New Jersey Entrepreneur

Last Thursday’s NJEF season opener was a genuine hit with an outstanding program presented by Marvin Preston, well known entrepreneur and business advisor. In addition, we enjoyed two Eight-Minute presentations, one by Jonathan Rosefsky, of HydroCoil Power, Inc., and a second by Gerald DeCuollo of TreadStone Technologies, Inc.

The Program

Marvin Preston, an old friend of NJEF, and an experienced entrepreneur and advisor provided his usual sage advice in conducting business planning for a startup organization. A few of Marvin’s recommendations appear below (the entire presentation will be posted in the NJEF website in the near future).

Begin by asking yourself three questions that investors will ask you.

1. What is the game?

2. If you play, why should I believe you’ll win?

3. If you do win, is it worth it?

These are the bases of making a winning plan.

Ensure you state the problem your technology solves.

• Who has it? How can you tell?
• What proves the problem exists?
• How much is being paid for it now?
• Who else is in the market, and how will you displace them?

Remember that investors invest in people. Therefore,

• Concentrate on the team (i.e., Board members, Advisors, Employees, and Suppliers).
• Show how you can use resources effectively.
• Show you can find and attract team members.
• Show you can motivate them to achieve.
• Should you write your own business plan? You can, and you should, but…

Can you afford the time and effort?

• The plan must be lean, tight and terse.
• It must have an impatient tone to convey your impatience to execute and achieve success.
• It should convey your people skills and ability to motivate a team.
• It should never be written in the subjunctive, (i.e., no "we would, or could" posturing.
• The plan should create credibility, and should position the business vs the competition.

The Eight-Minute Presentations

HydroCoil is an engineering design company that can manufacture low head hydroelectricity using a ribbon-drive turbine. The technology could be used in small dams, streams, rivers, ocean currents, pipes, and conduits making it an excellent technology for providing a low-cost source of electrical power. The company has two patents, the technology has been tested at Villanova University, Dr. Rosefsky is seeking funding to put a management team in place and execute the marketing plan.

TreadStone is developing a corrosion resistant technology for fuel cells. Use of their metal separator plates could reduce weight and cost of fuel cell, and improve their efficiency. (As an example, the powerpack for a fuel cell car can be reduced by 50% - 300-400 pounds. Treadstone is capable of using their technology in up to 80% of the fuel cell market. Their marketing strategy is to sell the metal stacks short term, and license the technology for the long term. They have a new person coming on board as a senior executive, and are seeking $1 million in financing which will carry them for 2 years.

NJEF’s Entrepreneur University covers topics such as the one above at every meeting - you learn something useful at every meeting. Join us on October 12 when we discuss issues related to marketing technology. See you then.