1. Based on your experience as a seasoned entrepreneur, what do you see as the greatest challenge for entrepreneurs today?
Given all the media channels with which businesses can create “noise” about how their existing offerings are just like your new idea (whether they are or not), the key is getting your targets to understand your superior value proposition – benefit v. price – and act on it. For the start-up, the challenge is proving it before the money runs out.
2. As a presenting company at a venture capital conference, what is the most important requirement in the preparation process?
Your story – walking potential investors from problem solved in clear dollars and cents to how and why your company offers the best opportunity for significant returns.
As an example, RentBureau’s is:
- Reduce the $5 Billion in apartment industry losses due to skips and evicts by providing detailed rental histories, up front, when an applicant applies. This is not done today, despite agreement that the best predictor of future rental payments is rental payment history.
- Deliver this solution using elegant technology implemented in 3 minutes, above-and-beyond privacy and security, endorsements by industry leaders and a first-of-its kind business model – – free if you provide your data, market-competitive pricing otherwise. This approach compares to the current data industry with legacy systems, 30 day data cycles (RentBureau’s is every 24 hours) and significant reliance on revenues from data providers.
- Monetize this new, previously unavailable, information source for a thin slice of the $100 B/year data market – where margins are strong and P/Es are high 20s.
- kicker? RentBureau helps good residents get positive credit where many could not before.
Try to deliver it in a few charts with supporting commentary and lots of passion.
3. What other organization(s) are you actively involved with in the Atlanta market?
On the boards of LAVA Group, Inc., Consumer Credit Counseling Service, Midtown Bank & Trust and RCMS Group. From time to time, speak at Emory’s Goizueta Business School.
4. What is your favorite reason, besides your career, that you enjoy living in Atlanta?
Can play soccer year-round and fly direct to almost any city in the world.
5. What hobbies do you enjoy in your spare time?
Outdoor sports, playing drums, family time.