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The Tech VC Market: Not For Men Only
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Business New Haven
12/9/2002
By: BNH
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CAMBRIDGE, Mass. - Networking is vital to building and growing a business today. And for female entrepreneurs, the need may be even greater.
It's not easy breaking into the old boys club, but now women don't have to: there are new women-only clubs like the Center for Women & Enterprise and Springboard Enterprises, two non-profit organizations that offer a host of business training and solutions for today's female CEOs looking to take their businesses to the next level.
The Center for Women & Enterprise and Springboard Enterprises recently hosted a joint Venture Forum at the MIT Tang Center in Cambridge, Mass. on November 22 that showcased 20 of New England's best high-growth, female-led businesses. The Springboard Venture Program is part of a national program designed to increase investments in women-led firms and facilitate new deal flow to investors.
To date, presenters at the past two New England forums have raised more than $115 million. Nationally, presenters have raised in excess of $750 million and have been featured on the covers of U.S. News & World Report and Inc. magazine.
The Washington, D.C.-based Springboard Enterprises is a national, not-for-profit venture dedicated to increasing women's participation in the equity capital markets as both entrepreneurs and investors. Its programming includes targeted education and coaching programs that provide strategic connections with investors and business development professionals, community building efforts, forums and educational programs that showcase women entrepreneurs.
Presenting companies at Venture Forum New England 2002 were seeking seed, first- or later-stage funding. Presenters were chosen from a field of more than 200 applicants by a committee of venture capitalists and service-providers.
One Connecticut company, River Run Software, presented at the Forum. Says Taffy Holliday, founder and executive vice president of the Stamford company: "We are honored to be selected by Springboard as an outstanding company with high growth potential and are excited about presenting our business vision at this prestigious forum. The event provides women entrepreneurs with access to the 'who's who' within the investment community. Groups [like Springboard] offer a comfort level and a certain, I don't know what - there's strength in numbers - and provide a level of intimacy not possible in mixed-gender groups."
Holliday knows first-hand how difficult it is to start a company, get funding and convince investors that a female-led software company without a product is a good investment. Holliday, an ex-IBMer, has been in business for 13 years and currently has 62 employees but only this year created a set of software products available for sale. Before that, she consulted with clients and provided custom solutions.
Creating a product for sale (with or without consulting services) prompted her search for venture-backed financing to grow her sales and marketing staff.
While the economy was booming, investors came to her, stresses Holliday. Now her company is actively seeking investors and because of the market downturn, it's been challenging, she adds.
While it's been difficult for Holliday to get the attention of investors, something she said is common for women business-owners and startups, it has not been impossible.
Currently, Holliday is considering terms from several VCs, one of whom is a female. "She's been influential in getting us into the right doors. The Center for Enterprise has also been great in taking all of us presenters into the boot camp to sharpen our presentation skills and fine-tune our pitches."
In addition to Springboard's Venture Forum program, the organization has added three new programs: Springboard Bootcamps, VC Tune-Ups and Next Wave Alumni Conferences. The group's new online learning center captures the expertise shared during these programs and illustrates the who, what, where, when and how necessary to navigate the equity markets. While there is no fee to apply to the Venture Forum, entrepreneurs who are selected to present pay a fee of $595. For more information, go to www.springboardenterprises.org.
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