Welcome to SL #30! Catalyst Magazine recently hosted a panel on “Raising Capital” at The Vinings Club here in Atlanta. The panel featured Greg Foster (Noro-Moseley Partners), Brian Patrick Cork (Brian Cork Human Capital), and Braxton Jarratt (CEO, ClearLeap). Catalyst asked StartupLounge to moderate the panel, which we were more than happy to do. We were angling for a “dual moderator” format, where Scott and Mike could take pot shots at each other all night, but sadly, with only a 45 minute session, we decided that one moderator would be a better format (in the interest of time). Sadly, the crowd got stuck with Scott moderating.
It’s the million-dollar question. Whether your company is encountering consistent annual revenue growth, or you’re just tired of bootstrapping your start-up, how does an entrepreneur find capital to grow a small business? On September 11th, Catalyst magazine is proud to present a featured panel of experts who will guide you on understanding how to find funds in this tough economic climate. Learn from local entrepreneurs who have raised millions of dollars in recent investment rounds. Find out from top local investors what they perceive as a bankable business.
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Sample Panel Questions:
- Introduction by Drew Ermenc, Associate Publisher and Editor, Catalyst Magazine
- A lot has been written on the challenges of raising early-stage capital in the Atlanta market. Can you give us your view on where we were say 5 years ago, where we are today, and what the future holds here?
- What makes up the criteria for a good deal from the regional VC perspective?
- What are some of the biggest mistakes entrepreneurs make when looking for capital? Any particular big No-No’s?
- ClearLeap is a rising star in the Atlanta technology sector having just raised a $9M outside round of capital. Atlanta certainly has its challenges when it comes to early-stage capital. What were some of the biggest challenges you faced in raising capital for Clearleap?
- Many entrepreneurs are great at building innovation, but not great at building relationships. Could you speak on the importance of relationships and networking within the investment community and how it might benefit those looking for investors?
- Before you joined Noro-Moseley Partners you did “strategic venturing” at Turner Broadcasting. Is this a viable path for early-stage companies, and what does that process look like from the entrepreneur’s perspective?
- Braxton, your last round of funding was a $9M raise. You had a mix of investors in on the deal – the deal was co-led by Noro-Moseley Partners here in Atlanta, and Trinity Ventures on the West coast. You also had participation by Sig Mosley (Imlay Investments) and Jim Chiddix, the former CTO of Time Warner Cable. Was there a difference in the process, expectations, etc, between angels, the West Coast venture capital and the East Coast venture capital? How did you bring all of these folks together to do the deal?
- Mitch Free, founder of MFG.com and the Catalyst November speaker, recently told Drew (and StartupLounge.com podcast listeners) that his best advice would be to “keep your head down, build your business, grow your business and the money will come to you.” Would you agree or disagree to this?
- It is my view that a lot of deals that get passed on could be better deals with some tweaking on the part of the entrepreneur. What should entrepreneurs do to make their companies attractive to A) Angels and B) Venture capitalists? Are there some things they can do to make their deal a “cleaner” one for outside investors?
- Investors have the luxury of seeing lots of deals through the course of their work, and they are very selective in their investments. In your view, what made Clearleap stand above the rest of the pack?
- What parting wisdom do you have for entrepreneurs out there seeking to raise capital from investors in the Southeast?
Questions from the Audience:
Q1: How does social media play into raising capital?
Q2: I have a ten year old company. What is the opportunity for an established company to raise capital in Atlanta?
Q3: How do entrepreneurs get an opportunity at networking events to meet investors, and how much time should they expect to spend with such an investor?
Panelist Bios:
Brian Patrick Cork
Brian has been a highly successful executive and entrepreneur; is a popular public speaker; Professional Athlete; and, an accomplished Executive Recruiter and Business Coach.
Brian Cork has raised over $500 million dollars in private placement capital for a wide array of companies across every industry; recruited and counseled hundreds of executives and other decision-makers; and, has actively participated in building dozens of successful organizations.
As an Executive Recruiter, Business Coach, and “Trusted Adviser” Brian Cork is a vital resource for decision-makers in terms of making better decisions. On any given day, Brian Cork speaks with and shares ideas with influential people ranging from Politicians and Educators to Fortune 50 Executives and Entrepreneurs. His Executive and Business Coaching Clients include top executives in Fortune 50 companies to professionals in transition.
Brian Cork was named to London’s prestigious “Ol Man Society” for his contributions as a businessman and philanthropist – and, his well-balanced approach to life. In addition, Brian has been selected by Catalyst Magazine as a “Top 25 Entrepreneur”, and Great Britain’s G2 economics as a “Coalition Member of the Year”.
Greg Foster:
Greg joined Noro-Moseley Partners (NMP) in 2008 and has focused his investment activities in technology with an emphasis on digital media. Greg is active with several NMP portfolio companies and currently serves as a board observer for ClearLeap.
Prior to joining NMP, Greg served as Vice-President of Corporate Development for Turner Broadcasting, where he was responsible for Turner New Media Investments, the company’s early stage strategic investment arm, as well as M&A activities. Greg joined Turner after it acquired his company, Southern Direct, a business focused on building branded e-commerce extensions to linear cable channels. In addition to founding Southern Direct, Greg has been a member of the management team of two other successful start-ups, serving as SVP of Corporate Development at iXL Enterprises and VP of Business and Corporate Development at Silverpop Systems. He began his career as a consultant at Deloitte Consulting, where his efforts were focused on building internet strategies for clients including Prudential Insurance, Sonoco Products and the New York City Transit Authority.
Greg is the chairman-elect of NVCA’s Corporate Venture Group Advisory Board and is a member of the Board of Trustees for the Georgia Council on Economic Education. He holds a Bachelors Degree in Mechanical Engineering from Georgia Tech, where he was a President’s Scholar, and an MBA from Harvard Business School.
Braxton Jarratt
Braxton has driven innovation and growth in senior management roles with technology and media companies large and small, most recently as Senior Vice President of Marketing and Business Development at Tandberg Television (an Ericsson Company), the world’s largest supplier of digital television systems. At Tandberg, he led the rapid expansion of the company into the North American television market and video on demand (VOD) software business, building a world-class customer base of leading television operators and programmers. He launched and secured the initial key customers for Tandberg’s pioneering dynamic VOD advertising system and led the complete overhaul of Tandberg Television’s brand after completing three key acquisitions in less than a year. Braxton joined Tandberg through their $120 million acquisition of N2 Broadband, a venture-backed television software startup, where he was responsible for product management, marketing and business development. There, he helped win deployments of the company’s on-demand software products in more than 100 cities and in nearly every VOD site in North America.
Braxton previously worked at Cox Enterprises as director of product strategy for the cable division and GM in the interactive media division, where he launched the first broadband internet content service in partnership with @Home. Braxton’s first tech startup experience was as the head of commercial services with Primenet, an internet startup purchased by GlobalCenter.
Miscellany:
Enjoy! To play it, use the tools at the top of this post – you can play it via the embedded Flash player by pressing the big play button at the top, or download it to play on your computer or MP3 player. You can also take advantage of our iTunes feed.
Podsafe music used within this episode:
- Neolith by Kevin MacLeod
Thanks to Brian, Greg, and Braxton for adding enormous value as panelists – and thanks to Drew Ermenc and the gang at Catalyst Magazine for putting this event together.
Enjoy!
