Goals & Objectives
We need to identify and educate the different types of stakeholders (i.e. seed, angel, revenue, venture, debt, etc.). We need to identify the financial needs of companies at different stages of their financing life cycles. We need to find or create ways to introduce software companies to funders.
We need to overcome the misconception that there are limited funding resources in the Portland area. We need to identify and close any funding gaps Portland may have.
We want to actively raise Portland's profile so we become attractive to out-of-state financiers. We need to identify, examine and evaluate finance, legal, marketing/sales and HR functions that funders will examine/require for potential investment (Team with Mentoring Network). Subjects include: industry standards / legal documents / Due diligence, providing interactive resources, teaming with other organizations such as the Portland State Business Accelerator (PSBA), Oregon Entrepreneurs Network (OEN), the Oregon Technology Business Center (OTBC), and the Indus Entrepreneurs in Oregon (TIE). We want to collaborate with our Mentoring Network and reach out to other groups, encouraging and promoting the participation of companies and funders, teaming with each subgroup of PDX11 to ensure cross pollination in a mutually supportive environment, and finding / developing financial resources to ensure the viability of the PDX11 effort.
We are developing a network of capital advisors willing to mentor entrepreneurs.
We are evaluating a number of web-based platforms that can connect local entrepreneurs to angel investors. We are developing a reference tool that will help entrepreneurs target appropriate financial resources and startup assistance for their companies.
We are working with existing crowd-funding websites to showcase new commercial projects in the region. We are encouraging state, local, and federal governments to organize Vendor Day which will introduce local companies to public contractors.
We strive to develop a program that provides great support in human resources, legal, accounting, tax, etc. to select high-growth companies seeking to exit.
Our Finance Network members are currently evaluating AngelList and other platforms to connect local entrepreneurs to angel investors. We have collected and organized content for a Startup Reference document. This document is now available on epdx.org and pdx.org, and can be accessed via link from a number of community sites (pdx4biz, portlandalliance.com, etc.). We are continuing conversations with Kickstarter.com and other crowd-funding websites. The City of Portland is planning a Vendor Day for later this year with Regional SBA office and possibly the State of Oregon. We presented the Portland 100 concept at PDX11 meetup on April 6, 2011. We drafted the Software Initiative Finance Network Charter. We are helping to create a business plan for Portland 100.
- Turnout at events
- Participation of software companies in the program
- Participation of funders in the program
- Amount of referrals to network resources
- Investor feedback regarding the quality of pitches seen from mentored business leaders of Portland software organizations
- Total overall growth of revenue of local software companies
- Total overall growth of investments in local software companies
- Higher amount of finance-ready software companies
- Total overall growth of local software businesses
- Increase software's segments piece of the overall investment pie in Portland
- Satisfaction of local software companies at end of program
The Financing Network is chaired by Skip Newberry, Economic Development Policy Advisor for the
Office of Mayor Sam Adams, City of Portland.
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