bases to set higher prices, while Mary emphasized the importance of having intangible value that customers are willing to pay for, like the design difference between PCs and Macs. They agreed that brand value allows companies to command higher prices when all other factors are equal. The conversation ended with Mary thanking Kelvin for the discussion and mentioning that contact information would be shared in the comments.

Mistakes Tech Startups Make with Stacia Thompson from Radiance Consulting & Coaching Groupe

https://businessriff.com [https://businessriff.com] Mistakes Tech Startups Make with Stacia Thompson from Radiance Consulting & Coaching Groupe Tech Founder Growth Challenges Mary and Stacia discussed common mistakes made by tech founders, particularly during the dot-com crash when founders excelled at starting companies but lacked experience in running and growing them. Stacia noted that many tech startups failed after the initial growth stage due to insufficient operational expertise and failure to bring in experienced personnel. She also mentioned similar patterns emerging with the rise of AI, where companies are rushing to implement AI solutions without proper strategic planning. AI Implementation Strategy Challenges Stacia warned that many companies are failing with AI implementations because they're treating it as a separate system rather than natively integrating it into their core products. She noted that while some founders are overusing AI without proper compliance and governance, others aren't leveraging AI at all, putting them at a competitive disadvantage. Mary emphasized the importance of beta testing with specific clients and internal sandbox testing before full implementation to ensure viability and determine pricing. AI Partnership Evaluation Guidelines Stacia advised that organizations should first ask potential AI partners whether they are currently using AI and what specific AI products they are using. She emphasized the importance of understanding how organizations build prompts, comply with governance requirements, and use AI ethically. Stacia shared an example of a successful eight-figure company that gradually introduced AI adoption through careful guidance and monitoring, though she noted challenges with security when using large AI models outside protected environments. AI Policy Implementation Best Practices Stacia discussed the importance of organizations providing clear background information and reasoning when implementing AI policies, particularly emphasizing the need to verify data ownership to avoid leaking confidential information into large AI training models. She highlighted the challenge of entrepreneurs being drawn to "shiny objects" in AI technology without properly evaluating whether existing tech stacks can already meet their needs. Tech IP Protection Strategies Stacia and Mary discussed the importance of thorough research and IP protection for tech founders. Mary talked about the importance of Beta testing the product. Stacia emphasized that founders should not rush to implement new features without proper market validation, citing the example of having 29 trademarks for Radiance. They agreed that protecting company names, logos, and taglines is crucial for business success. Book a call - https://calendly.com/businessriff/15min Other links www.linkedin.com/in/staciat34 https://www.facebook.com/rccgroupe https://www.facebook.com/Stthomps/ https://www.instagram.com/staisch/ https://www.instagram.com/staciarccg/