This years topic was centered around improving the value of healthcare. The morning started with the IBJ Power Breakfast where a group of 200+ listen to the perspectives of Nate Feltman (IEDC), and the President of Purdue University, France Cordova. Following the conclusion of the IBJ breakfast we moved over to the conference hall. Here participants where able to walk the floor and have one-on-one conversations with life science companies. As I walked the floor some of the more interesting conversation I had were with Deb Halberg, Barnes & Thornberg, LLP talking about the development of B&T's nanotechnology group. I spoke with Martin and Erica with the Language Training Center. (View Video Blog #3) The LTC specializes in bridging the language and cultural barriers for life sciences personnel, marketing and technical materials.
The real highlight for the IHIF was the launch of the Statewide Asset Mapping and Strategic Planning Initiative. I received an invite from Mike Brooks to attend the press conference for the asset mapping initiative. (View Video Blog #2) My professional advice is if you did not participate in the asset mapping survey process, contact the IHIF to become part of the database.
There was the opportunity to site down to lunch and network. In the line for lunch I had the pleasure of meeting John Hanak, who heads up Purdue's Tech Parks in the state of Indiana. This was a very valued introduction and conversation. Gazelle Web & Consulting, LLC has been preparing a marketing and business development initiative with the state's business incubators and tech parks as a member of the National Business Incubator Association (NBIA) member. Speaking of which the NBIA has their 2008 Conference coming up in New Orleans in October. A side note, IBIS (Indiana Business Incubator Society) is getting ready for their next meeting.
Thank goodness for Hubbard and Cravens Coffee bar to survive the break out sessions! The break out sessions ranged in many topics and speakers. I myself was interested in listening to the session on "Understanding a Life Science Business Plan". The panel was represented by three VC firms and an associate from Ice Miller, LLP. The panel discussed their understanding and perspective of what goes into a success and executable business plan. The ultimate goal is to attract VC fund for growing a start-up business. My question was on how Indiana is currently ranked in the top 25 for VC in the country, and how we can increase that ranking to attract more VC companies and investors. I also inquired as to what other alternative funding sources are currently available to those SMB. I did not get any concrete answer, so what I took away for my clients and the entrepreneurs I talk with is as follows: Make sure to first have your business plan review by an experienced firm. The firm should have a good success rate in pair those start-ups with VC funding and investors. Make sure that your company's financials are reviewed by a CPA or financial firm. Finally, have the document under go a legal review, especially if the start-up service or product involves and intellectual property. Once you have these done and have rehearsed your elevator pitch then you are ready!
You can find places to review your business plan by doing a simple search online. However, I will recommend two source locally, the Indiana Venture Center, and Gazelle Web & Consulting, LLC. You will be able soon be able to go to Gazelle website and submit a business plan for a free two hour review. Please visit www.runwithgazelle.com as the page to do this will be live by the end of the month!
Innovention 2008 was a great success! Keep toned in to hear about the new platform for the 2009 conference. You may have received an email from the IHIF for a save the date already. If not, you will soon!
No comments:
Post a Comment