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welcome to the third panel discussion in the innovate So Cal serious from January
2014
this program includes moderator Paul Corson in
panelists Richard Koffler
Greg Wendt
Victoria Sassine
l
and David Carter
I am thrilled to be here
huge announcement for me I in my current role
a today know that Innovation Fund So Cal
I will launch has long will begin taking applications
out very thrilled I know they're going to talk more about that later
but I am you know in that vein
I feel that we're perfectly placed to keep you awake after lunch and talk
about how
I how you as entrepreneurs access capital and how US I
investors giveaway capital on what's important so
very very pleased to be up here I want to thank I don't know if we've thanks
but I definitely wanna thank
I delgado for I am being
party the par really a driving force
in making sure that this event happen I know that that's something that we want
to continue to do for the long term
and i wanna thank him for his contributions a
great panelists up here their bios are in your book
I don't wanna take time reading about their bios so
the weather like this panel to work is I'm
we're going to try and get you engage not let anybody fall asleep after lunch
I'm gonna run through quickly ask each in our panelists
a quick question focusing on the individual right to access the capital
but on an individual level
and they were gonna flip it open and turn it over to you for questions right
away
hopefully they'll their words and their backgrounds will inspire many have you
I had to ask questions I have a few more teed up
about the a broader ecosystem an environment where the macro perspective
so certainly am if that some interest
you can hold a question but want to engage want you to participate
so without much more introduction I'm gonna jump right in
I Richard I your background
is in the biomedical space you've been an angel investor
I you're very familiar with that ABC's
VC industry started companies I had exits
out what makes an a first-time entrepreneur because that's really the
the focus for Innovation Fund so callous those first time in an experienced
entrepreneurs
what makes a first-time entrenar interesting
to you as an investor likely that
bizarre it's actually easy just spent an hour listening to
him do it
are that to John you see as in passion and creativity
perseverance great sense of humor would like to spend
five-hour sitting next to this guy and a flight to New York absolutely I'll spend
10 hours on a flight to London if I had to
just to listen to him flip it around people who
are negative pessimistic I
annoying I silly
silly side really good but still in the wrong sense I is teh returns your kiss
is all about execution told by the team
and to finish the ideas are
dime a dozen people thing you have to come up with a growing ninety I usually
say think coffee and doughnuts
Starbucks and Krispy Kreme Doughnuts me who needs those that were million but I
can
better example as of today is
joining T-shirts are or whatever cupcakes
I'll who needs more t-shirts and jeans like the standing by the trillion in
China
come here by entire ship food containers with T-shirts
he makes a multi-million dollar business selling t-shirts because
his idea his execution on idea is way to execute
for that the individual and the team around x1
excite and Greg your background very very diverse
we talked earlier a little bit about triple bottom line in
I'm your you have a particular interest when we spoke about biomimicry which i
think is
a really interesting industry that not a lot of people know
about and you're also very interested in impact investing
and I think both those have a huge
emphasis on I am not just profits but the other aspect so that
I'm can you talk a little bit about how somebody
who's seeking financing for a text-based
growth-oriented business like we're talking about how they can marry
those two ideas about impact and triple bottom line
and and scalable technology-based business
thanks paul and is anyone not know what we mean by triple bottom line it was
discussed earlier
or impact investing if you don't know the specs a couple comments and I'll see
Hansel discontinue
I the whole question is how to someone who is a business
to is looking beyond only profit for their motivator
and I would say that johnny was looking to create fun
and entertainment and innovation is not his only mode over there were therefore
he was successful so there may be
places where your business that is looking beyond
the single bottom line but advancing
Environmental Quality sustainability the benefit of people in society
and businesses that is their core mission as as well as being
businesses from the stamp whatever what your *** about how lovely
capital how they engage with investors who are concerned about those
three items as well is recognize that your business first
and you're doing these are things that simultaneous priorities
and that will then convey to the investors and supporters
that your both the where r the importance of managing a business in
covering the bills and doing all that
and also the unique brand early services are the unique offerings at the
businesses are bringing to the world
are perhaps bring dynamic dynamics
and also opportunities that the customers are running so there's a
American that's well as a as a financial advisor to do sorry we
we see that the investment process
and investing in his business is fundamentally investing in businesses
where we have to keep that in mind at the same time with the other factors
so it's the three combined and to your question about my mimicry
its about learning by member crew is about learning from nature and nature's
principles
one of the examples that people are familiar with his Mercedes designed a
car
designed like a box fish in it was 30 percent more efficient than the
aerodynamics there's also an opportunity with with the respect to the way nature
works
and the way that nature it organisms organize themselves in the way processes
work
at a three and a half billion dollars available at billion years I've
innovation that we can learn from
and there's a lot of work around that that's being done in them if I'm not
incorrect
there's a butterfly there is no reason
that we can figure out why a butterfly comply like it does
exact I and to be able to harness that both from a processing standpoint
I and then from an hour dynamics standpoint what we can learn about
play about efficiency and that real quickly what we learn in economics like
a little school and also in the Capitol Rotunda traditional business contacts
it's impossible to do some other things like tennis cupcakes yet
that's where the opportunities that we all have we have more opportunity now I
believe that we've ever had because people are more open minded to try
things that
traditional and experience businesspeople and capitalists are
saying or not possible or not doable
have that's great am victory you also have a very very diverse background
talked about it a little bit
one of the things that was left out in your background is that you
been a very active investor yourself in companies
and I'm you know one of the things
I am that's a challenge
in in Northeast Ohio for the fun there
there's German from Boston I you know he's the guy that you'd always wanted
your
as your great aunt I'm very a
welcoming very nurturing very open
warm and you he likes to pull a joke on folks
right when they get funds from the Innovation Fund there and he says look
we've just offered to give you twenty five hundred thousand dollars
right we're gonna make your day began drive home in the car and what are you
gonna think about right
having a beer kissing your spouse your kids
track everybody smiling happy and he slammed his hand on a day when he says
no you should be thinking about where your next money's coming from
cause this money's gonna run out right and I know you have experience
I in that how do folks make sent some all the noise
that's associated with trying to raise money after they get this
you know 3 seed investment so I think is my background
are going to hear myself so I think that's the what are the
most important things that entrepreneurs need to really deal with is the fact
that you're constantly
raising money you also a reason customers are raising contact trying to
find employees to China network
but you always raising money and
two things that I think are internal challenging for entrepreneurs
is when you're running a business and your startup or as it's growing
is had a little handle the two
task is actually running your business and raising money
and that is a very important skill set that you either need to you
take on yourself raising money or see if you can try
delegate same thing with managing your business
you're selling your business you don't have time to raise money
the China make the difference between those two pieces the only thing
is as you maybe get seed funding from a wonderful
on place like this fun
is whether different forms of capital available for us
on after the global financial crisis we all know that the credit has really
timed out it's beginning to open up again
but not really there's a lot of alternative sources of financing
and if you're gonna be an entrepreneur you need to become very familiar with
them
these include such things as the crowd funding site some such as Kickstarter
and IndieGoGo
is over 1000 sites worldwide its you can get money from now
is also include alternative lending opportunities
on such is no then and land op which is very very expensive forms a financing
but traditional bank loans are are harder and harder to get
so you have to constantly kinda working with through all those
educating yourself all along the way I'm
going to ask David A mile my last first-round the question
I hope your picking up a few already
comic your if you want began I'm getting behind the microphone
please just announce yourself and your organization before your question
I'm David you one
things when I work for the federal government i sat on panels like this
almost every week every other week
almost forty in a year and I was never in that seat because the
Mike box I mean there in that see because my experience I was in that seat
because
up the position that I help for the federal government
people wanted to hear something about federal government each view was up here
because I've
your thoughts and your personal experience right and what you bring to
the table
when we spoke there he said you know I was a 26 year old kid
and needed somebody to help cosign on a five thousand dollar loan
think to start my first company I'm
you've subsequently had three Nasdaq exits you're invested in 21 different
companies as an angel investor
I'm allow that obviously focused on the it.
I'm what you know
for it. entrepreneurs how do we help them see sorta
the bigger picture right there's a lot of sensation around
I am social media ap San about you know another coupon site something how do we
help them
see that there's a bigger opportunity in the IT space
for those individuals who still wanna programmer do something in it.
yeah okay thank you by the way its 2008 taxes
so for the record but up precisely
thank you for letting me be here this place is amazing I I'm from LA and
this is about as good as it gets yeah
these seats are awesome too so up in
anyway so yet getting back to the their picture I mean
I think it going through life we people that have
you have been through things all that we start to realize what
things are important lesson and yet what
makes it things tech for entrepreneurs and
when the the areas I look at very strongly
results for the giant cupcake thing is that this area passion that
we want people that have passion for
an idea or product doesn't matter what that
I care product is having someone may work in a
trade feel they may find a problem
because a lot of times products or companies are created by
solving a problem and so they see a problem in their work in there you know
hey listen I could create something
for this I have a passion to try to make this
this product I and then that allows and get started and
the biggest thing is to just get started yen so
that's something I think that this program does really well
is allows people to get started because lot of people have
I tough timing Beijing on that first step and
you know when you're we're watch when you are you have to get used to a lot of
rejection
so you know it's kinda like going out and
mean a buncha girls and sign site you know ask them out and they just say yes
or no
right there and you know we don't like that right get
I think it's human being to behave rejection but I'm tell you that if
you're not sure you got any
used to but any is a lot a rejection because I you're talking about raising
money
were all raising my thing all the time selling something in
and up know the the sooner you get used to is not your the better
if you you can't get used to it you you may not successfully
as a notch for yourself a I think also the scope today
it's something I've seen with the younger generation here is that
on I think people are more focus on the right
phones like people are a I mean I think we'll be all over me but the Gordon
Gekko generation wall to wall street guys you know just like
you know how many things can i buy you know I think people are
realizing that that is you lot to bring you happiness
the the blow some war portent things in life are
you know how your impact on society yet and you see a lot of businesses now that
our
they're thinking about that in and just you know the younger generation students
that are looking for
I companies that may not be somebody's going to public with Goldman Sachs
but there'll be something the kid at a benefit to the community or they can
take your their family
I'm questions I promised that was in the threat was a promise
I'm I don't see any questions Richard told me he would storm of stage if there
was an audience participation and ok which is not panels I
we can all go home early evening I have any questions which I'm sure you do
up area so we someone who starred address and much less curious mind
where arm my name is Janelle Peterson I own a small
retail business in Claremont California
and arm I'm interested and
developing manufacturing and
I have never been in manufacturing I have a great idea
and I don't know where to start
I've written financial plan so I run this business for 29 years and I'm just
going in another direction and really wanna get started somehow nato
know the first thing about it
Jesse my corrective says if you could raise your hand a small business
administration
Jesse runs the one of them here you borrow them here
Small Business Development Centers are designed to help people like yourself
and Jesse and his staff and your team you have a whole
broad range resources to answer every one of those kinds of questions and give
you multiple options
per question it's an incredible resource it is often underutilized
my Jesse yet
there's also something there and this is something that Victorian I was speaking
about before the panel and I'll
out out maybe ask any %uh view if you have views
you know it's probably a one in a million
individual who says I've been part of a lifestyle business
and now I wanted and alright tech based business
or a scalable business are really going go from be
you know a grocery store owner to someone who can figure out a new Canon
production map it
or going from a retail business to figure out a new manufacturing that
yeah in terms and those types of people
right we we talk about it right and and it may be one in a million
but it's a scary thing it's a confusing thing
you know what maybe some your thoughts about that type of individual that one
in a million to
individual wants to actually try and do that as a duet 1
then you only live once contrary to popular some populares
believe and some people's lives change the come to start burning
%um teen *** you remaster mean 10,000 factors
the change in your life you go board you girls bike or no
do it what the hell I mean and if it doesn't succeed
well it did i cant us good for you
I think the other thing is you've been successful for 29 years
and so you've had your share successes you've had your shares
at failure so you know what that feels like I'm
and again we'll talk about financing as well because you have success before
people are much more willing to lend you money
to help you Cup you try I get to the pill without paying a plugin for the
Goldman Sachs 10,000 small business program
which is offered after at a Long Beach where we take entrepreneurs who want to
be scalable
been in business for several years and help them develop new ideas and new ways
to rate
reach democrats summers are the same customers and grow
we've trained over 2,000 entrepreneurs all over
I'm the United States is very very exciting program and of course
Vivian and at all can certainly help you with that type of information as well
and David from your perspective rate a lot of it is
knowing what you're good at and surrounding yourself with people
that are good stuff you're not good at right to make something like that maybe
a bit more possible
come along and so up I
I wish I would have had more mentors yes like I
learned through a lot of school hard knocks in a I
a when I look at entrepreneurs I work with that name
a think about they areas that we saved a lot of pain are
help the XQ much more efficiently I
yeah it's it's one of those really amazing being for your box in life
so I I think that the the one thing that you want to do is
a be generous with if you're sharing that we are just some
you don't even have to get that people ownership company maybe you give them a
privilege or something but
you need to get people one ball in and
your success they you respect and and
I think it could be a gigantic hell one of the things I do is I
a will almost all these companies I work with is we have a huge
said advisers that we bring in and up
because in my experience if you have a company that is gonna take it to the big
leagues
like you know Goldman Sachs level I you
yeah it takes a team
there's no way you could players it tickle
lot of people and so you want as many people there pulling for you as possible
so
and delegate what you're not
best that and learn how to work well with people that are doing things
that do it better than you do work with people that are smarter than they are
there were capable on that particular field
and a lot of us we all have bright ideas
and my philosophy over the years has been if I have an idea that I really
feel passionate about that
needs to be done they recognize and the community I'm enter the business I'm in
that should be done they look around me I don't see anyone who's doing that
we're all the ideas been given to me
or I realize the inside because I'm the one who is to be the person to do that
so if it's your idea its your idea to do something about it
I'll
and install over Morris NYMEX a crucial state broker but
chair the Economic Development Committee for Long Beach down to Long Beach
associates
and so my question is with respect to venture capital
money we've seen some coming to downtown Long Beach but
more often we see companies succeed in the almost get pulled out
but they treat capital my two other places is venture capital money
geographically specific is becoming less so
it to you know we at a competitive disadvantage because a
be in downtown Long Beach ur in is our ways we can im
prove ourselves intrinsic caning venture capital ground
for a company's I think money flows with those good
investment opportunities I'll with full disclosure that I'm a card-carrying
capital a libertarian
I don't have much time for this economic development concept because
prickly causes a people in an echo chamber talking to each other saying
we'll figure it out and you know the market will figure it out and venture
capital wanna make return on their investment and they're not stupid or
lazy
well maybe there'll be trouble but by a large they will find good opportunity
some good enterpreneurs will find them
even if they arent Long Beach which is a great place to be
to start right and there's nothing missing in Long Beach
practice every opportunity in the world in system
each and then some so no venture capital the others
geographically Kong geographic concentrations primarily in Silicon
Valley
I'll but if you have an idea worth
I investing in I and you
reach al to the zip code has nothing and I'm
nothing to do with the at the best ability of your business
nothing to speak your question a little bit
but there's a venture capitalist South sales but I think it's Stephen while I
can remember that his personal
wrote a book called the rainforest based on
the idea of why the Silicon Valley system wires are so much going on
there what is the dynamics in that community that creates so much
entrepreneur success those are the kinds a question we might wanna be asking
ourselves
here that makes certain geographies more
entrepreneurs per capita but succeed
and those are questions that are happening public-private partnerships
around
around country around the world innovation zones things like this
so those are some the questions that if you brought the community together to
around here long its
*** questions we'll find that we discover answers with no we already
you and a *** the money is. art
North and there's a lot on lot of unknown
up answers that are already in the system the
just ask the right questions thank you it
I just want it mention that I in a different answers yes
it said it's a it is an issue you know it's like i
I work a lot with venture capital so it's like that I've worked a lot
in communities that word Silicon Valley that accompanies events or
Valley a so yet there's a lot more competition for money up there but
they down experience a barrier that companies down here would
at early stage I think is a company certain growing
that is really less of an issue I think if there is a company they think
as potential and it's growing they'll call
me it's not that are really and e-pro
the Silicon Valley guys in in it LA we have had same issue and
but they come down a lot of a living out LA Parker the
time anyway and so as they have homes down there so there
they're down in our area I'll come down for the weekend with their
family or whatever and sell so there there are benefits I think to where you
are though and I think those areas that were really wanna play up in
and you don't want me at the port here with you know large for
yes whatever its the certain be easing opportunity
a business I think there's so many businesses it could be
brought out of that environment all the relationships it's a really hard thing
to tackling
business I begin inside that worldwide
tried to go in that with all the unions everything that I think all the
relationships people have your i mean i think there's a treasure trove
opportunity there I really do at
I have to thank heads Oller because you know I am NOT
as they said the victory earlier my whole life is inaudible
I'm and last night head was flying and i said im an email on Sat
had %um and pick you up the airport and then I didn't bother looking at my
blackberry
for the next four hours and had had said yes he'd call me three times
I am be had also texted me and then
rented a convertible Mustang I'm but that which I should pay for
I am and I should I say I should pay for I should
it but Ted on
ted has been a great supporter and a great help and
what he didn't mention earlier and allowed me to sort of say
is that his model that beyond maker model
we I for the Innovation Fund America group
we did that study for LA and Orange County
we came up with over 50,000 people
in innovation fun soak house 3 areas and interest
would invest in at least one deal either an equity position as a founder
or an investor we found i think thats over 4,500 people
who have a been I an investor
equity owner and 3 or more deals
and we've given all that data to I'm
Jesse in Chang'an the law II
to use I will make it available to the city of Long Beach
but it's our goal to really through this spearhead a lot of those efforts a lot
of those conversations
bringing people together and we're thrilled to be able to take that smile
and make that available here
for thank you my name's John Cale solemn with the Johns project it's a non-profit
organization that helps veterans start and grow their own businesses
to collaboration not duplication and higher other bet
number one year old I'm we work with the Small Business Development Center they
are fantastic
actually incredible we have incredible mentors that we're providing for these
these veterans and were now being one year old with the point where we're
trying to find funding sources
and I hear the terms Venture Capital IQ the angel investors that kinda seems to
be up here in the ether
am can you give us some guidance that I can take back to our veterans as
how do you make that connection where you go to find the specific name person
to talk to
about their particular project think I'll take a
uptake moderators prerogative and say go to animation from So Cal because that's
why we exist
and we're actually tracking veteran
applicants am but having said that again I don't want to pre-empt anything
well i i say briefly a I've met a number you in the room through the California
economic summit
and there have been 16 regional summits twice in the last three years
where people like ourselves would gather around
the state to say sure we want to do
you wanna grow the region want to grow the economy will want to make things
work better
issue is capital how do we get more money the axis capital question
and I don't say say that I have the answer but I say that I'm willing to
answer the question in all this on our team were willing to get into these
issues
and we have communities served financial situations and
investors meeting regularly to
a create a better eco-system so that
if there's a deal to me there's how many people in los angeles county there's
six to 12 million in the region there is I was a sucker somebody earlier about
this
it is not secure the room that needs money we know that there's bound to be
somebody in the
region who has money that would want to invest in that particular person this is
a matter
the transparency of fine each other in coordinating the conversation more
effectively
to connect the dots those are some other recognitions and
coordinating financial institutions more effectively together so that if someone
is an investor in early stage business and
they are ready to receive the next HR guy financing the coordinate with the
next
level financing whether it be alone or and a later stage equity
the coordinating the financial institutions more transparency between
entrepreneurs and money
and more coordination between all the investors and the
art your community or some other things were thing to do
to address a question and access to capital
the graduates may talk about this year that angel investors which you need it
practical answers go to social media platforms mean there are
I'd tech Coast angels here in California there angel networks
all across the country you could just go and just go back and going to LinkedIn
and see who's in it where the angel networks on
if you want to go with her in a particular area for example images
invested in consumer products
there is a circle about a San Francisco and a bring together
consumer products entrepreneurs with people who just want invest in
consumer products so you there's a lot of ways that you can find
I people who can at least talk to in search you on a path because it's really
about breaking into that network
and get angel money it's really could you knowing who's the next person
you know and how can you be energy use and like sure
lecture ideas now let me have to remember that tickles Angels have been
member
for many years and perhaps one thing to add
is additional one-size-fits-all just can go say
I have a group of people were mentoring your case the veterans who are
getting a taste of common might become
operating and ribbon or surprise just a spot for just talking about it right
and there's no one-size-fits-all soul innovate final a
which i think is a great exam first answer to that because that is what the
ex's
someone else's money is taking the risk and by the way everyone seems to forget
this
your essential when you go to an angel a center that is what you're saying
write a check from your wallet and put it into mine
okay so when I come to you and I say give me ten dollars let you present your
gonna be
haha why should I give you ten dollars yeah i killing you and you and you do it
right
that's what you doing to the angel hey give me a hundred thousand dollars
because sports magazines is that angle ministers
are here to support my dreams not so quick
it's my wallet going to your wallet write a simple as that and is not
theoretical abstractions
save the world you know kittens and rainbows is like I want your money
I wanna say well why should give it to you I can do it our philanthropy
which is what they're doing which great idea but someone else's
someone else is taking a risk with their money on you
and then you come to a stage where name to investors say you're at a point where
there some recognition of the risk that I might take giving you the money and
even then you have to play the numbers game
are not fifty to a hundred 21 give or take up investments
one out of fifty to a hundred will make
right so you're saying fifty people say give me your money
and I don't know which one of those 5200 is gonna one they sent me a check back
to pay me my money and hopefully some return on the rest to them
will be right across so in that context angel investor wants to wait a little
bit to see with their committee get the risk and even then you have to play the
numbers
oz was not one size fits all their the from then different
types of companies will have different actors some I get a loan right away
something ghetto
a grand some I get a direct investment from on Angel Network or a
I'll venture capital more than one venture capital fund
some I have to just max out the credit card some might have to
live Imam Sadiq for three years and then
you know the whenever he can resort want to get to the next stage and then the
next stage
a terror one thing to I will mention is that
the bar for raising venture capital professional educators
really high like very high I V I i'm tell you
you basically yet to raise a Series A round I'll have to have
an amazing company with an amazing team I'm not saying that
there are companies down here could do it that a bed it is hard
for pretty much everyone a and I don't think it's the
answer to all companies to i mean if you look at Venture Fund
only 2.3 percent of all companies that are venture funded
ever sell for over a hundred million and sell people have added their mind you
know
Instagram Facebook snapped at all these companies the reality is that isn't
where
where the numbers are and a when you get venture capital there
there models are that they need to sell you for over a hundred
so when you jump into that we're all the same sign yourself up to
for a long haul did to build this company that the odds are against him
it that what you have angel investors that they get to three times our money
they're happy so you can solve for 2010
by ten twenty thirty million dollars make a lot of money and be happy and I
think that's a path that
I see a lot of entrepreneurs I experience and
have a lot of success with I've done that and and a
it's one that I think in the press people cover because
they always wanna show the companies are the guys made a billion dollars in
any year but the but the truth that is is that that's a very rare
circumstance and that most as the
successes in that lower-level and so
so there are there are various has Katie angel networks a
what I've seen a trend and is that I think can hear you
I you know you see like to see a having a a little
I you know more present in South they worked up in LA to that
what I've seen more happening in the big trade is more towards
groups like angel s which is on
online and you can go on there and there's
ways be enabled the publisher company for funding
and they've been very successful at that in cell
a and and you don't know a lot of people that have
the deal to raise money there I yet things like Kickstarter like you're
talking about is a huge one
is anything with hardware typically bencher guys hate
and so there are so many colors been funded on Kickstarter that
that wooded never been funded in venture capital right where they were
layer by the debenture that started a Kickstarter so
sewed don't think venture capitals like you know we've arrived you know I mean
I've been there and it's like
you know your ok right you know now I get it it's just the start of another
story
in and and so there's nothing wrong with taking some angel money in
you know selling your company you're making just a regular company
in if a hundred up to 100 investors say no to you doesn't mean that you have at
best
idea to see define a hundred one investor singers
just have the passion know that the fires in you
haptic keep moving
one thing in particular to the veterans question my colleague
some Robinson was up earlier I'm jonathan is
part of his job for does the Innovation Fund work but he also has a program at
Kauffman Foundation focusing on
better not norse does that around the country coast to coast
and i *** on bed at work in New York City on it and
so I just a plant that seed as well
afternoon my name is doctor Angela Jones & co owner and buyer
integrated solutions fair automated solutions company
in orange and we develop
advanced technologies is sufficient for companies who
in prototype Eternia control solutions from attack
and I'm the my interest really in speaking to you were asking this
question
is to find out how company like mine can get
mentorship like you're saying cuz as actually fortune up to participate in
the 10,000 small business program
and it kind of sets you on a certain path for growth and development
but it's a completely different landscape then
say be a basic consulting company or smaller company and so you need
different levels
maturation knowledge experience whether it be too
be able to get venture capital or
angel investing or to continue to grow your company
also bean and minority in such a unique skill I think we have
opportunity to really impact are community
because we can encourage you entrepreneurship in January
use them whatever it be but
yards past that down I have had it myself so my question really centers on
how does a company like mine
get the typeof nutri and further development fiance
even Goldman Sachs program to grow and that kinda
company that can make real impact
and I do think wanna dance and I don't know where your finances
greatly your financing is your financing me there's know one thing:
David talked about venture capital we're good thing about venture capital
so that kinda kinda but the smile you know love
men boycott mentoring you know or forcing
them to take your advisor we're gonna take over the company
but really with angel investors is really people who
wanna how grow your business so often when you get angel money
for even just advisors through an Angel Network people may not give you money
now
but want to be an adviser for you they will give you their contact me will give
me your advise
as an entrepreneur you know you're doing three thousand thanks
so one other things is that Angel Network not only can give you money they
can give you advice and mentoring in over there contacts and contracts
and opportunities this year otherwise 1/2
and you'll find people in different spaces and I'm consumer product space
I know a lot of people in consumer products industry
and distribution satcher there are a lot of companies that I don't give money to
you
but an informal adviser to help open up those contacts
and all of us are invested in different types in in different spaces that were
interested in
to help you with that so a the networks
said the venture capital they can really help you grow besides going to
government state said agencies
as well yes well its has been
more years in time that I like to remember
54 could do something again
will be less spend less time coaching and mentoring
because it's a pre thankful and thankless task thankful because you
having fun
and is fine players when things that don't work out usual because the
and dripping or that's something different message that all up and then
that goes all the emotion handset
I is very difficult for me to think that
going around asking people to for mentoring is actually rather rude
because
you're asking them to spend their time there for their money on you
and if I were to ask you you would ask me why should I do that for you
and on the thing about community and all that stuff is all nice and pretty
but in the end of the day you want to create wealth which is the best way to
help the
not talking about it but really well which is what you're doing
so I would propose interpreting my wanna in
in before you start looking for the in network of everything mentors and
coaches and people
going to introduce you yes I listen to what he said I think that was videotaped
but early on he said a few things that were extremely interesting
a networking great importance for being here seven in that you have that
inclinations and keep doing more
that and this networking everywhere in the I think you say you had and IT
solution for mortgages they couldn't hear too well
yeah I said I mission solutions for prototyping okay fair enough but it's
still
technology underneath all right which is better great because networking
and reading me about are around automation
everywhere in Southern California might have to drive but then that's a lie
and the second part of it as you want to become viral
you know every time he opened his mouth about brand when your brand conkland
you have to become viral is not fireball helping the world in
unicorn some kittens and rain which is but
have up and past the business and create
and I want to be part of corporate and then have the nerve to win
catsup under prong what will be the prince and the next batter under probe
three will be princes
next thing you know everyone will wanna be behind you
and you know this by pearl gets call from investment bankers every day asking
to give me more money
uses cool in the room okay
the keeper Lee has one person they could to say no we don't need your money
when he started it up you don't have any people call their right
so anyway so you have tools the Starlight you probably already have been
just take it from there in network re
meet and is on recross one will turn in the next
103 will turn the next three hundred 50 will turn next thing you know every
program the pawn will be coming asking
because you made them excited there just a
thought I hear about marketing yourself really is one thing I'm saying
said you know how it's going to say that I
United your you're not you're right going to be an entrepreneur
and the you know the advice I give you an
in a loving advice is just get on it you know you got it
get aggressive with its not contagious come to you
you gotta get on it gotta go out there meet people you get a push yourself
you gotta go find who your target is and then figure out whatever you need to do
to get there
and nothing's gonna stop that he added to DB just do it
you know most people this setback expected condo yeah you gotta get it
gotta go do it
sir ray carlson Pasadena
p.m. what alarms me is the statistics in the LA Times
week or two ago a party 40 percent unemployment rate that use
16 to 19 and the unemployment rate other 22-24
5 up 20 percent in both those numbers were
double but there were five years ago so that this enormous number of views
coming out
schools hopefully graduating may be dropping out
despair om what
can we do to help them I am
volunteer teaching entrepreneurship than not Pasadena Unified I'm
and frankly I mean I thought maybe a thousand kisses and lots of anecdotal
have ideas that kids have come up with I would never have dreamed out
and and sometimes have to tell me there go with that idea and
volunteer proprietary rights to it because it's great
on but when we read about to Hewlett Packard a star out with finer
587 boxer something before they got the contract from Disney
and I we read about it said Steve Jobs and Steve Wozniak starting out with a
I thousand dollar van they sold and three hundred dollars
and started apple computer company but then we come into an environment like
this and we hereby
angels and and down venture capital and everything
but with interests me is the new phenomenon crowd funding
and I haven't heard like to view say anything about it
under is that what you call kick-start yep
marketing book did you want to talk as much a question the talk a little bit
about that
yes so it is a blessed so let me let me because I i'm getting
getting frantic warnings we have about a minute left so I'll pose a challenge for
you
couple things wrapped up in their am to
youngsters in particular people in their 20s
am in 15 seconds give me an inspirational thought for them
have about how they can take control of their future
through an entrepreneurial endeavor all I have a big difference seconds
working on this answer for thirty years employing people
learn how to communicate clearly with June will must include learn how to
write
and that does not mean abbreviations on Twitter
exxon indicate clearly you probably have not been taught how to do that
and it's getting in the way of your future success
Greg trust yourself you've been given a spark
run with it and continue
and trust yourself and you can get a spark
continue and if all
fail don't be afraid to fail you're gonna fail
your parents are very afraid of this probably you're gonna fail
it's okay you can learn from that and go on
yep silly thing get started
persevere iterate persevere iterate persevere
iterate he heard the story giant cupcake lot of iterations there
study any entrepreneur that made it there was a lot
iteration held it what it takes is a person parents and great to get through
this
and optimism in the queue humor you know how many bumps on the road in Bankhead
a lot my real by everyone like he has not was not separate
he just kept going got a better morning was happy about it moved on
one day at a time it's that resigned capacity to keep a learning
and I think that's the things that will be joining those of us that I got to the
state
this we're we're were lifelong learners I learned more in the last five years
and I had in the last 25
for that so that I think that if we engage that we're always
failing learning trying something new seeing how it works trusting our
in stakes I think that's where the key to a healthier life long learning journe
perfect thank you very much
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