MCED Connect

Issue: # 16

April 2012

5 minutes with Steven Koltai

Consultant

Top Gun Mentor

MCED Board Member

Steven R Koltai designed and, until September, 2011, managed the Global Entrepreneurship Program (GEP) at the US Department of State. Currently, Koltai continues to work as a consultant in the global entrepreneurship ecosystem space, as well as an active investor in and advisor to startups and growth stage companies in the US and abroad in media, e-commerce, and the event industries.

 

The GEP's purpose is to promote entrepreneurship in countries that are foreign policy priorities for the US, are near the "tipping point" to go entrepreneurial and where there is US Government interagency commitment to do so. Primary countries of operation are Egypt, Indonesia, Turkey, Jordan, Tunisia and Morocco. Koltai's principle of entrepreneurship ecosystem building is predicated on the view that
a successful entrepreneurial ecosystem requires work in six areas: identify, train, connect & sustain, enable public policy and celebrate entrepreneurs. GEP -driven programs include the establishment
of entrepreneurs-in-residence in focus countries (of which the first are Egypt, Indonesia and Turkey), mounting of entrepreneurship missions consisting of leading US early stage investors and entrepreneurs to meet with start-ups abroad, encouraging the expansion of angel investor groups, creating an "entrepreneur
bridge" (incubators, accelerators and centers of commercialization) to work alongside centers of innovations such as universities, a Web-based mentor/mentee matching platform, just to name a few. 

 

Steven is an executive with 30 years' experience in international finance, strategic planning and entrepreneurship gained in the banking, entertainment and Internet industries. Koltai's longest single employment was at Warner Bros in Burbank, California, where over nine years, he served as the Studio's first SVP of Strategy and Corporate Development, a member of and for 3 years, chair of, the Studio's three-person operating committee. In 1993, Koltai was founder and first General Manager of Warner Bros Interactive Entertainment and Warner Bros. Online.

 

Mr. Koltai has had significant entrepreneurial experience in two specific ventures. First, as co-founder of Coronet, today known as SES-Astra, Europe's only private television satellite system. Based in Luxembourg, SES-Astra is now a publicly traded company with a market capitalization of over $60 billion. It operates a system of a 41 satellites delivering 2,100 cable channels throughout Europe, the Middle East and North Africa. Some TV networks delivered by SES-Astra include CNN, MTV, ESPN, Al Jazeera, Sat 1, SkyTV, RTL+ and dozens of other channels. Koltai's second entrepreneurial effort was an online event registration and management company, Event411 based in Marina del Rey, California. Koltai raised over $40 million in equity financing for the company, building it from zero to 1,250 employees over 6 years. He was a finalist as Ernst & Young's Entrepreneur of the Year for Southern California in 2000. Event411 provided the online event management software for, among other things, the 2000 Democratic National Convention in Los Angeles, the 2000 Salt Lake Winter Olympics and hundreds of corporate events including for clients such as Goldman Sachs, Bank of America, General Motors and UCLA. Event411 was sold in 2002 to another event industry joint-venture which included several major hotel operators (Starwood, Marriott and Hilton) as well as other private equity groups.

 

Koltai's first work experience after graduate school was in the international trade area, working first for the Export-Import Bank of the US, followed by five years in international corporate and project finance at Bankers Trust Company and Salomon Bros, working in New York, London and Singapore. Koltai also spent time as an International Affairs Fellow at the Council on Foreign Relations where his topic related to the battle over his entrepreneurial venture of bringing commercial television to Europe, and also at McKinsey & Company (New York and London offices), where he worked in the entertainment and media practice. 

 

Steven Koltai received his BA in Modern European History, magna cum laude, from Tufts University. As a Fulbright Scholar in Belgium, he received a Licence from the Universite Libre de Bruxelles. Koltai earned his Masters degree in International Economics from Tufts' Fletcher School of Law and Diplomacy. Koltai has been active in a variety of organizations. These include: serving as a Founding Board Member of the Los Angeles-based Pacific Council on International Policy, Founding Chairman of the Entertainment Technology
Center at the USC School of Film and Television, a long-time member of the Council on Foreign Relations (and membership of several CFR committees including Term Membership selection), a participant in several Aspen Institute Seminars, and the Salzburg Seminar. Koltai has been involved in numerous activities at Tufts, including serving on the Board of Advocates of the Tisch College of Active Citizenship, the Board of the Entrepreneurial Leadership Studies Program, and the Board of Overseers of the College of Arts and Sciences. Koltai was Chairman of the Literacy Network of Greater Los Angeles for five years and taught English as a second language in one of the Network's programs. He was raised in Los Angeles, California,
spending high school years in Kansas City, Missouri. He and his partner Ivan Zizek live in Lincolnville, Maine, Los Angeles, California and Washington DC. Koltai has two sons.

 

What three pieces of advice would you offer entrepreneurs?

1.  TENACITY, TENACITY, TENACITY
2.  HUMILITY - SEEK AND ESPECIALLY TAKE ADVICE AND CONSTRUCTIVE FEEDBACK

3.  ITS ALWAYS ABOUT THE PEOPLE - MAKE SURE YOU SURROUND YOURSELF WITH THE BEST INCLUDING INVESTORS AND EMPLOYEES

 

What do you feel is the role of entrepreneurs in the larger economic picture?

I HAVE A TALK I SOMETIMES GIVE CALLED "97 RESONS WHY ENTREPRENEURSHIP IS GOOD FOR YOU AND THE WORLD"  I'LL SPARE YOU ALL 97, BUT HERE ARE A FEW KEY REASONS:


1. ENTREPRENEURS ARE THE SINGLE MOST IMPORTANT CREATORS OF JOBS AND THE ECONOMIC GROWTH DERIVED THEREFROM

2.  JOB CREATION IS THE BEDROCK OF POLITICAL STABILITY AND CIVIL SOCIETY

3.  MOST COMMERCIALIZATION OF INNOVATION PASES OVER THE 'BRIDGE OF ENTREPRENEURSHIP'

4.  ENTREPRENEURSHIP IS THE DOOR TO OPPORTUNITY FOR ALL - REGARDLESS OF ECONOMIC BACKGROUND, GENDER, RACE, CREED OR ANY OTHER VARIABLE.  IT IS ONE OF THE GENUINELY TRUE 'EQUALLY OPPORTUNITY" AREAS IN SOCIETY TODAY


How important is the mentor relationship in the life of an entrepreneur?

I'D SAY THE SINGLE MOST IMPORTANT EXTERNAL FACTOR FOR SUCCESSFUL ENTREPRENEURSHIP IS MENTORSHIP.  ASK ANY SUCCESSFUL ENTREPRENEUR AND (IF THEY'RE HONEST AND HUMBLE, SEE ABOVE), THEY WILL ACKNOWLEDGE A KEY MENTOR (S) THAT WAS PIVOTAL IN THE DEVELOPMENT OF THEIR BUSINESS.

 
Do you believe there is some sort of pattern or formula to becoming a successful entrepreneur?  

THERE IS AN ONGOING DEBATE ABOUT WHETHER ENTREPRENEURS ARE BORN OR MADE.  I GENERALLY BELIEVE IT IS A HYBRID OF THE TWO.  I BELIEVE INATE ABILITY IS A GIFT LIKE ARTISTRY, EXCELLENCE IN SCIENCE OR ANY NUMBER OF PHYSICAL SKILLS.  HOWEVER, JUST LIKE MANY OF THOSE THINGS I JUST MENTIONED, THEY CAN ALMOST ALL BE IMPROVED WITH TRAINING AND MENTORSHIP.  FEW CONCERT MUSICIANS HAVE REACHED THEIR SUCCESS WITHOUT TRAINING AND MENTORING.  SAME IS TRUE FOR ATHLETES, OTHER ARTISTS ETC. I BELIEVE ENTREPRENEURSHIP IS IN THE SAME VEIN.


What do you feel is the major difference between entrepreneurs and those who work for someone else?

HUGE DIFFERENCE. ENTREPRENEURS OFTEN DON'T MAKE VERY GOOD EMPLOYEES. THEY CAN BE "HIGH MAINTENANCE", "ARGUMENTATIVE", "NOT TAKE DIRECTION WELL" AND A NUMBER OF OTHER COMMON COMPLAINTS.  BY THE SAME TOKEN, ONE ENTREPRENEUR CAN CREATE JOBS FOR THOUSANDS OF WORKERS.  THUS ENTREPRENEURS AND EMPLOYEES ARE ESSENTIALLY FOR EACH OTHER.

Happenings

MCED is pleased to announce 4 new members to its Board of Directors.

Welcome to, Steven Koltai,consultant, Michael Wing of USM, Jake Ward of University of Maine and Rob Small from TD Banknorth. We are happy to have you!

  

Campus Ventures client, Ruby Moon is transitioning to OutSourceWorks where they will be having their detergent made for them. They have outgrown their basement and are extrememly excited to work with and support OutSourceWorks. Ruby Moon is in the process of re-branding and their new packaging and website will come out the beginning of this summer. Ruby Moon now employs 1 full time employee and 4 part time employees. Join them on April 21st at the Peekaboo Center for The Great Cloth Diaper Change where Ruby Moon and people all over the world will be gathering to break the world record for most cloth diapers cahnged at one time!


MCED Graduate client, The SunriseGuide, is launching a new publication this summer-The Green & Healthy Maine Visitor's Guide-delivering the best of what's Healthy, Local & Green in Maine to the tourist population. This annual magazine style guide will include inspiring articles as well as regional resource sections to help visitor's find local and organic foods, yoga classes, hiking & biking trails and more!  The SunriseGuide has been publishing its annual coupon book and resource guide for Maine residents for six years!

 

Top Gun graduate client, Hall Marketing, was nominated for the Govenor's Award For Business Excellence and awaiting the results. Stay tuned!

 

Top Gun mentor, Bob Neveau and his company Certify, a leading online expense management company, today announced Certify Travel, a fully integrated travel management solution designed for small, medium and large businesses. The new travel offering comes as a tightly integrated feature, providing Certify clients with a full service, industry leading travel and expense management system.
For more information regarding Certify's products or to request a demo of the product visit www.certify.com.

 

Top Gun client, Beach Glass Transitions, llc, announces 1 year in business in their New Hampshire Office and 4 years in business in the state of Maine. Timed with this celebration is the release of a new product called the TransitionKey. This is a DIY guide for caregivers with information, tips, and document support to help them access eldercare resources and create long-term care plans for aging loved ones. The guide fits nicely in the palm of your hand on a flash drive. If you are interested in purchasing the TransitionKey, call 207-210-6498. In other news, their workplace wellness program, Working Senior Care Solutions, has two events on the calendar: On April 5, they gave an educational presentation to the staff and membership of PeoplesChoice Credit Union; they will be giving a similar presentation to the staff and membership of Sabbatus Regional Credit Union on May 19th. If you are interested in providing your group or staff with these opportunities, contact Nova Ewers at 207-210-6498.

Did you know about Common Good Ventures?

MCED caught up with Top Gun mentor and advisory board member Chris Speh to see what he has been upto. Turns out, he is a very busy guy! 

Chris Speh joined the Board of Common Good Ventures 4 years ago and assumed the Chair's role last June. CGV is a nonprofit that helps other nonprofits improve performance, impact and reach. Over the past 10 years or so, CGV has helped ~180 nonprofits in Maine. Since the economy crashed in 2008, CGV has been building out a fee-for-service consulting arm focused on the nonprofit space. So, while CGV has been around for a while, it is very much in entrepreneurial mode.


The work is interesting and important, ranging from facilitating nonprofit mergers and assisting with post-merger integration, to helping nonprofits realign board, staff and programs around mission. CGV also is known for its succession planning expertise and has taken something of a 'deep dive' into back office consolidation, helping 5 nonprofits determine process functionality and goodness using a process mapping technology.


CGV continues to offer an almost monthly pro bono brainstorming session for nonprofits called Springboard in which volunteer business leaders gather to help a nonprofit think through a particularly difficult question. CGV remains a close partner to the Maine Community Foundation which funds the Program for Nonprofit Effectiveness, enabling CGV to provide capacity building services to 3 - 4 nonprofits each year.


Finally, CGV is starting to make an impact outside of Maine. It is kicking off a small engagement with a client in New Hampshire and has scheduled 6 workshops focusing on financials and succession planning through the New Hampshire Association for Nonprofits. Plus, CGV has been invited to present at 2 national conferences this year to describe some of the work that we're doing.


So, keep CGV in mind when a nonprofit with which you are engaged needs help!

Upcoming "Don't Miss" dates:
April 10th E2 Tech Forum -
UMAINE: Clean Tech Innovation Partner
When: Tuesday, April 10, 2012  7:15 AM - 10:30 AM
Location Wishcamper Center, USM, Portland & Wells Conf Ctr, UMAINE, Orono
E2Tech heads north to Orono but will share the experience via video conferencing with forum attendees in Portland. This special event will bridge north and south, providing attendees a novel opportunity to network virtually and to learn more about the cutting edge facilities, technology and people available at UMAINE to support clean tech companies
The forum will feature talks and tours of five research centers most aligned with the current interests of clean tech companies and areas of anticipated growth in Maine. Meet leaders from these well renowned centers to learn how their current projects and capabilities have spun off successful businesses and how they may be able to help yours.
Registration Here
Member - $15.00 (USD)
Non-member - $25.00 (USD)
Orono Attendees - $15.00 (USD) 
UMaine and USM
7:15 to 8:00: Networking
8:00 to 9:30: Panel discussion and Q & A
9:30: End video link between UMaine and USM; USM session ends.
UMaine Only
9:30 - 10:30: Introductions of Orono area businesses to E2Tech
10:30 - noon: Tours Offered - Forest Bioproducts Research Institute, Advanced Manufacturing Center, The AEWC Advanced Structures and Composites Center, and the Food Technology Pilot Plant

MCED Upcoming Lunch and Learn Dates:

April 25, 2012

Speaker: Don Gooding, MCED
Topic: Equity Prep
If your company is thinking about raising equity - selling shares - there is a lot to get ready before you start asking for checks. This Lunch and Learn will walk through the rather extensive list of things to prepare, from financial models, pitch decks and Executive Summaries to cap tables, reference lists, deal structures and exit options. Do you know if and why you need a PPM or should highlight EBITDA?  Is your corporate legal work in order? Even if you don't need the cash for a year it's not too early to starting prepping for raising equity. Register here

 

May 9, 2012

Topic: Branding

Speaker: Liz McLellan, The Via Angency

 

June 13, 2012

Topic: Email Marketing

Speaker: Emily Brackett, Visable Logic

MTI : TechStart Grants, Seed Grants and Development Loans
MTI awards TechStart Grants, Seed Grants and Development Loans to entrepreneurs across Maine looking to develop new ideas and new products, processes and service and bring them to market.  For more information on the updated Business Innovation Program components, check out www.mainetechnology.org/fund
 

NEXT Seed Grant applications are due April 12, 2012 by 5 PM.
Following the April deadline, the next Seed Grant applications will be due in August, 2012.
NEXT TechStart Grant applications are due May 2, 2012 by 5 PM
Following the March deadline, the next TechStart Grant applications will be due June 5, 2012.
NEXT Development Loan applications are due July 12, 2012

 

TEDxDirigo Engage! conference
ENGAGE 2012
SATURDAY, MAY 19
ABROMSON CENTER, USM PORTLAND CAMPUS
10 AM - 6 PM  (Light fare 9 am; reception 5 pm)

Celebrate the power of how people transform concepts into actions that make a real difference! Come and hear inspirational stories from Maine's brightest innovators and change makers who are engaging in our community - moving from idea to impact and beyond. Catch the energizing spirit of Engage and be part of the dialogue between speaker sessions in this outstanding event!
Cost: $100 for full day program, food and reception. USM students may qualify for limited scholarships when applying to attend.
Apply to Attend: Please complete short online application to ensure your dynamic role in the vibrant and diverse audience.

Need to know more? Check out: tedxdirigo.com  or
email [email protected].

In This Issue
5 Minutes with Steven Koltai
Happenings
Did you know about Common Good Ventures?
Upcoming Don't Miss Dates
Upcoming Events

UPCOMING EVENTS 

 

Tuesday, April 10  

TechStart and Seed Grant Webinar

Time: 2-3:30 pm

Cost: Free
Place: Webinar
 
Register:
 

 ladams@mainetechnology.org 
_______________________ 


Tuesday, April 10
  

flyte school's
lunch & learn program:
Convergence of
Marketing & PR//
How to Use LinkedIn
to Grow Your Business

Time: 12:00pm - 3:00pm
Place: Online
Cost: see event website
FMI &  to register please visit
http://www.flyte.biz/
resources/web-
marketing-seminars/

Seating is limited and
early bird discounts end 3/31, so please act now!
________________________

Tuesday, April 10


Use Social Media
to
GROW Your Small
Business

Presented by:
SMCC//
Bus. & Community
Partners
Time: $95
Place: Bath SMCC Bath Campus
Cost: $95
FMI: 207-741-5758 [email protected]
________________________

Thursday, April 12 

Women to Watch Leadership Forum

Hosted by Mainebiz
Time:
8:00 AM-11:00 AM
Place:
Hilton Garden Inn
5 Park Street,
Freeport
PRICE: $25
CONTACT:
Jenna Grant,
761-8379
________________________

Thursday, April 12 

New Ventures(TM) Entrepreneurship
Training

Presented by:
Maine Centers for
Women, Work, and Community /Shirley Hamilton
Time:
9:00 am - 2:30 pm
Place:
Lewiston USM LAC, Learning Works
Cost: FREE
FMI: 753-6505
shirley.hamilton@
maine.edu

(12 week course)

_________________________ 


Friday, April 13 

Planning for Marketing

Sponsored by:
Maine SBDC
Time:
9:30AM to 11:30AM
Place:
Portland Maine SBDC
501 Forest Ave.
Cost: Free
FMI: 780-4949 [email protected]
_________________________ 

Tuesday, April 17


The Basics of
Starting a Business

Presented by:
Maine Centers
for Women, Work, and Community/
Gigi Guyton
Time:
9:00 am - 12:00 pm
Place:
Saco University
College at Saco,
110 Main St.,
Ste 1101
Cost: FREE
FMI: 799-5025 [email protected]
________________________

Tuesday, April 17


Simple Steps series 4: Financial projections

Hosted by SCORE
Time:
2:00 AM-5:00 AM
Place: SCORE
100 Middle St.,
2nd Floor, East Tower, Portland
PRICE:
$35.00/session
with online reg.,

$125.00 for all  

SS Sessions
Contact:
Nancy Strojny,
207 772 1147,
[email protected]
__________________________

Wednesday, April 18

Development Loan
and Business Accelerator
Grant
MTI
Time:
10-11:30 am
Place: webinar
Cost: free
Register:
[email protected]
_____________________
Presented by:
Maine SBDC,
Waterville Public
Library,
Central Maine Growth Counsel,
Mid-Maine
Chamber of Commerce
Time:
10:30AM to 12:00PM
Place: Waterville,  Waterville Public Library
73 Elm St
Cost: Free
FMI: 453-4258 [email protected]

_______________________  

Tuesday, April 24


Simple Steps series 5: Funding sources
and next steps

Hosted by: SCORE
Time:
2:00 AM-5:00 AM
Place: SCORE
100 Middle St.,
2nd Floor, East Tower, Portland
PRICE: $35.00/session
with online reg,
$125.00 for all
SS Sessions
CONTACT:
Nancy Strojny,
207 772 1147, [email protected]

________________________ 


Wednesday, April 25

MEET THE LENDERS

 

"MEET THE LENDERS" matchmaking event  
at the Augusta Civic Center, April 25, 2012,
from 1 to 5 pm.
Similar to the very
popular and productive Government Contracting Matchmakers, this is a "speed-dating" event which allows entrepreneurs to meet with multiple lenders
in one place, in one afternoon, and to hopefully secure the capital they need to  
open or expand their businesses.
Please contact  
Marilyn Geroux,  
Deputy District Director
at 207-622-8382
or

Marilyn.Geroux
@SBA.Gov
.   


Monday, April 23

Understanding Your Business Numbers

 _________________________

 

Upcoming MAY

 

MTI Workshops:

 

Workshops include 

  information on Techstart
and Seed Grants,
Development Loans,
Business Acclerator
Grants and SBIR
grant applications

May 23
Wells:   9:30-11:30am,
York County
Community College
Machias 10am-Noon,
University of Maine
Machias


May 24
Portland  9:30-11:30am,
Abromson Center,
USM
Lewiston 1-3pm,
Lewiston-Auburn
College, USM 

Cost: Free
Registration :

 



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