|
Without access,
the chances for success are limited. LEN’s mission is to help
entrepreneurs with innovative ideas to grow profitable, sustainable
businesses. With every door LEN opens, the chances of success
increase.
Data Storage Group
(DSG) is a LEN client for whom access was of critical
importance in the early stages. Through an introduction to a local
agency, DSG was able to achieve proof of concept very quickly.
LEN
introduced them next to a very large potential customer – which led
to yet another company, and an immediate pool of customers.
For
AnswerOn,
LEN provided access to a group of experienced business
people from which CEO Eric Johnson assembled an advisory
board. Their role: to review plans and give feedback.
“I truly
appreciated the quality of people I met through
LEN. Our
relationship was more of a partnership,” said Johnson.
An
unexpected benefit: many of
AnswerOn's advisors also became
AnswerOn's initial investors.
The LEN
advisor network
includes more than 800 business professionals from a broad
range of disciplines who offer their services pro-bono.
Coaching and mentoring relationships often develop as a
result. According to Joe Carey, president and CEO of
Fidelity Comptech, “The
fundamental benefit of LEN is access to seasoned advisors –
who are experienced, who have been through it.” Advisors
also participate in review panels – a process offered to
start-ups before going to investors or to market. “We
endeavor to make the review both positive and constructive,”
said John Greet, a longtime LEN advisor and consultant.
The actual
physical structure of an incubator – literally being housed
under the same roof – gives LEN clients the ability to
interact with other entrepreneurs. “It’s like walking down
Main Street,” said Brian Dodd of DSG. “It’s all right
here. You can ask for advice. You can bounce ideas off one
another. We have one thing in common—we’re all trying to
find a track to be successful.”
Roadmaps,
business plan reviews and advisory boards are all services provided to the entrepreneur by
LEN. “You cannot
innovate or create in isolation. If you do, you’re not
optimizing your potential,” said Brian Tsuchiya, President,
First Wheel Venture Group. Although “balance” is not
a word found in many entrepreneur’s vocabularies, Tsuchiya
believes it’s important to build relationships on more than
business.
|