Lessons Learned from Entrepreneurial Initiatives


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Lessons Learned from Entrepreneurial Initiatives

  1. 1. Lessons Learned From Our Entrepreneurial/Community Initiatives Michael Gaiss [email_address] / @MichaelGaiss
  2. 2. Topics <ul><li>Quick Intro </li></ul><ul><li>Entrepreneurial Initiatives </li></ul><ul><li>Lessons Learned </li></ul>
  3. 3. My Background <ul><li>Highland Capital Partners (since 1999) </li></ul><ul><ul><li>Entrepreneurial initiatives </li></ul></ul><ul><ul><ul><li>Summer@Highland, PepsiCo10, E-Centers, QUEST, Accelerators </li></ul></ul></ul><ul><ul><li>Portfolio company support & consulting </li></ul></ul><ul><ul><ul><li>Strategy/launch, CEO & Marketing Summits, Career Network </li></ul></ul></ul><ul><ul><li>Marketing </li></ul></ul><ul><ul><ul><li>Brand, Media Relations, Online, Events, etc </li></ul></ul></ul><ul><li>Various Tech Companies </li></ul><ul><ul><li>Gentia Software/Planning Sciences (Boston/UK) </li></ul></ul><ul><ul><li>IQ Software (Atlanta) </li></ul></ul><ul><ul><li>Unisys (Minneapolis, New Zealand, Blue Bell, PA) </li></ul></ul><ul><li>University of Michigan (Engineering) </li></ul><ul><li>University of St. Thomas, MN (MBA) </li></ul>
  4. 4. Nasdaq: VPRT $120,200,000 Internet-based printing $295,000,000 Acquired by Lucent Switching equipment   Acquired by Staples Specialty retailer   Nasdaq: LULU $32,760,000 Specialty apparel retailer Nasdaq: CKFR $86,4000,000 Electronic bill pay systems   Nasdaq: BFRE $67,200,000 Performance-based online marketing Nasdaq: AVID $56,000,000 Video editing systems Nasdaq: ASKJ $42,000,000 Online Search    Acquired by Apple $567,000,000 Acquired by Cisco Systems Broadband VPN solutions Nasdaq: CONR $78,000,000 Acquired by J&J for $1.4B Drug eluting stents Nasdaq: EXAS $65,000,000 Genomics-based technologies  $1,100,000,000 Acquired by AOL Advanced mapping solution Nasdaq: SYBS $49,600,000 Relational database management software $325,000,000 Acquired by Cisco Systems Web-enabled call center Nasdaq: STAR $126,000,000 Infrastructure Products $5,400,000,000 Acquired by Terra Networks Global internet network   Nasdaq: NXCD $120,000,000 Online credit provider  $355,000,000 Acquired by Tellabs Optical access solutions  Nasdaq: ODSY $54,000,000 Hospice care provider 
  5. 5. Highland Entrepreneur Center
  6. 8. [email_address] <ul><li>Launched in 2007 </li></ul><ul><li>Get closer to interesting entrepreneurs emerging from university environments </li></ul><ul><ul><li>Financial stipend </li></ul></ul><ul><ul><li>Free office space in our Entrepreneur Center </li></ul></ul><ul><ul><li>Mentors and “Summer School” </li></ul></ul><ul><ul><li>10-week period </li></ul></ul><ul><ul><li>No obligation to Highland </li></ul></ul><ul><li>15 teams participated over three summers </li></ul><ul><ul><li>5 raised institutional capital (2 by Highland) </li></ul></ul>
  7. 9. Lessons Learned
  8. 10. Credibility is king
  9. 11. Think thru the optics from all angles
  10. 12. Embrace the “non winners”
  11. 13. Deliver a memorable experience Mike Sullivan Harvard University ” The quality of Highland’s input was great, not only their input but the input from all the other people they put us in touch with.&quot; Motomu Shimaoka, Ann DeWitt - Harvard Medical School & HBS ” It was a great opportunity to learn from the other highly-talented entrepreneurs both in the summer program and across the Highland network.” Alain Chuard Stanford Graduate School of Business ” The fact that we were able to spend significant time with senior partners was incredible.” Joshua Feast MIT Sloan School of Management ” Amazing experience. We are already talking up Highland as a place where people are smart and fair.” Alex Bain & Craig Lund Harvard Business School “ The Highland program was extremely helpful. We learned a great deal from experienced entrepreneurs and made valuable connections that tangibly benefited our business.” Will O'Brien MIT Sloan School of Management “ Highland is a top-class venture capital firm. During the summer, they helped my team evaluate strategic options and recruit advisers.” Victoria Ransom Harvard Business School ” The summer school was excellent. I was extremely impressed with the quality of speakers.&quot; Matthew Lauzon Babson College ” This was an outstanding program from our perspective. My team and I are grateful to have been accepted into it.”
  12. 14. Brand & memoralize for sustainability
  13. 16. PepsiCo10 <ul><li>One of the first entrepreneurial program partnerships involving VC & Corporate America </li></ul><ul><ul><li>PepsiCo, Highland, Mashable </li></ul></ul><ul><ul><li>OMD, TracyLocke, Weber Shandwick, DMG </li></ul></ul><ul><li>Find the most promising media, mobile, technology startups </li></ul><ul><ul><li>Digital video & gaming </li></ul></ul><ul><ul><li>Mobile marketing </li></ul></ul><ul><ul><li>Place-based & retail experiential </li></ul></ul><ul><ul><li>Social media & marketing communications </li></ul></ul><ul><li>Selected companies enter pilots with PepsiCo brands </li></ul>
  14. 17. Conceptually similar to Summer <ul><li>Planning & strategy </li></ul><ul><li>Program definition </li></ul><ul><li>Launch & promotion </li></ul><ul><li>Applicant reviews </li></ul><ul><li>PepsiCo10 Summit </li></ul><ul><li>Final selection </li></ul><ul><li>Pilot programs </li></ul>
  15. 19. Some stats <ul><li>450 applicants </li></ul><ul><li>68 Semi-Finalists </li></ul><ul><li>20 Finalists </li></ul><ul><li>10 Selected Companies </li></ul>Place-Based & Retail Experiential Marketing Mobile Marketing Social Media & Marketing Digital Video & Gaming
  16. 20. Lessons Learned
  17. 21. Partnerships can be powerful
  18. 22. Partnerships can be challenging
  19. 23. Plan for additional complexity HCP Vetting Phase 6/7 6/14 6/21 6/28 7/5 7/12 Stage 2 Vetting 5/31 Stage2 Video RFP OMD Vetting Phase OMD HPC PEP JUNE JULY 7/19 7/26 7/29 Event Special Briefing Printing Stage 1 Submissions (6/18) (6/24) (6/28) (7/6) (7/13) (7/14) Wk 1 Wk 2 Wk 3 Wk 4 Wk 5 Wk 6 Wk 7 Wk 8 Wk 9
  20. 24. Protect your brand & beliefs throughout
  21. 26. Bridging Communities to Celebrate Region’s Legacy of Innovation <ul><li>Bring together innovative leaders from the entrepreneurial, educational, technology, life sciences and creative communities </li></ul><ul><li>Celebrate Boston’s heritage as the global hub for revolutionary ideas and innovation </li></ul><ul><li>Create sustainable good and further invest in the next generation </li></ul>
  22. 27. A high-tech mobile scavenger hunt
  23. 29. Lessons Learned
  24. 30. Supporters bring reach & credibility
  25. 31. Just don’t rely entirely on them
  26. 32. Ride a wave when you can
  27. 33. Simplify if possible
  28. 35. Wrap-Up & Summary <ul><li>Everything takes longer than you think </li></ul><ul><li>A strong network is your best friend </li></ul><ul><li>Find ways to better collaborate with others </li></ul><ul><li>Ensure a great user experience </li></ul><ul><li>Stay the course and make it a self-fulfilling prophecy </li></ul>
  29. 36. Lessons Learned From Our Entrepreneurial/Community Initiatives Michael Gaiss [email_address] / @MichaelGaiss