Stuck? Time to Improv! The Startup Launchpad

Mary Scott
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  • Entrepreneurship
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A weekly show where Mary Scott, startup consultant with BusinessRiff, interviews experts in their fields for practical / tactical advice for new, startup businesses. Includes topics like Inventors, Investors, Marketing, Accounting, Legal, Social Media, Mindset, etc. Currently running on Youtube at https://www.youtube.com/@StartUpSuccessLaunch and in the Facebook group https://www.facebook.com/groups/startupbusinesslaunchpad/ We want Startups to be wildly successful, and this information will get them there faster. Episodes can also be found at https://businessriff.com

  1. 1d ago

    Network for Teaching Entrepreneurship (NFTE) with Dr. Ashley Hemmy

    Network for Teaching Entrepreneurship with Dr. Ashley Hemmy Network for Teaching Entrepreneurship Overview Ashley Hemmy (she/her) explained that the Network for Teaching Entrepreneurship (NFTE) is a global organization celebrating its 40th anniversary that brings entrepreneurship education to young people worldwide, particularly in communities with limited access to such opportunities. The programs serve students from kindergarten through post-secondary levels, with core programs targeting high school students and extending to middle school, while also offering digital challenges for younger participants. Youth Business Program Survival Rates Ashley Hemmy (she/her) explained that their programs support a variety of businesses created by young people, including nonprofits focused on social issues, for-profit companies, and typical small businesses like baked goods stands. When asked about business survival rates after graduation, Ashley Hemmy (she/her) shared that approximately 25% of alumni become entrepreneurs, with some continuing businesses started through NFTYS programs and others developing new ventures after the programs. NFTE Entrepreneurial Programs Discussion Ashley Hemmy (she/her) discussed NFTE's programs focused on developing entrepreneurial mindsets in young people through durable skills like problem solving, creativity, collaboration, flexibility, and risk assessment. She explained that while the organization primarily works with school programs and organizations globally, they have recently launched direct programs like "Next Level Startup" targeting homeschooled students and those seeking additional business experiences. The organization is approaching its 40th anniversary, having been founded by Steve Mariotti in 1997 in the Bronx. Here are a few links: NFTE.com/what-we-do http://NFTE.com/what-we-do to learn about how we launch the next generation of entrepreneurs ABOUT NFTE YouTube playlist http://NFTE.com/get-started to get involved with NFTE The Entrepreneurial Mindset explained - https://nfte.com/resources/nfte-emi-what-is-it/ About NFTE's merger with BUILD.org https://nfte.com/nfte-and-build-announce-merger-to-drive-systemic-change-in-education/

    Network for Teaching Entrepreneurship (NFTE) with Dr. Ashley Hemmy

  2. 3d ago

    Investor Pitch Practice with David Weaver, Transitions Law Group & AngelLab

    Investor Pitch Practice with David Weaver, Transitions Law Group & AngelLab YouTube Live Stream Planning Meeting Mary and David discussed going live on YouTube, with thGre content being edited before distribution through RSS feed and LinkedIn. They confirmed a link for the event, which was shared in the Zoom chat. Mary prepared to set up the YouTube live stream, ensuring the audio was properly configured to avoid feedback. Mock Angels Program Revival Discussion Mary and David discussed the revival of Mock Angels, a program where founders could present their businesses to potential investors and experts for feedback. David explained that TechSTL received a grant from Missouri Technology Corporation to promote angel investment education and restart Mock Angels. They are also developing an investor community to bring together angels and VCs. Retaining Successful Startups in St. Louis David discussed the challenge of retaining successful startups in St. Louis, noting the common joke that companies often leave for the West Coast seeking funding. He emphasized the need to change this pattern by preparing both companies and investors to keep successful ventures in the St. Louis area. AngelLab Startup Investment Criteria David explained that startup companies suitable for AngelLab should be ready to raise money, with experienced founders, developed MVPs, traction, and a compelling business strategy. He emphasized the importance of being able to communicate a clear problem statement and value proposition within the first eight seconds of a pitch, whether seeking venture capital or seed funding. Emerging Company Investment Challenges David explained that investing in emerging companies is challenging due to the risk and requires significant knowledge and understanding of the marketplace. He emphasized the importance of not being the last investor and highlighted that there is no hometown discount in the current investment landscape. David mentioned that in November, they plan to bring together startups for investors to see and practice mock angel presentations. https://youtu.be/p9coKDe56qY

    Investor Pitch Practice with David Weaver, Transitions Law Group & AngelLab

  3. Sep 21

    Funding Tips for Startups with Allen Kopelman, Nationwide Payment Systems

    Funding Tips for Startups with Allen Kopelman, Nationwide Payment Systems Startup Funding Sources Discussion Mary asked about alternative funding sources for startups beyond banks and friends/family. Allen clarified that their company is in the payments business, not the funding business, and explained that startups typically turn to Stripe and Square for payments processing. He noted that startups can only access additional funding once they start generating revenue through payment processing, otherwise they need to seek VCs or angel investors. AI and SaaS Business Challenges Allen discussed the challenges faced by AI and SaaS companies in setting up their business operations, particularly regarding payment systems and revenue generation. He explained that having a demonstrated ability to generate revenue is crucial for attracting VCs and investors. Allen outlined the services his company offers, including a RESTful API, webhooks, developer support through a Slack channel, and consulting services for pre-revenue companies to help them get approved for merchant accounts and find appropriate banking partners. Revenue-Share Payment Integration Solution Allen explained that their product can handle various types of companies including SaaS, AI companies, and homeowner associations, with a focus on payment integration. He emphasized that their solution offers revenue-sharing opportunities for growing companies, particularly those generating monthly recurring revenue. Startup Platform Security Requirements Allen explained that startups need to provide website access and logins for testing, particularly for AI companies, to ensure their platforms are reliable and secure before banks will consider involvement. He highlighted common issues that can lead to payment problems, such as platform downtime, insufficient hosting, and chargeback issues. Payment Processing Security Requirements Allen explained the importance of using certified companies for payment processing and described their approach of semi-integration, where credit card data never touches the client's servers. He emphasized that direct payment integration requires maintaining expensive PCI level 1 compliance, which can cost hundreds of thousands of dollars annually. Semi-Integrated Payments Overview Allen explained that semi-integrated payments were created to provide companies with a faster integration process and reduced liability. He highlighted their company's 25-year history, experienced integration staff, and customer support capabilities, including direct phone contact and developer assistance through Slack channels.Book a 15 minute synergy call with Mary Scott at https://calendly.com/businessriff/15min

    Funding Tips for Startups with Allen Kopelman, Nationwide Payment Systems

  4. Sep 13

    Alternate Funding for Startups with Greg Roberts, The Roberts Consulting Agency

    Alternate Funding for Startups with Greg Roberts, The Roberts Consulting Agency Alternate Funding Business Entry Gregory explained how he entered the alternate funding space while working with a firm that helped launch CPA businesses. He noticed that business owners consistently requested funding as their primary need, but traditional banking options were insufficient as 98% of banks avoid lending to startups. This observation led him to research and partner with vetted funding companies to start his own alternate funding business. Alternative Startup Financing Structures Gregory explained that when banks reject loans for startups, alternative financing structures can help by dividing the risk across multiple companies, allowing for 0% financing over 24 to 42 months with a monthly 1% fee. He noted that even long-term banking customers are often rejected for business loans despite approval for personal loans like car financing. Flexible Loan Terms Discussion Gregory explained that the loan offers flexibility compared to traditional loans with strict terms, featuring a 1% interest rate over 24 months with the option to renew or roll into a permanent loan. Mary expressed surprise at the fixed interest rate, and Gregory clarified that if the borrower chooses standard payments, they would move to typical bank or credit card interest rates. Startup Loan Application Requirements Gregory explained that for startup loan applications, he typically requires six months of business bank statements to assess business activity and may consider the individual's personal credit if the business is new but generating income. He emphasized that alternative financing should be flexible, particularly for businesses with large orders or predictable income streams, noting that this approach has worked well in cases where businesses have pre-orders or established vendor relationships. Startup Consulting Loan Services Gregory explained that his consulting agency provides startup loans similar to a line of credit with a flat fee structure, without taking ownership of the companies. He clarified that they charge a normal across-the-board fee that is tax deductible for the business owners. Gregory mentioned starting this service in September 2021 and has helped many startups over the past five years. Greg Roberts website: https://www.fundingyourway.biz/ Book a 15 minute synergy call with Mary Scott at https://calendly.com/businessriff/15min

    Alternate Funding for Startups with Greg Roberts, The Roberts Consulting Agency

  5. Sep 1

    Pitching to an Investor with Gary Tomchuk from Evolutionary Ventures

    Pitching to an Investor with Gary Tomchuk from Evolutionary Ventures Startup Investor Discussion Preparation Mary and Gary discussed sharing relevant links and contact information, including Gary's LinkedIn profile, Evolutionary Ventures website, and his role as California representative for Investor Circle. Gary mentioned his work with impact investors and his involvement in a round table discussion about what investors want to hear from startups. The conversation then transitioned into the start of an interview for "Stuck? Time to Improv," where Mary welcomed Gary and introduced the topic of startups talking to investors. Startup Funding Key Considerations Gary discussed key considerations for startups seeking funding, emphasizing that investors focus primarily on team composition and potential returns rather than just the business concept. He highlighted that a strong team with relevant experience in product, industry, and company building is essential, as a good team can pivot effectively while a bad team can ruin even a good idea. Gary also introduced his three-legged stool model for building stable companies, which includes product/service, marketing, and business structure components. Impact Company Strategy Discussion Gary discussed how impact company founders often focus too much on the social mission rather than balancing all three pillars of people, planet, and profit. He explained that part of his work involves determining whether impact companies should operate as for-profits or non-profits, and mentioned an upcoming webinar about using donor-advised funds (DAFs) to fund businesses, including for-profit entities. Angel Investment Group Interview Mary interviewed Gary Tomchuk from Investor Circle, an angel investment group that has been active for 34 years and invested over $300 million. Gary explained that Investor Circle focuses on pre-seed, seed, and Series A rounds with individual investments typically ranging from $20,000 to $200,000, and they maintain an 85% funding rate for companies presenting on their monthly calls. Gary emphasized that investors want to see traction, team in place, MVP development progress, and evidence of first money invested, particularly from founders who have skin in the game or are working with investors. https://youtu.be/I4q6ERvRE8M Contact Gary Tomchuk https://www.linkedin.com/in/garytomchuk/ www.evolutionaryventures.com www.investors-circle.org impactentrepneur.com Book a 15 minute synergy call with Mary Scott at https://calendly.com/businessriff/15min

    Pitching to an Investor with Gary Tomchuk from Evolutionary Ventures

  6. Aug 25

    Insurance Facts for Startups with Pete Shemetulskis from Marquee Benefit Advisors

    Insurance Facts for Startups with Pete Shemetulskis from Marquee Benefit Advisors Startup Insurance and Benefits Mary and Pete discussed the importance of insurance for startups, particularly focusing on employee benefits. Pete explained that the need for insurance depends on the industry and organization type, noting that benefits are more crucial for organizations with high employee turnover or those seeking to attract and retain staff. Business Insurance Requirements Discussion Pete discussed insurance requirements for businesses, emphasizing the need for health insurance and workers' compensation coverage. He advised startups to find a trusted insurance professional early in the business development process to help navigate benefits and risk management. Pete outlined common employee benefits including health insurance, dental, vision, and life insurance, noting that life insurance is particularly inexpensive for employers to provide. Employee Benefits Overview Pete discussed various employee benefits including pet insurance, critical illness and accident policies, and programs for nursing mothers. He explained that COBRA provides coverage for employees who leave the organization, and stop loss insurance protects employers from liability after a certain point. Pete also mentioned how employee benefits can help retain key personnel like chief scientists in biotech startups. Business Insurance Options for Solopreneurs Pete explained life insurance policies for business continuity and discussed health insurance options for solopreneurs, including group plans, ICRA arrangements, and chamber of commerce plans. He noted that while some solopreneurs may be covered under spouse plans, many employers now require eligible individuals to move to company plans. Pete also mentioned that two-person groups, including spouses, can sometimes get coverage but at higher costs due to lack of underwriting. https://marqueebenefit.com Book a 15 minute synergy call with Mary Scott at https://calendly.com/businessriff/15min

    Insurance Facts for Startups with Pete Shemetulskis from Marquee Benefit Advisors

  7. Aug 20

    Use a Book to Showcase Your Expertise with Suzy Prudden from Itty Bitty Publishing

    Use a Book to Showcase Your Expertise with Suzy Prudden from Itty Bitty Publishing Book Marketing for Startups Mary welcomed attendees to Stuck? Time to Improv! and introduced Suzy Prudden from Itty Bitty Publishing as an expert on using books as marketing tools for startups. Business Benefits of Marketing Books Suzy discussed various types of businesses that benefit from creating marketing books, including speakers, coaches, accountants, travel experts, website designers, ADHD coaches, medical professionals, sales experts, and even authors writing about space for children. She provided specific examples, such as an author negotiating a contract with Boys and Girls Club of America for 4 million kids and another author who wrote a book on TEDx speaking. Suzy emphasized that books serve purposes beyond simple sales, as they can support broader business goals and reach diverse audiences. Book Writing Processes Overview Suzy explained various book writing processes, including writer's clinics, weekend workshops, and support for different types of book projects. She described itty bitty books as short expert guides typically containing 15 chapters with two pages each, designed to help people learn specific skills or knowledge areas. Suzy noted that these books serve as marketing tools for experts to demonstrate their knowledge and attract potential clients. Book Template Discussion Meeting Mary and Suzy discussed a book template that Suzy uses to guide authors through the writing process, which Suzy described as a centerpiece for business activities like seminars and webinars. When asked if the template could substitute for a pitch deck, Suzy indicated it was not equivalent but could demonstrate an author's expertise to potential investors. Suzy also mentioned that authors can get sponsors to help offset book costs, and the conversation concluded with Mary expressing appreciation for Suzy's insights. Website https://www.ittybittypublishing.com Book a call with Suzy https://api.leadconnectorhq.com/widget/bookings/suzy-prudden Gift for you: 4 hour Write Your Book Workshop FREE https://www.ittybittypublishing.com/products/444169/four-hour-seminar-write-your-book-now.htm Book a 15 minute synergy call with Mary Scott at https://calendly.com/businessriff/15min

    Use a Book to Showcase Your Expertise with Suzy Prudden from Itty Bitty Publishing

  8. Aug 14

    What an Investor Needs from a Startup with Randy Berholtz from Mesa Verde Venture Partners

    What an Investor Needs from a Startup with Randy Berholtz from Mesa Verde Venture Partners Early-Stage Life Sciences Investing Randy discussed his background in investing, explaining that he transitioned from being a lawyer with an MBA to working as a CEO and now invests through Mesa Verde Venture Partners, an early-stage life sciences venture fund in San Diego. He typically invests $500,000 to $1 million in US companies as the first VC investor, with an additional $1 million in reserves. Randy expressed his interest in identifying promising opportunities early and looking 20 years ahead in his investments. Biotech Startup Investment Guidance Randy explained that startups should prepare a detailed presentation specifying the problem to be solved and their exit strategy, including potential buyers and competition. He emphasized that biotech startups particularly need to demonstrate market viability, asking whether someone will pay for their product, whether through insurance or direct pay. Randy indicated his investment focus spans therapeutics, diagnostics, medical devices, and healthcare improvements, with personal interest in longevity and health span technologies. Academia to Biotech Transition Guidance Randy advised that scientists transitioning from academia to biotech should focus on commercialization rather than just basic science, emphasizing the importance of teamwork and people skills in the industry. He highlighted that successful biotech companies require collaboration across multiple disciplines including chemists, biologists, engineers, marketing, sales, regulatory, and clinical trial personnel. Randy noted that the average time to bring a drug to market is about 12 years, and successful commercialization requires working with diverse teams rather than focusing solely on scientific expertise. FDA Impact on Medical Technology Randy discussed the impact of FDA shakeups on the industry, stating that while some change is beneficial, delays in SBIR and STTR programs could hurt science and investing in the long term. He emphasized the need for more government certainty and less politics in the regulatory process, particularly regarding medical technology approvals. The conversation concluded with Mary providing contact information for Randy's venture capital firm and promoting her startup services. Randy's link: https://mesaverdevp.com Book a call with Mary Scott at https://calendly.com/businessriff/15min

    What an Investor Needs from a Startup with Randy Berholtz from Mesa Verde Venture Partners
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About

A weekly show where Mary Scott, startup consultant with BusinessRiff, interviews experts in their fields for practical / tactical advice for new, startup businesses. Includes topics like Inventors, Investors, Marketing, Accounting, Legal, Social Media, Mindset, etc. Currently running on Youtube at https://www.youtube.com/@StartUpSuccessLaunch and in the Facebook group https://www.facebook.com/groups/startupbusinesslaunchpad/ We want Startups to be wildly successful, and this information will get them there faster. Episodes can also be found at https://businessriff.com

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