21
Mar

NYC VENTURE LAB TRIP – Thursday 6th March 2014

Escrito el 21 Marzo 2014 por entrepreneurship en emprender

Many thanks to Montaña Rodriguez, IMBA 2014, Monelias, for her review of the trip!

ERA” Build your company where you want to live”

  • Company ERA (ENTREPRENEURS ROUNDTABLE ACCELERATOR: is an early-stage seed fund and technology accelerator created by New Yorkers, for New York. It is committed to helping build the next generation of great New York technology companies.
  • Speakers: Jeremy Harper Senior Investment Analyst and Charlie Kemper the managing director

10 am cold but nice weather outside the sun has risen, it is starting to get warm. We all arrive to ERA. An accelerator were Jeremy the senior investment analyst welcome us and tells how they help founders in their ideas and give them real and intense connections.

The importance and purpose of their program is accelerating ideas. 4 months period where they develop the relations in three base pillars: Entrepreneur and idea growth, mentor advice and VC relations.

All of us are with our eyes open enough to understand more in deep how is the program and the days to apply for it.

In the middle of Jeremy´s speech a tornado came, is Charlie Kemper, the managing director. He inspires lot of the startups at ERA. He is as actively involved in the firm’s investments. He mentions something key to understand the entrepreneur culture at US. It started with the crisis.

And he keeps selling how beautiful is to live at NY to evolve your idea, the connection with talent people and the amazing opportunities. They particularly have 7/10 successful story.

“We offer you the possibility to have talent people to growth your idea. ERA is different from any other accelerator because of the people”

Is it the right time for us to apply for a place at ERA?

Let´s see…Next stop Investors.

BESSEMER “US success is not a science. Asking customers is the answer to test your idea supply and demand should be aligned”

  • Company Bessemer Venture Partners: is an American global venture capital firm with offices in Silicon Valley, New York, Boston, Herzliya, Israel, and Mumbai and Bangalore, India
  • Speaker Charles Birnbaum: Investor

2 pm. We arrived into the building near central park. Chic area, the sun is entering into the room where we will have the meeting. Charles enters. He is dynamic fresh with innovative ideas and big smile. The antithesis of the typical investor attitude we had in our minds.

Bessemer could invest between 10 million to 100 million. The time to close any deal could go until 30 days.

He keeps reminding us that aligned demand and supply and talk to people is the best issue to do.  Test your idea is key. Test if the real need is there. 

“They made the valuation relative to their tractions. Bad companies will go public”

After a round pitching our ideas, that Charles considers them very cool and interesting and give us energy to continue with them with enthusiasm.

Next stop… Silicon Valley Bank at the same building

SILICON VALLEY BANK “Long term Relationship driven”

  • Company Silicon Valley Bank:  is a U.S.-based high-tech commercial bank with offices in a number of other countries. The bank has helped fund more than 30,000 start-ups. SVB Financial is the holding company for the bank
  • Speaker Bonnie Ryan Arrante: Director

3 pm. After the incredible time with Charles key people from Silicon Valley Bank that are used to be deal with startups came to the room.

The first advise they gave us is that first ideas should go to accelerator and then to SVB.

As a bank they tried to growth with the business. The terms for lending they lend them no more than 50% not more investment than what one person has put in, much less than 1% will be diluted. Commission established between 5-7%. For companies with existing revenues.

Something really interesting for us was the way Banks treated startups. In Europe in 10 minutes they will tell you yes or no; on the other side in the US the answer will depend on the long term relation. Everything is about trust.

“Our aim is to help the startups creating something new every year. The market is hot now is the momento”

Thanks to ERA, BESSEMER and SVB for the fantastic and interesting day. See you all tom with more energy to get over our last day at NY.

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