Need funding? Experts offer suggestions to tech startups at forum

Need funding?

Herbert Jordan says a successful business must have the “lifeblood” of access to capital.
Linking tech startups with capital was the aim of a forum last month, sponsored by the Mountain Maryland Tech Network.

Jordan, deputy secretary of small, minority and women business affairs, was the keynote speaker for the event at Hagers-town Community College.

What follows are some highlights from that conference, by Jordan and other speakers:

• “Your own money is the best place to go. … (If you borrow funds) the bottom line is to make sure you get enough money. … (Sometimes) you get enough money to fail, but not enough money to succeed.”
— Herbert Jordan

• “Most of the (federal) laboratories have lots of different ways to help people.”
— Paul Zielinski, National Institute of Standards and Technology

• “Most startups vastly overvalue their business. … Leave your ego at the door.”
— Mark Greathouse, managing partner of Mid Atlantic Capital

• “We never invest in an individual. It’s got to be a team.”
— Stephen Auvil, senior vice president, technology transfer and commercialization, TEDCO

• “We have tons of funding opportunities.”
— Robert Griesbach, U.S. Department of Agriculture

• “You have to have your business plan.”
— Cheivelle Hill, senior loan underwriter, Maryland Department of Housing and Community Development

• “It is generally expected that you will not take a salary” during the early days of starting a business.
— Anne Balduzzi, Accelerate Partners LLC

• “Be ready to bare your soul. Don’t try to hide things … . If you know it’s a problem, we need to know about it.”
— Randy Croxton, senior vice president, Meridian Management Group