Program can springboard firms to success
On May 20, INTEC held a press conference prior to the LaunchPad 6.0 event at which the CEOs of four promising companies described their participation in a six-month beta test of the Connect Northwest Springboard Program. Springboard is a structured, intense six- to eight-week program that matches businesses with private-sector specialists, such as accountants and lawyers, who provide help and advice. The test was designed to tailor Springboard’s structure to the needs of our region’s innovation economy.
The room was full of community leaders, all of whom were there to witness the official launch of Connect Northwest, a business accelerator program designed to help entrepreneurs and established businesses grow.
Here’s just a brief sampling of what they heard:
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Company: TriGeo Network Security
The Challenge: TriGeo is launching a new product, Contego, and required capital for expansion.
The Solution: Springboard used its network of local business experts to help set up meetings with Joe Herzog, chief financial officer of Northwest Ventures Associates and Scott Gelband, an attorney from Perkins Coie, to discuss financing scenarios. Springboard also helped TriGeo revise its financing pitch and introduced company officials to local angel investment organizations, WIN Partners and the Delta Angel Group.
The Results: Following a presentation given at the February Delta Angel Group luncheon, TriGeo was able to attract a termsheet, a nonbinding agreement setting forth the basic terms and conditions under which an investment will be made. If approved, the funding will be used to hire new sales and marketing personnel to help fuel TriGeo’s next round of growth.
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Company: A Perfect Web
The Challenge: This successful local Web-site application developer had expanded to 10 employees, creating a variety of operational challenges. In order to support this rapid growth, the company needed access to new sales channels and outside capital.
The Solution: Springboard’s network helped A Perfect Web land meetings with local entrepreneurs such as Fred Brown, CEO of Next IT, and Greg Green, CEO of One Eighty Networks, to discuss possible strategic partnerships and financing scenarios.
The Results: The company was acquired by Next IT and its founders were retained as key employees.
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Company: IT-Lifeline
The Challenge: Founded in 2003, IT-Lifeline provides disaster-recovery services to businesses. The company’s aggressive growth required enhancements to corporate issues such as equity restructuring, financial reporting and executive mentoring.
The Solution: Springboard set up meetings with Nate Riggan, a partner at LeMaster & Daniels, Roger Woodworth, vice president of business development at Avista Corp., and Keith Trefry, of Paine Hamblen Coffin Brooke & Miller to review IT-Lifeline’s corporate strategy, financial statements, intellectual property and corporate funding options.
The Results: IT-Lifeline is adding an employee and moving its operations to a larger facility in Liberty Lake so that it can expand its customer roster and product offerings.
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Company: Maplewood Software
The Challenge: In October, Maplewood Software launched ScheduleRX, a new software program for hospital-staff scheduling. The company wanted to increase sales and explore licensing opportunities for that product, while retaining its consulting and custom software development business.
The Solution: Springboard set up meetings with Chris Hogstad, an attorney with Paine Hamblen, and TriGeo CEO Michelle Dickman to discuss financing and corporate-structure and software-licensing issues. Springboard also helped Maplewood set up a board of advisors.
The Results: Since January, Maplewood Software has sold ScheduleRX to more than 20 medical facilities in 15 states.
Those are measurable, meaningful results. And it’s important to note that in all of the above cases, Springboard’s services were provided at no cost to the individual companies.
Fred Brown has said of Connect Northwest, “I think (it) can be a lightning rod to connect capital, people with seasoned experience, and entrepreneurs into a successful team that can create commerce, high-paying jobs, and economic success for the Spokane region.”