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|Articles - August 2010|
|Wednesday, July 21, 2010|
Page 3 of 5
Here is how Grimes describes his exit from the first of four businesses he has launched: “After about two years I got bored, sold it, started doing other things.”
Here’s his take on innovation: “The half-baked notion where you don’t even know what the product is or what the market will be, that’s what’s exciting to me. That’s where true innovation comes from.”
Grimes says all of the companies he’s founded, including the web advertising agency he launched in 1996, Eyescream Interactive, were profitable within 90 days in spite of not having business plans. But he got hit badly by the dot-com crash and Eyescream collapsed in 2001.
“A handful of really bad things happened as a result of having a five-year lease with a personal guarantee,” says Grimes. “It was not a pleasant time, but we did not have to file for bankruptcy and all the staff was paid.”
Even that grisly business experience could not beat the entrepreneurial zeal out of Grimes. He’s invested in a dozen companies in Portland and San Diego, launched a philanthropic water service, helped organize a Maker Faire in Ghana and placed more than 7,000 loans through Kiva, an online micro-lending program that connects investors from rich countries with entrepreneurs in poor countries. He hopes to take the NedSpace concept, a “cross-pollination of experience and ideas” as he describes it, and expand it nationally along with the high-volume, small-scale seed fund that he believes would complement it neatly.
His vision for such a fund involves seeding between 20 and 50 companies per year with $25,000 to $100,000 each. Grimes insists that spreading the investments widely would produce better results than mega-investments in one or two enterprises (think ethanol plants). “Are a third of them going to fail? Absolutely. We’re going to say that going into it,” he says. “Or maybe 20% or 25% will fail. But plenty will succeed. And what’s fail anyhow? If it employs people for a year and brings in taxes, is it a failure?”
Grimes argues that the successes resulting from such a program would bring further successes, improving Portland’s reputation as a city eager to host entrepreneurs, as opposed to an environment hostile to business. “If money is flowing through the city to start-up companies, people will move to Portland to start up companies,” he predicts. “You can do amazing things for startup companies with just $25,000 to $100,000.”
Tuesday, August 19, 2014
BY TOM COX | OB BLOGGER
Tom Cox interviews Steve Balzac, author of "Organizational Psychology for Managers."
Wednesday, August 27, 2014
BY LINDA BAKER
Dr. Chong Fang isn’t God. But the assistant professor of chemistry at Oregon State University is getting closer to figuring out how he put everything together.
Wednesday, August 27, 2014
BY KLINT FINLEY
Treehouse CEO Ryan Carson builds a 21st-century trade school.
Friday, August 15, 2014
In this week's poll, we asked readers: "Who should pay for the troubled Cover Oregon website?" Here are the results.
Tuesday, August 26, 2014
BY JESSICA RIDGWAY
September's Launch article features Orchid Health, BuddyUp and Inter-Europe Consulting.
Thursday, July 24, 2014
BY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR
With the increasing retirements of Baby Boomers, a massive real estate shift has created a significant increase in demand for NNN properties. The result? Increased demand has triggered higher prices and lower yields.
Thursday, July 31, 2014
BY MARY SPILDE | OB GUEST CONTRIBUTOR
Faced with the aftermath of the “great recession,” increasing concern about the environment and dwindling family wage jobs, we have some very important choices to make about our future.
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|Scotland votes to stay in United Kingdom|
|Scotland vote on independence begins|
|Artificial sweeteners may lead to diabetes|
|General Mills expects to save $100M|
|Sony predicts $2.14B loss|
|United Airlines offers $100K buyouts to flight attendants|
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