Home Back Issues August 2010 Young business leaders ignite startup scene

Young business leaders ignite startup scene

| Print |  Email
Articles - August 2010
Wednesday, July 21, 2010
Article Index
Young business leaders ignite startup scene
Page 2
Page 3
Page 4
Page 5, Reader Comments

0810_NewMoney08
The NedSpace/Starve Ups ethic values collaboration over competition, giving rise to a tightly knit community of young Portland entrepreneurs.
Friedman’s partner in launching NedSpace and proposing the new Portland seed fund, Mark Grimes, is much older than most of his NedSpace peers at 48. But it would be hard to find an entrepreneur younger at heart.

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.”


 

Comments   

 
Kent Lewis
0 #1 Build & KeepKent Lewis 2010-08-09 07:56:42
Excellent article, and kudos to the entrepreneurial team featured in this article. As a friend, vendor and partner of many of the entrepreneurs in this article, I can say the cause, and their achievements are legit. Looking forward to seeing more funding and entrepreneurial resources available in Portland in the near future.
Quote | Report to administrator
 

More Articles

Updated: Disrupting innovation

News
Tuesday, July 08, 2014
070814 thumb disputive-innovationBY LINDA BAKER  | OB EDITOR

The New Yorker recently published a sharply worded critique of “disruptive innovation,” one of the most widely cited theories in the business world today. The article raises questions about the descriptive value of disruption and innovation  — whether the terms are mere buzzwords or actually explain today's extraordinarily complex and fast changing business environment. 

Update: We caught up with Portland's Thomas Thurston, who shared his data driven take on the disruption controversy.


Read more...

Green Endeavor cleans up

News
Wednesday, August 06, 2014
080614 ULnew greenendeavorBY LINDA BAKER | OB EDITOR

Portland startup Green Endeavor strikes gold, inking a partnership with Underwriters Laboratories, an Illinois-based consulting and certification company with offices in 46 countries.


Read more...

Podcast: Interview with Pete Friedes

Contributed Blogs
Wednesday, August 27, 2014

082714-thumb friedesbookTom Cox interviews Pete Friedes, author of "The 2R Manager," about becoming a Best Boss.


Read more...

Poll Wrap-Up

News
Friday, August 15, 2014

2014 NewPoll-report-newsletterthumbIn this week's poll, we asked readers: "Who should pay for the troubled Cover Oregon website?" Here are the results.


Read more...

Register for 100 Best Companies survey

News
Wednesday, August 20, 2014
OBM-100-best-logo-2015 150pxwBy Kim Moore | OB Editor

The 2015 survey launched this week. It is open to for-profit private and public companies that have at least 15 full- or part-time employees in Oregon.


Read more...

Is this employee right?

Contributed Blogs
Wednesday, August 13, 2014
081314 thumb employeefeelingsBY TOM COX | OB BLOGGER

When I say, “Your Employee is Always Right,” I do not mean “right about the facts,” but rather “right about how they feel” and “right about how they want to be led.”


Read more...

Attack of the Robin Sages

Contributed Blogs
Monday, July 07, 2014
070714 thumb linkedinfakesBY TOM COX | OB BLOGGER

Named after the 2010 experiment by Thomas Ryan, "Robin Sages" are fake social media profiles designed to encourage linking and divulging valuable information.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS