Entrepreneurs Obtain Free Management Expertise!
Most entrepreneurs participating in NEF meetings initially are seeking capital. These entrepreneurs also have access to professional services, technical assistance, new management team members, office and production facilities, and partnerships and alliances with other companies. NEF also offers another kind of resource: advice, counsel, and referral to other community organizations that can help meet the entrepreneur's resource needs.
There are four ways to take advantage of these services (or, this expertise):
- Become a Showcase Presenter
- Describe your needs during the Open Forum
- Talk with investors and service providers during networking sessions
- Have your resource needs described in the NEF Newsletter
1. Become a Showcase Presenter
This option is available only to entrepreneurs seeking capital.
Each month, one or two entrepreneurs are chosen to make a formal, ten-minute presentation describing their company and the investment opportunity it represents. To become a Showcase Presenter, you must fill out and submit a Showcase Presentation Tool to NEF's Program Committee. [See Become a Showcase Presenter ] The Program Committee identifies which companies would be most attractive to investors and when they might be ready to present. The committee assigns a coaching team to assist the company in preparing a presentation that will describe the investment opportunity in a succinct and understandable fashion.
Two variables particularly influence the Program Committee's decision making: the company's ultimate size and the company's stage of development.
Company's Ultimate SizeIn general, professional investors are seeking companies having high growth potential, will serve very large markets, and will produce attractive returns on their investment within a relatively short time frame (generally, five years) Angel investors (individuals who regularly invest in businesses) have much lower sales level expectations but nonetheless are seldom invest in so-called 'lifestyle' businesses - those that offer little likelihood of growth and substantial return to an outside investor. Accordingly, small retail operations, consulting firms, restaurants, service/recreation organizations (e.g., a fitness center), and other limited growth businesses are generally not considered for Showcase Presentations.
Stage of DevelopmentAn entrepreneur need not have an up-and-running business to qualify as a Showcase Presenter. However, would-be Showcase Presenters should have at least a first draft of their business plan. Information from this plan provides the answers required to complete the Showcase Presentation Tool.
2. Describe your needs during the Open Forum
During the Open Forum portion of NEF meetings, entrepreneurs have the opportunity (30 seconds) to describe their companies and their resource needs. For many, the Open Forum is the highlight of each month's meeting. Often, the information provided prompts audience members to contact each other later in the meeting or throughout the ensuing month to learn more about each others' business needs.
Unlike the Showcase Presentation, there is no restriction on who can participate in the Open Forum. If your business doesn't match the profile sought by venture capital firms or angels, you still may be a very attractive investment opportunity to an individual who is seeking more modest returns and/or whose reasons for investing extend beyond earning a financial return. There are many experienced and talented individuals who look for small or start-up businesses with which to become involved in order to have a significant impact on their growth or success. The Open Forum is your opportunity to reach out to those individuals.
3. Talk with investors and service providers during networking sessions
The networking sessions at the beginning and end of each month's program can be extremely valuable. In general, there are four categories of people who attend each month's NEF meetings: entrepreneurs, investors, service providers, and "others" (the press, students, government and university officials, etc.) A list of meeting attendees is compiled and distributed during the meeting. The list identifies each attendee by name and category, and gives a phone number or e-mail address to facilitate post-meeting contact.
Typically, the smallest category is "investor," but don't be misled. Many investors don't openly identify themselves as such to avoid being besieged during meetings. Make sure to introduce yourself during the Open Forum. If investors are interested, they'll contact you.
"Service Providers" comprise the largest category. These individuals are often extremely important links to investors. For example, an accountant who provides his or her professional services to businesses may also have wealthy individuals as clients. The accountant who hears your story at an NEF meeting may well mention you to his/her client as a potential investment opportunity.
4. Have your resource needs described in the NEF Newsletter
As mentioned above, the NEF Newsletter is mailed to hundreds of interested readers each month and is read by hundreds more who visit our website. To make sure your message is included in the Open Forum section of the newsletter, do two things: Participate in the Open Forum at meetings and/or fill out a Business Introduction Form (it's a green form on the literature table at the back of the room) and return it to a NEF Program Committee member.
Join our mailing list to subscribe to the NEF Newsletter.