I wanted to provide you with my thoughts on my first 30 days as an 1871 Mentor. Jim Dugan, J.B. Pritzker, and Ellen Rudnick were certainly right about the energy and enthusiasm of the entrepreneurs associated with 1871!
Thus far, I have conducted four days of office hours (18 total slots), met with 14 different companies with only one no-show. My discussion areas: 1) concisely presenting a company's competitive advantage to capital providers; 2) how to divide equity among startup founders; and 3) the unique challenges women entrepreneurs face in raising capital appeared to have resonated with the entrepreneurs.
This week I was told that my ideas may have already had an impact with two entrepreneurs. One company, Starchup, met with a company that I had consulted with previously, to discuss my thought that their respective business models were complementary. After meeting, they are in the process of finalizing a deal that could substantially increase their respective revenues. A second company, SpaceHQ, utilized my suggestion to create a competitive sales force model to generate increased salesperson attention to SpaceHQ’s product. I was told that potential customers have embraced this idea enthusiastically.
Other Mentors, such as Maria Burud of Zanon Group, have been very helpful in introducing me to 1871 companies they have been mentoring where my expertise and experience could be a fit. I must compliment you on the 1871 staff, especially Rhonda and George, who have been generous with their time and have been very patient in answering my many questions.
Thank you for providing me with the opportunity to be a part of this excellent business effort.
About the Author
Jerrold B. Carrington, President and COO, TurnerPatterson
Jerrold B. Carrington is President and COO of TurnerPatterson, LLC.where he oversees all operations and financial activities for TurnerPatterson. In addition to joining TurnerPatterson, Mr. Carrington is a co-founding general partner of INROADS Capital Partners, L.P., a $50 million private equity firm in the Chicago area that invests in middle to later stage companies, particularly those targeting the urban consumer. He is also the founder of Carrington Partners, LLC a financial advisory firm that specializes in providing private equity investment advice and counsel to middle market companies.