Mars, a Toronto organization (company in some accounts) to promote entrepreneurship, that is publicly funded, is being closely examined from several quarters.
Recently, a heated discussion on Facebook, started by local startup luminary Daniel Debow showed that many question Mars's value.
Now, an article in the Toronto star quotes Mark McQueen, a local gadfly, as saying that their purported $3 billion economic impact in their first decade is hard to support. Back in May, the Star reported that the Ontario government could be on the hook for nearly $500 million to cover the cost of their phase 2 office tower, which is said to be nearly empty.
The startup scene in Toronto is growing rapidly, and no doubt Mars has played some role in that. It's time now for the city to look to more successful models to develop entrepreneurship, such as Chicago's 1871.
1871 is connected to four top universities, vs. Mars's one (University of Toronto). It's headed by a highly successful serial entrepreneur, Howard Tullman. He's an example of the kind of dynamic leadership Mars needs.
Monday, August 18, 2014
Sales isn't dead
Sales still matters more than social media
As Frank Cespedes points out in this HBR article (free registration required), companies like Google, Facebook and Groupon have more employees in sales than in technology. This would seem to fly in the face of the (new) conventional wisdom that social media trumps conventional sales techniques.
As Dan Pink points out in his groundbreaking book, To sell is human, one in nine Americans officially work in sales roles. Furthermore, he argues that the other eight are also involved in sales, just not officially.
Personally I come late to an interest in sales. Just finished a terrific book, The Art of the Sale by Philip Broughton. This isn't what it sounds like, but rather is a voyage into the psyche of the salesperson, drawing on Death of a Salesman, some other literary works, and the testimony of some of the top salespeople of all time. Far from being obsolete, the importance of the ability to convince someone of the value of our offering has never been greater.
As Frank Cespedes points out in this HBR article (free registration required), companies like Google, Facebook and Groupon have more employees in sales than in technology. This would seem to fly in the face of the (new) conventional wisdom that social media trumps conventional sales techniques.
As Dan Pink points out in his groundbreaking book, To sell is human, one in nine Americans officially work in sales roles. Furthermore, he argues that the other eight are also involved in sales, just not officially.
Personally I come late to an interest in sales. Just finished a terrific book, The Art of the Sale by Philip Broughton. This isn't what it sounds like, but rather is a voyage into the psyche of the salesperson, drawing on Death of a Salesman, some other literary works, and the testimony of some of the top salespeople of all time. Far from being obsolete, the importance of the ability to convince someone of the value of our offering has never been greater.
Friday, August 15, 2014
Democratization of Venture Capital
Democratization of Venture Capital (WashPost)
Excellent piece by Linda Bernardi. Jibes with my own experience. I know an entrepreneur who reached a ceiling locally when raising additional capital (this is in Toronto). Many would then turn to Silicon Valley, or other US locations, but he got on a plane to Hong Kong.
Funding in hand he was able to fully develop his startup, and made it to acquisition not long afterwards.
As long as the slow recovery continues (are we in another Panic of 1873 ?), startup investments, no matter how risky, will continue to be very attractive to investors who can't get good returns on bonds, etc. No need to restrict the search for capital to the "usual suspects".
Excellent piece by Linda Bernardi. Jibes with my own experience. I know an entrepreneur who reached a ceiling locally when raising additional capital (this is in Toronto). Many would then turn to Silicon Valley, or other US locations, but he got on a plane to Hong Kong.
Funding in hand he was able to fully develop his startup, and made it to acquisition not long afterwards.
As long as the slow recovery continues (are we in another Panic of 1873 ?), startup investments, no matter how risky, will continue to be very attractive to investors who can't get good returns on bonds, etc. No need to restrict the search for capital to the "usual suspects".