Entreco update: news from the mutual guarantee fund, a new chapter in Minneapolis and MBA for Startups
Hello,
Sorry for the long silence after we closed the Indiegogo campaign, but we have been busy getting organized for the next steps for the Mutual Guarantee Fund.
This email is the update on where we stand, plus news from the network:
- Indiegogo Mutual Guarantee Fund campaign update - New chapter in Minneapolis - Partnership Opportunity: MBA for Startup translations----------
** INDIEGOGO MUTUAL GUARANTEE FUND CAMPAIGN
Thank you to all for your generous contributions, we were able to raise $8400 through Indiegogo, which translate after fees from Indiegogo (9% since we did not reach our stated goal of $25k) and Community Ventures (fiscal host - 7%) to $6854.92.
This amount is not the amount we were hoping for, but the feedback from entrepreneurs is that even this small amount can help. It can be used for example to pre-pay for services and get discounts that will allow cost reductions.
So we will keep $354.92 for miscellaneous administrative costs related to setting up the account and we will deposit $6500 into a 3 years CD account, to be used as a guarantee for a loan to an entrepreneur from within the Entrepreneur Commons ecosystem.
Details on the loan:
- 3 years loan, can be paid balloon (only interest are paid monthly until the loan is at maturation), no pre-payment penalty - Interest rate is 4% (1% CD rate plus 3% bank fee to manage the loan) - Loan documentation fee $495The guarantee will be offered to an entrepreneur selected by his peers:
- If you are interested in being considered for getting the loan, please add information about your business at http://www.angelsoft.net (the platform we use to communicate within and across Entrepreneur Commons chapters - all Entrepreneur Commons members have access to the platform, if you do not please send an email to request access to marc@dangeard.com with reference to the chapter you belong to). - Once we have all recommendations from the various chapters in, we will ask members to rate the businesses that applied, and the top rated entrepreneurs will decide among themselves who should get the loan.----------
** A NEW CHAPTER IN MINNEAPOLISWe are pleased to announce that we have a new chapter in Minneapolis: the Minneapolis chapter of Entrepreneur Commons already had 2 monthly meetings, with 5 entrepreneurs in the group who are committed to meeting every month. If you are interested in getting in touch with them, you can contact Liz Tufte at ltufte@gmail.com
A big thank you to Liz for getting this chapter going, and a warm welcome to the Minneapolis entrepreneurs who joined us.----------
** PARTNERSHIP OPPORTUNITY: MBA FOR STARTUPS TRANSLATION
The London head of chapter - Zulfiqar Deo - has been working on an “MBA for Startup” book. He is now looking at getting the book translated into other languages. Russian and Portuguese translations are already under way, but other languages are still open for translation.
Zulfiqar is offering to share 15% of the book local revenues with members who will translate the book into their local language (or for the local EC chapter if this is done through collaborative work by the members of an EC chapter). For instance, the Athens chapter would get 15% for Greek activities from Greek translation, the Paris chapter would get 15%, etc... And Entrepreneur Commons main organization would get an additional 10% from the sales, which are the savings from not needing an editor for these local versions. If you want more details, or would like to get involved, please contact Zulfiqar Deo at zooters@gmail.com----------
OTHER RESOURCES FOR ENTREPRENEURS / ON GOING PROGRAMS FROM PARTNERS
** 1M/1M
Sramana Mitra is an entrepreneur and a strategy consultant who is sharing her experience with entrepreneurs through a free, weekly, online strategy roundtables program, and through her blog, and her Entrepreneur Journeys book series. All resources worth looking at. http://www.sramanamitra.com/entrepreneurship-strategy-roundtables/** Acceleration Coop
Acceleration Co-op is a global, filtered, virtual community of industry veterans and domain experts, motivated to focus on your challenges. Our goal: help entrepreneurs create successful new ventures; micro-cap companies grow faster; and expanding businesses attack new markets and new countries. Our value proposition: "Cross the finish-line faster, with less expenditure of capital, and fewer mistakes and missteps along the way - by leveraging the experience and market wisdom of our expert community." Check them out at http://www.accelerationcoop.com/** EntreOasis - The system that powers EntreOasis is the same system that powers Cisco Entrepreneurship Institute, and it contains valuable information on how to start and grow your business. This is a great resource that I recommend to your attention.
Check them out at http://www.entreoasis.com/ - and also check http://www.goventure.net/ for great games to train entrepreneurs** Founders Space
Founders Space brings together founders, angels, VCs, attorneys, CFOs and other experts to answer the questions all founders have. Whenever an advisor answers a question for one founder, the answer is shared with the entire community and preserved in our database. This way the advisor is actually providing assistance to tens of thousands of founders now and into the future. Founders Space long term goal is to build a global platform, where startups and advisors work as virtual teams to enter and grow new markets, and where investors can efficiently discover the best matches for their investment goals. Check them out at http://www.foundersspace.com/** Parisoma
The pariSoma Innovation Loft is a great resource and network for entrepreneurs, freelancers, and startups in the SF Bay Area. Their collaborative coworking environment serves as a launching pad for startups, with services and events tailored to helping you get off the ground. It is home to an Entrepreneur Commons Chapter, Founders Round Tables by Founders Space, TEDxSoMa, and more. Check out their space & events at www.pariSoma.com** StartupWeekend
Startup Weekend is a great program to beta test your idea, get it off the ground and/or get some early traction. It provides networking, resources and incentives for individuals and teams to go from idea to launch. Get connected with local developers, innovators and entrepreneurs. Build communities. Start companies. http://startupweekend.org** Supercoolschool
Our friends at Supercoolschool are providing a great and free service allowing all entrepreneurs to learn from each other through online classes where anyone can be a teacher or a student. They have now more that 100 videos of recorded classes. http://startup.supercoolschool.com** UrbanFire
UrbanFire workshop is one of the fastest, most effective methods of writing a business plan for functionality. What a business plan should be is one that speaks to your soul and helps you to realize how your dreams can be turned into a lifetime of passionate pursuits, realistic and concrete - a plan that helps you to launch your business, get it functioning and feel like it's the very heart of what you should be doing. In a matter of four Saturdays during July for four hours each session, you can walk away with a fully develop Start-Up Plan to get your business idea off the ground or to re-energize your business with focus and retooling. For more information: http://urbanfire.org** Venture Hacks
VentureHacks is the publisher of the ebook "Pitching Hacks". They are also building a list of startups that is published to Angel investors, and you can register here: http://venturehacks.com/intro** WickedStart gives people who have not started businesses before a roadmap of 10 steps to create a start-up. At each step are resources to help the entrepreneur, a community to ask questions, and more.
Check them out at http://wickedstart.com----------
Thank you to Foley Lardner LLC, KL Gates, Parisoma and Regus for their support of Entrepreneur Commons.
And as always, thanks to you for being part of this movement, nothing will happen without you.
Please consider forwarding this email to your friends to let them know about Entrepreneur Commons.Marc Dangeard
Founder Entrepreneur CommonsNewsletter signup: http://www.entrepreneurcommons.org/contact2
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