Ecosystem insights: entrepreneurial leaders talk challenges, success

ERIN BURCHAM

PRESIDENT, ROANOKE BLACKSBURG INNOVATION ALLIANCE; EXECUTIVE DIRECTOR, ROANOKE BLACKSBURG TECHNOLOGY COUNCIL, ROANOKE

What is unique about the entrepreneurial ecosystem in your region?

GO Virginia’s Region 2, which includes Roanoke, Blacksburg and surrounding cities and counties, is primed — through its academic, private industry and health care resources — to expand tremendously in the biotechnology and technology sectors. The region’s world-class life science institutions, including Virginia Tech and Carilion Clinic, are coordinating to launch assets that mark the city of Roanoke and all of Region 2 as an innovation destination. These include access to Carilion Clinic’s Center for Human Factors’ Center for Simulation, Research and Patient Safety for biotech startups, Carilion Clinic Innovation’s new resources on ISO compliance and commercialization, Virginia Tech’s lab-to-market mentoring and licensing, and new biotech lab spaces opening in 2025.

How will Project VITAL: Virginia Innovations and Technology Advancements in Life Sciences aid startups in your region? What will be RBIA’s role in the initiative to support biotech and life sciences innovation?

Project VITAL compounds RBIA’s core goal to facilitate collaboration and foster a robust biotech and life science ecosystem in Virginia. The aims of Project VITAL reflect the growth and development plans of Region 2, focusing on linking academia, health care and private sectors to establish best practices and implement capital access, IP development and industry development programs. Project VITAL, steered by RBIA and its partners, seeks to harmonize industry and academic talent development and recruitment efforts to provide resources that are not available anywhere else in the region.

RBIA’s role includes significant synchronization of regional resources and partners along with discrete programs, such as the development of a cross-regional capital markets support and assistance program, workshops and networking activities.

KEVIN ROBBINS

GENERAL PARTNER, BLUE DELTA CAPITAL PARTNERS, McLEAN

What are the biggest mistakes founders make when pitching?

The biggest mistake we see founders make when pitching is not having a clearly articulated view of “what are we building?” We need to quickly assess the strategic vision, how feasible we think it is, who will want to buy the business if we are successful, and what Blue Delta can do to increase the speed and certainty of executing that vision. There are far more good businesses than we could possibly invest in and our opportunity cost is high, so we prioritize those where we feel our involvement can materially improve the outcome.

What is your process for deciding whether to invest in a startup?

As growth stage venture investors, we don’t really invest in pure startups. We like to say we take execution risk, not adoption risk. That said, beyond the “what are we building?” discussion mentioned above, our process prioritizes the founder and an assessment of whether or not they are someone we want to back. As non-control investors, we don’t have any affirmative controls, so we have to get the read right on partnering with exceptional founders who want to get better and who will welcome our advice, counsel and experience helping dozens of others like them accomplish their dreams.

How does your and your colleagues’ past entrepreneurial experience play into the process mentioned above?

As fellow entrepreneurs, we have genuine empathy for other entrepreneurs; we have lived their personal and professional challenges and have a deep understanding for how to motivate them and help them maximize the enterprise value of their ventures — part of why we coined the catchphrase “empowering entrepreneurs.”

JOEL MIER

LECTURER OF MARKETING, UNIVERSITY OF RICHMOND’S ROBINS SCHOOL OF BUSINESS, RICHMOND

What inspired you to start the Bench Top Innovations program that has launched four food and beverage ventures in four years?

I looked at what other top universities were doing [with incubators and accelerators] … and that’s when the lightbulb went on for me. Their programs are absolutely world-class, but they are for those students that have ideas, that know they want to explore entrepreneurship.

The idea emerged to give ALL students — especially those that are simply curious — the opportunity to be part of a yearlong experience where they can experience the process of ideating, vetting, prototyping, developing and running a revenue-generating business within the safety of the university.

What attributes do aspiring student entrepreneurs need to be successful?

Focus rises to the top. In a startup environment, there are literally hundreds of things that have to be addressed. However, with limited resources, it is key to be able to prioritize and focus on the few things that truly matter. … Another key success criterion is being comfortable with uncertainty. Entrepreneurial endeavors are by their very definition uncertain and fraught with risk.

“The Great Bake Off” pitch competition determines which product students will develop and commercialize each year. What elements do the winning pitches so far have in common?

I can certainly see some patterns. First, the students had great tasting products. Second, the presentations were clear, compelling, flowed well and embraced a good dose of humor. And third, the students projected confidence while being loose and clearly having fun.

AURELIA FLORES

DIRECTOR, VIRGINIA INVESTS, VIRGINIA VENTURE PARTNERS; CO-FOUNDER AND BOARD SECRETARY, CITRINE ANGELS, McLEAN

What trends are you seeing among Virginia startups?

Virginia’s startup ecosystem is growing quickly and getting more mature. VVP has been investing in technology-based startups for over 20 years. Over that time, startups would grow here and then often have to leave to get later-stage funding. Or startups would be more narrowly focused on a certain subset of industries, such as defense-tech.

While both those activities continue to happen, there is more possibility for startups to stay and grow here. And we’re seeing a broader base of startups in a wider variety of industries, including in the life sciences. Further, organizations like VVP are actively coordinating among different players in the ecosystem — entrepreneur startup organizations, universities and investors — and we’re seeing that collaboration pay off.

What do you look for before investing in a startup?

In my role at VVP, I’m investing in funds. From that standpoint, I’m looking for firms and fund managers who will have a long-term, positive effect on the innovation ecosystem across the commonwealth.

When evaluating startups directly, I’m looking for a company that is laser-focused on what they need to do to succeed and grow. … When companies can stay clear about who their primary customer is, what the problem is and how to get paid for solving it, they will do well. I look for founders that understand this and can articulate it clearly.

Why does the Citrine Angels group focus on female investors and founders?

The data regarding venture funding to women founders is widely available. Historically, women — and especially women of color — have received a minute percentage of overall funding allocated by venture. The data also shows, however, that women funders are more likely to invest in women founders. Citrine’s mission is to create and support more women investors making investments in women founders.

ALLISON DUGAN

DIRECTOR, SHENANDOAH VALLEY SMALL BUSINESS DEVELOPMENT CENTER, HARRISONBURG

What challenges might entrepreneurs not take into consideration when starting a business?

Starting a business is a huge leap of faith, and it’s easy to get caught up in the excitement without thinking through many of the unknown challenges. We’ve noticed startups seeking SBDC assistance are most concerned with having proper license and entity formation yet may resist doing necessary expense budgeting and cash flow planning. Being fully aware of the competition can also be a blind spot, and some struggle with strategic marketing beyond using social media. “Getting found” by potential customers is super important.

What industries do startups in your region tend to be in?

The Shenandoah Valley has a wide range of established industries in manufacturing and agriculture. We tend to work with owners in various retail enterprises, specialty food production, value-added farm markets, and an array of personal wellness and consulting businesses. … We also partner regularly with other state agencies and our host, James Madison University, to educate contractors of various industries like landscaping, construction and janitorial services to learn how to effectively do business contracting with the government.

In what ways are marketing and tourism like business development?

I believe a background in hospitality and nonprofit service has been the basis of my ability to serve as a well-rounded business adviser. At the heart of every business is the fact that they really are a destination, even if it is virtual. Excellence in customer experience, in either product or service, is the No. 1 reason people return. We also like hearing the sincere invitation to return … like in a restaurant or a retail store, when you leave and you hear: “Thank you for your business; I look forward to seeing you again soon!”

CHARLES CORPREW

SENIOR VENTURE PARTNER, 757 COLLAB; HOST AND EXECUTIVE PRODUCER, “THE ‘WHAT’S YOUR REVOLUTION?’ SHOW WITH DR. CHARLES CORPREW,” NORFOLK

How does your psychology doctorate inform your current work?

At its core, entrepreneurship and investing are about people. It’s about assessing a founder’s ability to take, execute and scale an idea into a successful venture. My background in psychology has given me an edge in identifying the right people at the right time — those who have the resilience, adaptability and leadership required to build a company. Because let’s face it, entrepreneurship is not for the faint of heart.

Based on your own entrepreneurial pursuits, what advice would you give other entrepreneurs?

When I launched “The ‘What’s Your Revolution?’ Show,” I didn’t wait for the “perfect” moment. I had the idea, I shared it with my producer, and within a month, we were on the air. That bias for execution — testing quickly, refining based on feedback and staying consistent — has kept the show running for eight years. …

I see the same pattern with the founders I work with. … The best entrepreneurs are those who put their product or service into the market early, gather feedback and adjust as needed.

What challenges are unique to Virginia’s entrepreneurial ecosystem?

The biggest issue? Access to capital. Virginia should embrace a … mindset [of] making entrepreneurship a key economic driver and creating an environment where founders want to stay and build. This means increasing investment from state and federal governments and attracting private capital. It also means better marketing Virginia as a premier destination for startups. Entrepreneurs should see our region as a place to grow a venture, secure funding and access a thriving business community.

Additionally, collaboration is crucial. Too many organizations in our ecosystem are working in silos. If we align our efforts, share resources and execute a unified strategy, we can create a robust startup environment — one that rivals those of Austin, Texas; Tulsa, Oklahoma; and even Silicon Valley.