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Monthly Archives: October 2022

10.25.2022

Your Startup Guide to Strategic Planning

Use this outline to guide your annual planning process

As we dive deeper into Q4, it’s an opportune time to reflect on your startup’s past year of growth and plan for what comes next. This is a critical practice for startups—to zoom out of day-to-day execution and make a deliberate effort to work on the business, instead of in the business.

To explore the topic of annual planning for early-stage companies, Embarc Collective collaborated with Accenture, a Fortune Global 500 consulting company, to lead a Strategic Planning Workshop for our community of 125+ member startups.

We’re highlighting the strategic planning outline from the workshop to help shape your startup’s focus for the year ahead.

REFLECT

Before building your plan, set aside time to reflect on your mission (why you exist), vision (what you believe), and values (what you aspire to be). This thought exercise helps align your leadership team on your company’s north star ahead of strategic discussions.

If you have a previous annual plan, start by reviewing it. How well did you execute against your goals? What were your learnings? Benchmarking your current progress can help you determine whether or not you are thinking big enough to achieve your future vision.

“Many entrepreneurs have a hard time thinking big as they believe that the way to mitigate the inevitable risk of starting a venture is to keep it small, tidy, and easy to get your arms around. This tendency gets in the way of scaling over the long term”– Danny Warshay, “See, Solve, Scale”

Tactical Takeaway: Revisit the best practices for creating and refining your mission, vision, and values using this guide by foundr.

PLAN

Now that you’ve refined your company aspirations, work backward to identify the actions needed to scale your organizational capabilities to meet your vision.

The building blocks of your strategic plan come from assessing opportunities to strengthen your value proposition, analyzing contextual factors that can impact your market position, and determining how to maximize the value of your customer base.

Tactical Takeway: Below are sample questions for your team to address.

  • What products and what business model will create a competitive advantage?
  • How can we create and defend our competitive market position?
  • What key drivers are required to put our strategy into action?
  • Do we have the talent, organizational structure, and governance to execute our plan?

ACTION

Finally, it’s time to put your plan into action. Once you’ve identified the key areas of focus for your next phase of growth, you can begin to:

  1. Prioritize a list of actions. Evaluating your list according to each item’s potential impact can help determine where to mobilize short-term vs longer-term.
  2. Create an execution timeline. Map your prioritized actions to a monthly timeline to serve as a roadmap for the year.
  3. Assign a team member. Designate the appropriate team member(s) to serve as execution owner for each action in their respective functions.

Tactical Takeaway: Here’s an illustrative example of taking action in practice.

This is an illustrative framework copyrighted by Accenture.

RESOURCES

For startups looking to dive deeper, check out these tactical resources to support your annual planning process:

 

Interested in gaining access to support for strategic planning? Nominate your startup for membership at Embarc Collective, Florida’s fastest-growing startup hub.

 


Thank you to Debbie Green, Ally Kopec, Delmary Salcedo, and Herve Patrick Koun at Accenture for making this workshop possible.

10.25.2022

Featured Founder: Matthew Basile of Naya Software

Welcome to our Featured Founder series, where you’ll meet startup founders from Tampa-St. Petersburg who are building and scaling their ventures to solve some of the world’s greatest challenges. We interviewed Matthew Basile of Naya Software, which is a contract management platform that enables parties to leverage data to automate all aspects of commercial real estate transactions and other legal matters.

What were you doing previously and what inspired you to launch your company?

I was working on commercial real estate transactions as a junior lawyer at Kelley Drye & Warren in New York City when I had the idea to create Naya. Although there were plenty of aspects of closing a deal that was complicated and required careful legal analysis, I was always frustrated by how much time was spent on administrative or repetitive tasks that were especially painful and stressful under tight deadlines.

I worked as a software developer and technology consultant for almost 7 years before I graduated from law school, so I had a good idea about what software was capable of automating. I knew there had to be a better way. After trying several solutions available in the marketplace that either didn’t work or didn’t solve all of the problems I was facing, I decided to pull together a team and create a product from the ground up to automate as much as possible.

What pain point is your company solving? What gets you excited to go to work every day?

We are committed to improving efficiency in all aspects of commercial finance transactions for commercial lenders and their outside counsel on one cohesive and easy to use platform. Our initial focus was to help lawyers with the most time-consuming and repetitive tasks in a deal, such as drafting documents, updating status lists, and coordinating the execution and assembly of closing documents. When banks and lenders saw how we were transforming legal processes for law firms, they asked if they could leverage the platform too since they had some of the same pain points, so we evolved into a shared platform between lawyers and clients.

We have built an awesome solution and it is exciting to see it getting rolled out to legal teams and to see how it changes the way they work. The idea of removing many of the mundane aspects of papering a commercial finance transaction so that no other lawyer or paralegal ever has to suffer through the tasks that I spent thousands of hours of my life performing puts a smile on my face every time I see our platform in action. It is great to see the lightbulb go off when someone realizes they can do something tedious and stressful in five minutes instead of five hours.

Name the biggest challenge you faced in the process of launching the company. How did you overcome it?

On a personal level, I have four small kids (8, 6, 4, and 1 – all boys) so there is always a lot of action in our house and I have had to find a good work-life balance. This was especially challenging in the early days of Naya when I had a full plate of legal work in addition to the demands of running a startup. I had to put in a lot of late nights and didn’t sleep much.

On the business side, one thing I didn’t realize when launching Naya was how slow many lawyers are to adopt new technology. When you have a great solution that you know will save time and money, you always assume folks will be very quick to start using it. Lawyers can be especially change-resistant because they are often overworked and do not have time to learn something new. The culture of the billable hour also does not help to drive technology adoption, however, we are starting to see a lot of innovative lawyers that are excited about improving the way services are delivered. We have focused on these champions and relied on them to help push our solution out to the legal teams within a firm that is slower to adopt change.

Where do you see your company headed next?

We started out focused on automating commercial real estate loan transactions because that was my background and a comfortable space for us as a team, but as the product has matured we are now able to focus on other verticals like corporate finance, bankruptcy, SBA loans, immigration law and any other type of legal transaction that can benefit from our platform. We also think that agency lending (Freddie Mac / Fannie Mae loans) is a great use case, so we are focused on making that happen in the coming months.

As law firms hopefully become less focused on the billable hour and more focused on becoming more efficient and consistent, there will be many new and exciting problems to point our solution at that can create new revenue streams for firms and their clients.

Give us a tactical piece of advice that you'd share with another founder just starting out.

When I was in my early twenties traveling cross country I was hiking up a steep section of the tallest mountain in Yellowstone National Park and I asked a hiker who was coming down the mountain “Is it worth it?” and he quickly responded to me “It’s always worth it.” That stuck with me and I think about that mantra every single day whenever I am putting in work on something and questioning whether all the hard work will pay off or if I should motivate to do something I am on the fence about doing. It is always worth it.

Stay positive and patient in the day-to-day grind of launching a startup. Knock down what you have in front of you and do a great job in executing the small things and the rest will work itself out. You always want things to happen right away and quickly, but not everything moves at the pace you want and often things take a long time to build the right way.

Most importantly, work with people you like and enjoy the process of building something great, and remember how lucky you are to be creating a solution that hopefully will solve some problem in a meaningful way.

Why Tampa Bay?

We moved to Tampa in 2016 from New York City and I worked remotely closing real estate deals. At the time, working remotely was not the norm, so I am grateful that Kelley Drye was innovative enough to let me try it way before everyone knew it could work.

My wife grew up in Tampa, so we had family here when we moved and now the rest of my family has joined us so we have a great support system to help with the logistics of having a big family with young kids. I still miss some things about NYC like not having to drive, pizza, and bacon egg and cheese sandwiches but it is awesome to be outside year-round and take advantage of great weather and spend time playing golf, boating, and hanging at all the great beaches.

It is exciting to be a part of the growing technology and business community in Tampa Bay. I am happy to have found the Embarc community and can’t wait to see the next thing someone will decide to build.

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10.18.2022

Embarc Collective Receives Truist Foundation Grant to Further Strengthen Tampa Bay’s Thriving Tech Startup Community

The grant will support early-stage startups through Embarc’s customized coaching program  

Embarc Collective, Florida’s fastest-growing startup hub, today announced a $50,000 grant from Truist Foundation, a purpose-driven financial services company, to support Embarc Collective’s customized coaching for startup founders. Embarc Collective’s professional and management training provides technical support, education, and network access for entrepreneurs – a necessity, given today’s fierce competitive landscape that makes it harder for first-time founders to successfully scale operations. 

Since its launch in 2019, Embarc Collective has challenged the traditional startup support model by offering individualized milestone-based coaching by a paid staff of vetted coaches – a huge differentiator from other traditional volunteer mentorship programs. Embarc Collective’s program is tailored to the unique needs of each founder and aligns with the specific areas of focus for tech and tech-enabled startups including growth strategy, leadership, talent, product development, sales, branding/marketing, and burnout prevention.

“The core of Embarc Collective is our coaching program, and support from Truist Foundation will help us enhance our startup coaching experience for member companies,” said Lakshmi Shenoy, CEO of Embarc Collective. “This grant from Truist will create more opportunities for startups to thrive locally, igniting economic growth across the Tampa Bay community.”  

Embarc Collective partners with over 160 early-stage venture firms and more than 100 startup-focused organizations from across the country to support entrepreneurs. Currently, the coaching program assists a growing roster of over 125 early-stage, Florida-based startups in outlining and executing their goals for growth and business development, both at its 32,000 square-foot hub in Tampa and virtually. 

“Truist Foundation is committed to the support of small business owners in Tampa’s flourishing tech startup ecosystem,” said Iwan Mohamed, West Florida regional president for Truist. “The work of Embarc Collective provides essential training and ongoing assistance for entrepreneurs, which aligns with the foundation’s mission to work with innovative organizations that strengthen and revitalize the entrepreneurial spirit in communities. It’s also another way we fulfill Truist’s purpose to inspire and build better lives and communities.” 

Embarc Collective continues to make an everlasting impact with Florida-based startups. It has become Florida’s fastest-growing startup hub and has surpassed 125 member startups, quintupling its membership since its launch in 2019. Embarc Collective was also honored with hosting this year’s 9th Annual Startup of the Year Summit in Tampa, which helps rising founders from around the country build their networks and learn from the world’s best mentors, investors, corporate connectors, and other experts.  

For more information about Embarc Collective, visit www.embarcollective.com

About Embarc Collective

Embarc Collective is a nonprofit startup hub helping founders in the Tampa Bay region build bold, scalable, thriving companies. Embarc Collective offers hands-on support driven by the unique goals and needs of each member startup at its 32,000 square-foot headquarters in downtown Tampa. Member companies receive customized, ongoing coaching and support from startup veterans to help propel member companies’ growth. Embarc Collective works with a growing roster of over 125 early-stage startups and is the fastest-growing startup hub in Florida. 

About Truist Foundation

Truist Foundation is committed to Truist Financial Corporation’s (NYSE: TFC) purpose to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. The Truist Foundation’s grants and activities focus on building career pathways to economic mobility and strengthening small businesses. Learn more at Truist.com/Purpose/Truist-Foundation.

10.11.2022

Featured Founder: Stephen Newman of Krezzo

Welcome to our Featured Founder series, where you’ll meet startup founders from Tampa-St. Petersburg who are building and scaling their ventures to solve some of the world’s greatest challenges. We interviewed Stephen Newman of Krezzo, which provides purpose-built OKR (Objectives & Key Results) training and technology to empower leaders to operationalize and scale with OKRs. 

What were you doing previously and what inspired you to launch your company?

For the last 10+ years, I’ve been working for B2B technology companies such as Thought Industries, Aras, and Eloqua. My previous role was VP of Marketing and Business Development at Form.com.

When I was introduced to the concept of OKRs (Objectives & Key Results) the methodology resonated with me, especially having seen a lot of the common challenges teams face when they begin to scale.  After seeing how impactful they could be when successfully implemented, I knew there was an opportunity here to enhance that experience - not only with the technology used to track OKRs but how people were trained on the methodology. Fast forward a bit and long story short, KJ McGowan and I started Krezzo to deliver that unified experience to the market and it’s been very exciting.

What pain point is your company solving? What gets you excited to go to work every day?

Operational misalignment. It’s really hard to keep a group of people rowing in the same direction, especially when a company begins to grow fast. OKRs are a great way to establish a consistent language and operational playbook for your business. They can help keep everyone prioritized and focused, especially when trying to do more with less. When OKRs get engrained into the culture early on, they can pay huge dividends down the road. This is why the Google example is so popular, but people forget they started using OKRs back in 2000 when they were much smaller. They require commitment, consistency, and a willingness to fail and learn. The sooner you can start, the better.

I get excited to go to work every day because I enjoy empowering others to maximize their potential. I’m a big believer that if you help enough people get what they want out of life, you can get what you want out of life, and I think OKRs are a great mechanism to make that happen.

Name the biggest challenge you faced in the process of launching the company. How did you overcome it?

The biggest challenge was just being patient. Sometimes you need to go through certain experiences to acquire the skills or knowledge necessary for the next phase of the journey. Every time we would find ourselves stuck or in a bad spot, it was typically for a reason or there was a lesson that needed to be learned. Sometimes it’s just a matter of timing or meeting the right people, but ultimately just being patient and having faith.

We were able to overcome so many challenges thanks to so many great people around us though. Family, friends, and former colleagues have given us incredible support which we are thankful for. Without them, we would not have been able to make it very far.

Where do you see your company headed next?

We are launching the newest version of our product in October, which is a big milestone for us. Our new Lead Engineer Nick has been a Godsend and has completely transformed our business. We’ve now signed a few customers and look forward to working with many more!

Give us a tactical piece of advice that you'd share with another founder just starting out.

Trust your instincts. Those little voices in your head or feelings in your gut are there for a reason. Listen to them, they typically won’t steer you wrong.

Why Tampa Bay?

I lived in Boston for 15 years, and in 2019 I decided I had shoveled my last pile of snow. My family had already been down here for years basking in the sun, so my now wife and I decided we wanted to set up shop here too, and it’s been great. The Tampa Bay area is primed to be the next big innovative hub in technology thanks to its great location and vibrant culture. We’ve enjoyed living here and look forward to contributing even more to the local community.

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10.04.2022

Embarc Collective and ReliaQuest Team Up to Host Florida’s Premier Women Investor Program, The Glaring Gap Summit

Embarc launches partnership with ReliaQuest to set a new standard for supporting startups in Florida’s booming entrepreneurial community

Embarc Collective partners with ReliaQuest this November to set a new standard for supporting Florida’s booming startup community. As part of the partnership, we will host Florida’s premier women investor training program, The Glaring Gap Summit. Read more about the partnership in the St. Pete Catalyst.

ReliaQuest, one of the few local companies to surpass the coveted $1 billion unicorn valuation, works with Fortune 1000 companies all over the world. Serving as the chair of the Embarc Collective Board, ReliaQuest founder and CEO, Brian Murphy, led the Strategy + Leadership Summit in 2021, an annual event exclusively for Embarc Collective members to plan for the growth of their businesses. Now, ReliaQuest is investing even more into the tech community by sponsoring Embarc Collective’s 3rd Annual Glaring Gap Summit.

“The leadership at ReliaQuest has given our membership unparalleled access to their teams and serves as an example for how to build a high-growth technology company in Florida,” said Lakshmi Shenoy, CEO of Embarc Collective. “This partnership will be an invaluable resource for Embarc Collective member companies looking to scale and build their businesses in the Tampa Bay area. We’re thrilled to offer even more resources to our members from one of Florida’s best-known company successes.”

The partnership provides Embarc Collective members with the following:

  1. ReliaQuest Auditorium @ Embarc Collective: A revamped events space branded by ReliaQuest to showcase the growth and engagement of ReliaQuest with the local startup community. This event space is projected to host over 150 technology and entrepreneurship-focused events in 2022.
  2. Glaring Gap Summit: Sponsored by ReliaQuest, the Glaring Gap Summit, Florida’s premier women’s investor event, will convene 50 women––from college students to accredited investors––for a three-day intensive training on the foundations of startup investing led by Angela Lee, Founder of 37 Angels.
  3. Engagement Opportunities for Entrepreneurs: Via Embarc Collective’s Corporate Advisory Council.

“Building a company is one of the hardest things to do. Having the world-class resources of Embarc Collective will ensure that more companies can succeed in Florida,” said Brian Murphy, CEO and founder of ReliaQuest. “ReliaQuest is honored to partner with a founder-focused organization like Embarc Collective that offers top-rated individualized support to facilitate growth and enhance the bustling startup ecosystem in the Tampa Bay region and across Florida.”

Embarc Collective continues to make inroads with Tampa-based startups. It’s become Florida’s fastest-growing startup hub and has surpassed 125 member startups, doubling its membership since the start of 2020.

For more information about Embarc Collective, visit www.embarccollective.com

About Embarc Collective
Embarc Collective is a nonprofit startup hub helping founders in the Tampa Bay region build bold, scalable, thriving companies. Embarc Collective offers hands-on support driven by the unique goals and needs of each member startup at its 32,000 square-foot office in downtown Tampa. Member companies receive customized, ongoing coaching and support from startup veterans to help propel member companies’ growth. Embarc Collective works with a growing roster of over 125 early-stage startups and is the fastest-growing startup hub in Florida.

About ReliaQuest
ReliaQuest, the force multiplier of security operations, increases visibility, reduces complexity, and manages risk with its cloud native security operations platform, GreyMatter. ReliaQuest’s GreyMatter is built on an open XDR architecture and delivered as a service anywhere in the world, anytime of the day, by bringing together telemetry from tools and applications across cloud, on-premises and hybrid cloud architectures. Hundreds of Fortune 1000 organizations trust ReliaQuest to operationalize security investments, ensuring teams focus on the right problems while closing visibility and capability gaps to proactively manage risk and accelerate initiatives for the business. ReliaQuest is a private company headquartered in Tampa, Fla., with multiple global locations. For more information, visit www.reliaquest.com.

10.04.2022

Featured Founder: Kevin Thurman of Turto

Welcome to our Featured Founder series, where you’ll meet startup founders from Tampa-St. Petersburg who are building and scaling their ventures to solve some of the world’s greatest challenges. We interviewed Kevin Thurman of Turto, which offers personalized trips by a team of locals. 

What were you doing previously and what inspired you to launch your company?

I worked at the intersection of technology and political movements. I was an early employee at Blue State Digital, which helped develop the technology products and marketing playbooks that powered the digital organizations of Barack Obama, Hillary Clinton, and Ted Kennedy. Later I was an advisor to non-profits and campaigns in 43 states. 

After I left politics, I worked as a marketing and market research consultant for mobility companies throughout Europe and helped All for Transportation.  My co-founders, Christina Barker, Tyler Hudson, Brian Willis, Rena Friazer, and I decided to do something about it. We developed a solution, raised funds, hired a great team, brought together 75,000 people to put it on the ballot, and passed a $16 billion plan by a considerable margin. 

I was proud of my local work, but my years in Tampa and mobility created a desire to build a global movement around a critical industry: travel. So I moved to Berlin to incubate the idea and get my MBA, selected as the first city in London to start Turto

What pain point is your company solving? What gets you excited to go to work every day?

I never saw a match at Highbury, Arsenal's historic home, before it was torn down. 

I have been an Arsenal supporter since I was a kid. So, right after I graduated college, I thought about taking a trip to London. I never did. It was too overwhelming. I went when I was 30, thanks to the help of my better-traveled wife.

Most people who start thinking about their vacation abandon a dream trip to somewhere new and go someplace they’ve already been. It is overwhelming and cluttered with inauthentic advice geared toward the masses -- making going to a new place difficult. Most travelers abandon the idea of going someplace new within 40 minutes of scrolling. 

But what makes me even more excited is how we solve this problem: by connecting people to locals in the places they are to co-create custom trips. 

The Turto app makes it fun and easy to create our own trip with help and helps make tourism pay better for locals and businesses. We believe we can help our travelers take trips that keep 25% more of the money they spend in their communities and help them do so in communities they may never have visited without Turto. 

Name the biggest challenge you faced in the process of launching the company. How did you overcome it?

Find the right place to start: It was hard to narrow a global industry to a customer with an acute problem that could also impact the industry for the better.  Then we needed to find the right places to test and iterate the idea so it could expand. When you start out, you want to find a problem that is painful to many people, but then you need to find the right place to start. But no problem sitting out there unsolved is easy. There are tons of travel planning start-ups that tried and failed. The only way is to talk to customers; with over 410 interviews and counting, I am passionate about getting to know our customers very well.

Where do you see your company headed next?

We want to be able to connect people globally, and that starts somewhere, and for us: it’s Tampa and London.

Tampa is our home base to reach out to American customers. After helping several travelers early testers create unique trips, we are launching our beta product for Americans traveling to London this fall. Next year we will expand to Paris, Amsterdam, Brussels, Dublin, and dozens of European cities.

Give us a tactical piece of advice that you'd share with another founder just starting out.

Take your own path. It is your company. There are massive amounts of good and bad advice that won't apply to your company.

For example, I decided to get my MBA before starting Turto. Many people say it’s a terrible idea to get your MBA to start a company -- just start one. They are likely right most of the time. But for me, it was perfect. I was in Berlin with classmates from 34 countries at ESMT Berlin as a global sounding board, I learned accounting and finance, and most importantly, it gave me time to start experimenting and talking to customers.

So soak up all the great advice and help, but remember you are in the driver's seat and may need something different. 

Why Tampa Bay?

Tampa Bay is diverse and dynamic. I moved to downtown Tampa in 2010 and used to walk through empty lots covered in weeds. Now that entire area is home to hundreds of people and is right near Embarc. The fantastic people I met through my years here have been critical to helping start Turto -- from gaining a perspective, and solving problems, to investment.  I have seen the same for many other founders.

Plus, are also two direct flights to London -- which makes it easier to get back and forth right now.

 

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