January 25th, 2002 (Friday at 3:30PM) ONLINE BREAKING NEWS |
About 500 Attendees Showed Up To Listen And Discuss Funding, Business Models, and Other Issues The Triangle TechJournal: January 25th, 2002 www.triangletechjournal.com By Randall Gregg, Triangle TechJournal Reporting LIVE from the event. UPDATED AT 5:30PM RESEARCH TRIANGLE PARK - Event planners for the Council for Entrepreneurial Development were definitely pleased with the turnout at their first ever Money and Markets Show held today By lunchtime, organizers of the show reported that over 500 people had showed up for the event. The ballroom during lunchtime was almost filled to capacity at the Sheraton Imperial Hotel where the event was held. There had been some anticipation that in a down market and during an economy in a recession that attendance might be lower than expected. "We planned for 500 people and we reached that goal," said Helena Lawrence, one of the CED organizers for the show. "It just shows the enthusiasm in this region." Lawrence added that many of the attendees were from out of the area. "They came from coast to coast," she said, adding that many came from the Silicon Valley area, including some of the speakers themselves. Out of the Doldrums Last fall, there seemed to be a somber mood present at the CED's Infotech show, but at the Money & Markets show today, there was definitely more optimism and eagerness in the air. Presumably shaking off the winter doldrums and getting back to work after the holidays, attendees seemed ready to push ahead and recharge their batteries so to speak by meeting people, listening to new ideas, and making some new plans for the upcoming year. Tight Money Attendees listened in on panels as speakers from the venture capital, investment, and merger & acquisition worlds discussed their views on what's happening with funding. Speakers did not paint a pretty picture for those presently seeking funding. Money is tight -- investments are much lower than last year and even down to 1998 levels. Valuations are certainly leaning in favor of the venture capitalists, not the entrepreneurs. "It's hard to get money," said event speaker Pete Savage of Columbia Capital. "They [Venture Capitalists] have money, but they are dribbling it out." Savage joked that it was easier to get a loan for his sailboat than to get a loan for a business. The only option that entrepreneurs and business managers have is to "conserve the hell out of money" said Savage. "You have to look like you don't need it," he added. New Rules Apply On the entrepreneurial side, there is an understanding that any firm seeking funding will have to be much better positioned to gain favor with VC's. They'll have to have clear paths to revenue, a top-notch management team, and few, if any, competitors in their field to even have a shot at getting a round of funding in today's economy. As Mitch Mumma from venture capital firm Intersouth told the crowd during the lunchtime panel, the boom years of 1999 and 2000 are history and the rules present then no longer apply. "Just forget those [two] years," he said. He also remarked that he noticed a lot more people are wearing ties this year than last year, an obvious reference to the Dot Com era when young t-shirt and blue-jean clad CEO's helped to usher in an era of casual dress -- and attitude -- in the businessworld. What Mumma didn't mention was that many of the entrepreneurs and managers that the TechJournal spoke with seem to be wiser, more experienced, tougher, and a lot more focused. "We're hanging in there by our fingernails," said one attendee, gesturing with his hands. "But we're still here." Learning Experience The show wrapped up with a networking session where attendees could meet and talk with the speakers and other attendees. The networking was a side benefit of the show said one attendee, but the focus of the show was definitely the panel discussions and getting the low-down on the financial scene from the various speakers. "This was definitely more of an educational event," said attendee Michael Tucker of Hesketh.com. "The people who came here for this show were here to learn something." TTJ |
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January 25th, 2002 (Friday at 3:30PM) ONLINE BREAKING NEWS |
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CED Money & Markets Show Draws A Crowd Despite The Economy |
CLOSE LISTENERS: Attendees at the CED's Money and Markets Show on Friday listened to panelists during lunch (above) and in break-out sessions (below) throughout the day. Attendees hoped to gather some wisdom from the speakers from the world of finance and venture capital. |