Charleston Regional Development Alliance

Berkeley, Charleston & Dorchester Counties

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New resource for Charleston area entrepreneurs set to launch

Sep. 1, 2003
Charleston Regional Business Journal
By Tiffany Jonas
Two plus two equals… more than four? With the launch of FastTrac NewVenture, Charleston’s reputation as a hot spot for entrepreneurship and the efforts of regional development organizations to increase the number of knowledge-based jobs in Charleston may finally be coming together.

ThinkTEC, an initiative of the Charleston Metro Chamber of Commerce, and the South Carolina Research Authority have won approval to partner with the Ewing Marion Kaufmann Foundation to host the FastTrac NewVenture program, originally developed through the University of Southern California Entrepreneurship Program. An education program created by entrepreneurs designed to help new entrepreneurs evaluate and perfect their business concepts, NewVenture is a nine-module program of 31.5 total hours.

Charleston’s first incarnation of the program will be targeted toward technology entrepreneurs.

ThinkTEC director Lisa Ryan has high hopes for the program, especially in light of recent efforts by area development groups. “ThinkTEC works closely and collaboratively with both the Charleston Digital Corridor and the Charleston Regional Development Alliance on issues related to technological economic growth,” she says. “ThinkTEC’s mission is to create a ‘perpetual innovation economy in the Charleston tri-county region.’ Part of achieving this mission involves working directly with startup technology entrepreneurs and in the broader context in the community to develop a technology sector in our region. Through FastTrac we hope to develop a strong and thriving entrepreneurial culture that, ultimately, leads to economic growth.”

An award-winning program

FastTrac NewVenture is actually just one of nine FastTrac programs offered nationwide through the Kaufmann Foundation. Five years ago FastTrac won the Small Business Development Administration’s Model of Excellent Award for Entrepreneurial Education.

Ryan is delighted to work with the foundation locally. Kaufmann is world-renowned for entrepreneurial development, she says, which is why they chose their program as a catalyst for entrepreneurial growth in the region.

Designed as a low-risk way for entrepreneurs to explore the real-life feasibility and potential of their technology business ideas, the program provides a supportive environment for participants to weigh risks against opportunities, identify potential problems, and determine how those problems can be eliminated or minimized. The program is taught by certified instructors with startup and technology business experience, and participants learn side-by-side with aspiring entrepreneurs like themselves.

Using their own ideas as a case study, participants will write feasibility plans, research and refine their ideas, learn about common business entry strategies, discover local resources, develop a network of entrepreneurial peers and mentors, and not least critically, explore whether the life of an entrepreneur is right for them.

“FastTrac is the right entrepreneurial education initiative at the right time,” says Ken Roozen, chairman of ThinkTEC. “With this new endeavor, entrepreneurs in the Charleston tri-county area can gain the skills to help them create a new generation of technology-based entrepreneurial growth companies. These new companies, in turn, would mean new jobs and a stronger entrepreneurial economy.”

Into the future

Just before launch, efforts were still going strong. Nelson Mullins Riley & Scarborough recently agreed to come on board to provide both financial support and experts as guest speakers. And just two weeks before the first module was offered, ThinkTEC finalized a partnership with the Veterans Corp. in regard to the program.

“A major marketing component will be to the veteran population in Charleston through the Veterans Corp.,” says Ryan, explaining that the corporation has played a part in sponsoring entrepreneurs at FastTrac programs in other areas of the country. “Our veteran population [contains] a highly educated workforce with skilled IT and engineering professionals,” she says. “That’s a perfect partnership for us.”

ThinkTEC’s current partner, the Research Authority, is more than happy to be involved as well. “We continue to look for ways to support and encourage technology work in the Charleston area,” says Rob Davis, vice president at the Research Authority. His organization is providing space for the initiative in its Trident Research Park.

Although the program will initially be targeted toward technology entrepreneurs, ThinkTEC plans to add more partners in order to offer courses in other sectors. “What we’re hoping is that we’ll partner with other providers to widen the entrepreneurial training offerings in the region,” says Ryan. “We’ve also talked with local colleges and universities about FastTrac for-credit courses and continuing education courses.”

Ryan notes that the Kaufmann Foundation is also piloting a FastTrac Tech version of the program. “I’m not sure when we’ll implement the program because it’s still in pilot mode,” she says. “Our current plan is to implement this NewVenture course as a feasibility assessment for new ideas and also offer planning courses, and hopefully FastTrac Tech in February 2004 if it’s available.”

The program is an excellent fit for ThinkTEC and an improvement for Lowcountry technology entrepreneurs. Previously, ThinkTEC found itself “reacting to business plans coming into our office,” explains Ryan. Then, ThinkTEC provided feedback and suggested resources. With FastTrac, Ryan sees the organization taking a more proactive role. “What we wanted to do with FastTrac is take a step back and be proactive in entrepreneurial development, so that a flow occurs, a continuum. We’re teaching them to be entrepreneurial, rather than waiting for them to work through the business planning process on their own.”

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FastTrac NewVenture will be held every Tuesday from 6:30-9:30 p.m. at the Trident Research Center, 5300 International Blvd. in North Charleston. The program will begin on Sept. 23 and run through Nov. 18.

To register for FastTrac NewVenture, call ThinkTEC at the Charleston Metro Chamber at 805-3073 or e-mail lryan@charlestonchamber.org.

FastTrac facilitators:

Robert Donato is a securities attorney with over 15 years of experience both as in-house counsel at a New York-based venture capital firm and in private practice advising clients primarily on issues involving public and private venture funding as well as mergers and acquisitions. Donato is the founder and managing director of Charleston Venture House LLC, which provides advisory services to companies in the startup and early growth phases of development.

Christine Harmel is the founder and CEO of The Interactive Resource Inc., a New York and Los Angeles-based consulting firm that assists companies in technology strategy, recruiting, mergers and acquisitions and venture capital funding. She has been self-employed for eight years, launching six businesses in service and retail.
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