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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.”
Wednesday, September 30, 2015
BY LINDA BAKER | EDITOR
The media coverage about Pope Francis must have put me in a Biblical frame of mind. Because after touring the latest phase of the South Waterfront development, a mind boggling 1.5 million square feet of office and retail space that will spring up north of the aerial tram over the next few years, I couldn’t stop thinking about the massive project as a modern day creation story.
Thursday, August 20, 2015
Which of the following would be most effective in reducing the cost of operating a public university in Oregon?
Wednesday, August 19, 2015
BY KIM MOORE
A conversation with Chris Maples, president of the Oregon Institute of Technology.
Wednesday, August 26, 2015
BY LINDA BAKER
A new co-working model disrupts office sharing, child care and work-life balance as we know it.
Thursday, August 20, 2015
BY JACOB PALMER
Ask any college student: Textbook prices have skyrocketed out of control. Online education startup Lumen Learning aims to bring them down to earth.
Monday, September 28, 2015
BY TIM NEVILLE
A Power Lunch at Zydeco Kitchen and Cocktails in Bend.
Tuesday, September 08, 2015
BY LINDA BAKER
Alan Lehto, TriMet's director of policy & planning, shares a few thoughts on ride sharing and more nimble bus services.
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