Business launch survey results 2010 (3)Presentation Transcript
GRA/TAG Business Launch Competition with Winner Results Technology Association of Georgia 75 Fifth Street NW, Suite 625 Atlanta, Georgia 30308 June 2010
“ Since Winning the GRA/TAG Business Launch Competition, we’ve raised…”
$2,000,000 for one Business Launch Competition winner
Another previous competition winner has raised $13,000,000 via Oak Investment Partners
A more recent competition winner has raised over $225,000 from friends and family, $250,000 from the NIH SBIR, and is currently seeking a grant for $5,000,000 in funding
Strategic Investments were made in one previous winner in the amount of $3,800,000
Total investments: Over $19,275,000 with an additional $5,000,000 currently pending
“ Since Winning the GRA/TAG Business Launch Competition, we’ve hired…”
One former winner has hired six full time equivalent employees.
Another has hired eleven full time employees winning
Two other winning companies have hired fourteen full time equivalent employees each.
Total new FTE for all companies: 45
One company has all eleven of their new employees in Georgia
Another employs nine in our state
Eight more FTE in Georgia from another previous winner
Four from Georgia from yet another winner.
Total number of new Georgia jobs: 32
“ Since Winning the GRA/TAG Business Launch Competition, we’ve added…”
All respondents indicated an overwhelming increase in revenue generation since winning.
“ Our revenue are 400% that of when we won the Business Launch.”
“ Over $6,000,000 in revenue has been generated.”
“ Revenues have doubled since winning.”
“ Revenues have tripled since winning.”
“ Since Winning the GRA/TAG Business Launch Competition, our revenues…”
“ Since winning the business launch competition, we have grown our customer base from zero to 109 hospital clients in seven states.”
“ Sold ~500 licenses to major technology firms and universities in over 21 countries.”
“ Very strong growth. Have become the standard for our industry. Continue to add new clients and large strategic partners.”
“ Working on joint projects with Google to accelerate the transcoding of YouTube videos.”
“ Employing three interns from Georgia Tech this summer (not included in the FTE numbers above).”
Additional Comments from Winners
In 2010, Service Providers offered over $400,000 in services to the finalists in the competition (4 finalists). The winner received over $200,000 in services, while each of the other three finalists received $70,000 in services.
Each year previously, the winners have received over $200,000 in Services from our providers.
Some examples of our Service Providers include:
“ Since Winning the GRA/TAG Business Launch Competition, we’ve used…”
In 2010, TAG began the tradition of creating a Suite of Services Directory that lists each of the participating companies, their offer, and the amount at which that offer is valued. The Suite of Services Director is available for download online at tagthink.com, as well as being placed in our office and at the event.
We expect this addition to increase the services donations in future years, as well as serving to encourage other small businesses to consider these Georgia companies when choosing a service vendor.
Exposure for Georgia Companies who work with small businesses
The most promising applicants receive a mentor to discuss their business and business plans and help finesse their messaging
TAG selects mentors that are seasoned, successful executives and/or serial entrepreneurs
Over 130 young Georgia companies have received guidance from successful entrepreneurs over the past five years. Some executives who have volunteered their time:
Mike Eckert, former CEO of The Weather Channel Inc. and Pathfire
Joan Herbig, CEO of ControlScan, former CEO of Cambia Security and XcelleNet, Inc.
Steve Schilling, President and CEO of Cypress Communications, former CEO of Netifice and prior COO of Charter Communications
Nandan Sheth, President and COO of Acculynk and former co-founder and COO of Harbor Payments
Technology Association of Georgia’s role
Advertising, leadership, creating and leading the monthly task force meetings, receiving and organizing all applications, lining up the suite of services providers, coordinating all semifinals and event logistics, securing mentors, assigning mentors, securing judges, and contributing $25,000 cash (starting in 2010)
Georgia Research Alliance’s role
Original concept, advertising, leadership, providing the vast majority of the cash funding ($425,000 to date)
The Advanced Technology Development Center’s role
Advertising, leadership, screening initial applications, securing mentors, assigning mentors, securing judges, running the Startup Gauntlet pitch practice event, final presentation prep, final judging