Reflections on the Rocky Mountain Angel Capital Summit

By Chris Kauza Technology Editor

First held over 20 years ago, the Angel Capital Summit has been attracting some of the most innovative entrepreneurial talent between Chicago and San Francisco. And this year was no exception! And with more than 650 people in attendances, the Summit offered two very well received keynote address by Denver Mayor John Hickenlooper (himself a successful businessman) and Anita Burke, a former Shell Oil Executive and head of the Catalyst Institute. The conference provided qualified investors and companies to meet one another, in a relaxed and professional manner. And if this conference was any indication, the Technology Industry is showing signs of strong growth along the Front Range of the Rocky Mountains!

More than 120 business plan reviewers narrowed the 200+ candidate companies down to a final list of 43 presenting companies. While no specific industry was targeted in the conference, many of the companies I spoke with were related to Technology and Healthy Living were well represented. Interestingly enough, all of the companies had a variation on a common theme – Community. There were technology companies that helped create community as a core part of their business plans (Varvee, Xpressplay, etc.). There were companies that promoted lifestyle elements of a community, such as healthy living and there were even companies that targeted the needs of very specific communities, like deep water drilling. While the economic downturn was an obvious undercurrent to the proceedings (one presenter remarking that, "For an entrepreneur, it's always a Recession."), it was overwhelmed by a grounded optimism, characteristic of most entrepreneurs.

In a bold Marketing move, the Angel Capital Summit augmented their press coverage with 8 people reporting on the event using blogs and Twitters. It was the largest trending topic on Twitter that day, and also received very high Google search rankings – the “new media” pool made an impact! You can search on the conference proceedings by going onto Twitter or Twitter Search and doing a search on “#ACS08”. There you will see all of the Tweets of the conference attendees; scroll to the bottom of the page to go "earlier" in the conference. Many of the Tweets contain links to the company and presenters, for more information. If you want to follow any of the people posting the Tweets, simply click on the user name and "Follow". This was a great example of how Social Media tools can go from being an idle curiosity to force the promotion and awareness.

The point of the conference was to connect with like-minded individuals who could help each other, and that certainly happened. But how are attendees intending to connect and stay in touch after the big presentation? It turns out that most are using pretty standard channels – email and phone call follow ups. If there is determined to be a more substantive match, then generally a follow up face-to-face meeting ensues. To support this, conference organizers are leveraging Social Networking tools. They have created a private group on LinkedIn (by far, the platform that most attendees are on) where inventors and companies can meet with one another and develop more substantive relationships.

While I am not aware of any specific deals that were consummated at the conference, there were many interested investors. And while most of the companies did an excellent job of presenting their case, the one weakness I tended to see was when they tried to explain why they were better than their competition or a well-established / funded incumbent. And if there's one weakness I see in most business owners, it's “believing their own press” and under-estimating their competition.

Bottom line: it sounds like a worn-out phrase but people and relationships really are the backbone of your business success. Whether employees, investors, customers – you need to find ways to reach out and connect with people you are interested in and who may be interested in you. The Angel Capital Summit was a great example of how to blend traditional and new networking techniques to do just that!

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Reflections on the Rocky Mountain Angel Capital Summit

DreamRichly is the Entrepreneur’s Megastore of the Social Networking World!

By Kathleen Ronald

Southwest Bureau Chief

(Utah, Arizona, Nevada, California)

I’m sure you all know all about Costco- the super-efficient megastore that gives its members huge discounts as they buy large quantities of an array of products. Well, Costco’s model has moved to the social networking world!

A brilliant model indeed; meet Mr. Chuck Pereira of DreamRichly, the brains behind the “Costco of social networking” for entrepreneurs!

As many aspiring entrepreneurs do, Chuck realized early on that a dream is as only as good as your ability to bring it to life. As a young and inexperienced businessman, he found that he did not have the expertise in all the required lanes that occupy the entrepreneur’s highway. If you are an entrepreneur you know this highway has many lanes, including: the business plan, marketing, funding, sales, employees, HR, accounting, support and more. Chuck’s vision at DreamRichly, combined with all the necessary support he has in place within this social community, will allow you to see your dreams come to fruition!

DreamRichly was born from Chuck’s desire to help other business folks avoid all the “dangers” of the highway, and as a “natural connector” to bring all of his resources in both the areas of personal growth and business development into one place. His goal for his social networking site www.dreamrichly.net is to educate, motivate, inspire and entertain his community so that they have all their business needs meet at a single point of contact.

They even support their members with an 800 number, so that you can talk to a live person for support at any time if you have questions. That asset alone sets them apart from many other sites.

Chuck says, “My goal is to say YES to every member’s request!” He has worked very hard to ensure he can say yes to every need of his vast community. If you have a business need, his organization can meet it-not only with the highest quality of service, but at the best price. Therein lies his take on the Costco model for business entrepreneurs. He guarantees that the product and services that are offered at DreamRichly will be 5-30% lower than prices you would find for similar services.

The DreamRichly Club offers, aside from its vast connections and resources, many specified groups for common interests and needs. Such groups include: Marriage, Family and Personal Enrichment, Free Business Advertising, Understanding Marketing Management, Global Real Estate Investor Exchange; and DreamRichly for women, men, singles, the physically impaired, young adults; as well as regional groups based in Texas, Georgia, Illinois and Southern California. Right now there are 45 groups and counting. In fact, if that’s not enough, you can create new groups- submit your ideas to Chuck, and he can make them happen!

As you can see, there are many of the great models of social networking under one umbrella.

Their membership is free! Additional benefits include:

Daily emails of great business tips from a variety of experts

Your own business concierges, who will support your every need to ensure that you get the right resources for your needs

A social community to expand your business relationships

A 2-day, in-person training in Atlanta (DreamRichly in 90 days)

A bank of free affiliates

A huge offering of products and services

As an entrepreneur, I appreciate that there is a one-stop-shop that I can go to for all my business needs! As Chuck says, “If you have business need, we can fill it, at the highest quality and the best price!”

If you are in business, or are looking to get into business, you will want to check out DreamRichly at www.dreamrichly.net, give the business support center a call at 877-204-8664 or send Chuck Pereira an email at dreamrichly@earnware.net

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DreamRichly is the Entrepreneur’s Megastore of the Social Networking World!

The Rapid Growth of Manhattan BNI

By Bruce Newman
U.S. Mid-Atlantic Bureau Chief
(New York, New Jersey, Pennsylvania, Delaware, Maryland, Washington, DC, Virginia, West Virginia)

I recently caught up with Todd Hallinger, executive director of the Manhattan BNI. What caught my attention and made our conversation so noteworthy is the rapid growth of Manhattan BNI chapters from none in 1996 to 49 chapters with close to 1,000 members at present.

How long have you been involved with BNI?

I started as a member in 1993 and became an assistant director in the beginning of 1994 when I started helping J Lance Mead, the Westchester executive director. In 1996, my partner, Michael Brathwaite, and I purchased the Manhattan territory and started its development. Currently, we have 49 chapters with close to 1,000 members. Within three years, we expect to have 75 active Manhattan chapters.

I heard that BNI did not originally believe that BNI groups would succeed in New York City. Why did you disagree with that assessment?

BNI has still not caught on in most cities mainly because of its cost and reliance on commuters. Requiring commuters to attend and participate in early morning meetings every week has proven to be a challenge. One of the reasons why we have been successful is because we have such a large and diverse population within a small geographic region. It’s important to realize that our 49 chapters are within a 1.5 mile radius of each other and tap a population of over 6 million. This year we opened the first Harlem chapter as well.

There are very few chapters in inner cities relative to suburbia. In the 90’s, technology helped fuel BNI's rapid growth to the 39 countries, 110,000 members and 5.5 million referrals that generated $2.2 billion in new business last year. There are currently 211 chapters and 4,100 members in New York State, alone.

The rapid growth of BNI was also helped by the publication (and adherence to) a series of networking books by Dr. Ivan Misner, BNI’s founder.

In part, as a result of our model, chapters in other cities are beginning to duplicate our success. For example, Philadelphia has shown dramatic growth and now has 15 chapters.

Why have you been able to grow so quickly?

Foremost, we’ve hired very good people. Our two executive directors and 13 assistant directors are responsible for visiting each chapter every 6-8 weeks and supporting them as best we can. We try to coach networking and long term relationship building. We have also utilized technology to develop a website that has dramatically improved how we run our organization and its exposure. Our website lists all Manhattan BNI chapters and members and provides information on each of them. We also regularly access the data on the website and encourage each chapter to create its own independent website.

What training do you provide?

Each chapter has three leadership positions: the president, the vice president and the treasurer/secretary. These chapter leaders receive training twice a year and have their dues waived while serving. We also have a member success program [MSP] run by assistant directors for new members. This includes a crash course on how BNI can help them grow their business by providing tools for productive networking, information on Manhattan BNI and how to use our website.

There are many other networking organizations available. What makes you different?

The two biggest things that separate us from our competition are our agenda and that we require a weekly networking meeting. This is the hallmark of BNI. The only way to gain trust is to attend the weekly meeting. All members must adhere to our strict but fair attendance policy or they are asked to leave.

Most of our competition doesn’t require that people attend their meetings – just that they pay their dues. As a result, a group that boasts 25 members may only have 12 people that regularly attend. Sometimes, they start strongly but people don’t get much business so they drop out.

We’re also at the low end of the fee scale. We charge $430 for the first year and $330 for each successive year. Breakfast is an additional expense - usually around $800 - $1000 depending on the chapter and the location. We don’t have corporate memberships. We encourage most people to pay individually since they are more apt to participate if they have to pay for their own membership.

What is the general composition of each group?

Most of our groups are comprised of small business owners and sole proprietors. We have several large companies – most notably, banks, brokerages, insurance and mortgage companies, but they are usually comprised of sales people and account executives, not senior staff.

We have a niche. We’re not the top end of the networking rung. Instead, we have sole proprietors, partnerships and small businesses and that’s who we cater to. It doesn’t mean our members don’t know or interact with executives, just that they are not typically our members or our target market. Since our members know these contacts, we encourage their inclusion as a referral over time.

Each week we try to train a sales force - not to make a sale but to talk about what they do; that’s the goal of our set agenda in which everyone plays an active role. BNI employs a long term strategy whose effectiveness gradually increases over the first 8 to 18 months. This is the period of time that people need to gain trust. Essentially, it is a function of trust over time, repetition and a constant presence. We call this the confidence curve.

Our average number of members per chapter is 21. We have 30-40 members who have been with us for over 10 years. 33% of our members have been with us for over five years. Our most productive chapter [Ch. 12] generated $1.3 million in referrals in 2007 and approximately $1.8 million in confirmed, closed business in 2008.

How do you differ from other BNI chapters?

Because we have 49 chapters within 1.5 mi. radius, we do have issues with people chapter shopping. This dramatically differs from most BNI regions that usually have only one chapter in a town. We also average 5 guests per chapter a week because of our large population.

We encourage dress codes and push the chapters to hold meetings at more upscale locations – not diners – such as nice restaurants, conference rooms, banquet halls, etc. to encourage professionalism and attract more upscale members. (Manhattan is a whole different world).

The bigger the rolodex, the more success you will have in BNI. We prefer successful professionals with a large database of contacts interested in sharing referrals to the person who is just starting out and more interested in acquiring leads.

What industries fueled your growth?

We look at four broad groups – health care, real estate, events and finance. Legal is also strong. Real estate and finance have been particularly strong in New York. We currently have a waiting list for realtors, mortgage brokers, financial advisors and insurance agents.

How do the chapters promote themselves?

Besides their website, they also get a listing on our website. We have also advertised on Craigslist.org and Crain's for Business. Word of mouth has been our most important method of promotion. It’s very effective and mutually beneficial to bring in people with whom you have a business relationship.

We encourage members to visit and substitute at other chapters. This can help different groups learn about various successful methods and strategies.

Do you have any final thoughts on BNI or networking in general?

Based on my experience I would have to simply say that “givers gain”. Our agenda and BNI's networking books are the major components that have made BNI and Manhattan BNI the world's largest network organizations. BNI has also been helped by a perceptible shift in the acceptance of network marketing as a viable tool for business growth. Whatever networking vehicle you use, the most effective one is one in which you generate trust by learning about what other people do, what they care about, and how you can help them.

Bruce Newman is a consulting guru and the Vice President at The Productivity Institute, LLC (http://www.prodinst.com/) which provides prodinst by matching the specific consulting needs - for products and services - of any company to rated outstanding consultants with the specific knowledge and expertise to meet those needs. Any company that wishes to improve their productivity can sign up for this free service and be contacted by up to five rated outstanding consultants. Also available is an informative blog and free newsletter. ________________________________________________________

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The Rapid Growth of Manhattan BNI