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Coming Events
Doing Business in Europe - Sept 26-27
Startup Weekend Columbia - September 30th - October 2nd
High Performance Data Analytics - October 5th (8:00am -12:30pm)
Start Up Connection & VentureBounce - October 5th (4:30pm - 7:00pm)
ITEN 2nd Thursday - October 13th, 2011
Click Here for Details |
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New Twist to Second Thursday
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At the September Second Thursday on 9/8, we preceded the networking time with an informal presentation by mentor Nawaz Anwarudeen about the basics of validating your business model. There was a lively discussion that led right into the regular networking that began at 4pm. We're going to further develop that theme in October. Chuck Vallurupalli whose new venture, Kivivi, is exploiting flaws in the Groupon business model, will speak about how he has successfully used business model validation techniques to develop and launch his venture in NYC. Be there at 4pm to hear Chuck tell his story, share his insights and answer your questions.
Second Thursday happens every month, from 4-6pm in the bar area at Maggiano's, across Brentwood from the Galleria. The ITEN community is invited for "buy your own" networking with other entrepreneurs, mentors, investors and supporters of the Network.
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Start Up Connection Coming October 5
Prizes Announced
Start-Up Connection is a unique and energetic networking event where owners of start-up technology companies present their ideas and products to the community in a trade show format. On Wednesday, October 5, 2011, from 4:30 p.m. - 7 p.m., start-up company founders, senior leaders, investors and members of the St. Louis regional entrepreneurial community will converge at Edward Jones for the Fall version of this event. Registration is now open to attend Start-Up Connection. Go to www.startupconnection.org for more information and to register as a presenting company or as a member of the attending. Start Up Connection is free for both companies and the attending public. Full Article
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Company News:
Blendics Secures $1M Series A to Commercialize Asynchronous System-on-Chip Networking Technology
ST. LOUIS, August 26, 2011 - St. Louis-based Blendics, Inc., a provider of design tools, design services and semiconductor IP for advanced system-on-chip (SoC) networking, announced the close of a first round of funding from National Innovation Fund. National Innovation Fund is an Omaha-based private equity firm. Blendics will use the capital to advance its Asynchronous Network on Chip (ANoC) product portfolio and to expand its market presence in the $5 billion electronic design automation (EDA) industry. Blendics is a graduate of ITEN's Mock Angel Program. Full Article
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Feature Article:
(Jean Roberson, a very active mentor and the CFO of Appistry brought this very interesting article to our attention. It delves into the reasons why some start-ups succeed while others fail, and all of these track well with our observations of ITEN companies:)
3200 Start Ups Said This SAME Thing By Dave Lavinsky
The Startup Genome Project just released a very interesting study.
In the study, which took 6 months to conduct, they gathered and analyzed data on over 3200 startup companies in the technology field.
Their goal: to identify the reason why some startups succeed, while others fail.
Importantly, in their research, they identified the ONE reason that stood out more than all the others for business failure. That reason: premature scaling.
So, what is "premature scaling?" Premature scaling is trying to grow your company too quickly.
Examples of premature scaling include:
Spending too much money on marketing/customer acquisition before you've proven that your current product is the right fit for your customers' needs;
Building "nice to have" features into your product/service before getting it in the hands of customers to get real feedback;
Hiring too many employees before you absolutely need them;
Not adapting your business model to a changing market.
Full Article
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Coming Mayhem on Olive Street!
Although quietly born from egg not long ago, and only now able to walk on its own, the incredible growing Monster T-Rex overwhelms the calm of downtown. No longer willing to tolerate repetitive and predictable outcomes, T-Rex shatters the Mound City malaise, roaring a new message of Innovation, Invention and Inspiration. Beware the T-Rex!!
The place (12th floor at 611 Olive, called T-Rex, meaning Technology at the Railway Exchange Building) is filling up, but there are still great offices and workstations available at pre-historic monthly rates, including a great deal on attached garage parking. High-speed internet and an Indian buffet right across the street, why not be the next to join us in............ the "Belly of the Beast!"
For a guided tour, including the dinosaur petting station, contact Rosa Mayer, rmayer@downtownstl.org.
These companies have already been consumed by T-Rex:
1. Action Online (CI)
2. Black Man Working
3. Capital Innovators
4. Dining Circle (CI)
5. Gremln (CI)
6. ImRel
7. ITEN
8. JBara Software (CI)
9. Material Mix
10. Moments and Time
11. Pulse Therapeutics
12. RollSale
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Mentor Spotlight
Sam Charrington
I've been active in the tech startup community in St. Louis since moving here from the Bay Area in '02. I became a mentor for ITEN's Web/E-Commerce program when it launched last year, and I've recently signed on to mentor for the new Business Model Validation program as well.
As an ITEN Mentor, marketing consultant, and startup advisor, I bring expertise in a wide array of marketing disciplines coupled with a strong understanding of the underlying technology. While I've spent the last dozen years focused on the business side of startups, my early career and education were both very technical and I enjoy working closely with Web and cloud computing technologies. Really 'getting' the technology helps me help teams articulate the unique benefits of what they're building, and identify effective ways of bringing it to market.
Prior to moving to St. Louis I was with Plumtree Software, where we pioneered portal software for the enterprise. As one of the first non-engineering employees at the company, I helped ensure the success of our first customers before going on to hold leadership roles in sales, business development and product management. Soon after arriving in St. Louis I was introduced to the Boeing Ventures incubator program and served as a staff consultant, helping BV portfolio companies with a variety of marketing and product management issues. In 2003 I joined Appistry, then Tsunami Research, initially responsible for signing early customers and later overseeing all of marketing and product management. I've got E.E. degrees from Northwestern and Rensselaer and have spent time at larger companies like AT&T.
Besides entrepreneurship and technology, I'm also passionate about travel and world culture. I've visited over twenty countries, most with my family, and serve on the board of directors of the International Institute of St. Louis, a United Way backed non-profit best known for the services we provide to immigrants and refugees and for our annual event, the Festival of Nations.
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Company Spotlight
Aisle411 Provides Cohesive, Engaging Retail Experiences
On August 18, 2009, aisle411 Inc. became the first company in the world to offer an exciting new service targeted to the retail industry. It is a disruptive technology service for consumers that changes the world of retail by providing in-store search for products from any mobile phone. On November 24, 2010, aisle411 launched its proprietary iPhoneapp version to rave reviews. In Fall 2011, aisle411 is launching V2 of its innovative application and is ready to scale quickly across the retail marketplace.
aisle411 is a comprehensive mobile shopping application that allows consumers to search, find and map products in retail stores down to the section of the aisle it's located. Think of it as "Google Maps inside the store". aisle411 allows consumers to manage and route shopping lists, download and redeem digital coupons and scan barcodes for product reviews.
"Shopping just got a lot easier!" thanks to aisle411.
Using a sophisticated proprietary database system, retail business intelligence, innovative new digital maps, interactive voice technology, geo-fencing and existing smart phone technologies, aisle411 is changing the retail experience for consumers forever.
aisle411 launched a voice only version of the service using a toll free number 1-877-aisle411 with some strategic customers in the Midwest which allowed aisle411 to build the system with real customer data and to study the consumer use interface to best enhance the system in a real-world environment. This strategy also served to announce aisle411 as the inventor and authority in the retail product location assistance space and establishing first-to-market credentials. The company now has launched its iPhone app with a target of being in 15,000 stores by first quarter 2012. The company is currently working on V2 of its app on iPhone and Android for launch in Fall 2011.
The company is focused on building and launching the system on smart phone applications, tablets and a mobile optimized web interface usable from any device. These comprehensive distribution platforms combine to create a powerful company competitive advantage.
The problem that aisle411 solves is that approximately 24% of all potential retail revenue is lost because consumers cannot find the products they want or the information they need. Hundreds of millions of dollars are lost annually by retailers who also struggle with the consistency of store associates in an attempt to shrink this loss.
Never in our history have the convergence of technologies and levels of sophistication been available to create the aisle411experience, until today. The convergence of mobile marketplace, immediate gratification, inventory database sophistication, voice technology and search technology are coming together to create an unprecedented marketing and services solution for the in-store- retail experience.
aisle411'scompetitive advantage is first-to-market and proprietary technology. Its targeted launch made with an easy to use consumer focused product location system along with the embedded proprietary coding that weights search results and enhances accuracy was a first by aisle411. Proprietary digital interactive store mapping software ties to product and coupon search. The proprietary database management system allows for mass scaling and targeted digital ad insertion. The aisle411 data-mapper allows for intuitive one-stop search results conducive to in-store search like no other!
With offices in St. Louis, Missouri and Palo Alto, California, aisle411 is the innovative market leader and is positioned for rapid growth across retail locations in the U.S. and internationally. For more information, be sure to visit http://aisle411.com/. Aisle411 is a graduate of ITEN's Mock Angel program.
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