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VC is on the rise and so is my optimism

While 2012 was a challenging year (to say the least) for venture capital, 2013 might be off to a better start according to Ernst & Young’s tenth annual Venture Capital Insights and Trends Report. 

According to the report, steadying economic conditions bolstering investor confidence and an increased appetite for risk combined with a better prospect for exit opportunities will make 2013 a more positive year for all of us. That is good news for entrepreneurs, and companies like Crossroads Public Relations that serve them.

While this may sound like cause for celebration, don’t start your happy dance just yet.  There are a few caveats that entrepreneurs need to keep in mind. The report explains that VCs are increasingly focused on companies in the revenue generating stage vs. product development pre-revenue stage, are making later stage and smaller investments, and demanding tougher terms. That means that a good idea is probably not good enough. You need to have an actual product generating revenue from actual customers that actually want to pay for it. Not really a novel concept, more like an oldie but goodie.

Corporate venture investing is also on the rise, surpassing pre-dotcom levels in 2012, as corporations look to invest in and acquire venture-backed companies to fill their gaps. Try to follow me (and the money) on this one. More M&A activity leads to a return on the investor’s investment, and which could lead to more investment, right?  

Entrepreneurs may take some satisfaction in the fat that competition for dollars is fierce, not only for the entrepreneurs, but for the VCs themselves as they compete with one another and other sources of capital. Also like entrepreneurs, VCs are forced to establish a more robust value proposition for their own investors. Again, not exactly a novel concept, but a good one. 

I for one am thrilled to see any positive signs of growth in venture capital, M&A and the economy in general. This report and these trends are a good starting point, but lets keep it coming. I don't mean to sound greedy but I want more!  

[shawnramsey-blog]

CEO Branding is Nothing New

CEO Branding. I keep seeing more and more articles about it, and even see agencies being built around it, as if it were some new, cool strategy and/or concept. I will let you in on a little secret (which is actually no secret at all for most of you). CEO Branding is not new! It has been around since companies/businesses have been around. Think LouisVuitton, Ford Motor Company, etc. The CEOs were the brand!

I myself have been doing it for nearly two decades. I have to admit that I have never really referred to it as CEO Branding though. Here at Crossroads PR, it is simply part of Thought Leadership. While I certainly don’t agree that it should be touted as the latest and greatest branding concept, I do agree that it is extremely important, especially for the entrepreneurs we work with. For a young company, demonstrating the expertise of a CEO and founder, and generating third party validation for that expertise is key to survival and success, especially when competing against more mature companies with established brands. 

How can entrepreneurs help build their own Thought Leadership (aka CEO Brand)? They can start by building key messages and bios that emphasize that expertise. They can share that expertise with their target audiences via blog posts, byline articles, speaking engagements and other communication platforms. Once they have demonstrated that expertise, they can look to others to help validate that expertise – via editorial placements, customer testimonials, partner endorsements/referrals, etc.

Have you started building your CEO Brand yet? If not, hopefully I have given you some ideas to help get you started. And, if you need more help, just let us know : )

[shawnramsey-blog]

The CEO Success Factor in PR

This recent Forbes.com article, 4 PR Habits of Highly Effective CEOs, prompted me to think about the role CEOs have played in the success and/or failure of our own client PR programs. Over the past decade here at Crossroads Public Relations, we have learned that our chances of helping a client build a successful PR program increase significantly when the CEO is involved/accessible, supports those initiatives, and sees our agency as a strategic business partner vs. tactical arms and legs.

While we often engage initially and work directly with a VP/Director of marketing, we push for immediate and consistent access to the CEO and other key C-level executives. 

Here are some examples of why that is important: 

In order for us to build a truly strategic and successful PR program, we need to hear directly from the company’s leadership about the overall strategy, goals and direction of the company. For example, are they looking to raise money, what is their exit strategy, what does their product pipeline look like, what is their sales/business development strategy, what are they hearing from customers, etc.? 

Access to and insight from CEOs, is especially important when developing and/or communicating key messages for the client, it is important to ensure that everyone is speaking the same language, and to get buy-in from the top down. They are often the primary spokesperson for our client, and must buy into that messaging to deliver it successfully. 

Having their buy-in/support for PR overall is imperative, to ensure that others in the company understand the importance and relevance of our PR initiatives. If the CEO and other execs don’t support PR, why should anyone else in the company care and/or take the time to respond to our requests?

We must also work directly with them to establish them as expert resources and/or thought leaders via blog posts, proactive pitches, byline articles, speaking engagements, etc. It is hard to “speak with their voice” if we never hear it. 

We know that this relationship is a two-way street. We can’t expect to get all of this from CEOs without giving them what they need in return. We must earn the respect and support of those executives by educating them on the value of PR/strategic communications and by demonstrating ROI through business metrics that tie to their bottom line – i.e. metrics they can proudly share with their board/investors. 

[shawnramsey-blog]

If at first you don’t succeed, try (and maybe fail) again

This may come as a shock to all of you startup founders/entrepreneurs out there, but Mark Zuckerberg’s smashing success is not the norm. In fact, according to a recent report from Shikhar Ghosh at Harvard Business School, the norm is probably just the opposite. Ghosh reports that about three-quarters of venture-backed firms in the US fail. 

That dismal failure rate does contradict what some venture capitalists say according to the article by WSJ writer Deborah Gage. Gage says venture capitalists typically say that only three or four out of ten startups fail. According to the The National Venture Capital Association’s website, 40 percent of venture backed companies fail; 40 percent return moderate amounts of capital; and only 20 percent or less produce high returns. 

According to Ghosh, venture capitalists often “bury their dead” and “emphasize their successes.” He also points to inconsistencies when defining failure, explaining that “if failure means liquidating all assets with investors losing all of their money, an estimated 30-40% of high potential US startups fail. If failure is defined as failing to see the projected return on investment, then more than 95% of startups fail.”

Gage’s WSJ article highlights the story of entrepreneur Daniel Dreyman, founder of Goodmail Systems, which raised $45 million in venture capital throughout a rocky journey paved with failed strategic partnerships and a dashed acquisition by a Fortune 500 company – a story all too many entrepreneurs can relate to. 

While this story of failure seems like a depressing one, there is a silver lining. According to Ghosh, venture capitalist David Cowan of Bessemer Venture Partners and others – failure is actually a very valuable step on the path to success. As a matter of fact, the 2011 Forbes article – Top Ten Reasons Why VC-Backed Companies Fail, cites “lack of failure” as the top reason entrepreneurs fail. As confusing as that seems, author Eric Jackson explains that, “its only through failing that we learn and really grow as leaders.” He says that some leaders who have never experienced any kind of failure — or even a down cycle in the market, can become over-confident and even arrogant. 

Jackson is obviously a big believer in the old mantra “if at first you don’t succeed, try, try again” as he goes on to say that “ those who have two good failures in the first 1/3 of their careers tend to succeed the most in the last 2/3.” 

For what its worth, here at Crossroads Public Relations we are doing what we can to help more startups succeed with the launch a free online resource called Techpreneur Spotlight. We set out to create a “go-to” resource where technology entrepreneurs (i.e. Techpreneurs) can post their news and bios for more visibility with key influencers, and gain insight from other like-minded entrepreneurs, investors, media, and others who may influence their success. Check it out and let us know what you think. Thanks. 

[shawnramsey-blog]

More Support for Startups in NC

I went to a great event last night - the launch of Startup North Carolina (@StartupNC) in Research Triangle Park. It was exciting to see so many people there to support startups in this area – a room filled with entrepreneurs and supporters from universities, government, incubators, investors, mentors, service providers and more.

Successful late stage entrepreneur Brooks Bell challenged other entrepreneurs to think strategically about job creation when building their companies. She talked about the “anti-job creation” mentality of the Silicon Valley, and how RTP has an opportunity to counteract that. She also stressed the responsibility of founders to create a culture including a core set of values and mission statement to drive alignment among teams, and to lead and inspire others.

Aaron Chatterji, Associate Professor at Duke University's Fuqua School of Business, talked about the coming of age for entrepreneurship in America, but warned that we could not rest on our laurels since other nations are catching up. He pointed out that that majority of VC funding goes to three regions – CA, NY and Boston. He said NC has an opportunity to reinvent itself, to harness untapped potential andcreate a network of connective tissue that supports the sharing of ideas andresources - the premise behind Startup North Carolina and the Startup America Partnership. He ended his speech with a motivational push for the many young entrepreneurs in the room – “Entrepreneurship is how we change the world. Let’s go do it.” That mantra served as a great segway to the four up and coming entrepreneurs who shared their ideas with the crowd.

As an entrepreneur myself and the principal of a PR agency dedicated to working with entrepreneurs, I can’t wait to see what a difference @StartupNC can make for those entrepreneurs and this region, and I look forward to being part of it.  

[shawnramsey-blog]

A Whole New Crop of Entrepreneurs

Last night, Kristi and I joined more than 100 supporters of Startup Stampede as its third session came to a an end, with closing pitches from the 11 participating early stage companies. Crossroads PR has been involved with Startup Stampede since its first session, and it is always exciting to be involved with so many smart, passionate and creative people trying to make their own way in the entrepreneurial world. 

Last week we had a chance to sit down with some of those entrepreneurs including @seamhappy, @theaocproject, @offlinemedia, and The Makery. While spending time with them one-on-one and hearing about their companies, we gladly offered PR advice, but perhaps even more importantly real-world business advice based on our own experience as entrepreneurs. It has been more than nine years since we started Crossroads PR, but we can still vividly remember the fears and dreams associated with starting your own company. In reality, not all of these entrepreneurs will succeed in this specific journey but they all deserve kudos and support from the entrepreneurial community at large for taking this risk. And of course, Startup Stampede and the Durham Chamber of Commerce deserve major thanks for everything they have done to help these companies. 

Here at Crossroads PR, we look forward to being part of Startup Stampede next time and meeting a whole new crop of entrepreneurs there and throughout the community. 

Caption: Whitney @freshlygiven doing her closing pitch to a packed house at Beyu Cafe in Durham, NC. 

[shawnramsey-blog]

What Entrepreneurs should know about spreading manure and other helpful tips . . .

Kudos to Jason Caplain and David Jones at Southern Capital Ventures for bringing together such an amazing Entrepreneur Series last week. 

Don Rainey, General Partner at Grotech Ventures kicked it off talking about the success of portfolio company LivingSocial. Rainey went on to join a panel of of other investors from River Cities Capital Funds, TomorrowVentures and Volition Capital. This panel provided valuable insight and advice from investors outside the RTP area, giving entrepreneurs an edge on raising their next round of funding. Some of the best advice included don't waste time writing a business plan;  leverage referrals/contacts to get your foot in the door; do your homework/know the VC and their focus before you reach out to them; and keep your outreach short and sweet/no 3 page emails please. Not surprisingly, these rules also apply to media outreach. 

Entrepreneurs from BlueStripe Software, Maxpoint, Netsertive and Windsor Circle went on to share their experiences including both trials and tribulations. 

Definitely the most entertaining portion of the event was the "founder story" shared by Canvas On Demand founders Tom Lotrecchiano and Joe Schmidt. They shared their "10 Commandments of Entremanureship." No, that is not a typo. I said "manure." The motto behind these commandments is "if you spread enough, something will grow." Their hilarious insights and nuggets like "Don't buy chairs" (cash is king, be frugal) and "You make your own sandwich" (as entrepreneurs, you get to pick who you work with, so make the company you want it to be) really struck a chord with me and my business partner as we face many of the same challenges they overcame (and sometimes failed at) along the way. I hope the other entrepreneurs in the room took it to heart as well. 

The room was packed, and this event will certainly be a tough act to follow, but I hope even more entrepreneurs attend the next one. If they don't take advantage of great opportunities like this one to learn and network, it is their loss. 

[shawnramsey-blog]

To VC or not to VC? That is one of many questions.

That may be the question on the minds of many entrepreneurs, but the right answer probably depends on the one asking.  When it comes to funding a company, one size definitely does not fit all. As an entrepreneur/founder, you need to think long and hard about what it is you really want and need. Are you simply looking for money? If so, how much money? What is your growth plan for the company? Are you looking to build a lifestyle business, or are you looking for a high return (hopefully) exit in the not too distant future? How much revenue can your company actually generate? And, how much of the company are you willing to give up? These are just a few of the MANY questions you need to ask yourself.

Over the past 20 years, I have worked with hundreds of entrepreneurial companies, in-house, on the agency side and even with an early stage investment firm. I have seen venture capital money help some of these companies grow to become great successes. I have also seen venture capital money take away the entrepreneurial essence of some companies, crush the spirit of some founders, and kill the company in the end. On the flip side, I have seen non-venture backed companies grow to become great successes, and others fail because of lack of funding, lack of experience, an over abundance of ego/arrogance, and/or any number of reasons.  

For an inexperienced entrepreneur, VC funding can bring more than just money. It can bring a team of experienced business resources with a network of industry contacts that can lead to more funding, customer sales, partnership opportunities, and M&A activity. These powerful value-adds obviously come at a price, but for many entrepreneurs that price is well worth the potential return on investment.

As you think about building your company, be sure to consider all possible sources of funding including alternative financing routes. If you have an opportunity to build a solid foundation on your own, your company may be even more attractive to investors looking to help you get to the next level. As an alternative, friends and family may welcome the opportunity to invest in your new company. Angel investors, early stage investors and even incubators and accelerators should also be considered. And, don’t forget about grants. They can help you get your company/technology off to a great start. Check out NC IDEA or NIH for some examples. 

As you think about where to turn for funding, you might want to check out these articles I found on the same topic. And, as always I would love to hear your thoughts on this post, ideas about alternative sources of funding, or anything else you think our entrepreneurial readers might benefit from. 

Relevant articles: 

http://www.inc.com/erik-sherman/first-step-to-success-avoid-vcs.html

http://www.inc.com/steve-blank/vcs-are-not-your-friends.html

http://miter.mit.edu/article/vc-or-not-vc-question

[shawnramsey-blog]

Ambition Gap, Gender Gap … Call it what you will, its still a gap!

Many of you may have heard about Facebook’s COO Sheryl Sandberg’s recent discussion (at the World Economic Forum) about what she called the “ambition gap” between men and women. She went on to say that this gap impedes women all the way from childhood to the corporate boardroom, and that girls need to be more ambitious to achieve in the workplace. 

Sandberg got quite a bit of flack because the term “ambition gap” implies that women themselves are lacking ambition. Like the term or not, you can’t deny there has been and continues to be a gap between men and women in the workforce. Like many others, I am just glad that she brought it to the forefront (again). 

There are obviously so many challenges for women in the work place, and it’s easy to blame the lack of female leadership on those external factors. I have certainly been guilty of that myself. But, Sandberg’s discussion reminds me that I need to accept some personal responsibility when it comes to my future as a leader and role model. The first step for me, and others, is to believe I have what it takes to be a leader and to live up to that standard. The second step is to challenge those gender stereotypes, glass ceilings, and other obstacles in the workplace. Reform in the workplace, and even at home, can start with us. 

The change will not be immediate, and my generation might not reap the benefits directly, but it will come eventually. Research shows that women are already closing the education gap, with record numbers of women entering undergraduate programs as well as MBA and PhD programs. That is definitely a step in the right direction. Progress can be slow, but I am committed to doing what I can to push it along. 

If you want to learn more about Sandberg’s “ambition gap”, here are some links you might want to check out: 

http://technorati.com/women/article/facebooks-sheryl-sandberg-discusses-women-lagging/

http://www.thestar.com/article/1127386--facebook-s-sheryl-sandberg-says-women-burdened-by-ambition-gap-is-she-right

http://www.nytimes.com/2012/02/05/business/sheryl-sandberg-of-facebook-staying-on-message.html

http://www.forbes.com/sites/samanthaettus/2012/02/02/sheryl-sandberg/

[shawnramsey-blog]

Good news, finally!

Good News, Finally! 

Today’s TechJournal South was full of good news, which is a very welcome change of pace when most of what we have heard and/or seen from the media for months (maybe even years) has been negative. The first bit of good news is from the YPO Global Pulse Index, which indicates that the US rebounded sharply in the fourth quarter of 2011, climbing 4.5 points to 62.2 – the highest level of improvement in the history of the survey. The YPO Employment Confidence Index for the US also rose 1.5 points, also a record. These latest indices are very promising for businesses and job seekers. 

The second bit of promising news came from PwC US’s Private Company Trendsetter Barometer , which echoes those signs of growth and promise. The barometer reports that 78% of executives surveyed expect positive growth over the next 12 months, with double-digit growth expected by 35% of executives. Those surveyed also expect to hire more, with 54% planning to add to their workforce over the next 12 months. 

It’s about time to hear some good news for a change and kudos to Techjournal South for being the bearer of such news. Here at Crossroads PR, 2012 has been off to a strong start and I am optimistic that trend will continue for us, and our clients. What do you think?

[shawnramsey-blog]

Greetings from CES – Day 1

Day One of CES 2012 is complete, and what a day it was for the Valencell team.

We had a steady flow of traffic at the booth from show opening to show closing. Valencell CEO Steven LeBoeuf’s participation the Sports and Fitness Tech Summit panel It’s Not Just Tech, It’s About Aspiration resulted in a long line of people waiting to speak to him afterward and a major spike in traffic to the booth.

For me, the panel was exciting not only because of my client’s participation but also because it reminded everyone that there is more to technology than just the entertainment value. The technologies showcased on Steven’s panel and throughout the Fitness Tech and nearby iHealth zones demonstrate that technology can really help consumers improve their health and lives.

As part of the Fitness Tech Zone, Valencell’s booth was surrounded by the latest and greatest in everything from fitness gadgets, applications, accessories, and believe it or not even health insurance. The onsite Valencell athletes worked hard on the treadmill and elliptical all day to demonstrate how Valencell’s technology captured their biometric/fitness data in real-time. That alone drew a lot of people into the booth. 

While our hardworking athletes were cool, I have to admit that nearby Polk Audio may have outdone us with their leaping snow boarder and flying gymnast. Wow!

It was a long day, but a good one leaving us excited for what the show has to bring over the next few days. We were so encouraged by today’s results that we already signed Valencell up for next year and plan to be part of an even bigger and better Fitness Tech Zone. 

As CES continues, I’ll be sure to keep you updated on the latest on-site activities.

[shawnramsey-blog]

Gearing up for CES

I am spending this week getting ready to head out to CES 2012 with my client Valencell. Trade shows, especially one as huge as CES, can be a real challenge for many of our clients who are often smaller, entrepreneurial companies with limited budgets and limited staffing. 

What can small companies do to make a bigger splash in a very large, crowed and noisy environment like CES?  Here are some ideas to consider: 

Press release - Do a press release prior to the show announcing your upcoming presence at the show, new product announcements, scheduled demos, speaking slots, etc. In most cases, don’t wait to do the announcement during the show. It is way too easy to get lost in the noise at the show and your announcement may fall on deaf ears. Sending an announcement prior to the show may allow you to be considered for pre-show editorial deadlines and drive extra traffic to your booth.

Media - As an exhibitor, you typically have access to a pre-registered media list. Since most of the targets will not be relevant, mine the list for appropriate contacts. As always, do you homework before reaching out. Know their coverage area/beat, know what they have written before and know how and when they prefer to be reached. 

Do outreach well in advance of the show. If you wait until the last minute, you will miss opportunities. Some media targets may be doing sneak peaks prior to the show or have long-lead deadlines for print publications. And most plan their onsite meeting/interview schedule well in advance. 

If possible, add a touch of customization to your pitch. See if they’ve covered a product or company similar to your client and point it out to them during your outreach (example- send them a link to an article they’ve written.) If it’s a target you’ve previously met with and missed at another trade show, take this as an opportunity to reach out again.  Media outlets will appreciate a customized outreach note, rather than a standardized one.

Also, be on the lookout for event-specific editorial opportunities well in advanced. Research editorial calendars and offer yourself as an industry/expert resource. 

Social media – In addition to promoting your show presence on your own social media platforms (company blog, twitter, etc.) explore other opportunities to contribute content, such as posting/commenting on other blogs. While at CES, Valencell will be serving as a guest blogger for the CEA Digital Dialogue (Consumer Electronics Association). We pitched some creative angles/ideas and they welcomed one more resource onsite at the event. In the past, I have had clients serve as guest/featured bloggers for media blogs as well. Be sure to check out these and other guest blogging opportunities including partners, vendors, etc. 

Awards – Many shows and/or their media partners give out awards, but many of those submission deadlines are well ahead of the show itself. Take an advantage of these opportunities by doing your research early. Even if you don’t win, it could help get your product/technology in front of some key industry influencers. 

Speaking – Many shows offer speaking opportunities. Some are paid opportunities included as part of sponsorships, etc. but others may be free. Again, do your research and explore possible speaking opportunities. Keep in mind that these speaking deadlines six months to a year ahead of the show. 

Book/ebook – In the past when clients authored/co-authored/contributed to industry-relevant books, we worked closely with the publishers to promote that book leading up to the event and scheduled book signings, book giveaways and interviews at the event. A more cost effective and achievable goal for small companies may be to publish an eBook that you can also promote prior to and during the show. 

Share and share alike – Look for opportunities to share booth space (and even marketing campaigns) to save dollars - perhaps with a partner, a complementary industry player or even another friendly local company. 

Stand out - Do something to draw attention to your company and stand out in a crowd, but make sure it supports your company’s overriding message/position to ensure quality (traffic) vs. quantity. For example, Valencell develops sensor technology that measures real-time biometric and physiological data for fitness applications. At CES, they will have real athletes working out on a treadmill and elliptical machine at the booth. It’s not everyday that you see folks working out on the tradeshow floor. It will hopefully draw some attention, but the end goal is to demonstrate the power of their technology in real-time. 

These are just a few ideas. Every company has an opportunity to do something unique and creative. If you need help creating some PR-buzz for your next event, let us know. I see visions of chatzkis and golf shirts in your future. Just kidding. Or am I? 

Be sure to check back next week as I blog directly from the show. If you are going to CES, stop by and see me and Valencell at booth N3638. 

[shawnramsey-blog]

Catfight Anyone?

Meredith Lepore at TheGrindstone.com recently wrote two articles that gave me pause for thought. The first was “Are Women in PR Just Grown Up Mean Girls” followed by “PR Mean Girls: Catty Is Just Another Label for Competitive.” Both articles talked about the perception (real or not) that the PR industry is full of catty women, and raised the question of whether that was a natural by-product of a female dominated industry or if the industry itself brought out fierce competition? Having been in the PR business for more than 15 years and currently leading an agency of seven women, I agree that the industry can be very competitive for both men and women. I also agree with one interviewee that tight competition for clients combined with the stress of deadlines is a big factor. Add demanding clients and demanding media to the mix, and guess what you get? More stress and more competition.

That stress and competition can bring out certain (not always pleasant) qualities and/or personality traits. And in an industry that is estimated to be 73-85 percent female, perhaps those qualities are naturally more evident in PR women. With all of that in mind, I am taking a strong stand against using the term “Catty” to describe myself, or the team of women I work with day in and day out. Don’t get me wrong. We are all type A personalities – very competitive, assertive, outspoken, persistent and driven to win. But, isn’t that what you would look for in a successful PR person or any successful businessperson, male or female? I am pretty sure our clients wouldn’t want a PR representative who is submissive, meek, demure, soft spoken, etc. That is definitely not what they pay us for and it is not likely to get the results they want. However, in addition to possessing all of those qualities I mentioned above (competitive, opinionated, etc.), we must also balance that with being patient, flexible, compassionate, and empathetic, etc. Trust me. There are some days when I have to remind myself of that. Or more likely, someone from my staff will remind me : )

[shawnramsey-blog]

More Good News About Women in Business

When my colleague shared this infographic from Intuit, I thought it would make a perfect follow up to my last blog post on women entrepreneurs. It shares some really positive news about women-owned small businesses, which according to the graphic, are outpacing male-owned firms in job creation.

I am happy to see that Crossroads Public Relations is in good company, as one of 8 million women-owned businesses in the US. Together, these businesses generate nearly $1.3 trillion in revenues and employ more than 7.6 million people. On the flip side, 99% of women-owned businesses employ fewer than 100 people and make up only 6% of the US workforce.

The good news is that women-owned businesses are expected to account for 57% of the 9.72 million small business jobs created between 2009 and 2018. And, it just so happens that Crossroads is based in North Carolina, one of the top 10 states for women-owned businesses.

Here’s to being in the right place at the right time! 

[shawnramsey-blog]

Women Entrepreneurs Can Save the World!

Okay, that may be a little extreme but a recent study does say that women entrepreneurs might just be the key to new job creation. According to the study from the Kauffman Foundation and the Fast Company article that brought it to my attention, while women form 46% of the workforce and over 50% of college students, only 35% of startup business owners are women.

As if that is not depressing enough, the report goes on to share even more depressing statistics about women entrepreneurs. Apparently, women trail men not just in share of entrepreneurial activity but in revenues (just 1.8% of female-led firms have revenues of over $1 million vs. 6.3% of male-led firms), patents (5.65% of female firms seek patent approval versus 13% of men) and job creation (36% of women-led firms create jobs to 44% of male-led firms).

The report attributes some of this to the fact that women simply don’t have the same kind of role models and networks as men do, to inspire them and help them start their own companies. 

All may not be lost though. The report does suggest steps that will help more women start their own companies. For example, women should be invited to serve on more boards, successful women entrepreneurs should make themselves more visible as role models, and more funding/initiatives should be made available to help high-growth women entrepreneurs. 

The following quote pretty much sums it up. “With nearly half the workforce and more than half of our college students now being women, their lag in building high-growth firms had become a major economic deficit…Women capable of starting growth companies may well be our greatest under-utilized resource.”

As a woman entrepreneur, this report really hit a nerve. Here in Research Triangle Park, NC, we work with a lot of other entrepreneurs, primarily in the technology industry, and very few are women. As a matter of fact, in the eight years since we started this company, I can’t remember one client company that was founded by a woman. 

The good news is that this report also inspired me, to work harder to be a successful woman entrepreneur and to serve as a role model for other women who want to start their own business. I hope all of my readers, women and men, realize the importance of this report and also decide to do what they can to help more women become not just entrepreneurs, but successful ones. If that success can help create jobs, it benefits everyone. 

If you have ideas on what we can to make sure the next report focuses on the growth and success of women entrepreneurs, please share. Thank you. 

[shawnramsey-blog]

Good advice for entrepreneurs

Earlier this week, Om Malik with Gigaom posted a great piece, with solid advice for entrepreneurs. He talks about the importance of transparency for startups - when it comes to raising money, communicating/leading a team and more. 

He quotes serial entrepreneur, Lewis Cirne, as saying “If you have a culture of hiding, it is perpetuated in the company and has an impact on the business, and leads to erosion of trust." 

Om says a timely proof point for this need for transparency is the ongoing News Corp's World of the News scandal. 

I think every entrepreneur, actually every business leader could benefit from his advice. You can check the article out at http://bit.ly/pfqSkn. 

[shawnramsey-blog]

Welcome Crossroads PR's Latest Addition

I wanted to use this blog post to welcome Michele Chandler to the Crossroads PR team, as our newest Account Coordinator. Michele brings with her some great technology experience, specifically in the digital media space, having joined us from Althos Publishing – home of IPTV Magazine, Mobile Video Magazine and more.  She is an NC State grad, having majored in Communication/Communication Media with a minor in Journalism. We are excited about having some new blood around here and look forward to benefiting from Michele’s creativity and fresh perspective, as well as her strong social media and new media skills. You will be hearing from Michele directly soon. In the meantime, please join me in welcoming her to our world.