MCED Connect

Issue: #53           

May 2015 

5 Minutes with Jason Harkins
Associate Professor of Management at the University of Maine. Jason is also a major contributor to the Top Gun curriculum, on the Top Gun Bangor planning team and a frequent Top Gun Bangor lecturer.

1. When an entrepreneur needs to make their first hires, what kind of people they should be looking for?

The first hires in an entrepreneurial firm need to be people who make the business more capable. New firms are characterized by significant role ambiguity, so employees need to be comfortable doing a little bit of a lot of different jobs, but more importantly than that, the firms employees need to bring new knowledge, skills and/or abilities to the firm. Most entrepreneurs have something that they do really well, which is what allowed them to start the business, but acquiring this expertise has to have come at the cost of acquiring other expertise. When you hire people in, they should bring some useful expertise that doesn't mirror your own, but complements it.

 

2. What is the most important thing when planning an exit strategy?

When planning an exit strategy, the most important thing an entrepreneur can think about is the impact of their decisions on who will buy the business. There are generally two types of buyers of businesses, financial and strategic. Financial buyers are typically looking to buy a firm to operate it the way it is and its value is a function of financial performance. Strategic buyers, on the other hand, are buying some strategic option that allows the buying firm to grow. There are likely to be significant differences in the speed and returns of the sale with strategic buyers being much more desirable. Accordingly, entrepreneurs need to build an exit strategy around having capabilities and a market position in place to add value to other firms in the market which means growing the company all the way up to and through the exit.

 

3. Do you always need an exit strategy?

YES! While there are many debates in entrepreneurship about start-up and operating new ventures, there is no debate that eventually all entrepreneurs exit their business. If an entrepreneur doesn't have a strategy, they are relying on luck to have a good outcome. Given that most of the value that is captured in a business for the entrepreneur is done so at exit, relying on luck is decidedly suboptimal as compared to having a strategy that drives exit outcomes.

 

4. Going forward, what do you think is the best economic strategy for Maine to compete and succeed?

I think the key is to encourage and support entrepreneurial ventures in all their many forms. There has been much written about the important impact of the high potential, high growth "gazelles" that are the basis for most new job creation, and we definitely need more of these firms in Maine. That said, there is an important role for small businesses in the state.   I believe that Maine benefits significantly from encouraging small businesses to strive to grow by providing support around increasing employment and building sales.

 

5. Who inspires you the most and why?

From a professional perspective, the entrepreneurs I work with every year through Top Gun inspire me with the hard work and willingness to reach out and leverage resources that can help them do better. Personally, my wife inspires me to want to be better and work harder to be a better husband, father and mentor.


Happenings
 #TG2009 company, Atayne LLC, was recognized for creating the most positive overall social and environmental impact by the nonprofit B Lab with the release of the fourth annual 'B Corp Best for the World' list. The 'B Corp Best for the World' list honors businesses that earned an overall score in the top 10% of more than 1,200 Certified B Corporations from over 120 industries on the B Impact Assessment, a rigorous and comprehensive assessment of a company's impact on its workers, community, and the environment. Honorees were recognized among micro, small, and mid-sized businesses around the globe.

 The B Corp 'Best for the World List' sets the gold standard for high impact companies and demonstrates any type of company can use business as a force for good. It has inspired the Best for NYC campaign, the first municipal public-private impact partnership in the world to support businesses to create more high quality jobs and improve the quality of life in local neighborhoods, all while strengthening their bottom-line.

 "I launched Atayne in 2007 intending to bring positive environmental benefits to the world. It's been a challenge to take our commitments so seriously, and so we're delighted to get this continued recognition as a Best for the World," remarked Atayne CEO Jeremy Litchfield.  

(Full list at bestfortheworld.bcorporation.net)

Semifinalists for the Gorham Savings Bank LaunchPad competition have been chosen. Congratulations to all, with special nods to Top Gun companies, Portland Pudgy, Beach Glass Transitions and Flowfold.
 Vote here for your favorite to move on to the finals
The LaunchPad Competition will take place at University of Southern Maine's Hannaford Hall on June 18th at 5:30 pm. The event is free and open to the public.
To attend the finals and watch the 5 finalists compete to win $30,000, click here to register.

Top Gun 2013 company, Chimani has closed $500K of its initial $1M Series A round and have hired three new staff including Matt Burgess (Marketing Director), Heather Peel (Visual Designer) and Bob Curley (Editor). Chimani has also moved into new offices located at 148 Middle Street in Portland. Steve King, former Facebook employe #12, and Preston Junger, Director of Branding, at Yelp, have been appointed to board seats.

 2012 Top Gun graduates, Stephen Voltz and Fritz Grobe over at Eepybird Studios in Buckfield, continue to do groundbreaking viral video work for major brands and they're definitely living up to their company motto "ads people want to watch."
 Eepybird's recent video work for Coca-Cola's environmentally friendly PlantBottle See Bottles Differently campaign has just been submitted by Coke for a prestigious Communicator Award.
 Eepybird Studios' video for the PlantBottle campaign video generated engagement rates on Facebook over 28% - an impressive 254 times the average Facebook engagement rate for other brands during the campaign period.
 Top Gun 2014 graduate, Heidi V. Neal, owner of Loyal Biscuit Co. has been selected to receive the Small Business Person of the Year award for Maine.

 "Passion and commitment are what make successful small businesses, and Heidi has shown both with Loyal Biscuit Co.," said Marilyn Geroux, SBA district director for Maine, in a news release:    "The growth of Loyal Biscuit Co. over the past few years is truly astounding, and we could not be happier for Heidi."

 Loyal Biscuit Co. started as a single store in Rockland in 2010. Since that time, the company has grown to 11 employees in four retail locations. In addition, Neal has two other pet related companies: "Tug ME Toys" which produces dog toys, and Fidelis Biscuit Co. which produces dog treats.

 

Top Gun 2014 graduate, Kate McAleer of Bixby & Co.LLC  has been named Young Entrepreneur of the Year by the SBA! "It is always wonderful to see the creativity and determination that young entrepreneurs like Kate bring to their businesses," said Marilyn Geroux, SBA District Director for Maine. "It is a particular pleasure to select a business that has decided to relocate to Maine, as Bixby has done" added Geroux. FMI Here
Kate was also the cover feature for April's edition of Women's Business Enterprise National Council. Read the full story here.  

Did you know Pub Hub is now an MCED endeavor?
As your favorite monthly networking event, PubHub, continues to grow, MCED will be taking over to continue that growth, and help reach a new audience and a greater depth of speaking talent.
Same great event.

Same great time: 1st Tuesday of each month.
As always, fresh new speakers.
And beer.
There will be beer.


Join us tonight for the May Pub Hub Event! Sparkly new location this month

 Please register here
Don't Miss It! Events
Good Stuff happening around the state
Wednesday May 6, 2015
Meet the Lenders and Resource Partners in Southern Maine

Speed Dating Matchmaker:  Opportunity to build relationships with Lenders and Resource Partners and discover products and services to benefit you as you start of expand your business.  Attendees can meet one-on-one with banks/credit unions/service providers. 

 

WHO SHOULD ATTEND:  This event is a great opportunity for any individual, those seeking to start a business and business owners seeking financing to meet with representatives from area banks, representatives from the Small Business Administration, economic development agencies, micro lenders and the chamber.

SPONSORS: SCORE Maine and the U.S. Small Business Administration 

FOR MORE INFORMATION: Contact Sandra Fontaine, Sandra.fontaine@sba.gov or (207) 622-8381

TO REGISTER:  Register by clicking here: http://conta.cc/1Fl4chQ  

  

May 15, 2015

ACE Monthly Meeting 

The growing economic success of the Brunswick Landing campus and TechPlace, business manufacturing accelerator and incubator.  

  • 7:30 AM - 9:30 AM
  • TechPlace @ Brunswick Landing, Brunswick, Maine
For more information or to register here
 

May 15-17

WordCamp Maine!

Wordcamp Maine is a local chapter of an international event for WordPress users, designers and developers.  

FMI or to register here    

  

May 28, 2015   

MAINE'S LARGEST INFORMATION TECHNOLOGY SUMMIT and TRADESHOW FEATURES MAINE TECHNOLOGY LEADERS 

  

The 28th Annual Information Technology Summit and Tradeshow -- Maine's largest business IT conference -- will be hosted by the Maine Technology Users Group on Thursday, May 28, 2015 at the Holiday Inn by the Bay, 88 Spring Street, Portland. Five hundred technology and management professionals will enjoy 15 workshops. 59 vendor booths, and a keynote address, "Insecurity in a Connected Planet" by Rear Admiral (Ret.) William Leigher of Raytheon Company. Admission is $45 Early Bird Rate through May 7, $50 in advance of the event, and $60 at the door, and includes continental breakfast, buffet lunch, afternoon desserts, all workshops, and exhibit floor access. Register online at www.mtug.org/summit.

 

SAVE THE DATE! 

 

Friday, June 12 - 14, 2015

Startup Weekend: Women's Edition, Portland, Maine

Startup Weekend: Women's Edition is an adventure where women can explore their talents, break the rules, and work with a team to develop creative ideas into successful business plans.

    

 

Monday, June 22, 2015 

MTI Tech Walk    

Join MTI at the Holiday Inn By the Bay for an engaging evening showcasing a portfolio of some of MTI's most successful technology-based companies, from long established Maine names to exciting new start-ups.

Meet Maine entrepreneurs, investors and innovators for this unique networking opportunity as over 45 companies exhibit their products and services that they have successfully brought to market. We hope to see you there!

Register Here

 

Maine Startup & Create Week 2015

MSCW2015 will run from June 22nd to 28th  

Stay tuned for more information soon!

Check out the schedule here 
Purchase Tickets here 

  

In This Issue
5 Minutes with Jason Harkins
Happenings
Did you know Pub Hub is now an MCED endeavor?
Don't Miss It! Events
Meet the Mentor
Important Dates from MTI
Special Thanks
Meet the Mentor
 
A large part of what makes MCED and Top Gun Maine so successful are the amazing mentors that work with our entrepreneurs. This year, with our extend program to three Maine locations, we have had some great additions to our team.
I would like to introduce you to Jason Cianchette. 

Jason Cianchette is an experienced product manager. He was the VP of Product for MocoSpace, the Founder and General Manager of  Liquid Wireless and currently the Founder of a new venture, Huzzapp. Jason earned his MBA from the Tuck School of Business at Dartmouth.
Jason is a Top Gun 2009 graduate and a valued Top Gun Mentor and Speaker. He is mentoring Top Gun companies Trove and Bevy for #TG2015.
 
To learn more about how to get involved in Top Gun or the Maine Mentor Network follow this link, or contact Maine Mentor Network Manager, Laurie Johnson here


Important Dates
from MTI



The Maine Technology Institute is holding office hours at the Maine Center for Entrepreneurial Development on the first Tuesday of each month from 1:00 - 5:00 PM. Joe Migliaccio, Business Development Director will be on hand to meet with entrepreneurs interested in finding out more about MTI's grants, funding and startup support opportunities through MTI.

To schedule an appointment, contact Lou Simms at lsimms@mainetechnology.org or by phone, 207-588-1015.


 

Special Thanks
MCED has dramatically
expanded our Top Gun programs due to the generous support of
We are thankful and honored
to be part of this ambitious effort to catalyze the creation
of an intentional community
of growth through innovation.



Join us!
There are many available
ways to help bring Maine
growth through innovation.


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