To celebrate the one year anniversary of the Startup America Partnership, Startup Massachusetts hosted a fireside chat with national board member and entrepreneur Tory Burch, followed by a panel discussion featuring Dave Balter, Founder & CEO, BzzAgent; John Harthorne, Founder & CEO, MassChallenge; Karen-Michelle Mirko, Director of Customer Advocacy, American Express OPEN; and Dr. Eric Elenko, a partner at PureTech Ventures. The event, held at Northeastern University last week, focused on celebrating and supporting entrepreneurs in the community.

Following introductions by Director of Startup Massachusetts Cory Bolotsky, Northeastern University President Joseph Aoun, and Massachusetts State Senator Karen Spilka, a soft-spoken Tory Burch approached the stage with grace and poise, accompanied by moderator Karen-Michelle Mirko.

As the CEO and COO of a business that began in her Upper East Side apartment eight years ago and has since flourished into a worldwide fashion phenomenon, Manhattan designer, businesswoman and philanthropist Tory Burch knows a thing or two about entrepreneurship. When asked about her seemingly overnight success, she muses, “overnight was a really long night for me!”

Tory recalled years of gathering, sketching, and working hard to get to where she is today. “Where she is” refers to an international network of 60 free-standing boutiques, 500 department and specialty stores, Oprah endorsements, Forbes lists, CFDA (Council of Fashion Designers of America) awards, and the trendiest Hollywood celebs sporting her gear. However, like most success stories, Tory has paid her dues. She spent two years working night and day out of her apartment, catering to 16 employees and 2 small children. While the idea of cold-calling invokes fear in the hearts of many, Tory highly encourages the practice despite how many times you might hear the word “no.”

Now, Tory strives to keep the culture of her high-fashion brand down-to-earth.  She has found that interdepartmental interaction is important for culture and innovation, and often uses culture surveys as a means of hearing from her 1500+ employees. In terms of hiring, Tory advises that young entrepreneurs “go with [their] gut” on hiring that first employee. “It’s also about necessity,” she says. When she realized she needed help sketching and translating her thoughts to paper, she hired someone that she knew could do just that.

Tory’s guiding thoughts on entrepreneurship include the following pieces of advice:

• Be tenacious
• Believe in yourself and your concept
• Surround yourself with great people
• Have good faith in your team

As for female entrepreneurs in particular, Tory advises, “Believe in yourself, and stop apologizing. Know your self-worth. Realize that you’re doing the same work as men.”

Finally, Tory believes in the importance of social responsibility and giving back. In 2008, she founded the Tory Burch Foundation, which seeks to empower women through microfinance and mentorship. She sits on the board of Startup America mainly because she feels it is her duty to share her experience with others. According to Tory, entrepreneurs must support one another and create valuable relationships in order to get America back to work in this difficult economy.

Prior to the main event, Tory attended a luncheon with female entrepreneurs in the community.  Each woman had the opportunity to introduce her company and discuss the various challenges they have faced. Despite Tory’s status as a contemporary fashion powerhouse, Lindsay Burke, founder of Harper Lei, describes her as “beautiful, inspiring, down-to-earth, and approachable.” According to Burke, Tory Burch is just “an ordinary person that has done a huge thing.”

That is where the IDEA Coaches step in as part of the Coach, Connect, Fund method that IDEA implements.

This past Saturday, IDEA hosted the first Coaching Summit to bring together our coaches who work closely with our ventures as they move through the Ready, Set and Go stages.

Our coaches act as the face of IDEA to each venture, the moment they step through our doors. The objective of the coach-venture relationship is to facilitate the venture’s use of all of the resources that IDEA has to offer. The coach will work with each venture as they fill out the Business Planning Guide in order to advance their idea forward.

Coaches are upperclassmen students as well as recent alumni who can help pinpoint the specific resources that can be most helpful to a new venture. Whether it is help from our Graphic Design team, meeting with IDEA CEO Chris Wolfel during CEO Office Hours or an invitation to attend Investor Insights and hear from a panel of experienced investors, coaches ensure that all ventures are on the right track in the IDEA program.

“The main role of a coach is to point our ventures in the right direction,” explained Wolfel at the summit.

The biannual summit was held over lunch and led by Wolfel, Evan Stein, Head Coach and Dan Gregory, Faculty Advisor, to discuss how to improve the coaching process and further develop this component of IDEA. The summit ended with a crucial feedback session, because as a startup ourselves, we are always looking to improve.

The importance of finding someone with a better understanding of the resources at IDEA or even in your particular community is always an excellent addition to your team as you advance your venture.

View this article on our new BostInno channel.

IDEA: Northeastern’s Venture Accelerator will be writing for our new BostInno Channel to showcase the entrepreneurial spirit that our organization, along with many others at Northeastern, are helping to promote.

IDEA, Northeastern’s Venture Accelerator, is a student created and run university program that helps students and alumnae organically create, develop and accelerate their own business ideas. IDEA provides coaching, mentorship, funding, and a number of other resources for ventures with an end goal of launching sustainable or investment-ready businesses.

We will be highlighting student entrepreneurship at Northeastern by shedding some light on what it takes to start a business while in college and launch into the entrepreneurial scene. Our posts will also focus on events and activities on Northeastern’s campus that are directly tied to the entrepreneurial space as well as highlighting events sponsored by our organization. We will also share advice and anecdotes from students as well as industry professionals who have been key assets to the growth of IDEA.

We hope you will enjoy reading along!

We are excited to announce that Chris Wolfel, our former Marketing Officer, will be taking over as the new CEO. Chris has helped to transform the marketing efforts at IDEA and we look forward to having him lead us through another successful year.

We would also like to congratulate Christina Pagano on her new position as Marketing Officer. Last semester Christina worked to put on some great events for IDEA as our Events Manager. She is a fourth year business student concentrating in marketing and management.

Andrea Ravenelle also rejoins the IDEA team as our Events Manager after a brief hiatus. Andrea has done an excellent job in previous semesters putting on NEXPO and Investor Insights and we look forward to more great events in 2012.

We look forward to a great year at IDEA and thank you all for your support!

Ari Taube, President of Mini Pops, says that they are excited to have been chosen and are already seeing the positive ramifications of being featured.

“The orders have already started pouring in,” said Taube. “The reach of O Magazine and the degree to which Oprah has influence is huge and we’re seeing that already.”

Taube said that they have seen a significant increase in their online sales as the issue has begun to appear on newsstands across the country. He explained that the Mini Pops team is eager to see how this will open new doors in getting Mini Pops to more customers.

Mini Pops was awarded Gap Funding through IDEA in 2010 which helped assist them in the purchase of a piece of machinery that packages the Mini Pops product. The Gap Funding grant made it possible for them to purchase the machine and advance their successful venture.

IDEA congratulates Mini Pops and looks forward to continuing to help them grow!

For more information about Mini Pops, please visit their website for more information.

Our panel of investors included Dayna Balcome Grayson, Principal at North Bridge Venture Partners; Lee Hower, Co-founder of NextView Ventures; Joe Caruso, Founder of Bantam Group; and Wan Li Zhu of Fairhaven Capital. (Click here for full biographies.)

The audience included a large number of entrepreneurs who either have or are planning a venture. They were able to ask the panel a variety of questions throughout the IDEA moderated discussion, focusing on early-stage venture funding. The event also offered valuable networking opportunities in a comfortable environment with light refreshments.

In case you missed the event or are simply looking for a recap, here is a summary of the questions and advice offered by our panel.

What is your opinion on east coast vs. west coast investment?

When asked about the best geographical location for investment opportunities, our panelists agreed that there is no straight answer in terms of whether the east coast or west coast is more profitable for start-ups.

“It is difficult to raise capital everywhere,” said Hower. “You just have to go where there are smart people in your industry.”

Grayson and Caruso agreed that the focus should be less on location and more on business, specifically on building your team. “Ask yourself where it is easier to recruit the team you need, as well as where you can most likely gain the most customers,” said Grayson.

Zhu added that you should consider the ecosystem you want to be a part of when deciding where to base your business.

Do you have any advice for first-time entrepreneurs trying to build a business?

Grayson communicated that a fresh perspective is the best thing that young entrepreneurs have to offer, as long as you learn as much about your market as possible. She suggested finding mentors and advisors that have some experience and making them a part of the company.

“Young entrepreneurs are often too eager to start something completely on their own,” said Grayson.

Going off of that, Hower stated that entrepreneurship should be thought of as a career path. He suggested getting involved in a young business or startup first, and then starting your own business when you discover your passion.

“Wait until you feel that you can’t not start a company,” agreed Caruso.

Zhu recommended analyzing startup business model rigorously and critiquing your own model from a broader level.

What made you want to become entrepreneurs?

“Know who you are,” said Caruso. “Don’t do it for any other reason, such as money or ‘coolness’ factor.”

“Not everyone is an entrepreneur,” said Grayson. “There’s something that exists within… Looking at myself, I love risk,” she said.

Hower shared that “for [him], it was simply the process of elimination.” In other words, he experimented with various other career paths first and found out what he didn’t want to do.

Caruso commented, “If you have to ask yourself, ‘should I be an entrepreneur?’ Don’t.”

Do you have any advice for building a team?

Zhu mentioned the importance of bringing in skill sets that enhance those of the existing team and are non-overlapping. “Note which skills you have and which ones you need,” he said.

Grayson suggested having a well-rounded network that includes at least one person who has started something new before. “Take lots of advice from various advisors, but know what purpose each piece serves,” she said.

Caruso agreed, mentioning that you should surround yourself with individuals who have been through a variety of experiences.

“Picking co-founders is extremely important to the success of a company,” said Hower. “Most great companies are started by groups of people, not just one. But it is important to choose wisely.”

Is there a specific section of the business plan on which you place more emphasis?

Grayson said that having an “A+ team” is more important than anything. Then comes “size of market” and “technology.”

Zhu agreed, adding that “competitive landscape” is also heavily weighed. “It’s not that competition is bad,” he said. “But if there is too much competition it limits what you can create.

Caruso said he is most impressed when a venture’s “executive summary” is stated in a “crisp, concise manner.”

Hower emphasized that the process of business planning is more important than the document.

“They’re investing in your ability to figure it out,” added Grayson. “They know you don’t have all the answers.”

How do you respond when you hear that someone wants to build a “social network?” Is it a turn-off?

Hower responded, “it’s not necessarily a turn-off, but too many buzz words can be seen through very easily.” He added that the ability to concisely communicate what you want to do without buzz words is extremely powerful.

How would you feel about investing in a company if you didn’t have experience in the particular industry?

“Angel investors have a wide range of involvement in their investments, said Caruso. “Sometimes they serve as mentors to ventures, while other times they have little to no involvement. It all depends on the investor.”

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Stay tuned for information regarding our next Investor Insights event coming this spring!

And as always, follow us on Twitter @IDEANEU

The vibrant energy of the crowd, including potential investors, Boston entrepreneurs, Northeastern students and alumni, radiated from NEXPO, drawing in many attendees beyond those who had pre-registered. The student attendees ranged from those in the business school, to engineering students and undergraduates from the College of Art, Media and Design – highlighting the diversity of talents and interests that IDEA strives to support.

The main focus of the night was to provide an opportunity for ventures in varying stages of development – what IDEA calls the “Ready,” “Set,” and “Go” phases of development – “to showcase their successful ventures as well as network with other students, local Boston professionals and potential investors,” said Andrea Ravenelle, IDEA’s Event Manager.

Two business students, Matthew Draper and Kevin Wong, attended NEXPO in the hopes of networking and learning about what some of the ventures offered.

“It’s a great opportunity for us,” said Draper. “Our own initiative, D&W Ventures, aims to provide marketing and promotional strategies to entertainment ventures. NEXPO was a great source of potential partnerships. We met Andrew Rodriguez and Brandon Beneduce from KeeWee Listings and started talking, even set up a meeting. That’s exactly what we hoped to find.”

KeeWee Listings, which was presenting at their first NEXPO, displayed their interactive social website aimed at helping college students post real estate listings in a safe and secure way at no cost.

Andrew Rodriguez of KeeWee Listings explained that he was excited to meet Draper and Wong, who have marketing experience, something that “matches ones of our business needs.”

“It was great to meet people our age who are equally as motivated as us,” said Rodriguez.

Another venture on display at the event was Njabini Apparel. Michael Behan, a third year student and Executive Director, started the company in February 2011. The company aims to create empowerment by supporting disadvantaged women in Njabini, Kenya through provided jobs, which will hopefully extend to positively affect their families and children.

Behan explained that his company is looking to grow and expand. “We’re pushing to scale up and execute a strategic framework, and IDEA is giving us the opportunity to raise the capital to carry that out and create the social impact we aim for,” said Behan.

Nick Kurlas, a Northeastern alumnus and co-founder of SnoworSand, explained that his path to NEXPO and IDEA started when he asked his academic advisor “why is there a Career Services, but nothing for entrepreneurs, people who want to make their own career?” He was directed to Dan Gregory, IDEA’s faculty advisor. From then on, Gregory began acting as SnoworSand’s coach through IDEA and has been for the past two years.

SnoworSand used NEXPO to highlight six of their adventure and culture based trips throughout the world, including Morocco, Turkey, and Spain. The company focuses on partnering with universities abroad to provide affordable weekend destination trips that have “a strong emphasis on cultural engagement, safety and learning.”

Overall, NEXPO provided a welcoming environment for ventures to showcase their work and network within the community. Andrew Rodriguez of KeeWee Listings thought NEXPO was great for his company to “test the waters at Northeastern” and gain some “first time publicity.”

“The event was the perfect place for our venture.”

The Panel
Antonio Rodriguez — Matrix Partners
Jeff McCarthy — North Bridge Venture Partners
Anita Brearton — Golden Seeds
Roy Liu — Hercules Technology Growth Capital
Harry Keegan — Independent Angel
At the Spring IDEA Investment Forum, a panel of experienced investors from the Boston area gathered to share their advice on a series of topics. IDEA CEO Michael Hans moderated the forum and took some questions from the crowd.

On whether or not age is an issue…
Jeff: If you’ve got the right energy level, age doesn’t factor in. But I’ve found that the younger entrepreneurs have the fresher ideas.
Harry: The younger the startup the better the listener. I worry sometimes about those with more experience – they think it’s all up to them to solve the problem.
Antonio: We live in the post-Zuckerberg age. If you’re raising money from angels, play the part.
In other words: Younger entrepreneurs come into it with a clean slate – they see solutions differently than those with experience. Use your age as an advantage. In a time when some of the world’s biggest startup companies were created by undergrads, it’s okay to act your age.

On creating an Advisory Board…
Anita: Surround yourself with good advisors who want to spend time with you and on your venture. Think of it as an advisory circle, not an advisory board. Create informal relationships with these contacts and look to them when you need help. Find out who’s really interested and who’s providing real value before divvying up equity.
Jeff: Figure out what you are doing and what you need, then fill those voids.
Harry: Don’t put names on your board for prestige – they won’t give you the time.
In other words: Don’t go for the big names – build an advisory board of people who know the ins and outs of your venture’s industry and who have passion for what you’re doing. These are the people who are going to provide you with the most value.

On approaching investors…
Roy: How much homework has the entrepreneur done? Have they done their due diligence? Do they have great advisors who feel as passionately about their business as they do? These are some of the questions we ask.
Antonio: Where to go for money? Wherever you can get it. You have to show incredible proof that you’re a breakaway in whatever category you’re in, and big enough to be meaningful to investors.
Anita: Figure out who you want to be talking to. Engage with members of angel groups. Get to know them informally, even up to about six months before you pitch.
Harry: This is OPM you’re dealing with – other people’s money. Those people know exactly what it takes to make money. They want commitment, want you to listen.
In other words: Do your homework! The last thing you want to do is waste an investor’s time – or money. You’re likely to only get one opportunity to pitch, so you’d better blow them out of the water when you do. And if you’re not prepared, chances are you’re not going to do that.

On investors’ relationships with their startups…
Harry: I expect to hear from you every week, all the time. We want this communication and we want to know what milestones you’re hitting. We’re here to help you – it’s the value-added that comes with having an investor – so if we tell you to call someone, call them.
Anita: Make no mistake, we would never be a silent partner. It’s a marriage.
Antonio: There is never too much contact.
In other words: Investors aren’t going to be annoyed if you’re calling them to tell them you just hit a major milestone. In fact – if you don’t call them, they’ll probably be pretty mad. Same thing goes if you avoid calling them to tell them you aren’t able to hit a milestone. Whether the news is good or bad, they want to hear it on a near-daily basis, and they want to give you feedback. But if it’s the birth of a first son or a daughter’s wedding, it can probably wait until tomorrow.

On building clout…
Antonio: The downside to the Zuckerberg generation is that, without any working experience it’s difficult to be successful. Join a startup, network, gain experience.
Jeff: Establish a track record of success. That becomes very meaningful and something that we look for.
In other words: Get out there! Don’t just sit around waiting for something to happen. If you’ve got a startup company in the works, make it a side project. Join a more mature startup and get real firsthand experience. Not only will this impress potential investors, it will help you with your own startup.

Mark Sprague

Mark Sprague is a seasoned Boston-based information and software product entrepreneur with a passion for the customer experience. His expertise is focused in search engines, information products, SEO platforms and social media. Sprague currently advises executives on how to improve website performance through his company Lexington eBusiness Consulting and blogs about various search related technologies.

So, your team has worked hard to scrub your vision and create the perfect business plan. Even though you have created a flashy new website, the traffic is not where you want it to be. You’ve dabbled with some keywords, but you’re still not getting the numbers you think you should. The solution – call in a SEO guru, right? Not necessarily.

This is not a post about the mechanics of SEO page markup and how it can help you improve your rankings. Rather, it is an overview of where SEO fits into your total website eco-system. SEO is just one tool available to you for improving website performance.

There is no substitute for hard work – this means understanding your customers and developing high quality content that they find compelling. The best way to think about SEO is as a set of best business practices within the context of quality website development, solid information architecture and a well thought out content strategy.

Preparing website content so that it can be searched and found by customers requires an awareness and understanding of the interactions between many moving parts that include:

• A Search Engine Optimization strategy (SEO page markup)
• A robust content development strategy
• Understanding your customers search behavior
• Understanding how search engine technologies work
• High-quality coding practices
• Sound information and navigational architecture

Though these are clearly in a symbiotic relationship, all are often dealt with as if they are stand-alone disciplines. Sometimes, they are completely ignored or misunderstood. For example:

• Websites are often specified, designed and developed without SEO or search strategy requirements. The SEO experts are brought in after the site is deployed to optimize the best that they can.
• Content is often developed without the understanding of how customers search for information, and where that content should be positioned within a website.
• Website developers often don’t understand how their coding and application choices negatively impact search engine results.
• SEO and content experts know about search, but frequently don’t grasp the technical details of how search relevancy (TF/IDF) and crawler technology work, or how it impacts their content in search results. Further, search engine companies do not discuss their algorithms, which leads to excessive speculation in the SEO community about how Google’s search technology works. This generates an enormous amount of practices that are based on half-truths.
• There is often little appreciation for the customer’s research skills, or how they actually go about finding information (search behavior models). The lack of insight into customer search behavior impacts keyword and advertising strategies.

SEO is not a stand-alone discipline and you will get the most value from it if SEO is integrated into the entire website development experience from day one.

The above describes the moving parts that need to be considered when trying to improve website performance. The following is what SEO can’t do for you.

• SEO is not a substitute for hard work (such as developing a channel and understanding your customer needs and search behavior).
• SEO will not improve poorly conceived and written content.
• SEO is not a magic bullet – knowledge of your customers and a superior content strategy will make a positive difference.
• SEO will not improve CTR (click-through rate to your site) – compelling product offers and content will.
• Poor coding practices will trump your SEO efforts every time. Google applies quality metrics when deciding to index your website or not. The crawler will move on to other websites if it has trouble parsing your code.
• SEO will not ensure first page ranking in Google – validation by your peers and customers will (page rank).
• Applying state-of-the-art SEO techniques to poorly conceived websites and content is like putting lipstick on a pig.
• People often confuse the act of marking up a website as a content strategy. SEO page markup is not a substitute for content.
• Buying access to the first page search results (PPC Ads) does not ensure customer conversions if user behavior is not understood.
• SEO does not guarantee success – great content, great products, great website and understanding your customers will.
• SEO is not a substitute for usability. Good information architecture and world-class UI design are more important.
• Poor technology platform choices will stifle your SEO efforts. CMS (content management system) platforms for example that generate nonsense URLs.

Before you call in your SEO expert, make sure that you have done your part. Do you have:

• A sound technical website development strategy? This includes a SEO friendly development platform, high-quality coding standards and an information architecture that supports the consumer’s ability to easily navigate, and find high-quality content.
• A content creation and deployment strategy that adds new content to your website on a predictable basis? Content-poor websites rarely do well when it comes to search relevancy.
• A search behavior model that reflects how consumers search for your products and services?
• A working understanding of the basics of search engine technology? This helps to improve content.
• A working understanding of SEO techniques that put you in command of on-page and off-page tactics? For example, if your company does business locally a different set of SEO rules apply.

So, remember that SEO does not stand on its own, and that it should be integrated into your product planning from day one. If you do this, you will do a better job of developing a website with the appropriate content that mirrors what consumers are searching for.

Finally, I’ll leave you with the following observations about what top-performing websites have in common.

• They understand human search behavior in detail.
• They have strategically invested in information architecture.
• They have a commitment to develop and deploy high-quality content on a scheduled basis.
• They understand the role quality visual design (UI) plays in successful user experiences.
• They believe in human factors and conduct usability tests.
• They don’t let technology impact products and services in a negative way (gratuitous use of web 2.0 gimmicks).
• They have high engineering standards and validate their code before shipping.
• They understand that SEO page markup has to be based upon quality content, not gimmicks.
• They understand technically how crawlers and search technologies impact content find-ability.
• They understand that a first-page search engine ranking has more to do with high-quality content and a superior user experience.

A celebration of the innovative student ventures working with IDEA, NEXPO featured exhibition-style tables set out to showcase businesses ranging from clothing lines to food distributors, travel companies to drink deal finders (a popular service for the average college student). The event was an amazing opportunity for ventures, clubs and other organizations to show off their amazing businesses or services and network with those in attendance.

“This year’s NEXPO was an amazing experience. Compared to last year, the draw this time around was nearly double,” said IDEA CEO Michael Hans. “After months of behind-the-scenes work and planning, it was exciting to see it all come together as the go-to event for Northeastern entrepreneurs.”

Pardees Safizadeh, a Boston College grad who currently heads social media for Greenhorn Connect, who also had a table at the event, said she was “impressed with the high level of professionalism” demonstrated by the young students – a trait she attributed to the co-op program at Northeastern. She also said, “The night was really successful.”

Networking with many of the students in attendance, this level of professionalism and maturity was apparent. These students have focus and passion, and aren’t afraid to go for what they set out to accomplish. Sophomore Lucas Bancroft-Baer and freshman Abhishek Thota, representing Deft Aesthetics with a few others, are a true match made in entrepreneurial heaven. Both DJs, they said they met randomly and happened to have a lot in common, and from there decided to start a clothing company together. They are now working with IDEA to develop a concrete business plan.

The highlight of the evening was when Ari Taube of Mini Pops gave the keynote speech. Mini Pops (a gluten-free alternative to popcorn) is popped sorghum grain, which Taube and his brother/business partner Reuben took and created eight delicious flavors with. As someone who started his career as a “drug dealer” – pharmaceuticals, that is – Taube offered the crowd some insight as to how he got into the food manufacturing business.

“It hit me like a ton of bricks. I was looking at everyone else to support me when I realized – I am the dictator of what my future holds,” he said. “That’s where it all began for me.”

He emphasized the importance of creating your own future and taking matters into your own hands, but also the risks that one faces when starting a business.

“An entrepreneur is someone out there own their own. There’s no handbook to teach you how to avoid the pitfalls, and you can’t trust someone’s advice if they have a vested interest in the outcome of your venture,” Taube advised. “Utilize resources like IDEA at the university, because they are here to help you.”

Sound advice from a guy who knows what he’s talking about.

The night was another great success and proud moment for IDEA and all of the exhibiting ventures. “I’m proud of what the IDEA team put together and I’m proud of our ventures for successfully demonstrating the innovation that’s coming out of Northeastern,” said Hans.