Successful Grassroots Entrepreneur Workshop helps Start-up Companies Beat the Odds
CENTER FOR ECONOMIC GROWTHJanuary 23, 2008
FOR IMMEDIATE RELEASE
Albany, New York, January 23, 2008 – As New York State increases its focus on economic development, one small organization, Pre-Seed Workshop – New York (PSW-NY), is quickly becoming the largest, most successful, grass roots initiative facilitating economic development for the state. PSW-NY helps start-up companies beat the odds by giving them a jolt of reality combined with a hands-on team that spends 20-30 hours of dynamic work specifically on their business idea. PSW-NY, founded by Mark W. Wilson and Judy Albers, conducts pre-seed workshops to teach entrepreneurs how to convert their high-tech ideas into start-up companies.
For proof of success, look at the numbers. To date, PSW-NY has held 15 workshops in 6 host cities across New York State including Buffalo, Rochester, Syracuse, Albany, Ithaca and Geneva. 90 teams assembled around 90 high-tech business ideas have completed the workshop. From those 90 business ideas, 29 start-up companies have been formed that currently operate as for-profit ventures. None of this would be possible without the assistance of major universities, venture capital groups, local economic development agencies, law firms, state agencies, and numerous independent consultants.
Programs like PSW-NY are essential in bolstering New York State’s economy. The workshop’s highly efficient approach contributes to its success. The current business model relies heavily on local sponsorship dollars and time volunteered by participants to keep costs down. PSW-NY would like to develop infrastructure to support the workshops and take some of the funding and coordination burden off the host locations. Mark Wilson cites the fact that “It’s working!” and adds, “You want to bolster an up-beat entrepreneurial attitude of New York State? We’re doing it! We can do it faster, better and spread it across the state.” Host locations, volunteers and sponsors are willing to donate their time and money because they understand the value of this workshop. Peter Pritchard of the Center for Economic Growth says “This workshop is essential and fits well with the integrated approach New York State is taking to supporting entrepreneurship in the state.” Pritchard chairs the team that coordinates the Albany Pre-Seed Workshop.
The expansion of PSW-NY fits into New York State’s plan for increasing state-wide economic development. Senator Joseph Bruno recently unveiled his plan, Upstate Now, for revitalizing the upstate economy. His plan includes establishing a one-stop business start-up and support program. Supporters of PSW-NY think the Pre-Seed Workshop is exactly the type of program that should be included in this statewide effort. PSW-NY has already built the foundation to provide a one-stop-starting point as well as a consortium of people who care about the very early stages of technology companies. Most of the Pre-Seed Workshop idea champions are professors who have developed high tech processes or products at their universities. Many want to license their technologies from their universities and form start-up companies. Others love their focus in research but want to be more proactive in helping that research translate for the public good. Heather Erickson, President of MedTech, one of the organizations that coordinates the Syracuse Pre-Seed Workshop, says “The workshop not only facilitates the formation of new technology companies, but it enables our colleges and universities to readily support dynamic faculty and forge stronger relationships with the surrounding business community.” Roger Williams, Director of Technology Transfer at Cornell University’s Center for Life Science Enterprise adds “We are holding our 6th Pre-Seed Workshop in Geneva. Applying business experience to research projects on an individual basis, we move the people behind technologies to think about and plan their business development.” PSW-NY plans to increase and expand workshops to Potsdam, Manhattan and Long Island in the near future and hopes to add more host cities to their growing list. A website is being developed to track PSW participant companies’ success. If PSW-NY can secure state or other funding, expansion of their workshop across New York State would be significantly accelerated.
About PSW-NY Founders Mark W. Wilson of Initiatives Consulting, LLC and Judy Albers of JJA Consulting recognized that a fundamental component was missing in the growth and development of high-tech start-ups. They developed a 30 hour workshop program that systematically investigates very early stage ideas. The workshop educates potential entrepreneurs and helps them answer three essential questions: Is the idea worth pursuing? What should their role be in the start-up venture? and What should they do after the workshop to move the business forward?
Each entrepreneur has a team formed around them to help them explore their technology’s commercialization potential. At the end of the two-day work shop teams present their business case to a panel of experts consisting of experienced entrepreneurs, venture capitalists, or angel investors. The panel provides feedback on all aspects of the business idea. This assists the entrepreneur in determining next steps for their potential business. For more information about the pre-seed workshop, including how you can host one in your area, please contact Mark Wilson at mark@initiativesconsulting.com or Judy Albers at jalbers@excellny.com
