Sometimes, a little tough love is in order for aspiring entrepreneurs. No one knows it better than Pam Martin, executive director of the Ben Franklin TechCelerator program.
“Who is going to buy what you're talking about?” asks Martin. “It's so easy to come up with an idea, it's not so easy to determine if it is [viable].”
The TechCelerator Capstone project offers prospective companies eight weeks of rigorous evaluation and a safe environment to test ideas. Seven companies started in this latest round and one dropped out. “We consider that a success,” says Martin. “That person has not invaded his retirement or 401K.”
The remaining six presented their business plans to a panel of judges, who awarded fledgling startup Donors Impact three months of free rent at the TechCelerator incubator in Carlisle, along with mentoring and other perks.
Carlton Langley, the entrepreneur behind Donors Impact, an education fundraising software package aimed at colleges and universities, says he emerged encouraged from the Capstone competition. “They challenge you throughout the entire process. They beat you up; they pick you apart to validate your idea. It gives me a whole lot more confidence.”
Martin says that Langley and Donors Impact impressed the judges with a well-formed business plan, a knowledge of who the customers are and a ready-to-go prototype. During his residency at TechCelerator, Donors Impact will conduct a beta test with Penn State, Langley says.
Martin says of about 40 entities that have competed for the Carlisle Capstone in three years, about 25% are actively setting up or conducting business. With continued smarts and perseverance, Donors Impact might join that roster.
Sources: Pam Martin, BF TechCelerator and Carlton Langley, Donors Impact
Writer: Elise Vider