We also dug up some old incriminating tape of Stephen sharing his true feelings on running VentureLab … a rare moment for sure – definitely tune in for that.  We also discussed the upcoming Venture Atlanta 2009 conference, and some of the new opportunities (and focus) on true early-stage companies.  Good stuff.

The good Mr. Blake suits up, takes the mound, and throws heaters at a a group of folks in Atlanta that just can’t seem to get with the program.  Another great selection of listener emails and a dash of StartupLounge humor to top it all off. Enjoy!

Sponsors for this episode:
Be sure to click the logos below and visit our sponsors – without them, we simply couldn’t do all of the things we do.

Shownotes and Interview Questions:

As usual, we had lots of related follow-up questions and side discussions, but here is a good sampling of the questions we asked on the show:

• Give us the pitch for the new ATDC, EII, adn the ATDC Seed Fund!
• Talk about the ATDC re-organization.  Why now and why this way?
• How long have you had the idea for re-organizing the ATDC/VentureLab/SBIR entities the way you have?
• How is the reorganization going to impact the ATDC Seed Fund’s operations?
• How will the reorganization impact your deal flow?
• As you were being considered for your new post, clearly this was on your agenda.  How prominent were these ideas as you discussed the new position?
• Why should entrepreneurs be excited about the reorganization?
• Is the ATDC still considering a bricks-and-mortar facility in Gwinnett County?
• Will the reorganization change how you make investment decisions and commitments?
• Could the reorganization increase ties with state entities with similar missions, such as the GRA Seed Fund or some of the programs the Georgia Department of Economic Development?
• How long will it take to complete the reorganization?
• What has the reaction been from the VC community to the reorganization?
• What are existing companies within the ATDC saying about the reorganization?
• Why is GA Tech on board with this concept?  You are seemingly diverting away captive resources.
• As you execute upon the reorganization, what do you see as the greatest challenge?
• What do you see as the greatest need that the reorganization will address?
• How do you see your role as a startup catalyst changing?
• How will you measure success?
• How long until we see the changes on the ground?
• In the ATDC press release, you said, “ATDC will open its membership to all technology entrepreneurs in Georgia, from those at the earliest conception stage to the well-established, venture-fundable companies. We’re interested in any technology business opportunity.”  How much more open will the organization be to supporting early-stage companies?
• Does the ATDC need an image makeover to get buy-in from entrepreneurs and if so, how do you go about that makeover?
• You have started making open office hours available.  Is that going to become a permanent activity?
• If you were to give one piece of advice to entrepreneurs listening to this podcast, what would it be?

Listener Emails Read and Answered on the Show:

Alicia: I am currently at a crossroads in my business. I started the company in 2004 and filed a provisional patent application in Oct. 2008 based on some methodologies that I created in working with my small business clients. I have financed my company via “bootstrapping” and have now reached a point where I realize that I need a capital “angel.” I need to develop a prototype for the technology I’ve created, but I’m not sure if I should raise funds, seek a technology partner, or simply sell/license the idea. Any advice and support is greatly appreciated.

Erica: I am launching a new internet business and I need to get a quote for web design work.  My question is this.  How can someone get an accurate quote for Web design on their new internet business without giving away the idea?

Karthik: I am sick of all the conflicting messages and behavioral “to-do lists” from investors!  One investor says he wants to see 10-12 slides in my pitch, another guy tells me that with only 12 slides I didn’t give him enough information.  One investor told me that he expects his entrepreneurs to have maxed out credit cards before he will take me seriously, and another investor told me that maxing out personal credit cards was a sign that I take too much risk and am potentially irresponsible with money, as it is expensive debt.  It seems like investors nitpick on everything, and I am spending a lot of time lately creating revisions of presentations and other documents just to make some potential investor happy.  Any advice?

Rob MacArthur: Scott, I read your post “Creating a Winning Advisory Board” – and had a question. I am currently in need of such a board. I have a list of potential board members and have done up a short package for them. I will send an introductory letter or email and attached will be the following:

• 1 page summary on why I need a board;
• 1 page on expectations, mix of board I am looking for;
• 1 page on existing businesses;
• 1 page reference letter for those who do not know me at all.

From your perspective, is this too much info/not enough? Any thoughts or advice on what should/should not be included would be appreciated.

Guest Bios:
Stephen Fleming, Vice Provost, Enterprise Innovation Institute at Georgia Tech

Stephen Fleming has more than 13 years of private equity experience at the general partner level. Prior to his venture capital career, he spent 15 years in operations roles at AT&T Bell Laboratories, Nortel Networks, and LICOM – a venture-funded startup.

An Atlanta native and summa cum laude graduate of Georgia Tech, Fleming is active in the “alternative space” industry — an investor in three private aerospace companies and is a founding member of the Space Angels Network. He also serves on the boards of trustees for the Spiritual Living Center of Atlanta and for Tech High School, a charter high school emphasizing science, math and technology in urban Atlanta.

Fleming is a member of the IEEE, the American Physical Society, the Optical Society of America and a number of regional technology organizations.

David Sung, Startup Catalyst and ATDC Seed Fund Manager
Having been involved with startup companies as both an entrepreneur and a venture investor, David has a unique perspective as an advisor for ATDC portfolio companies. Operationally he has held roles from engineering to CEO resulting in two IPOs and two acquisitions.

Prior to joining the ATDC, David was a Managing Director at HIG Ventures where he focused on venture capital investments primarily in datacenter infrastructure, semiconductor, and enterprise software.  Before joining H.I.G, he was a Partner at Commonwealth Capital Ventures, leading investments in storage networking and enterprise security. Before entering the venture capital business, Sung was Co-Founder and CEO of Crescent Networks and a Co-Founder of Cadia Networks. Sung also held engineering, marketing and executive management positions at Cascade Communications, Avici Systems, FORE Systems and Bytex Corp. Sung received his Bachelor of Science in Electrical Engineering from Northeastern University.

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:

• Underground by Roadside Attraction
• All Out of Beer by Possible Oscar
• All the Money in the World by Hutch

Our format is a little out of the norm as far as podcasts go. We treat our efforts as a true “show” rather than a super-concise (limited) vehicle for delivery of information. Therefore, the podcasts can run a bit long (actually, it is largely driven by the guests and their responses.) While we try to have very substantive discussions, we also try to have a lot of fun along the way (and that tends to elongate the programming a wee bit.) Our theory is that if we are having fun during the show, hopefully, you will be having a little fun listening as well.  And if you still think our shows are too long, frankly, we just don’t care.

Here is the breakdown for the show, in case you want to hop around.

A special thanks to Stephen and David for coming in and hanging out with us!

We welcome your continued feedback as well! If you have an interest in appearing on the show, becoming a show sponsor (hint, hint), have some suggestions for topics, have feedback, or would just like to email us and tell us to “shove off”, we invite you to contact us.

Enjoy!

The “bus” is in fourth gear on this show. Scott uses both hands to push the various “pay-to-pitch” outfits under the bus (including the reading of a rather gifted, but incriminatory email). We also have a nice batch of your emails to round out a lengthy, but great show!

Note: This show was recorded back on December 20th, 2007, and was originally slated to be published just before Christmas. Due to some technical difficulties, combined with our hectic schedule, we’re finally getting around to publishing it. But hey, there’s nothing wrong with holiday music in February!

Sponsors for this episode:
Be sure to click the logos below and visit our sponsors!

Shownotes and Interview Questions:

1. Give us the 30-second elevator pitch about TI:GER
2. Talk about being a woman in technology entrepreneurship. Did you face any unique challenges?
3. Explain what TI:GER is?
4. What are TI:GER’s goals?
5. How many businesses/teams are participating in TI:GER right now?
6. Why did you want to get involved?
7. You’ve got a business plan contest coming up. Can you tell us about it?
8. Can you name a couple of businesses or technologies that started out in the TI:GER program and continue to operate or be important today?
9. Can you talk about some of the more interesting businesses you’ve worked with in the TI:GER program?
10. Has the private equity (venture capital) community gotten involved (or shown any interest in getting involved) with TI:GER?
11. How easy or hard is it to get students involved in TI:GER? Is there a lot of student demand for the entrepreneurial career route or life experience?
12. What are the most important lessons that the students take away from the program?
13. How unusual is the TI:GER program? Are you aware of other universities or colleges that have similar programs?
14. What do you think are the most valuable things that the TI:GER participants get out of the experience?
15. How does being in academia change your view on the entrepreneurial process?
16. If you had to pick one book on entrepreneurship to recommend, what would it be?
17. Are there opportunities for people in industry to get involved in TI:GER?
18. Do you get opportunities to engage in the entrepreneurial community outside of TI:GER?
19. What are your views on the Atlanta early stage environment?
20. Is there a view among your GA Tech colleagues on what industries are particularly attractive or are going to be attractive for early stage capital?
21. Are you seeing interest within TI:GER for pursuing or promoting greentech/cleantech businesses?
22. Are you seeing interest within TI:GER for pursuing or promoting so-called Web 2.0 businesses?

Tune in to find out!
Guest Bio:

Kathleen Kurre is a Lecturer at the College of Management of Georgia Institute of Technology and the Executive-in-Residence of its Interdisciplinary Institute for Leadership and Entrepreneurship (ILE).

After graduating Magna Cum Laude from Purdue University with a Bachelor of Science Degree in Mathematics, Kathleen began her career in computer technology. Her passion emerged quickly: creating systems that connect imagination with reality.

After having held analyst and manager positions at Kentucky Fried Chicken, PNC Bank and KPMG, and senior management positions at Humana Inc. and Aegon Corporation, Kathleen formally stepped into the creative world of entrepreneurship by joining Healthcare Recoveries, Inc. (HRI), a venture capital backed healthcare, technology services company, where she became CEO after senior management positions in Sales, Customer Services and Operations. Following the sale of HRI, Kathleen became CEO of Intellego, a venture capital backed clinical informatics company.

Today, at Georgia Tech, Kathleen teaches an undergraduate Impact class, directs the Georgia Tech Business Plan Competition and teaches in TI:GER, a graduate level commercialization program. Additionally, she is President of Fusion Advisors, where she works with individuals and organizations as they integrate mind, body, spirit and emotions for success.

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.

Links referenced within this episode:

• Georgia Tech’s TI:GER Program
• Chrysalis Ventures
• Adams Capital
• Chrysalis Ventures
• Angus Mcrae Insurance Brokerage Services
• Baker Donelson (Technology Intellectual Property)
  
• ATDC (Advanced Technology Development Center)
• PeachPodStudios
• Slingshot Product Development Group
• Southern Capitol Ventures
• Web.com

Podsafe music used within this episode:

• Sundial by Bill Derome
• I Heart Thanksgiving by Robert Lund
• By the Hammer of Thor, Ben Base
• All the Money in the World by Hutch

Our format is a little out of the norm as far as podcasts go. We treat our efforts as a true “show” rather than a super-concise (limited) vehicle for delivery of information. Therefore, the podcasts can run a bit long (actually, it is largely driven by the guests and their responses.) While we try to have very substantive discussions, we also try to have a lot of fun along the way (and that tends to elongate the programming a wee bit.) Our theory is that if we are having fun during the show, hopefully, you will be having a little fun listening as well.

Here is the breakdown for the show, in case you want to hop around.

A special thanks to Kathleen Kurre for coming in and hanging out with us!

We welcome your continued feedback as well! If you have an interest in appearing on the show, becoming a show sponsor (hint, hint), have some suggestions for topics, have feedback, or would just like to email us and tell us to “shove off”, we invite you to contact us.

And don’t forget – the StartupLounge.com message forums are a great resource for fast-growth entrepreneurs. If you need help with any aspect of your venture, we welcome you to jump in and get the help you need!

Enjoy!