The Ideal Formula for OC Entrepreneurs
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A winning recipe for success is starting with the right ingredients. According to Matthew Jenusaitis, OCTANe’s new president and CEO, Orange County is developing the ideal formula for making new ventures flourish.
Jenusaitis was the guest speaker at last week’s Entrepreneurs Forum in the Calit2 Building. He shared with the audience the three keys to making startups flourish: intellectual horsepower, venture investment and a conducive environment. By comparing data from Los Angeles, San Diego and Orange counties, Jenusaitis said the OC had the highest patent and high-tech employee density base, as well as a growing investment climate.
“While 2009 venture investment was the lowest we’ve seen in many years, there was an upward trend in the fourth quarter,” he said. “Also on the rise has been small business research funding grants, and support from family and friends.”
While the cost of doing business in California can be an impediment for some, Jenusaitis pointed out that the OC’s geographic location actually bodes well for entrepreneurs.
Forum participants then got a step-by-step lesson on how to take their idea and make it a reality. First, he told them that they must secure their idea, a.k.a. intellectual property, by filing a patent.
“Then do your homework,” Jenusaitis implored. “Is there a market? You need to determine what models exist and whether your idea or widget has a place.”
If it does, he told the audience, then step three would be forming a good management team that knows the market space. With good advisors, according to Jenusaitis, you can then build your proof of concept and demonstrate successful deployment. He said the fifth, and final step, is being able to develop a successful financial model that will entice investors and funding support to grow the business.
“OC is a good place to be,” he said enthusiastically. “While the current investment environment is just ok, UCI is loaded with intellectual property and licensing opportunities.”
By connecting people, capital and technology, OCTANe accelerates entrepreneurs and company development for Orange County's information technology and biomedical industries. Last summer, the non-profit organization made Jenusaitis its second president since its inception in 2002.
View pdf version of the presentation.
--by Shellie Nazarenus, Calit2