American Idol Meets Venture Capital
Written by Andrew Bordeaux on Wednesday, June 4, 2008
For the new entrepreneur, there are few factors with a higher correlation to unbridled success or devastating failure than the ability to raise capital. In an economy of questionable strength, dreaming up a shiny new venture of revolutionary proportions is no longer the battle; the new challenge is finding the minds that will fuel that venture with dollars. In New York, one business-woman named Yao-Hui Huang has borrowed from popular culture to devise a sensational way to bring new ventures face-to-face with potential investors.
Admittedly, the project known as the Gauntlet is far from the first organized attempt to bring entrepreneurs and investors together. How this differs, is that it emulates the strategies of the highly successful TV show: American Idol. Similar to the show, which employs a panel of industry experts, the Gauntlet has a panel of judges with expertise in law, accounting, finance, technology, and investment.
Contestants who make it through the rigorous application process are chosen in groups of three to present at the monthly gathering. In front of the panel and an audience of over 100, entrepreneurs get seven minutes to pitch their venture along the areas of: problem, solution, market, industry, overview, operations, and financials. Presenters are then inundated with feedback from the audience and panel, and a select few go on to receive venture capital.
It is nice to see a refreshing approach to matching the right investors with the right entrepreneurs. Also, this structure provides the ability to share a business model with peers and experts while allowing the entrepreneur an attractive opportunity to refine, revisit, and hopefully improve areas of their business strategy.
Would your business plan be ready to go through the Gauntlet?
Share this article:
Products & Services
Growthink Around The Web
Best of Growthink
Looking for Opportunities Now? How to Write a Business Plan for Raising Venture Capital Top Seven Capital Raising Mistakes 20 Reasons Why You Need a Business Plan Top 10 Private Placement Memorandum (PPM) Mistakes The Secrets to Their Success? 25 Quotes From Famous Entrepreneurs The 6 Untold Reasons Why Businesses Fail 7 Entrepreneurs Whose Perseverance Will Inspire You Top 7 Myths About Starting a Business Business Exit Strategy: Planning to Sell Your Business How to Make a Business Plan Capital Raising Resource Center Investing in Private Equity via Your IRA