http://www.momentum-mi.com/go/blog/ en ac@lakeshoreadvantage.com Copyright 2010 2010-02-22T21:04:01+00:00 http://www.momentum-mi.com/blog/entry/top-25-announced/ http://www.momentum-mi.com/blog/entry/top-25-announced/#When:21:04:01Z Congratulations to the Top 25 for Momentum 2010! AedisIT.com Blue Bin Bodega Carbon Perks College Rental Hunter Cooking Among Friends FlatTab I Played Here iCamera Crew iWant JaiPlace LEAGr My PT Perfect Pitch Phuse Card PriceIt Quilltree Community Random Visual, LLC Settle Today The Screen Theoryville Three Circles, LLC Urban.ag Varsinet won liners Announcements 2010-02-22T21:04:01+00:00 http://www.momentum-mi.com/blog/entry/awesome-ideas-submitted-for-momentum-2010/ http://www.momentum-mi.com/blog/entry/awesome-ideas-submitted-for-momentum-2010/#When:20:58:33Z We are really excited by this year’s turnout-44 great ideas from throughout the state! The Momentum Team is busy reviewing the applications and will announce the top 25 on our website by midnight on February 22nd. Be sure to check back then! AedisIT.com, Saginaw Agency Marketing Solutions Blue Bin Bodega Carbon Perks College Rental Hunter Cooking Among Friends EasyData eBidservices.com FlatTab FoodCircles, LLC iCamera Crew Illusionfit.com I Played Here iWant, JaiPlace LEAGr Modern Solar Products PriceIt My PT Non-Profit IT Off your Plate Perfect Pitch Phuse Card Planet Lean Productionsmith.com Quilltree Community Random Visual, LLC Recorded Resume Store@Home Studio 812 ScholarBoat The Screen Settle Today Syzygy Biotech Solutions Theoryville Three Circles, LLC Together We Learn Urban.ag Varsinet wonliners What’s For Dinner 86 Everything Announcements 2010-02-18T20:58:33+00:00 http://www.momentum-mi.com/blog/entry/application-deadline-this-friday-at-midnight-some-great-ideas-flowing-/ http://www.momentum-mi.com/blog/entry/application-deadline-this-friday-at-midnight-some-great-ideas-flowing-/#When:16:59:44Z Announcements 2010-02-10T16:59:44+00:00 http://www.momentum-mi.com/blog/entry/application-deadline-only-2-weeks-away/ http://www.momentum-mi.com/blog/entry/application-deadline-only-2-weeks-away/#When:20:04:30Z Hey Start-ups! The Momentum application is February 12th. We want to hear your ideas! Still have questions? Stop by the Momentum Open House February 2nd. Announcements 2010-01-28T20:04:30+00:00 http://www.momentum-mi.com/blog/entry/1-19-momentum-launch-party/ http://www.momentum-mi.com/blog/entry/1-19-momentum-launch-party/#When:16:10:03Z Have questions? Want to get involved? Join us for the Momentum 2010 Launch Gathering! Learn more about Momentum 2010, mingle with the Momentum community and learn how you can plug in! Get the details on Facebook. Announcements 2010-01-08T16:10:03+00:00 http://www.momentum-mi.com/blog/entry/now-accepting-applications-for-2010/ http://www.momentum-mi.com/blog/entry/now-accepting-applications-for-2010/#When:15:15:38Z Momentum announced today that it is accepting applications for its 2010 program. Momentum is a pre-seed stage funding and incubation program that provides initial investments, mentoring and business launch assistance to entrepreneurs who have innovative web technology and application ideas. “I began Momentum last year to discover new startup ideas in Michigan and keep our creative capital here”, says Rick DeVos, CEO of Pomegranate Studios and the program’s founder. Momentum was launched spring 2009 as a partnership between The Windquest Group, Pomegranate Studios, and the economic development group Lakeshore Advantage. It has since grown into a collective of entrepreneurs, investors, business professionals, universities, and entrepreneur support organizations, all with a shared vision – to retain Michigan’s talent, launch new tech ventures, and help cultivate our region’s entrepreneurial community and culture. Momentum’s inaugural year received nearly 30 applications from aspiring tech entrepreneurs and funded three start-ups – Downstream, Public Collections, and Revetto – who each received $20,000 in pre-seed funding and help in developing their technologies, business plan and investor pitch. The program ended with a Demo Day, where the companies got to pitch their ideas to a second round of investors. Momentum continues to support the companies with advisement and links to on-going capital resources. “Momentum had a very successful inaugural year”, says Amanda Chocko, director of Entrepreneurial Development at Lakeshore Advantage and Momentum’s program director. “We had 3 great startups, a strong program, fabulous mentors and tremendous community support. Momentum 2010 is promising to be even more exciting!” “We are working to make Momentum 2010 a stronger, more rounded program”, said Bill Holsinger-Robinson, president of Pomegranate Studios and director of Momentum. “Everything from our application process to our programming has been redesigned to turn these startups into viable, profitable companies.” Momentum 2010 will select up to five startup teams, with each team made up of two to three company founders. The application process will begin with a written application and video pitch, due on February 12, followed by a submitted pitch deck and in-person interviews. The Momentum community will review the applications and contact the top candidates in late February. The selected applicants must be prepared to come to West Michigan for in-person interviews during the week of March 22. Participants will be required to move to the greater Holland area for the 12-week program that begins on May 13. Housing assistance and office space will be provided. Announcements 2009-12-16T15:15:38+00:00 http://www.momentum-mi.com/blog/entry/wrapping-up-momentum-2009/ http://www.momentum-mi.com/blog/entry/wrapping-up-momentum-2009/#When:20:19:34Z Thanks to all of the mentors, speakers, sponsors, companies and the greater Momentum community for making our inaugural year a great success! The 12 week program is officially over, but the work has just begun. We have to keep the momentum going! Our start-ups are busy building their companies and pounding the pavement networking and pitching to investors. The mentors are meeting and brainstorming ways to increase Momentum’s impact and expand its outreach. And of course we continue to look for our next batch of great start-ups. Stay tuned for updates, events, and ways to become part of the Momentum movement. General 2009-08-18T20:19:34+00:00 http://www.momentum-mi.com/blog/entry/protecting-the-business-ip/ http://www.momentum-mi.com/blog/entry/protecting-the-business-ip/#When:19:53:00Z As entrepreneurs, you must make sure that your company remains safe by ensuring that nothing enters it that could harm the business and nothing leaves that reduces the value. This entails choosing the best business entity, protecting intellectual property, and complying with governmental regulations. This was the topic of this week’s FastTrac session. Tom Williams from McGarry Bair stopped by to give us the scoop on intellectual property protection and choosing the right entity. Tom Williams is an intellectual property and litigation attorney. He specializes in successful resolution of intellectual property and general business disputes. He encourages his clients to seek IP protection for the following reasons: • Allows you an exclusive right to use your intellectual property (a legal monopoly) • Failure to protect your intellectual property may result in abandonment • You have limited recourse against an infringer if your intellectual property is not protected • You can license your intellectual property to other companies and profit from it (royalties) Tom explained the five types of intellectual property: Patents, Trade Secrets, Trademarks, Trade Dress & Copyright. Patents • Utility Patent, which protects any new and useful process, machine, article of manufacture, or composition of matter, or any new and useful improvement. It is valid for 20 years from filing date – if maintenance fees are paid. • Design Patent, which protect the ornamental appearance of an article of manufacture. It is valid for 14 years from issuance as a patent – no maintenance fees. Trade Secrets • A formula, practice, process, or design not generally known or reasonably ascertainable – not disclosed to the pubic • Allows a business to obtain an advantage over competitors • Can be protected through non-compete and non-disclosure agreements • Example: Coca-Cola® formula   Trade Marks/Trade Dress • A name, word, slogan or device that distinguishes your product or service from someone else’s • Need to be renewed • Include: Words, Logos, Shapes (Coca-Cola® bottle), Slogans (“Just Do It”), Colors (Owens-Corning’s pink insulation), Sounds (NBC’s chimes) Copyright • Provides protection to the authors of original works of authorship, including, Literary works, Musical works, Dramatic works, Sound recordings, Architectural works • Owner has exclusive right to reproduce the work, distribute copies, perform or display the work publicly • Copyright exists from the time the work is created in fixed form • Copyright lasts for the life of the author + 70 years Tom also explained the various types of business entities: Sole Proprietorship • Owned and operated by an individual • No legal separation between the individual and the business • Owner benefits from 100% of profits but is 100% liable for the debts and liabilities of the business General Partnership • 2 or more people operate the business • The partners share the profits • Each partner is liable for all the debts of the business Limited Partnership • 2 or more people operate the business, but there are two types of partners • A general partner has the same rights as in a general partnership • A limited partner gets a share of the profits, is typically not liable for the business debts, but does not have a voice in the management of the business C” Corporation • A legal entity having its own rights, privileges and liabilities separate from those owning the corporation • The most complex form of business organization “S” Corporation • Allows a corporation to be taxed as a partnership or sole proprietorship Professional Service Corporation (PC) • A corporation made up exclusively of licensed professionals Thanks to Tom Williams for stopping by and sharing his expertise with us! General 2009-07-09T19:53:00+00:00 http://www.momentum-mi.com/blog/entry/building-and-compensating-the-organizational-team/ http://www.momentum-mi.com/blog/entry/building-and-compensating-the-organizational-team/#When:14:32:26Z This week’s FastTrac session was about building and compensating your organizational team with a visit from Bruce Los of Gentex. John and Sandra began the session by discussing all of the things to consider before beginning to build a team: Understand roles your company requires/will require; evaluate founders’ ability to fill these roles. Plan to build a management team that can meet your business’ needs as they evolve. Focus on “Selecting” Talent. Hire people who are smarter than you and give them full autonomy. Recruit happy people who love their current job; as a start-up, you want to attract people who are coming to you because they are excited about what you are doing. Not just because they need a job. Ensure a “start-up mentality”; candidates must know in advance that working for a start-up is different than working for an established, larger company. There are many unknowns, risks and employees must be prepared to wear many hats. Leverage advisory board for credibility and connections, manage them like your “lead team” Create a compensation plan that will help attract/retain top talent. What can you offer when you can’t offer a lot of money? Positive work environment, perks, a challenge, flexible schedules, fun activities, profit sharing. Outsourcing-don’t bring people on until you have to. Have a succession plan in place. Our guest speaker this week was Bruce Los who is VP of Human Resources at Gentex. Bruce began his career at Prince Corporation the day after graduated high school and stayed with the company until it was purchased by Johnson Controls. He stayed on as VP of HR for JCI for 3 year and then left to pursue his own company, TwistThink. Bruce sold TwistThink in 2003 and has been with Gentex ever since. He shared his thoughts on recruiting and company culture. Culture is the special sauce of every company. Develop it through who you hire and who you do business with. Your culture is defined about how people talk to their neighbors about your company over back fence. When recruiting, define what you want in a role, a person. Choose people that will compliment you, then be critical by that standard. Be careful not to get enamored by someone just because you like them, but does not have anything to do with what you really need. Best way to interview is shut up. Ask very few open ended questions, then decide if it is the right person. Don’t make decision in first meeting. Choose people who have specific skills, but can also act as a generalists. Business models change, so be careful not to pigeon hole someone into a specific role. Small companies can offer better recognition than large corporations. Offer kudos in front of customer and other members of the team. Allow people to use their gifts and give a feeling of ownership. Use tools like profit sharing and bonuses. Be deliberate about diversity. Don’t be walking clones of each other. Thanks to Bruce for stopping by to share his insight! General 2009-06-30T14:32:26+00:00 http://www.momentum-mi.com/blog/entry/the-user-experience/ http://www.momentum-mi.com/blog/entry/the-user-experience/#When:19:50:37Z This week’s Speaker Dinner took place at the Colonial Clock Building Zeeland. While enjoying a fabulous dinner catered by Via Maria, the Momentum crew had a conversation on User Interface with Grant Carmichael, founder of ThinkXD. Grant Carmichael is a User Experience Designer based in Grand Rapids. He has over 18 years of experience in the design field and finds it rewarding to have worked with so many talented people in West Michigan during this time. In 2008, he founded ThinkXD, a UX practice that specializes in the strategic design of product and software application interfaces as expressed with frameworks, task flows, wireframes and interactive prototyping. Grant was most recently an Interaction Designer at Knoware, a studio dedicated to web applications and embedded display products with a knack for invention. Prior to Knoware, he worked as a Project Leader/Interactive Designer with Square One Design, a nationally recognized graphic design studio gifted at finding the right personality for an experience. He got his start in Grand Rapids at Trillion Post Production. Grant has a degree in Industrial Design from Carnegie Mellon University, a foundation that he still draws upon today to keep the end user at the heart of all of his projects. Grant reflected upon his experience as an interaction designer to share 6 points on how to create a great “user experience”: 1. Learn the rules, bend them-start with methodologies you know but don’t rest on them. Along the way you may learn something that will change and improve the process. 2. Get to know end users-it is very expensive to build the wrong product so discover your end user’s goals. Draw from empathy, observe, and try to immerse yourself in their lives. Discover their stories and unveil their attitudes, motivations and values to learn their goals and understand their behaviors. 3. UX=Brand-in eyes of most users, the interface is the product. The user experience must align with brand messaging. Aesthetics are important in creating emotion, but if the UX is tedious, chaotic or boring, you damage the brand. 4. Sustainability is good design-If you design with sustainability in mind, you will reinforce values that start to raise awareness and ultimately influence behavior. Interaction Designers can help people see how much energy they are using, how to rethink their needs (buy a car, or Zipcar?), how to plug into local communities, how to retire old products responsibly, etc. Why mop up business problems when they are narrowly defined? Reframe the problem. 5. Sleep on it-don’t forget to employ your unconscious mind to figure it out. 6. LOL every day-enjoy what you do, it’s infectious, builds morale for the team and creates the conditions for the clear thinking that your end users deserve. Grant cited the following resources: About Face 3 by Alan Cooper http://www.rosenfeldmedia.com/zeitgeist/book/detail/96/about-face-3 Cradle to Cradle by William McDonough and Michael Braungart http://www.mcdonough.com/cradle_to_cradle.htm Bruce Mau’s Incomplete Manifesto http://www.brucemaudesign.com/manifesto.html Let me sleep on it: Creative problem solving enhanced by REM sleep http://www.physorg.com/news163700544.html IXDA.org MichiganXD.com Thanks Grant for coming out and sharing your expertise with us! General 2009-06-25T19:50:37+00:00