Seasoned tech veteran Jim Boeddeker to lead Accelerator
Economic Development for Central Oregon (EDCO) and Central Oregon’s Tech Alliance jointly announced the launch of VentureBox (www.venturebox.org), a startup accelerator that will apply mentorships, infrastructure and a milestone-based program to develop startups into investment-ready enterprises.
Tech Alliance will include VentureBox as a new program under its non-profit structure. The program is a key element of the entrepreneurial ecosystem initiative being developed by EDCO in partnership with the Oregon Entrepreneurs Network (OEN) and other statewide resources in an effort that will integrate and sustain programs to provide local and regional support to businesses capable of generating job growth, economic diversification, and wealth creation.
VentureBox will be led by Jim Boeddeker as executive director. Boeddeker is a serial entrepreneur and local business owner with a private practice consulting with new ventures and small businesses.
“Jim is an ideal candidate for this position, bringing experience from both high tech start-ups in Oregon and Silicon Valley,” said Jim Coonan, EDCO venture catalyst manager. “The accelerator is a keystone asset in our entrepreneurial ecosystem and critical in creating more investment ready companies in Central Oregon.”
VentureBox will provide its client entrepreneurs with a top quality program curriculum based on the best practices derived from the world’s leading startup programs. At the core of the program is the Venture Launch bootcamp. This is an intensive 12 week curriculum that will help startups effectively structure, plan, develop and launch their businesses. Culminating in an “Investors Day” event, the startup companies will engage with investors for the purpose of obtaining seed level funding to launch their businesses. The key resources contributing to the program’s success are the high quality of mentors available through EDCO’s Stable of Experts and the integration of established events like the monthly PubTalks and the annual Bend Venture Conference.
When questioned on the details Jim Boeddeker added, “VentureBox is simply applying a higher level of collaboration and process to a set of resources that has been part of the Central Oregon business environment for some time. The quality and maturity of these assets are what will set us apart from programs in even much larger metropolitan areas.”
As a program under the Tech Alliance umbrella, VentureBox has opened operations in the Old Cigar Building in downtown Bend and will leverage the TechSpace co-location program, giving the new organization immediate access to several budding startups. TechSpace has become an activity hub that draws the tech community together for ad hoc collaboration and will provide an important foundation to accelerator events.
“Creating a tech startup program for Central Oregon has always been one of the tenets of the Tech Alliance’s purpose.” said Chris Kraybill, a member of the Tech Alliance Board of Directors. “I am excited to see VentureBox come under the umbrella of the alliance. Combining our co-working space and an accelerator program like VentureBox creates a powerful combination that I’m confident will generate economic growth for the region.” Kraybill further reinforced these remarks with a personal contribution of $10K to the program.”
VentureBox has chosen the Bend Venture Conference to announce its launch because it is the region’s signature event, annually bringing together investors and entrepreneurs. Under a separate news release, the program will benefit from a grant received by the Oregon Entrepreneurs Network to support bootcamps throughout the state. The bootcamp program is one part of larger initiative driven by OEN to help improve the entrepreneurial ecosystem in rural Oregon. The grant is from a major foundation and will be announced at the Bend Venture Conference. Also announced are contributions from two private individuals including $25,000 from Dan Hobin and $10,000 from Chris Kraybill. These donations will help secure VentureBox’ first year of operations.
Startups or entrepreneurs interested in learning more about the details of the programs may visit www.venturebox.org.
VentureBox
Central Oregon’s Startup Accelerator
VentureBox is a Bend-based new business accelerator that will apply quality mentorships, process and a high level of collaboration with statewide resources to increase the number of “investor ready” start-up companies. As a point of reference, an incubator creates ideas and an accelerator is a resource for translating good ideas into successful companies. Focusing on concept stage startups, VentureBox supports scalable companies in the traded sector that have plans to implement innovative product and service solutions.
The VentureBox accelerator is a key element of the entrepreneurial ecosystem being developed as part of the Venture Catalyst initiative. Working with EDCO and the Oregon Entrepreneurs Network, the leading statewide industry organization for entrepreneurial activity,, VentureBox will apply resources already in place with the EDCO’s Stable of Experts, Pub Talks, and the Bend Venture Conference as well as “economic gardening” efforts underway at the state and local level.
VentureBox Program
VentureBox will provide its client entrepreneurs with a top quality program curriculum based on the best practices derived from the world’s leading startup accelerators. At the core of the program is the Venture Launch program, sometimes referred to as a bootcamp.. This is an intensive 12 week curriculum that will help startups effectively structure, plan, develop and launch their businesses.
Startup companies will participate in a programmed curriculum structured on six topical areas that are fundamental to creating successful enterprises including:
- Basics –The startup experience, vision and values; legal structures
- Market – Market research, size, growth and share, vertical markets, lead customers, position sustainability, branding, PR
- Technology – Product definition & the development processes, Intellectual property, sourcing
- Organization – Co-founders & leadership team; organizational development; HR, outsourcing
- Financial – Developing a P&L, performance metrics, funding alternatives, approaching investors, negotiations involving equity.
- Launch – Graduation – Investor Day Pitch.
Each topic will be 50% educational and assessment with the balance used by companies and mentors to develop plans, strategies and milestones for their businesses. All participants will be required to present a review at the completion of each topic that will outline the company’s situation, needs risks and opportunities related to the topic. The review will be attended by VentureBox staff and mentors.
The program concludes with the opportunity for qualified companies to participate in a pitch to a team of selected investors. Companies will qualify for Investor Day based on the readiness demonstrated in the mentor reviews and overall assessment factors gathered during the course of the program.
VentureBox Structure
VentureBox is a not-for-profit enterprise operating under the 501(c)3 umbrella of the Tech Alliance of Central Oregon (www.techallianceco.org) . The Tech Alliance supports and promotes the region’s high technology companies and individuals through a number of initiatives including co-working space (TechSpace Bend), supporting user groups (IT directors, web professionals, information systems, etc.) networking events (The Unconference) and providing up-to-date information about the technology industry. This structure will allow the entity to secure funding from foundations, state and local government as well as private donations. Its staff of two professionals will develop, coordinate and manage a team of qualified mentors sourced from EDCO’s Stable of Experts along with interns and volunteers who will provide education, coaching and evaluation services for participating companies.
The VentureBox accelerator will also derive funding from tuition and fees generated by its program participants. In many cases these fees will be subsidized through sponsored scholarships obtained from individuals, companies and the community at large.
The structure also anticipates a parallel – but arms length – private organization in the form of an LLC or Limited Partnership (see attached schematic). This organization will be a vehicle for investors interested in small investments in companies in exchange for equity. It will also house the accelerator’s mentor resources providing a vehicle for them to hold a share of the same equity pool as an incentive for their contributions to the accelerator.. The investment entity will also maintain a share of the equity pool on behalf of the accelerator itself. In the event of a liquidity event of one of the companies in the portfolio, the investors, mentors and accelerator will all share in a cash distribution on a pro rata basis reflecting shares in the investment company.
Status and Launch Plan
A three year financial plan has been completed and an Executive Director is in place and completing final structural elements, program definition and initial funding. VentureBox has obtained a commitment of $61,000 in grants and private donations to date. This leaves a shortfall of $14,000 to our launch goal of $75,000 required to cover first year cash flow needs. At this time we are working diligently to identify sources of funds in order to close our list of founding donors by the Bend Venture Conference (BVC) on October 14.
Public announcement and launch will occur at the BVC, just after the conference’s keynote speaker. We anticipate leveraging this high profile event to highlight our founding donors. With an expected attendance of 300 plus business leaders and investors across Oregon and the Pacific Northwest, we intend to maximize media coverage by actively engaging the local, regional and national press.
The first class of early stage companies to begin the 12-week program will start in January 2012.
