Entrepreneurs are going to the dogs. Sorry, I just couldn’t resist. But those who attended any of several recent programs by the University of Georgia’s Terry College of Business Entrepreneurship Program can’t help but realize that the dogs are really barking up the entrepreneurship tree.
Several key takeaways from four of the speakers at UGA’s Entrepreneurs and Innovation Summit on Thursday, February 12, 2009:
- Keith Herndon’s observed that recessions “reorder the market place” and as a result create opportunities for entrepreneurs. He points out that while Intel is cutting cost, they are increasing R&D and will spend 7 Billion on R& D in 2009. Keith, a consultant and former executive with Cox, has a long list of startup companies that emerged from the last recession. He points out that a recession is a good time for a startup because “everything is cheaper now” – brainpower, rent, even services.
- Alan Koenning, Fund Manager with UPS Strategic Enterprise Fund believes that venture money is still out there. He points out that 30 billion dollars has been raised into venture funds recently and funds can’t just let that money sit there. But he agrees that funds, including the UPS fund, are more cautious and risk averse in this economy.
- In describing how to create an environment of innovation within companies, Karen Lennon, CEO of Beyond Z Interactive Media said: “An entrepreneur has to “LISTEN” in order to discover people around them that are innovative. She also suggested seeking and hiring employees who are innovative and adaptive.
- In tough economic times, find partners with whom you can swap equity for services or supplies Karen suggested. Which prompted an audience member (an accountant) to observe: “Entrepreneurs should not approach their accountant with proposals for swapping, bartering or equity in exchange for services – then have that accountant prepare cash flow statements that show the entrepreneur making a full salary.” Accountants have kids who have to eat too!
- Chris Hanks, director of the Entrepreneurship Program at UGA, suggests that in a tight economy, the products of a startup must be even more innovative so that the stand out and are highly differentiated from the competition.
- In looking for new opportunities, Alan suggested going “Green” pointing out that both private investors and government programs were putting money into environmental products. Karen pointed out that the U.S. is the largest exporter of entertainment and Georgia is especially interested in helping create jobs in this industry. She pointed to Tyler Perry as a perfect example.
The Terry College of Business has a number of programs and initiatives to promote entrepreneurship and to support and educate future and present entrepreneurs. Stephen Rosenberg, UGA MBA student and founder of the UGA Terry College of Entrepreneurship blog has posted about his own experience of this event here.
