Mentor a VentureLab Team: You’ll Be Glad You Did

VentureLab offers amazing opportunities for entrepreneurs, both new and established. The appeal of the program for new businesses is obvious; as the #2 incubator in the United States, VentureLab has a proven program to launch successful startups. But what is the draw for an already established business, already flourishing in the private sector? The opportunity to mentor emerging startups.   Mentor [Read more...]

Meet Narvaro, one of Georgia Tech’s Summer Startup teams

Team Members:
“The Narvaro team is made up of 4 mechanical engineers: Chris Taylor, Kevin Green, Devin Andrews and Tyler Sullins. All of us graduated from Georgia Tech in the spring of 2014. Chris is the mad scientist who came up with this crazy idea [to create 3D presence], and he pulled us together for senior design.”

Business Thesis:
“Our system allows a user to be somewhere else by giving them a 3D vision of a remote area. Our technology uses a head-mounted display to show the video from two cameras, and the user can control the cameras with the simple head turns.

We were a bit different from most teams in that we started with a core technology and have been searching for different applications. This has led to a number of amazing experiences for us. We have been to the Atlanta Motor Speedway for a drag race, we got to see a live robotic surgery where we saw inside the chest cavity of a patient in HD 3D, and we even got to crawl around inside a Bradley Fighting Vehicle at Fort Benning.”

What do you think of Startup Summer?

“Startup Summer is crazy; it’s inspired us to push ourselves to see what we are capable of. The level of talent and commitment among all the teams is infectious and really pushes us to strive to be better everyday. We’ve learned so much in the past six weeks about how the world actually works.”

Share with us an “ah ha!” moment you’ve had.

“Through our experiences, we’ve found that things in the real world don’t work as smoothly as you’d think they would. For instance, when interviewing officers at Fort Benning about armored vehicle operation, we found that oftentimes the viewports on the vehicle become obscured with dust or mud. When this happens, a soldier has to physically get out of the vehicle to act as its eyes. Our take-away from an experience like that was that there are lots of problems with dangerous consequences that people put up with. It’s opened our eyes to the world by showing us there are numerous ways we could improve people’s situations by solving their problems.”

What questions do you still have about startups?

“Most of our questions deal with the step after finding legitimate customer demand, particularly with growing and scaling a company. Scaling a hardware company is a complex task because it requires design for manufacturing, suppliers, shipping and quality control.”

If you weren’t doing Startup Summer right now, what would you be doing?

Tyler: “I would be taking an internship for the summer and then moving on to graduate school back home in Florida.”

Chris: “I would be working for a startup or on the next idea.”

Kevin: “I would be working at a local product development company.”

Devin: “I would try to find an internship while I try to get into graduate school for an MBA.”

 

Mentoring an NSF I-Corps Team

Recently, we sat down with NSF I-Corps mentors to uncover their thoughts on the mentor/team relationship. The conversations were varied, but there were common threads throughout each discussion:

  •  There doesn’t appear to be a “right model” for mentoring an I-Corps team, and mentors’ involvement varies from team to team.
  •  Many of the mentors we talked with stressed the importance of finding a good fit for both sides. The Entrepreneurial Lead (EL) and the Principal Investigator (PI) need to interview the potential mentor; likewise, the mentor should interview them. Even if the team doesn’t end up starting a business together, the mentor, EL, and PI spend a lot of time together, and an effective chemistry—a shared interest—is a must.
  •  The more all parties involved have thought through what they want to accomplish, the better.
  •  Mentoring an I-Corps team is a 15hr/week commitment…minimum. There are mentors who spend considerably more and some who spend significantly less; relationships vary, and it’s important to discern upfront the expectations.
  •  Though many mentors expressed an altruistic benefit to mentoring, they almost all agreed that there has to be more than just the “give-back” aspect….
    •  …Mentors have to love building businesses…
    •  …And the technology/product the team’s focused on…
    •  …And the idea of transitioning technology from an educational environment to a commercial one.

Finally, many of the mentors we spoke with suggested that they are risk-takers, and that there is a rush when mentoring a team. The element of risk involved with potentially starting a business is the edge that motivates the team to push through the program.

Ready to experience I-Corps from the frontline? Contact Harold Solomon today about mentoring a team.

 

 

Good news: GT VentureLab is the exception to the rule

According to Dhruv Bhatli, Co-founder and director of Research at UBI Index, the world’s top universities do not generate the best business incubators. With the exception of Georgia Tech’s VentureLab and University of Melbourne-based Melbourne Accelerator Program.Badge_UBI_Global Top 25_250x150_2014

 

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Christine Hang & Arnab Chakraborty of Flow MedTech

Christine Hang and Arnab Chakraborty are graduates of Georgia Tech (GT), where they both earned a B.S. in Biomedical Engineering. They are co-founders of Flow MedTech, a startup focused on stroke therapy management. Specifically, their company provides a therapy for atrial fibrillation patients by targeting the left atrial appendage.
Flow MedTech 2014

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Startup Gauntlet is Hitting the Road

At Startup Gauntlet, it’s understood that the best learning doesn’t take place inside our building. Practicing what we preach, we’re taking our show on the road this summer to locations across the southeast, where aspiring entrepreneurs will have the opportunity to take in all that Startup Gauntlet has to offer without making the trek to Georgia Tech. Sponsored by universities, we’ll bring Steve Blank’s Customer Discovery process, along with the Business Model Canvas, to help future moguls discover scalable and profitable business models.Paul Freet [Read more...]

Five Essential Components of Entrepreneurial Success

So, you want to be an entrepreneur, but do you have what it takes? You might have a great idea, but plenty of people have those, and most don’t end up launching successful careers. What’s the secret of success in business? It might not be easy to quantify, here are five things that every entrepreneur needs to have.

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Here’s What Happened on my First Week of Work at VentureLab

Here’s What Happened on my First Week of Work at VentureLab

by Melissa Heffner

I started on a Thursday…melissa heffner 2014

All geared up for an inspiring day of working and learning (does that even happen on day one?), I was waylaid by a building-wide fire drill. Friday, with renewed determination, I walked into the building and was greeted by the sound of Lynyrd Skynyrd blaring through the office, encouraging us to give the lead singer “Three steps toward the door.” If I held any doubts about joining the VentureLab crew, they were quickly erased. I knew this was the right place for me. [Read more...]

Meet SonoFAST, one of Georgia Tech’s Summer Startup teams

Meet SonoFAST, one of Georgia Tech’s Summer Startup teams

Team Members:
Stephanie Camstra: Graduated – BS in Mechanical Engineering
Gabriela Lamas: Graduated – BS in Biomedical Engineering
Jorge Mena: Graduated – BS in Biomedical Engineering
Keller Tomassi: Graduated – BS in Mechanical EngineeringStartup Summer 2014

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StarMobile and Siva

Raghupathy Sivakumar, known as Siva, is a Professor in the School of Electrical and Computer Engineering at the Georgia Institute of Technology, and currently serves as the Co-Founder, Chairman, and CTO for StarMobile, Inc., a next generation enterprise mobility company.

StarMobile is a disruptive, cloud-based solution that delivers enterprise mobility at a fraction of the cost and time of any other approach. “Our solution delivers within hours to days, at a cost of $5 per user for unlimited mobile apps,” explains Siva. “The technology we’ve created can dynamically transform any enterprise application into a mobile application.”

sivakumar

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Startup Discovery in the Real World: Bruno Francois

One of Startup Discovery’s notable stories is that of Bruno Francois, inventor of the popular Cycloramic app. Bruno has garnered some notice from his appearance on Shark Tank, which netted him a $500k investment and the participation of Mark Cuban and Lori Greiner as investors and mentors. Before Shark Tank, however, Bruno reaped the benefits of Startup Discovery.Bruno Francois 2014

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Steve Blank, on what it takes to create a Successful Startup

Steve Blank is renowned in the entrepreneurial world for his successful businesses, but also for his wisdom. Since his arrival in Silicon Valley in 1978, Blank has founded eight different companies, four of which have gone public. He has authored several books, whose insight has given many small business owners the inspiration they needed to succeed. steve-blank [Read more...]

Choosing (and using) a Mentor

Another way to phrase this title is, “Filling Gaps in the Team”.    If you are reading this from a campus, you have probably built something cool – at least you think so.  Your Professor may like it too.  After all, your gizmo fulfilled a commitment made in a grant application.   So that makes 3 fans – Program Manager from the granting agency, your professor and the person you see in the mirror.

The sad news is that three fans aren’t a market.  And 2 people with a cool technology aren’t a company.  Once the innovators realize that they need both a market and a business leader to help find and map to that market, the mentor will be a welcome addition to the team.

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Innovolt® Named To 2013 Red Herring Top 100 Global

Intelligent Asset Management Technology Provider Recognized As an International Leader for its Innovation and Ingenuity

ATLANTA, Nov. 25, 2013 — Red Herring recently announced its Top 100 Global, naming Innovolt® Inc., the pioneer of intelligent asset management technology, as one of the leading private companies from North America, Europe and Asia.

“Since 2006, Innovolt has worked tirelessly to provide a technology solution that increases the uptime and reliability of electronics, which saves companies time, money and resources,” says Jeff Spence, Innovolt President. “For Innovolt to be recognized as one of the world’s most inventive companies by Red Herring is validation that our technology offering is making an impact and improving business operations around the world.” [Read more...]

The new Startup Competition is here!

Our web page for the competition is now up. Go check out the details:

http://startup.gatech.edu/competition/

The first session is Monday October 21 at 7:30pm at the Scheller College of Business Room 200. No need to register, just join us there!