To Read: 76 Startup Failure Post-Mortems
“No survivorship bias here. A compilation of startup failure post-mortems by founders and investors.” A super interesting read from CB Insights on failed startups told by the founders themselves.
Announcing VCET@BTV
VCET is pleased to announce its plans to collaborate with FairPoint Communications to create VCET @ BTV, a co-working space coupled with business mentoring and networking opportunities for promising startup companies in the FairPoint Technology Hub in downtown Burlington. For more information, please visit www.CoWorkBTV.com.
IrisVR Wins LaunchVT
This past week after months of work, seven finalists took part in the final pitch competition of LaunchVT. Two of the seven finalists, IrisVR and Recess, are residents at VCET’s co-working space in Middlebury. IrisVR, which creates 3D immersive architectural models, was announced as the winner and won the $70,000 prize package. Congratulations to IrisVR and all finalists!
In addition to the finalists, VCET’s very own Andrew Stickney (VP) was a mentor to the participating companies and an adviser to LaunchVT itself.
To learn more about IrisVR’s win and LaunchVT itself, please see here: http://bfpne.ws/RIDGv4 | http://bit.ly/QRctVT
Tech @ Rutland May 29th, 5:00-7:00pm
Please join us on May 29th in Rutland for the Tech @ Rutland meetup event. Local business leaders, entrepreneurs, and investors will gather for networking and refreshments at Green Mountain Power’s new Innovation Center!
Please join the event here
Directions to event here
For more information, email Andrew Stickney: andrew@vermonttechnologies.com or Steve Costello at Steve.Costello@greenmountainpower.com
The 2014 Invention2Venture Conference is coming up!
I2V is an interactive afternoon of spirited dialogue focused on inspiring entrepreneurship, job creation and economic growth in Vermont. The theme this year is “Collaboration and Innovation Across the Food System,” where attendees will engage with scholars, students, food activists and enthusiasts on topics related to our food system.
When: Thursday April 03, 2021 from 1-5pm
Where: UVM Davis Center, 590 Main St, Burlington, VT 05401
Keynote Speaker: Brian Halligan, Hubspot (Founder)
Register here: bit.ly/1q7kFPy
WANTED: Graduate Fellow for Start-ups @ VCET
Through its partnership with Vermont EPSCoR, the Vermont Center for Emerging Technologies is pleased to offer a Graduate Fellowship opportunity to an exceptional individual(s) starting February 2014. The Fellow acts as a core member of the VCET Team in assisting start-up entrepreneurs across Vermont, collaborating within UVM and other colleges and universities, conducting due diligence on venture fund investment opportunities, special projects and assisting in the delivery of client programs and events.
Minimum Eligibility: Full or part time graduate student studying at a Vermont based College or University. Ability to travel to Burlington location a must. Excellent technical, written and verbal communication skills along with a thirst for start-ups, economic development and making impact within the Vermont technology ecosystem.
Compensation: This is a temporary, part time paid position in the $17-$20 per hour range.
Contact: david@vermonttechnologies.com, if interested and you meet the minimum eligibility criteria
Vermont Seed Capital Fund FY2013 Report
Please find attached the Fiscal Year 2013 public report of the Vermont Seed Capital Fund, LP. A subsidiary of the Vermont Center for Emerging Technologies (VCET) is the Fund Manager. Investing activities began in May 2010 shortly after the first capital contribution arrived, and as of November 2013, 13 companies from around Vermont have been initially supported by $2.2M of the Fund’s early stage risk capital. To date, 7 portfolio companies have received follow on investment and 3 companies have failed.
During the initial 10-year fund time horizon, a total of 17 companies are anticipated to receive initial funding support during the fund’s first revolve. The Fund completed its 4th consecutive annual financial and process Audit without issue as conducted by an independent CPA firm.
As of June 30th data capture, the first 12 companies supported with the Funds $1.9M investment have attracted $21M in total capital, earned $16M in cumulative revenues so far, and paid $10M in cumulative payroll.
VCET invested $1M in capital alongside a total of $4.1M of one time capital from the State of Vermont via the Vermont Economic Development Authority (VEDA) to form this permanent, revolving $5.1M high risk pool of capital.
Thank you for your continued support of entrepreneurs in Vermont. We are available to discuss further or to answer questions.
VCET Named #11 in World, Impact Statistics Announced
Burlington, Vt. – The Stockholm-based University Business Incubator Index (UBI) has ranked the Vermont Center for Emerging Technologies (VCET) as the 11th best university and college-orientated business incubator in the world, and ranked VCET as 5th in the U.S.
The University Business Incubator (UBI) Index contacted 500 incubators and surveyed 150 incubators in depth. Out of those 500 international incubators, VCET tied for 11th globally and 5th in the U.S.
According to the UBI Index report, top incubators in the list see the following results versus their average counterparts:
Generate a 2.4 times higher number of jobs per client per year.
Incubator graduates earn 3.3 times higher revenue per year.
More than twice the number of clients that remain in the region post-graduation.
On average, top ranked incubators also have a higher number of active coaches and mentors, 70 percent more hours of coaching and twice the number of clients that receive venture capital or angel funding.
“Whether the focus is on local or global markets, VCET has shown time and again that they have the resources and know-how to help Vermont’s entrepreneurs succeed,” said U.S. Senator Patrick Leahy (D-Vt.), who has secured more than $5 million in federal funds to establish and grow VCET. “Today’s recognition affirms what I have long believed: VCET’s role as a cutting-edge business incubator is both an asset for growing Vermont’s economy and a model for global business development.”
Over the last six years, VCET has advised over 700 entrepreneurs, launched a $5 million seed capital fund, and curated a world-class network of over 100 mentors and investors for the emerging businesses it serves. It has also seen its portfolio companies attract over $55 million in capital, and exceed $39 million in payroll and earn over $53 million in revenues.
Founded in 2005, VCET is a technology firm incubation and mentoring organization with a mission to accelerate next generation job growth in Vermont. VCET provides startups with flexible office spaces, capital, networking and direct expert assistance.
During 2013, VCET opened up space in its Middlebury location as a coworking resource for Middlebury College students and area entrepreneurs. The space is now fully occupied by seven start-ups and there is a waiting list.
“VCET’s presence in Middlebury is an incredible resource for the college community as well as the larger community of Addison County,” said Middlebury College President Ronald Liebowitz. “VCET offers invaluable mentoring and support for student and area entrepreneurs. We see students who participate in the VCET program not just ready to face the world, but often already owning and running a business before they graduate.”
The key to VCET’s success has been its business mentor program where startups are connected with seasoned and successful entrepreneurs.
“Our ranking on the UBI Index is a testament to how we are supporting entrepreneurs in Vermont,” said VCET Board Chair Frank Cioffi. “The VCET team has done a phenomenal job leveraging 10 Vermont college and university partners and supporting a contemporary and vibrant entrepreneurial ecosystem.”
The center also manages the Vermont Seed Capital Fund, which invests into a select number of high opportunity businesses including some of VCET’s incubation program participants such as BuysideFX in Burlington and Rapid Focus Security in Berlin.
VCET’s blend of expert mentoring, facilities in Burlington and Middlebury in addition to a syndicate of accredited capital providers is helping emerging businesses and founders to create and grow companies here in Vermont
One of Vermont’s major success stories for 2013, Berlin, Vt.-based Pwnie Express, just closed on $5.1 million in Series A funding – partially from the Vermont Seed Capital Fund.
“When I started Pwnie, I was working out of my basement,” said Pwnie Express Founder Dave Porcello. “VCET’s mentoring and incubation programs helped us prepare for growth; we are now rapidly expanding and taking the Cyber Security market by storm.”
About VCET
The Vermont Center for Emerging Technologies (VCET) is a non-profit serving technology entrepreneurs across Vermont with incubation programs, business mentoring, networking and early stage venture capital. Visit: www.VermontTechnologies.com
Green Mountain Digital Raises $3.8 Million in Series B Funding
Green Mountain Digital announced $3.8 million in Series B funding led by Monster Worldwide (NYSE: MWW), the Vermont Seed Capital Fund and angel investors.
The funding will primarily support the scaling of recently launched Yonder, a free photo/video sharing app focused on outdoor recreation, as well as continued investment in the company’s nature-oriented NatureShare platform.
Yonder helps users discover great outdoor experiences. Uploaded experiences are geo-located, tagged with activities like hiking or kayaking, and in many cases linked to outdoor destinations from the Yonder database. Users can browse experiences by location, popularity, and activity type. Yonder is literally documenting North America’s engagement with the great outdoors.
“Our mobile first approach and deep focus on the outdoors has led us to Yonder,” said David Roberts, CEO of Green Mountain Digital. “Through Yonder, users can record and share their experiences via photos and videos, thereby inspiring others to engage in the best that the outdoors has to offer.”
“Green Mountain Digital is successfully capitalizing on the great opportunity today’s social and mobile app marketplace represents and this is a sound and strategic investment for Monster,” said Monster Worldwide Chairman, President and CEO Sal Iannuzzi. “Beyond the solid financials, we continuously look to explore the latest technological developments for our business and I expect Monster and Green Mountain Digital will be able to learn much together as the mobile and social revolution accelerates.”
Green Mountain Digital is North America’s leading app publisher of authoritative nature and wildlife field guides under the Audubon brand. The company’s app portfolio collectively represents over 1.2 million downloads. In late 2012, the company formally launched a nature photo-sharing platform, NatureShare, which passed its 1 millionth user login after just eight months in July.
Yonder is currently available in the iTunes Store, with an Android version anticipated in the near future.
About Green Mountain Digital:
Green Mountain Digital was founded in 2009 in Woodstock, VT. In addition to Yonder and NatureShare social platforms, the company has designed and published more than 30 mobile apps for iOS, Android, Kindle Fire, Nook, and other mobile operating systems, including Audubon Birds of North America, Orvis Fly Fishing: The Ultimate Guide, GardenMinder and Sailing World: Knots and Splices. - See more at: www.greenmountaindigital.com
About Vermont Seed Capital Fund:
Launched in 2010 with funding from the State of Vermont, the Vermont Seed Capital Fund is a $5M for-profit, permanently revolving, early-stage risk capital fund affiliated with the non-profit Vermont Center for Emerging Technologies (VCET).