Yep, keeping your motivation as an entrepreneur in the Summer can be tough.
But keeping your investors happy with the positive momentum in the quarterly report does not take summer months off even if it is tempting to play “work hookey” with the kids while they are out of school.
This is a good time to pass your competition while they enjoy the extra margarita at the pool. To be clear, even entrepreneurs need to take time off to decompress. But some entrepreneurs lose track, especially here in the coastal Southern states.
While summer may feel slow for your business as you struggle to reach the decision makers you need at your sales prospects or an investor’s offices, it gives you time to prepare and apply for opportunities in the Fall.
So pour a cold adult beverage, if that is your thing, and take some time to apply for the opportunities below that your competition is missing.
While you may not be in North Carolina, what organizations in your region have open applications for awards, pitch contests or grants?
Awards –
Organizations like the NC Tech Association had an open application for the Annual Tech Awards. Last year, Wilmington NC companies won THREE major awards while competing against larger companies from bigger cities. A BEACH based company called OpiAID from Wilmington NC won the BEST AI / Data Analytics company. A 2nd beach company, Apiture, won best FinTech company. Keep in mind, NC has Raleigh / Durham as the tech hub and Charlotte as the 2nd biggest banking city in America.
While Wilmington companies did not win any or many awards before the formal startup ecosystem was started in 2013, it sure helps to have someone in the room where the decisions are made. Who from your community is serving on these statewide committees that vote on awards, grants and stage time at pitch contests?
Most states have some kind of small business awards that could raise the profile of your unique company with prospects or potential investors.
Pitch Contests – (Some of the deadlines listed below may be extended by the time of publication of this article. Or be more prepared to present next time.)
Two of the three biggest investor conferences in the South are having their events in the upcoming months. While you may be late to apply to pitch at the events, you can still network with the investors that are attending. Hint – Look up the investors who are speaking at these events and meet them BEFORE they speak on stage.
Venture Atlanta – https://www.ventureatlanta.org/pitch/
3686 in Nashville Tennessee – https://attend3686.com/engage/
Converge South in Winston Salem – https://convergesouth.com/
Big Launch Challenge (A multi-state competition) https://www.thelaunchplace.org/big-launch-challenge
Venture 135 for FinTech and InsurTech in Charlotte https://docs.google.com/forms/d/e/1FAIpQLSf4MgNW8tZGC4fLd6jMDa7MFF3_ZJbGh8I_bQbp eqF2txR8og/viewform
Grants –
Yes some communities have non-dilutive grants for startups.
North Carolina has a VERY unique situation with the creation of NC IDEA who now gives grants every six months in a very competitive process with $50,000 and $10,000 grants that include a significant mentor program..
$50,000 can be the equivalent of two angel investors!!!
South Carolina has a similar program. https://www.scra.org/sc-launch/who-we-are/
You can also take the time in Summer to write Small Business Innovation Research (SBIR) grants. This federal grant program is VERY competitive. Most states have workshops to help you write these grants to improve your chances. These are $250,000 plus Phase I non-dilutive grants that don’t take equity.
EXTRA Top Shelf Insight – Yell your success from the Lighthouses…
And if you win any of these opportunities, be sure to tell the media like Southern Startup Report.
If a tree falls in the forest and no one hears it ….
Yeah I know, it can be difficult as a startup to get the attention of the local mainstream media.
But your ecosystem org can also hold a MEET THE MEDIA night with local reporters and you can learn the stories that they are interested in writing about. EVERYONE wants to know what local / regional companies are hiring because they were able to raise a round of capital.
Keep in mind, these journalists also have a job to do in the slow summer months and they need sources for their stories. If you find they are tough to work with, send them three story leads that AREN’T about your company. After the third story idea, they will be more receptive to telling your story too. (The infamous Gary Veynerchuk calls this the Jab, Jab, Jab , Right Hook.)
Or maybe you can offer the local media outlets to write a monthly or quarterly OpEd piece about highlights in the local startup ecosystem. This can play a role in helping you become a Person of Influence in the community or a topic expert where you are invited to give local speeches. And promote these articles in your newsletters and in your LinkedIn posts to build readership so the media invites you back to write more. They NEED traffic to their news web sites.
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Jim Roberts is the Founder of the Network for Entrepreneurs in Wilmington (NEWilm.com) and the Founder of the WALE Angel Network in Wilmington, North Carolina. Jim started entrepreneur support organizations in Charlotte, Asheville, Wilmington and worked in Durham. Jim can be found on LinkedIn at https://www.linkedin.com/in/jim-roberts-78b24b/
Wilmington NC is now ranked the #1 Startup Ecosystem in the world by StartupGenome and StartupBlink for small cities under 300,000 people and the #2 ecosystem in North Carolina. The formal ecosystem was started in 2013 when Jim was hired as the inaugural Executive Director of a local incubator. You can learn more about the ecosystem in this podcast.