Igniting and Growing a Vibrant Entrepreneurial Community
The priceless lesson the recession has taught Americans is they need to develop the necessary skills to support “ourselves rather than depend on big government or corporations for security,” said Darren Powderly, a real estate broker with Compass Commercial in Bend and the founder of a new start-up company.
“We have to create our own security, our own wealth, our own happiness, our own destiny,” Powderly offered.
As a founder of CrowdStreet, Powderly has a seen a surge of entrepreneurial activity in the United States – including Central Oregon – due to the recent recession.
He also has seen an increase in incubators and accelerators eager to assist entrepreneurs who “understand that there are no shortcuts to success.”
“These start-up “boot camps” are teaching essential skills to entrepreneurs which improve their chances of success and ultimately create jobs or America,” Powderly said. “Entrepreneurs are the job growth engines in America and it’s magnificent to see these private, grass roots organizations develop a more vibrant entrepreneurial ecosystem.”
It’s one thing to have a business idea and another to put it into action, Powderly suggested. That’s why he encourages entrepreneurs to participate in FoundersPad (formerly VentureBox), a startup accelerator in Bend that works with entrepreneurs from the perspective that matters most – the experience of founders that have walked in their shoes.
“Without FoundersPad, we would have been less organized and therefore not prepared for what lies ahead over the next few months,” said Powderly who finished the course last year.
Next FoundersPad in April
The next 12-week FoundersPad session begins this April with applications being accepted through April 19. Molly Mount, who is the program manager for FoundersPad, encourages people who have a concept or early stage company that would benefit from “a rigorous curriculum and individual mentoring” to apply at www.founderspad.com. Acceptance is limited to 10 companies per session. FoundersPad also encourages sponsorship from businesses and organizations that share in a desire to help ignite and grow the Central Oregon entrepreneurial community.
Mount said FoundersPad provides entrepreneurs with the classic building blocks to launch or grow their business – including one-on-one mentoring, connections to people in their industry and creating a business plan.
“FoundersPad is about founders helping founders,” Mount said. “The founders are all entrepreneurs who know what it is like to start a company.”
While there is no fee to participate in the 12-week class, Mount said each participant gives a “single, small digit percentage of their company.”
“We provide the sweat equity,” Mount said. “We are doing that with some hope that company makes it and we hope by helping businesses now that down the road they will be able to pay it forward.”
Because each session has different businesses, Mount said the program is tailored to the entrepreneurs in the class.
Whether they are a concept, launch or growth stage businesses, FoundersPad mentors invests the time, expertise and capital to bring ideas to the market, she said.
“We work with entrepreneurs as well as industry experts and community leaders to help build a successful business environment,” Mount said. “We all enjoy living in Bend and want to ensure that the area continues to grow in a vibrant way.”
Mount said FoundersPad plays a key part in building an entrepreneurial ecosystem in Central Oregon.
“We are convinced our program, designed to help fund and launch startups, will materially contribute to the economic development of the area,” Mount said.
Mount said that those who are part of FoundersPad’s endeavor do so not only for the promise of the future financial gain but also for the “exhilarating experience which comes from being involved in entrepreneurial activity.
“We are having fun disrupting markets and making a difference in the lives of passionate young business people,” she said. “It is exciting to be in the know regarding new technologies, potential business solutions and emerging industry trends.”
Solidifying the Business Plan
A graduate of FoundersPad, Powderly said the 12-week program was “hugely beneficial in that it saved me thousands of dollars while solidifying the business plan.”
A successful commercial real estate broker, Powderly had an idea to apply technology to the real estate industry “in a way to create unforeseen efficiencies and value.” He shared his concept with Dino Vendetti, who is “also the brains behind FoundersPad,” he said. Vendetti and Chris Capdevila are the co-founders of FoundersPad.
“Dino and I immediately knew we identified an idea with big potential so we committed ourselves to researching the concept with the intention of creating a company,” Powderly said.
He explained his company introduces like-minded accredited investors with Main Street investment real estate opportunities.
“We’re developing a transparent community for investors to get to know real estate owners and operators that match their preferences,” he said. “Our goal is to simplify the capital raising process for Main Street investment real estate owners and operators while providing access to deal flow for accredited investors.
Ten years ago, Bend wouldn’t have been one of the hottest cities in America for entrepreneurs.
What has changed, several people said, is the improvements in technology and infrastructure, allowing companies to locate in Central Oregon while conducting business worldwide.
Start-Ups
Mark Hinkle and Peter Ozolin started Manzama Inc., a Bend-based company that locates and compiles data from online and social media sites, blogs and legal journals. The information is used by lawyers and business managers to analyze Manzama’s findings for their clients.
“In 2010, we drew up the idea on the back of a cocktail napkin,” Hinkle said. “We are now doing business with clients all over the world.”
He is grateful for the support his company received from FoundersPad and appreciates how FoundersPad understands many of the entrepreneurs in Central Oregon want a balance between work and play.
“People who move here do so for the quality of life,” he said.
One reason start-up companies have the chance to succeed is because of the support they receive from ecosystems like FoundersPad, Hinkle said.
“There are a lot of people who are successful in Bend and chose to have their business here,” Hinkle said. “They have a willingness to give back to their community and to foster the growth of new businesses. I think a lot of people have the pay it forward mentality here.”
Hinkle said 80 percent of start-up businesses fail because they don’t have the proper assistance or training. It’s one thing to have a great idea. Even another to have the start-up capital. What a new business owner needs most is a mentor to guide them through the learning curves.
“What FoundersPad does is give start-ups a crash course in the real world of business,” he said. “The people who volunteer to work with the new business provide them with real life experiences.”
Participating in FoundersPad, Powderly added, was “hugely beneficial in that it saved me thousands of dollars while solidifying the business plan. In the process we’ve conducted hundreds of customer interviews. Our minimal viable product is now in development and we believe, thanks to all our customer feedback that we have a product-market fit that will lead to a viable business over the long term.”
Before deciding to enroll with FoundersPad, Powderly researched a number of well-known incubators. A husband and a father, Powderly said his decision was based on his core values – his family came first.
“FoundersPad uses the same content as the Silicon Valley incubators and their mentors are top-notch, so I felt confident in dedicating my time and energy to the FoundersPad program,” he said. “My advice to entrepreneurs is to evaluate your life goals first and your business goals second to see how those two align and then make the appropriate decision.”
To learn more about FoundersPad or get involved in the program as a mentor, contact Program Manager, Molly Mount at molly@founderspad.com.
