00:16:55
2011 has turned out to be a pretty incredible year for ITEN and the development of our regional IT entrepreneur ecosystem. A real turning point happened this year. I'm not sure the exact moment when it occurred, but I know when many of us recognized it: It was somewhere between the fall Start Up Connection in October and the overflowing, SRO open house for T-Rex in November. With IT ventures moving in to T-Rex, new funding opportunities popping up around town, and more and more people recognizing the importance of a vibrant entrepreneur community, all of the energy seems to be coming into focus in a very positive way. The opportunities for start-up ventures to get early-stage funding from St. Louis investors has never been better, and I believe the momentum is going to continue to build into 2012 and beyond.
At this moment of appreciation for what has been accomplished, I also want to pause and extend my respect and heartfelt gratitude to all of you who have given of your time, expertise, skills, insight, and financial support to help our ecosystem come into being over the last few years. Without your dedication and backing, none of this could have been possible. Mentors, service providers, investors, sponsors, donors, community leaders, and university supporters: all of you have made personal and organizational efforts that have enabled the IT ecosystem to begin to emerge. We are also witnessing individuals and organizations taking personal risk as investors, establishing new funds and programs based upon the enormous upside potential of the positively changing landscape. T-Rex, Capital Innovators, Arch Grants, BWEDC, FinServe Tech Angels, Start Up Weekend, and Founder Institute are among the important new initiatives that provide opportunities we haven't had in our community before. We encourage the whole community to welcome these initiatives as respected and important contributors to our growing ecosystem.
As our community expands and develops, new needs also appear that maybe weren't in clear relief at an earlier stage. Ventures getting initial funding celebrate their initial success with investors, but then face the considerable challenges of building a company, hiring staff, and producing results that meet investor expectations. For first-time entrepreneurs, building a company that can effectively execute is a challenge they likely have no previous experience with. Of course this is a wonderful problem to have, compared with the alternative, but a major challenge none the less. With fortuitous outcomes of our current funding requests, ITEN will continue to create innovative ways to guide entrepreneurs to solve these and other emerging challenges.
I also want to particularly thank the mentors of ITEN that have given so freely of their time. Beyond one-on-one mentoring, many of them have also volunteered to help launch our Business Model Validation program earlier this year that has been so well received. Others have participated in our Mock Angel program, which has an amazing record of graduating companies that go on to outside funding. And others have been in our E-Commerce and Technology & Architecture programs. Without our dedicated mentors, ITEN would not be able to deliver value at all.
Since 2008, ITEN has attempted to play a role in helping the ecosystem come about. We are beginning to see that ecosystem emerge, spawning new initiatives and greater opportunities for all. Let's take a moment here, at the end of 2011, to look back and appreciate how far we've come........and then look forward and appreciate the enormous task ahead, yet knowing already that it will be done.
Happy Holidays to all from Jing and me. We look forward to working with you in joy and harmony for a very successful and prosperous new year!
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