Category Archives: Uncategorized

Jun 29 2012
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Dingman Center Angels: Year in Review

The Dingman Center Angels connects regional start-up companies seeking seed and early-stage funding with angel investors. During the year (September 2011 – June 2012), our team received 116 applications, screened 60 companies and invited 40 to present at monthly breakfasts. 13 companies received angel investments totaling over $4M.

Funded Companies:

  • 6th Street Commerce is an automated E-commerce platform that helps retailers simplify their critical business processes.
  • CirrusWorks develops a networking platform, which makes it easier and cheaper to manage infrastructure technology applications in non-corporate commercial buildings.
  • eco-armour™ manufactures and markets natural, healing skin care products based on its patented botanical shaving solutions for men & women.   
  • LearnZillion is a learning platform that combines video lessons, assessments, and progress reporting.
  • Lemur Technologies is a software company that brings together experts in retail, programming, and social media marketing to develop innovative solutions for common retail problems by leveraging smart phone technology and social networking.
  • Seva Call is the next-generation request aggregator and filtering search engine.
  • Social Tables has created the world’s first social seating chart through its event planning and community-building platform.
  • Social Toaster is a social marketing platform that engages supporters to promote content directly to social networks while driving website traffic and providing comprehensive reporting on the effectiveness of efforts.
  • Spinnakr increases click-throughs and conversions by automatically displaying the right message to the right visitor.
  • Spotflux has developed several unique technologies that bypass censoring technologies, protect privacy, and allow users all over the world to browse an open and free internet.
  • SpydrSafe’s mobile security platform provides IT departments with the necessary tools to safeguard corporate data
  • Target Entertainment Properties (TEP) is a Maryland based company dedicated to developing a suite of celebrity branded games across multiple platforms.
  • Veenome is a video enabling platform, translating video content into data for superior publishing, searching and monetization.
If you are interested in joining as an investor or an entrepreneur looking to present read more about the Dingman Center Angels online.

Additional Presenting Companies:

  • 24K National is the first licensing company to empower entrepreneurs to build unique gold brokering enterprises.
  • Airside Mobile is a mobile transaction platform enabling airport service and passengers to conduct mobile transactions for goods and services, cutting down lines, saving times for passengers and creating additional revenue opportunities.
  • ARCSys provides a web based on-line SaaS module that addresses the new regulatory requirements and disclosures mandated by GAAP and FASB.
  • Apeliotus is commercializing a novel diagnostic for early detection of macular degeneration, an age-related eye disease causing blindness in 1 in 6 people over the age of 65 worldwide.
  • Bookstore Genie is a platform that offers college students the lowest textbook rental prices in the nation.
  • Brain Sentry has created a helmet-mounted sensor that detects impacts that could cause a concussion- helping prevent further injury.
  • Contactually acts as a personal assistant for your inbox by collecting rich data on your email relationships, allowing you to effortlessly take immediate action.
  • Euveda Biosciences’ cell miniaturization technology enables efficient drug screening on the most relevant primary cells, resulting in less expensive and more reliable clinical trials.
  • flexReceipts aggregate consumer’s cash and credit card purchases into a centralized cloud based platform and provides retailers holistic analytics on spending habits.
  • Gryphn simplifies mobile privacy by providing enterprises with one-touch security and encryption for their mobile messages while not requiring any hardware.
  • Kidspotter is a wristwatch that provides a location tracking device for kids in theme parks.
  • Local Food Systems connects aggregated suppliers (Foodhubs) to high-volume wholesale buyers (like Sysco).
  • LocalUp Solutions powers hyper-locally branded restaurant discovery and online ordering guides for hyper-local cities/communities across North America.
  • Mashed Pixel has developed a protective case for smart phones that enables it to function as a universal learning remote, pushing real time ads based on user’s viewing habits.
  • mxHero brings file sharing to email by transparently enabling users of any email system to send and receive files of any size.
  • Parking Panda is a community marketplace that enables parking space owners to capitalize on their underutilized parking spaces by renting them out to a community of drivers.
  • Ringio helps businesses become more customer-centric by providing cloud-based solutions for small and medium-sized enterprises.
  • Seguro Surgical aims to improve patient outcomes of abdominal surgery while increasing efficiency and reducing costs.
  • Seventy Degrees provides a revolutionary full-size QWERTY keyboard with full-size keys, yet small enough to be built into mobile devices.
  • Smart Composite is focused on developing technologies including a driveway snow-melting paint, paint on strain gauges for structural health monitoring, electromagnetic shielding paints, and a novel method of silent propulsion for marine vessels requiring no moving parts.
  • ti•ki is focused on family events offering end-to-end work-flow, planning, and purchasing assistance.
  • Tista Games is the HBO of games providing a platform for regularly scheduled episodic games that keeps players engaged with monetization for years, as opposed to weeks.
  • True Influence is a self-service ad platform for B2B marketers such as Symantec, IBM, and Xerox that are looking for targeted marketing leads.
  • Uppidy is a mobile app that lets users securely archive and organize text messages.
  • Urgnt.ly connects people who have urgent or time-sensitive needs with the nearest party to meet it.
  • Villagize is a social network and social discovery tool where all U.S. consumers can meet and socialize with their real-world neighbors
  • Votifi is a mobile oriented polling & analytics company built on a political network that uses polls & content to connect & empower voters.
  • Well Care Strategies developed a key product called TPS™ EMR, a specialty electronic medical record targeted to the wound care clinical segment that serves 7M+ US patients/year.
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Jun 26 2012
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Business Rx Entrepreneur Q&A with Elana Fine

Elana Fine, Associate Director of the Dingman Center recently participated in a live chat with the Washington Post’s Capital Business magazine for their Business Rx column answering questions from regional entrepreneurs. This post features some of the questions from the live chat. Follow the Dingman Center’s Facebook Page and Twitter Page for information on the next live chat and other Dingman Center news and events.

Q: What resources would you recommend for entrepreneurs interested in starting a business but in need of guidance?
A: The DC area has a number of great organizations including Foster.ly, ProudlyMadeinDC.org (for resources), the VA and MD economic development organizations, StartupMD/DC/VA, DC Tech Meetups, DC Tech Facebook group and university resources at UMD, Georgetown, George Washington and George Mason.  I’d also suggest reading Business Model Generation to get started.

Q:I have always wanted to start my own business but have no idea what kind or where to start. Are there any resources that could help nudge me in the right direction or help me find what my strengths/weaknesses are?
A: There are a couple of ways to go about it — think about the things that you are most passionate about — and the things that drive you crazy.  What are your “I always wish there was a place to do this..or a way to do that?” Where do you see people waiting in lines…and why? Talk to your friends and colleague about the businesses they’ve always wanted to start.  My mom is a great example; she retired and started getting into writing because she always kept a journal. Now she is thinking about starting a business that gets groups of people together to write about shared experiences.

Q: What industries, other than tech, are successful startups? 
A: Cupcakes! All kidding aside, I think we are seeing a lot of activity in the food space.  Look at trends around specialty restaurants – burgers, cupcakes, frozen yogurt. Also a lot around organic, locally grown foods.

Startups around improving education and healthcare have no shortage of problems to solve. Also, there is also a blurred line in many cases between tech and non tech. A lot of product companies now sell online.  Is that a product of a tech company because they have a website?

Q: I have been working on a great idea that will revolutionize the way people shop online. The problem is, most investors or prospective customers refuse to sign a non-disclosure agreement and I don’t feel comfortable talking to anyone about my idea without a certain level of protection. How do I protect my idea from being stolen?
A: This issue comes up very often, so you are not alone in this dilemma.  Investors at all stages rarely sign NDAs because they often speak to so many companies and can’t be precluded from an investment opportunity.  If you aren’t already in prototype or beta testing stage, you are probably too early to even talk to investors.  Select advisors that you know and trust for early feedback — and then conduct market research to determine if you are solving a problem or creating a product that potential users will find valuable.  I think there are very few examples of investors stealing an entrepreneur’s idea — they have reputations on the line as well.

Q: My company is currently looking for angel funding. I am the brains behind the business, but I am horrible at pitching. Will investors be turned-off if I bring in someone else to pitch my business for me?
A: I always suggest the CEO should pitch because at the end of the day you are also the chief selling executive. Investors want to feel comfortable that you will be able to sell to customers or other partner who you need to sell on your vision.

Pitching takes A LOT of practice. At the Dingman Center we spend a lot of time coaching students and local entrepreneurs on their pitches because it is for more than just raising money. Find advisors and coaches who will help you — you’d be surprised how much progress you can make. Also, find the venues where you feel comfortable. Pitching investors doesn’t have to be in a crowd, one on one meetings are also very successfully in building rapport.

Q: My partner and I are working on developing a beta version of our app. He says since it’s functional we should release it to our beta testers. I say we need to improve it so people are wowed and don’t get a bad first impression. What’s your take on this?
A:  I recommend releasing it as that is the purpose of a beta test.  Beta users know it is in its early stages but can provide you very valuable feedback.  Many local startups have been extremely successful in launching companies following Lean Startup principles — get your minimally viable product out there and then get feedback early and iterate.

Q: How ambitious should a start-up be when it comes to capturing one or two markets versus getting really big quickly? We’ve seen examples of local firms that have taken both approaches. Obviously money can be a limiting factor, but are there other considerations?
A: Startups always need to think big — but execute smart.  Think about splitting your time so that it is focused on your top 1-2 markets, but that you allow some time to be opportunistic.  Focus on creating a replicable sales/customer acquisition model — that is often easier to do by focusing on one market.  You can learn what works/what doesn’t and then move on to other or larger markets.  Money is not the only limiting factor — you don’t want to dilute your expertise either. One step off your path is okay, but sometimes it takes you 2 steps off focus which can be hard to find your way back.

Q: How early should founders start a conversation about equity, both among themselves and with early employees? What are some good guidelines when approaching the subject?
A: Founders should have these conversations VERY EARLY. I’d decide what size of an option pool you want to set aside (I recommend 10-15%) and then determine what percent you will give to certain hires (senior management, developers, sales, etc). This will give you a set amount of equity to play with and help guide your hiring/grant decisions.

Q: It can often seem like investors have the upper hand when it comes to equity conversations — after all, they’ve got the money. How should entrepreneurs approach conversations with financiers about how much of the company they turn over in exchange for an investment?
A: Before you start talking about valuation, startups need to find early investors that share their vision and can also add value to the company.  Finding angel and VC investors is a two way street — you are selling them on the investment opportunity and they should also be selling you on what they bring to the table.  Most angel deals are done at $1-4M pre-money valuation, so you need to think about how much you are willing to give up in equity and how much you really need to raise to get company to next milestone.

 Elana Fine joined the Dingman Center for Entrepreneurship in 2010 as the Director of Venture Investments and was named Associate Director in January 2012. In this role, Elana continues with her primarily responsibility of managing the Dingman Center Angels, a network of active, accredited angel investors providing open and efficient access to early-stage capital for entrepreneurs in the Mid-Atlantic region, and is also the primary center contact within the Smith School and on campus.

Jun 21 2012
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An MBA’s Summer in the Startup Nation

 Allen Lu, MBA Candidate 2013, is spending his summer in Israel, participating in a technology commercialization course at the Technion-Israeli Institute of Technology in Haifa and interning at Medtronic in Herzliya. 

The 2012 Israel Global Technology Entrepreneurship Fellowship kicked off with the ILSI-Biomed conference, which showcased innovations in the fast-growing biomedical, healthcare, and life science industries.

There is a strong relationship between academia and industry in Israel.  I was impressed to see both sides coming together to discuss university research and to explore opportunities for new business ventures.  Technology transfer centers such as Technion’s T3 and BioRap presented their latest inventions to investors and industry partners; while, executives from BioLineRx and Roche shared their success stories from partnering with academia to bring life-saving medicines from the bench to bedside.  The university business model began with teaching and then incorporated academic research; however, I feel the future success of the university will hinge on its ability to form strategic partnerships with industry through joint research and technology commercialization.

 

Even though this conference focused on Israel, the ideas shared where not bound by borders.  Multinational companies such as Life Technologies, Medtronic, TEVA, Johnson & Johnson, and Abbott all spoke regarding Israel’s spirit of entrepreneurship and the global impact of its innovations.  I was most impressed by Dr. Stephen Oesterle, Sr. VP of Medicine and Technology at Medtronic, who shared his insights on the urgent need to think differently about how we develop medical devices for the developing world.  The largest healthcare market is China – but in order to penetrate that market, Oesterle stressed the need for infrastructure development, physician and patient education, and most importantly, the need for affordable technologies.  Applying the principles of reverse innovation, Israel can partner with China to develop affordable medical devices first for the developing world and then bring these technologies back to developed countries such as the United States.

After Oesterle’s keynote, I developed the chutzpah to approach him and affirmed Medtronic’s mission of delivering affordable world-class healthcare not only the US and Europe, but also the developing world.  Supportive of my endeavor, he referred me to Medtronic’s office in Herzliya where I am now working with Judith Gal, General Manager for Medtronic Israel, on a business development project in making Medtronic technologies affordable to developing nations.

If you’re interested in bio-entrepreneurship, I highly recommend you attend ILSI-BioMed 2013.  I know I will be there!

Allen Lu received his B.S. in Chemical Engineering and M.S. in Biomedical Engineering from the University of California, Los Angeles.  He completed his academic research training at the National Institutes of Health and Harvard Medical School and worked as an assay development scientist with Meso Scale Diagnostics.  At Smith, Allen is completing his MBA with a focus in Finance and Business Development.  He is currently in Israel as a Global Technology Entrepreneurship Fellow at the Technion and a business development intern at Medtronic WTC.

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May 16 2012
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Entrepreneurship Do’s and Don’ts

Are you an aspiring entrepreneur? Take a look at these Do’s and Don’ts from some of the entrepreneurial experts featured in the “Center Stage” series.

DO’s

“Listen to anybody and everybody, but don’t let them make your final decision.” – Steve Begleiter, CEO, KBL Group International

Start from the end. Who are you going to sell to? Build a vision of what this will all look like when it’s successful.” – Glen Hellman, Principal, Driven Forward

“Find outside advisers that provide experience in the areas you don’t have strength in.” – Liz Sara, Managing Director, Best Marketing LLC

“Keep it simple and tell a story during an investor pitch session.” – Ed Barrientos, CEO, Brazen Careerist

“Go out and make contacts, leverage your network of individuals that have a background or some knowledge base or expertise that they’re willing to share with you.”  -Michael Schwab, Co-President, D&H Distributing Company

“Make sure you put everything in writing.” – Dr.Gloria Jacobovitz, Tech Transfer Committee Member

“Do things that you love and are passionate about. Be authentic in everything you do.” – Wayne Kimmel, Founder, Artists & Instigators

“Stand your ground and show confidence.” – Doug Humphrey, CEO, Joss Heavy Industries

“Fall in love with the idea that your product solves a business or consumer need and can do so at the appropriate price point.” – Michael Schwab

“ Find like-minded people to vet your plans and to hold you accountable. Find a group of trusted people to share your plans.” – Glen Hellman

“Take every failure as an opportunity to start from a clean slate based on what you’ve learned.” – Gloria Jacobovitz

DON’TS

“Don’t surround yourself with people who have all the same skills and ideas. You want someone that will challenge you. Having people with different experiences ensures that the right decisions will get made sooner rather than later.” – Liz Sara

“Don’t let other people run your business. If you’re in charge, you have to understand what your business is about at all levels.” – Steve Begleiter

“Don’t bore me to death: Keep your pitch fresh and interesting.” – Ed Barrientos

“Don’t pivot on a whim.” – Glen Hellman

“Don’t give up if the first opportunity doesn’t create a sale or a success story.” – Michael Schwab

“Don’t be a phony. Don’t get involved in things you don’t care about.” – Wayne Kimmel

“Don’t overplay the valuation card. In other words, be realistic about what your business is worth and come to terms with it emotionally.” – Ed Barrientos

“Don’t chase funding too early.” – Glen Hellman

“Don’t be obnoxious” – Doug Humphrey

May 09 2012
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Startup Success: 6th Street Commerce

The Startup Success series features interviews with regional entrepreneurs who received funding from the Dingman Center Angels investor network. To date in 2012, members have invested in 5 companies.  In 2011, member  invested in eight regional companies, making it the network’s most active year since its founding in 2004.. Click HERE to see the rest of the Dingman Center Angels portfolio companies.

6th Street Commerce focuses on simplifying and streamlining the critical business processes associated with managing a successful E-commerce business. Using their E-commerce software platform – SalesWarp™, 6th Street Commerce has been able to save their clients from $600K to over $3.5M by automating all the critical business and marketing processes needed to run an E-commerce business, including order processing, shipping, customer management, product publishing and SEO.

6th Street Commerce received funding through the Dingman Center Angels in 2012. This interview in our “Startup Success” series features CEO & Founder, Dave Potts and VP of Marketing David Anderson.

How did you get the idea for your business?
David Potts: 6th Street Commerce came out of a retail experience that I had with my family. I was living through the pains that retailers had with taking their businesses online while helping family and friends with their own online businesses. That became the foundation of the company and the source of our technology platform which we have branded SalesWarp.

What phase is the company in?
David Potts: We developed the product for two years and then brought it to market last year, generating a small profit our first year. We’re now in rapid expansion. The first year was the initial product line and roll-out. Now in year two, we’re going into a broader market.

Phase 1 involved direct sales to retailers; Phase 2 is targeted at resellers (Web Design Firms, Creative Agencies, E-commerce service providers) where we let our clients sell and customize the product. These first two phases have been aimed at larger retailers and resellers, while Phase 3 will bring SalesWarp to smaller mom-and-pop style retailers through a cloud-based product.

As a startup, what are some of the greatest challenges you face?
David Anderson: We’ve run into problems with resources, which is why we turned to the Dingman Center Angels. We had an overflow of client engagements. Another challenge has been awareness marketing. We’ve been focusing on getting market awareness through trade shows and conferences, and teaming up with partners in order to get the word out to retailers.

What is your best networking tool?
David Anderson: We use Twitter and LinkedIn quite a bit, and have been getting into Facebook more as well. Overall, Twitter has been the most effective so far and LinkedIn has always given us a good advantage in helping us target specific clients. But beyond those social media tools, our partner network has been the most important.

What piece of advice/information have you received that has added the most value to your business?
David Anderson: The best piece of advice I can offer is this: connect yourself to people who are smarter than you. Don’t rely on yourself for everything. You need a good team and good advisors.

David Potts: Bringing in seasoned advisors has been immensely helpful in terms of overcoming fundraising and other startup challenges. If you can find those folks out there in your industry, then tap into that brain trust as much as you can.

What was the Dingman Center Angels review process like?
David Potts:  It’s been one of the more aggressive and productive groups that we’ve met with locally. I’ve spent most of my career in Texas and California in the smartphone industry and I am used to working with a mature investor group. We didn’t run into a similar group locally until we met the Dingman Center Angels. It’s refreshing and the review process was very constructive. We had our funding two weeks after we presented, so it went well overall and they continue to provide assistance.

Have you had to pivot with your current business plan?
David Potts: One of the things with any new business is that you’re constantly testing what resonates with clients. We pivot frequently in the early stages to meet our clients’ needs. We’ll roll out a pitch in front of our target customers, listen to what they have to say, and then switch things up. As a startup, you can’t have qualms about changing product strategy.

David Anderson: The product itself is built off of a real world need. For the past couple of years, we’ve had the benefit of working on this before bringing it out to the rest of the market. It was proven when it started, and not all entrepreneurs have that luxury. Our pivots aren’t as much on the product functions, but more on marketing based on our customer needs and response to our messaging.

What do you think about the current state of the entrepreneurial community in Washington DC and Baltimore?
David Potts: Obviously, the DC market is the most mature in this area. But I’ve seen Baltimore start to evolve as well. We see an emerging entrepreneurial community, with folks that are more credible. That gives us hope that new companies will have an easier path forward.

6th Street Commerce is founded on the same software (SalesWarp™) that David Potts used to grow his own family’s online business. He originally developed the system in 2006 as they found no available solution that could handle the needs of their business growth at a reasonable cost. Being an entrepreneur at heart, David has always enjoyed working in new and emerging markets.


Avid triathlete and Vice President of Marketing, David Anderson brings a unique background in creative, branding and marketing that encompasses over 20 years. David founded and managed a small 5-person design boutique in Connecticut for almost 10 years before moving to Maryland in 2006 to offer Brand Consulting services to the agency and business community.

Connect with 6th Street Commerce on the Web, on Twitter, and on LinkedIn.

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May 02 2012
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Checking in with our Cupid’s Cup 2012 Winner

An interview with Ryan Hogan of Reed Street Productions, operators of
Run For Your Lives zombie-themed races

Why did you apply to compete in Cupid’s Cup?
I heard about the competition last year in Managerial Accounting when a representative came in to distribute flyers. At that time, I had the up-and-coming athletic training apparel brand Warwear and immediately wanted to get exposure via the competition; and the added bonus of a little competitive flare with Kevin Plank. We were in the early stages of Run For Your Lives but knew that Reed Street Productions may become the better choice because of its tremendous growth and attention.

What was the most valuable part of participating in Cupid’s Cup?
One word: Experience. From the public speaking to the presentation preparation, these experiences are invaluable. Foundation can be built with books, but personal and professional development mainly relies on experiences and application.

What was the most challenging part of being in the competition?
Time management. Between my family, the military, managing two companies, and my studies as an undergrad, time management was essential to pursuing success at the Cupid’s Cup.

How did you prepare for the live presentation?
In the initial stages, preparation was limited. We already had an active business plan on file which I simply sent in the day the Dingman Center began accepting applications. We found out about the semi-finalist decision the week of our second event in Atlanta, GA. Our graphic designer created branded PowerPoint slides, and I filled in the blanks for the first presentation. Needless to say, I arrived back from the Georgia event on Monday morning at 3AM, went to class the next day, built the presentation that evening, then pitched first thing Tuesday morning to the semi-finalist panel.

The finalists were fortunate enough to have a couple weeks to build bigger presentations with the help of business consultants from the Dingman Center. A lot of great advice was given during these coaching sessions. Once my presentation was finalized, I developed and recorded my script. During my daily two hour commute to College Park, I would listen to it 20 times. Once home in the evening, I would edit and re-record to enhance, then start the process all over during the morning commute. It was 72-hours prior to the competition that I began utilizing peers, paper cut outs of the judges, and a vacant classroom to run through the pitch. Thursday evening before the event, I retired early and returned home for rest as I had ran through the presentation – at the minimum – 100 times.

What piece of advice can you give to other companies who want to apply to compete in Cupid’s Cup next year?
Apply! What’s the worst that could happen? As a business owner, you’ll need to learn to deal with rejection so even if the panel declines your application – don’t stop. Continue to pursue your dreams – and ultimately, personal happiness.

Advice once making the cut: I heard a lot of “if you know your business, you’ll be fine.” Quite frankly, that’s not the truth. It takes an enormous amount of time in preparation to develop your presentation. It’s never perfect, therefore tweaks can always be made. If you make it look easy, you did a great job preparing. Remember, its not about you anymore, you represent something much bigger – your organization.

If you could ask Kevin Plank one question about your business, what would it be?
Reed Street Productions: Looking to sponsor?
Warwear: Ready to buy yet?

How are you going to use the $17,500 you won?
The money covered about a week’s worth of payroll for Reed Street Productions.

What is in the works for Reed Street Productions?
Things that will make heads turn. We are pretty secretive by nature, but I can promise no disappointments from the events that are forthcoming. In addition to five new events by 4th quarter 2013, we have begun diversifying and building on the relationships which we have established. Expect Reed Street Productions to become a top marketing firm within five years.

Ryan Hogan is a Managing Member of Reed Street Productions and a current student at the University of Maryland’s Robert H. Smith School of Business. Ryan is also a Officer Candidate in the United States Army, in which he has been serving since 2002.
Learn more about Reed Street Productions at on the Web, Facebook, and LinkedIn

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Apr 19 2012
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DCE: Land of Opportunities – A Guest Blog by Julie Mullins

When deciding on a business school, I knew I wanted one with an entrepreneurial spirit; a school that was active in not only teaching entrepreneurship, but living it. I chose the Smith School of Business because of the Dingman Center for Entrepreneurship and sought out a student position there before even accepting my MBA offer. I felt the energy of innovation and execution and knew this Center could be a game changer in my life….and it has been!

My Advice: Get involved as early as possible. Students don’t realize what a valuable resource the Dingman Center can be for connections as well as insightful, fun, and practical experiences. Make time for it; trust me, it’s worth it!

The Dingman Center is filled with opportunities for student involvement, and of its many programs, I’ve been intimately involved with three: Dingman Center Angels, an angel investor network, China Business Plan Competition, and the Israel Global Technology Entrepreneurship Fellowship, an 8 week summer internship.

Dingman Center Angels
I sought out to be a part of the Dingman Center Angels for the interactions I’d have with both entrepreneurs and investors. I submerged myself in the process that the entrepreneurs take to mold their business plan and pitch, as well as the process the investors take to analyze the companies, provide feedback, and develop the terms of their investment. During my first year, I screened companies applying to the group. I attended Review Sessions and Investor Breakfasts where I was able to hear the investors provide questions and feedback to the entrepreneurs on their pitches and their businesses, guiding my thought processes in terms of analyzing entrepreneurial investments. During my second year as a GA, I learned to quickly assess a business, new product, pitch, etc. to identify the gaps in companies’ plans or strategies. This process helped me understand the entire startup Angel investment ecosystem and assess the investment potential of startups. The relationships I’ve made with the investors and entrepreneurs have also been a huge benefit for expanding my network and providing me access to some of the area’s most influential individuals in the entrepreneurship field.

China Business Plan Competition
The funny part about my participation in the China Business Plan Competition was that I accidentally joined the class. It was an early Friday morning when I was on my way to another Dingman event when someone pointed me in the direction of a nearby classroom. I realized I was in the wrong room, but was taken with the lecture on formulating business plans by a great professor named Dr. Bob Baum. I decided to immediately enroll in the class and what a GREAT decision it was! The China Business Plan is broken into two components: the class and competition/trip. The class gave me hands-on experience in creating a business plan, working with a cross-cultural team, and pitching a business idea to entrepreneurs and investors  for feedback. The execution of the entire trip by the Dingman Center was impeccable. We did a lot of sightseeing, but more importantly, we learned about the business environment. China is a high-growth market that is attractive to all international companies looking to expand; what everyone does not understand is the uniqueness of that market. This trip provided insights into the cultural norms, common practices, and challenges. I worked with classmates who quickly became some of my closest friends in the program, learned the ins and outs of writing a business plan and starting a business, worked on my public speaking skills by pitching in front of 100+ people, and had the perk of traveling to China while experiencing amazing food and tourist sites with fun people.

I quickly realized that every interaction I had with the Dingman Center was transformed to the words, “amazing experience”.

Israel Global Technology Entrepreneurship Fellowship
The Israel Fellowship was my next logical step, tying in my focus in entrepreneurship, products, marketing, and international interest. My time spent in Israel was definitely the best experience in my Smith career. Not only did I return to the U.S. with a desire to live in Israel, but I returned with new tools for my toolkit of starting a business and taking a new product to market. We learned the culture of Israel and why they’re #1 for startup creation. In partnership with the Technion (Israel’s MIT), we worked for 8 weeks on commercializing Technion-developed IP.  Our class was split into teams, made up of U.S. and Israeli MBAs, and we pitched our novel medical device technology to VCs and angel investors. We were critiqued on the aspects of the pitch and the business model components in order to continually improve. I learned about the intense market research and customer profiling behind commercializing an innovation and created a go-to-market strategy. As in China, we visited a wide variety of companies during our 8 weeks. The visits advanced our learning and understanding of local business practices while helping us make quality connections. There’s no lack of history in Israel and we got to sightsee in all the top locations including the Old City Jerusalem, the Dead Sea, Masada, the Golan Heights and the Sea of Galilee.

  


All these experiences have equated to an enhancement in my entrepreneurial knowledge and connections. They are differentiators in my interviews and on my resume. The Israel Fellowship is highly memorable to recruiters and is an instant topic of conversation that sets me apart from the masses of students with more “traditional” internship experiences. The Dingman Center Angels has been a job experience that I flaunt on my resume. It is a GA like no other in the school since it provides a true work-like experience dealing with companies and investors in the community.

My experiences with the Dingman Center helped me learn how to think like an entrepreneur and an investor. They helped me shape my thought processes towards developing a strategy for a business or a product. They helped me learn from others’ mistakes and successes. My only regret is not having video-taped myself prior to being a part of The Dingman Center so that I could show those who hadn’t met me 2 years ago the transformation to what I’ve grown to be today.


Julie Mullins is an entrepreneur-at-heart, searching for the right idea. She spent five years in retail management prior to pursuing her MBA. She hopes to lead a career in marketing for consumer products after Smith. 

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Apr 13 2012
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2012 UMD Entrepreneurship Invitational Recap

The 7th Annual UMD Entrepreneurship Invitational, Powered by the Dingman Center for Entrepreneurship was overwhelmingly successful with the launch of Startup MD, the BB&T Business Invitational, keynote speakers Governor O’Malley and Under Armour CEO Kevin Plank at Cupid’s Cup, and over 600 attendees at the day’s events. Cupid’s Cup Grand Prize and People’s Choice winner was Reed Street Productions, taking home $17,500 in prizes.
BB&T Business Invitational winners were Veenome (regional company) and My Fridge Rental (UMD community company), each receiving $2,000. With praise from President Wallace Loh and Dean Anand on the quality of the companies and execution of the day, this has been the most successful UMD Entrepreneurship Invitational to date. Keep reading for highlights and photos of the day.

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Startup Maryland is a regional initiative launched out of the Startup America Partnership. Driven from within the community and led by entrepreneurs Startup Maryland is locally-operated and inclusive. Startup Maryland strives to connect innovation communities and recognize the importance of startups, ramp-ups and speedups to the state and regional economies. The official launch of Startup MD was the first event of the day at the UMD Entrepreneurship Invitational. The video below, features highlights from the event.

BB&T Business Invitational is a showcase of University of Maryland companies, regional startups, and campus and regional resources for entrepreneurs. Attendees had the opportunity to network with UMD students and alumni, local entrepreneurs and investors, and business leaders from the Baltimore-Washington metropolitan area. Sponsored by BB&T, prize money was awarded to top exhibitors as voted on by event attendees.

Dan Waetjen, BB&T group president for the Greater Washington region, presented prizes from BB&T for exhibitors at the BB&T Business Invitational:

  • $2,000 best UMD Community company – My Fridge Rental (winners of the 2011 Cupid’s Cup)
  • $2,000 best Regional company – Veenome

Cupid’s Cup, a business competition for student and alumni entrepreneurs, began in 2006, due to the vision and generous support of Kevin Plank ’96, founder and CEO of Under Armour. The competition is designed to identify and support students and young alumni who have already started their own businesses. Five finalists pitched their businesses to Kevin Plank and a panel of veteran entrepreneurs for $25,000 in prizes.

  • $15,000, 1st place – Reed Street Productions, operators of Run for Your Lives, a zombie themed adventure race attracting thousands of participants
  • $7,500, 2nd place – Food Safety Administration, provider of online courses for food service professionals required to earn food and alcohol safety certifications
  • $2,500, People’s Choice Award, decided by audience vote – Reed Street Productions (sponsored by Sam Medile ’80, a successful entrepreneur and former Terp student athlete)

Other finalists:

  • 10G Systems, supplier of web-based transportation software to small to mid-size shippers
  • Route One Apparel, an e-commerce platform for creative apparel designed by students
  • Visisonics, a UMD spinout that enables realistic 3D audio for music, movies and gaming in standard headphones

To see a full photo album from the day, go to  http:/ter.ps/mar30photos 

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Apr 11 2012
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Nothing Lifestyle about a Lifestyle Business

By Elana Fine, Associate Director, Dingman Center for Entrepreneurship

This past week’s signing of the JOBS (Jumpstart Our Business Startups) Act has brought a lot of attention to technology startups who hope to have better access to capital through crowdfunding. By expanding the pool of investors beyond traditional angel and venture capital investors, the JOBS Act provides fresh access to capital for early stage companies. Although most of the press on this act has related to technology start ups, it remains to be seen whether it will increase financings for small businesses often categorized as “lifestyle” businesses.

Those of us who spend a lot of time with early stage companies that are looking for capital often find ourselves categorizing companies into two buckets – high tech companies suitable for angel/VC funding and lifestyle businesses. The traditional thinking behind this often unfair labeling is that high tech companies in social media, gaming, cloud computing and other related sectors offer investors the hope of a high multiple IPO or M&A exit that will justify the upfront risk and uncertainly. Companies that don’t fit this profile are lumped into this other less sexy category of “lifestyle” businesses, based on the assumption that these companies may not have an exit but will generate enough cash for their owners to take home a cushy salary and live a balanced, stress free life.

The truth is, there is nothing lifestyle about a lifestyle business. If asked, most entrepreneurs opening a restaurant, building a services company or launching a consumer product are constantly worried about making payroll, losing customers and  planning for the unexpected. They barely see their family while they work around the clock to avoid additional labor costs. They max out credit cards, put second  mortgages on their houses and hit up every uncle, rich or not, for capital. Lifestyle business gives the image of a satisfied shopkeeper closing down on a sunny afternoon to hit the golf course. The reality is these companies have a harder time finding funding than their tech start up counterparts due to tight credit from banks, lack of assets for collateral, and generally lack the possibility for angel or venture investments.  I haven’t heard of incubator for up and coming fashion designers, restaurateurs or local contractors. Yet, these are the businesses that are the “glue” of our communities – -not flashy or the next Facebook – but businesses that provide the goods and services we rely on every day and create jobs. As someone who has used the “lifestyle businesses” term on many occasions, I can’t help thinking that there needs to be a better term for this category of companies and a better way to get them financed.

These lifestyle businesses have a branding and  capital problem. Why not just call these companies small businesses? We rarely call a technology startup a small business – don’t know why- but we don’t.  By following the lead of their tech startup counterparts, these companies need a fresh name and a fresh voice to call attention to their lack of access to capital, similar to the strong voices that lobbied for the JOBS Act.   Most of the typical descriptions carry negative connotations – low growth, low tech or capital intensive are some that come to mind. What if we call these companies Upstarts? Could there be an Upstart America Partnership that creates opportunities for these businesses to receive relevant discounts and connects with relevant suppliers, manufacturers and funders? The JOBS Act’s crowdfunding exemption could provide some additional access to capital to these future Upstart entrepreneurs, but due to lack of financing alternatives and unified voice there are still a lot of ideas that will remain un-started.

Elana Fine

Elana Fine is the Associate Director of the Dingman Center for Entrepreneurship. In this role, Elana manages the Dingman Center Angels, a network of active, accredited angel investors providing open and efficient access to early-stage capital for entrepreneurs in the Mid-Atlantic region, and is also the primary center contact within the Smith School and on campus.  Prior to joining the Dingman team, Elana was an Associate and a Vice-President at the Boston office of Revolution Partners, a national middle market investment bank specializing in mergers and acquisitions and private capital advisory for the technology industry. Elana earned an MBA from the University of Chicago’s Booth School of Business and a BS in Finance from the University of Maryland.

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Mar 29 2012
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Cupid’s Cup 2009 & 2011 Winners: Where are they now?

The Dingman Center’s signature event, the UMD Entrepreneurship Invitational is tomorrow! The event feature’s Cupid’s Cup, a business competition where 5 student or recent alumni entrepreneurs pitch their businesses in front of a live audience for a chance to win $25,000 from Under Armour Founder & CEO, Kevin Plank.

This post features 2 previous winners, both of which are still operating their winning businesses. Amanda Nachman of College Media Group won top prize in 2009 with her uncensored guide to college life, College Magazine. Brothers Adam and Eric Van Wagner won Cupid’s Cup in 2011 with their dorm-sized regrigerator rental service, My Fridge Rental.

Cupid’s Cup 2012 will be held Friday March 30th from 2-4 PM in Hoff Theater. Keep reading to see what these past winners are doing now.

Amanda Nachman '07, College Media Group

How has your business grown since you won Cupid’s Cup in 2009 ?
We expanded our print reach to over 14 campuses and brought on national brands including Vitamin Water and ihome. Then in 2011 we moved to a digital platform and launched daily content on CollegeMagazine.com. In just a year we now reach 2 million college students online from universities nationwide. We’ve also run national contests including our “Wish I Had Known Freshman Year” postcard contest and the Kembrel Hipster photo contest. We recently had an article go viral, receiving national media coverage and just last month we were highlighted on The Conan O’Brien Show.

Have you had to pivot with your current business plan?
I had to pivot completely by cutting our print publication and redeveloping our online presence along with our media kit and editorial and sales systems. Our print business model did not have the growth potential that we could experience online. We’ve already proven that by moving online, we have surpassed our reach in print.

How did you know it was time and what steps did you take?
I knew it was time to pivot when I realized that students were spending more and more time online and that our guide could reach more college students more effectively in that space.

What advice do you have for students or young alumni looking to start their own business?
I have three pieces of advice for young entrepreneurs:

  1. Follow your passion and spread your enthusiasm to rally support. If you are passionate about your idea, you will be able to trudge through the challenges and also recruit others to help the business succeed.
  2. Find mentors in your industry–they are an invaluable resource.
  3. Start small, prove your concept, and then grow your business. Otherwise you’ll burn out fast.

Eric and Adam Van Wagner '11, My Fridge Rental

How has your business grown since you won Cupid’s Cup in 2011?
Our revenues increased by 35% the year after winning Cupid’s Cup. We established new vendor agreements with various schools and have been able to develop relationships with similar companies to help grow our business.

Just being a part of the Cupid’s Cup has been a very helpful tool for our business. The Dingman Center for Entrepreneurship has been and continues to be an instrumental source of advising for our company. Even if we didn’t win the competition, I know that just going through the process would have been worth it because of the time and effort the Dingman Center puts in and their true dedication to helping young entrepreneurs thrive.

Have you had to pivot with your current business plan?
We have definitely had to pivot our current business plan, in fact it is something we strive to do and is a continuous process. We are always adjusting to new factors that come into play, as well as attempting to find a better or more efficient way to run our current processes. We never settle.

How did you know it was time and what steps did you take?
One of our major pivot points happened soon after we had won the competition and we acquired a new contract with a school. Most of the previous inventory that we purchased had been ‘used’, and we were able to buy at a very discounted price. But for this new school and for growing at the rate we planned to, we knew that we had to get financing and restructure our procurement and growth processes a little bit. We needed the ability to purchase more expensive new units. Again, being part of Cupid’s Cup was very influential with this because of their partnership with BB&T. Through these connections, we were able to acquire a loan at a very low rate, and now have a solid business plan and financial model in place for any new school we happen to form an agreement with.

What advice do you have for students or young alumni looking to start their own business?
The thing that always motivated us about starting a business was knowing that whatever work we put in to it, we were going to directly gain out of it. There is no sitting around and hoping everything falls into place. If you have a passion and are willing to put the work in, go for it. For students, this is a great point in your life to think about starting a business because the time and resources that are available now are exponentially greater than what you will have in the future.

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