JumpStart: IdeaExchange Blog

Over the past month or so, I’ve taken you through some of the organizations behind the transformation taking place in our region around entrepreneurial development. These last two round out the group quite well — and bring some very unique strengths to the table. And, if you missed parts one through three, make sure to check them out too.

Akron Global Business Accelerator

Akron Global Business Accelerator (AGBA) was formed in 1983, and in its nearly 27 years of service, has provided business assistance, highly effective space, and a superb entrepreneurial environment to Akron area technology companies. AGBA’s longevity is largely due to its ability to react to changes in the environment.

How it works: AGBA offers very nice, edgy office space in a converted, 7 floor manufacturing facility. In addition to low rent, AGBA offers on-site entrepreneurial support, provided in partnership with JumpStart TechLift Advisors. The facility has been popular — it has truly become a “place to be” for entrepreneurs in the area. The large number of tenants creates an extremely robust and energized entrepreneurial environment, where companies are learning from each other, and leaning on each others’ expertise and experience.

Results: In terms of state defined follow-on funding and revenue metrics for its clients, AGBA leads the group of Edison funded incubators in Northeast Ohio. The incubator has grown to include nearly 50 companies, and its expansion plans continue indefinitely. AGBA was awarded the National Business Incubation Association’s 2008 Incubator Innovation Award as one of the nation’s best incubation facilities.

Why it works: AGBA works because it keeps innovating, pays attention to the facility’s environment, connects with funders and other support mechanisms, and is highly supported as a community resource by the city of Akron and other stakeholders. AGBA actively reaches out to companies when they receive funding from early-stage structures like JumpStart Ventures, North Coast Angel Fund, and works closely with JumpStart TechLift Advisors, The University of Akron, and others.

Youngstown Business Incubator

Youngstown Business Incubator (YBI) is a key community resource for entrepreneurial rebirth in the Mahoning Valley area. It has achieved spectacular results by focusing on one area: software.

How it works: YBI offers office space and business mentoring services to its clients involved in one business area: business to business software. The modern facility is in downtown Youngstown, and is the centerpiece of the city’s revitalization. The initial rent is very reasonable: free. Once a company has gotten some traction and achieved some success, they are asked to pay reasonable rent. Also, “veteran” companies are expected to coach and help “rookie” companies.

Results: YBI has seen a great deal of success, not only in receiving national attention (The Wall Street Journal, and others) for its efforts, but also in the success of its companies, Most notably, Turning Technologies has raised $8 million in capital, hired over 150 employees, and was named “the fastest growing software company in America” by  Inc. magazine. YBI has opened a new 30,000 sq. ft. facility, and continues to lead Youngstown’s downtown revitalization.

Why it works: YBI works largely because of focus. Since it only caters to business to business software companies, YBI is very good at working in that area, understanding the nuances, and how to be successful. Also, through focus, YBI creates tremendous synergy amongst its tenant companies, and a noticeable sense of energy and purpose in the facility.

This brings the ‘Getting It Done’ to an end. I hope that you enjoyed digging a bit deeper into a few of the entrepreneurial support structures that are transforming Northeast Ohio’s entrepreneurial landscape. As I mentioned at the outset, these are not the ONLY successful structures, just some notable ones. If you’d like to share others successes of note you know of — comment here to let us know. We’re always looking for more great stories to tell about the positive transformation taking place in our region.

High growth entrepreneurism has really caught fire in Northeast Ohio, and I really believe that if we aren’t there, we are well on our way to becoming “the best place in America to start and grow a small technology company.”

Chris Mather is President, JumpStart Entrepreneurs-in-Residence. Previously, he managed a number of technology initiatives in Northeast Ohio for NorTech. Before entering the economic development world, Chris ran a number of technology companies in Northeast Ohio and New England, including Ion Optics Inc., where he raised $6.7 million in venture capital, and Apsco Inc. and Gould Instrument Systems. Prior to that, he spent 13 years in sales, marketing and management roles with Hewlett Packard after graduating from Worcester Polytechnic Institute with a BS in Electrical Engineering.

Here are a few pointers and short cuts for making your resume really “sing” for an innovative, early-stage, high growth company:

1) Show a background in entrepreneurship. If you have no prior early-stage company experience, then join an entrepreneurship group (see prior post – Founders Café, OVA, TiE Ohio, etc…) and put, at the bottom of your resume, in an “Interests” section that you’re a member of this-or-that entrepreneurial organization. Even better, try to become a leader in these organizations to show emerging leadership in entrepreneurial circles. If in college you started an organization, then put, for example, “Founded table tennis team and organized first-ever state championships” or whatever. If you have invested, even $5K, in a friend’s startup business that succeeded, then you might put, in the “interests” section, “casual investor in early-stage business”. Sure, this risks being “rinky-dink”, but I happen to think that anything you do to show that you have had a thread of interest in early-stage businesses throughout your life is great (rather than that you’re just suddenly, on a lark, kinda maybe interested in early-stage companies). Indeed, you could simply put “entrepreneurship” as an interest. Short and sweet.

2) Use words that signal innovation and entrepreneurship. Here are some. Invented, launched, innovation, founded, initiated, developed, started, technology, rapidly grew, introduced, IPO, went public, venture capital, new, new product, new market, built, raised capital, created, funded. The more of these words you can use (relevantly…) in your resume, the better. On this note, show some progressiveness by putting your LinkedIn or Twitter or some other social networking contact info on your resume. I know –- these might be faddish, trendy-type things to do, and for sure you don’t want to overdo it! But, the more progressive, “early-ish adopter” (OK, having a LinkedIn account ain’t early adopter, but at least you’re not in the dark ages of not having one) and tech-oriented you can seem, the better.

3) Make sure your resume shows great adaptability. If you’ve been at one job for a long time, that isn’t a bad thing at all, as it shows commitment, which has to be a good thing no matter what. But, you want to marry that commitment with demonstrated adaptability, which, to summarize a whole body of literature about entrepreneurship, is a sine qua non for early-stage companies. So, make sure your resume shows that you are a gal (or guy) who is very adaptable across various circumstances. Showing changes in geography (college in one location and work in another) and business units helps; showing that you grew into different roles helps; showing that you were born in a different country (immigration) is the ultimate in adaptability; you get the picture. 

4) Make sure your resume shows one, some or all of initiative, leadership or excellence. Did you rise to the top at whatever job(s) you did? Then show that. Did you get an award? Show it. Great GPA –- cool; show it. Were you President of a board, group, or committee outside of work? Show it. Did the group get any national attention (in a good way…)? Say it. I met with a guy a few weeks ago who had no signals at all of entrepreneurship in his resume. In talking, though, it turned out that he had been President of the Entrepreneurship Club in college, and he was about ten years out of college. But he didn’t have that on his resume because he didn’t think it was relevant. If you want a job at an early-stage company, that early interest, and leadership, in entrepreneurship seems pretty relevant to me. So, my unabashed point of view is this: if you got it, flaunt it. If it shows excellence and achievement, or relevance to entrepreneurship, it is important.

I myself emphasize (3) and (4) when I look for hires at early-stage companies (what I call “adaptable excellence”), but I will say that other people smarter than me emphasize (1) and (2). In fact, take a look at this article about what some pretty experienced “talent scouts” look for in terms of people ideally suited for startup life. Regardless, having a resume that shows some subset or combination of 1-4 in one, maximum two, pages is important if you’re interested in working at an early-stage, innovative company. So, before you send your resume in, check to see that it demonstrates a fit with some of the above criteria.

The bad news of all the above is that the statistics for big company people being successful at high growth, innovation-oriented businesses are not good. The good news is that, like rules, statistics were meant to be broken. Oh, and in the further good new category — there are job openings. So, if you are committed to the above, you have a good shot at showing the statistics who’s boss and getting a cool job at a great, innovative, early-stage business right here on the shores of thawing Lake Erie. On the banks of the winding Cuyahoga River. In the town where the Inventors Hall of Fame sits, majestically (Akron). In the place where the highest growth private software company in the country is located (Turning Technologies, in Youngstown, Ohio, according to Inc. Magazines Inc. 500 list, in 2007). In the metro region ranked by Entrepreneur Magazine ahead of San Francisco and Boston for starting a business (Greater Cleveland—Akron, ranked 23rd, to San Francisco’s 28th and Boston’s 32nd). In the State that ranked 1st for having the highest investment by/for companies expanding or locating facilities to/in it in 2008 (according to Site Selection magazine). 

OK, ok, ok, I’ll stop.

Becca Braun is President of JumpStart Ventures. She founded and led a number of early-stage companies and organizations, as well as worked as a private equity investor and management consultant. She received her MBA from Harvard Business School and her BA in Linguistics from Harvard University. She is keenly interested in the intersection of wealth creation and broad-based regional economic growth.