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Startup Profile: Carrboro Creative Coworking

September 30, 2008

We’ve all spent a good bit of time at a Starbucks or other local coffee shop working on our business.  When you’re starting up something you need a place to work and sometimes working from the house just doesn’t get your productive juices flowing.  But these public places, like coffee shops, tend to be loud and busy, the tables are too small and, well sometimes they’re just not conducive to business.   If you’re gonna start a real business, you need a real place to work.  And if you’re in Carrboro, NC, you now have such a place.   Carrboro Creative Coworking is a shared workshop designed for startups.  A professional, affordable location with everything you need to get work done, and its opening soon.


We had a chance to speak with Brian Russell, the founder and driving force behind Carrboro Creative Coworking.  Here’s what he had to say…

NCSUB: What is your 30 second elevator pitch for Carrboro Creative Coworking?

Brian Russell: Carrboro Creative Coworking is a shared work space with a community atmosphere.  Its for freelancers, micro-business owners, entrepreneurs, and others.  Our services bridge a large gap that exists between coffee shops and expensive offices.  One way we’re unique is our community and flexibility.  An environment that will create collaboration and networking opportunities.  We’re also the first professional space of is kind in North Carolina.

NCSUB: What is the background of you and your team?
Brian Russell: I have a Bachelors of Fine Arts in Sculpture and Painting from Virginia Commonwealth University in Richmond, VA.  My professional life has been spent in graphic design, multimedia design, video editing, and technology support.  I’m the creative entrepreneur type who enjoys making ideas reality.  Right now its just me, but my wife and several local community members have been very supportive.

NCSUB: How are you funded?
Brian Russell: My own cash and a loan from the Town of Carrboro Revolving Loan Fund.

NCSUB: How did you determine that there is a demand for a co-working space?
Brian Russell: First I noticed the trend via websites like http://coworking.pbwiki.com. Then I conducted a online survey. Mostly I listened to a lot to people at events like Bar Camp RDU.
NCSUB: How did you determine what the space should be like?
Brian Russell: By looking at and reading about other coworking spaces. But the major decisions where informed by my market research.
NCSUB: Do you plan to replicate this in other cities?
Brian Russell: I’d like to consult and partner with people in other North Carolina cities to create coworking spaces. I feel its very important that someone who starts a coworking space live nearby.   Community building is a vital part of coworking.
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Carrboro Creative Coworking is opening soon.  For more information, call Brian at 919-442-5300. or visit CCC at: 205 Lloyd Street, Suite 101, Carrboro, NC, or online at: www.carrborocoworking.com

Written by Marc DeWalle · Filed Under Blog, Profiles, Startups |  

The value of your idea

September 27, 2008

I recently wrote about the role of ideas in the start-up concept.  Its one of the pieces every start-up needs, but I questioned the value of the idea without executing on it.  Like a car with one wheel, a start-up needs more than just a great idea.  You’ll need some resources, time, lots of drive (i.e. tenacity) and some talent on your team.  I stated that an average idea with awesome execution, makes for a better startup than an awesome idea with lousy execution.   Execution is that important.

You’ve all heard those million-dollar ideas: “Somebody ought to invent a yada yada that can do dooby dooby.  Everybody would buy that”.  Yes, but not unless somebody makes it.  Talking about it generates no profit, no matter how wonderful your idea is.   As a matter of fact, your idea may not even be worth 2 cents.  And that’s where this story starts.

Meet Jackson Miller.  He’s an entrepreneur, a blogger since 2001, and a keen observer of the startup scene.   He had stumbled upon several souls trying to trade ideas for cash and realized the potential these ideas had, but also the lack of current value since they were only ideas.

So Jackson, in a tongue in cheek gesture, pulled out his check book and on June 16th 2006, made a public offer to buy original ideas for 2 cents a piece.  He expected some humorous responses and hopefully some stimulating discussion about the value of ideas in the startup concept.   He got some of that, but more interestingly, he also got genuine offers.  Somebody from Venezuela offered to sell him an idea “for locating missing peoples”.   Some people wanted to negotiate with him because they felt their idea was worth much more than 2 cents.   One person would not even mention what the idea was out of concern that Jackson might steal it.

It was interesting to see how strong people felt about the value of their ideas.  Apparently unaware that jotting down “must build widgy widgy that does doodly doodly”, has no inherent value unless and until you write a business plan, confirm it can be build and sold at a profit, obtain funding, invest the time, manage it with talented resources, and work it like a hill of ants in a rain storm.  Throw in some luck and you may make some money.

Jackson responded kindly and graciously to all offers, explaining that an idea alone has no monetary value and that his post was meant to be humorous.  When needed, he kept his promise and offered to actually pay 2 cents a piece for original ideas.  The supply side of the market for start-up ideas is so strong that Jackson’s post became (and still is) the number 1 search result in Google for “I will buy your idea“.

The word had spread, in part because other bloggers like Dane Carlson had picked up the story and the flow of ideas offered for sale eventually became a nuisance.  So in December 2007,  Jackson blogged “I will NOT buy your idea“.  He thought that would clear things up and the stream of idea offers would dry up.  Not so.  The passion from these budding entrepreneurs for their brain child was so strong, some continued to latch onto Jackson seeking offers.

Around that time Jackson made some updates to his website and since he was starting a new business, he added his phone number.   And on a fairly regular basis he started getting telephone calls from far and away places with people wanting to negotiate with him for a fair offer for their idea.  Even today, more than 2 years after his original post, he gets 1 or 2 calls a month.

I chatted with Jackson the other day about startup ideas and entrepreneurship.  I asked him what the key ingredients are for a successful startup.

JM: Focus is probably the most important ingredient of a successful startup.  Once you make the decision to go all-in on a new startup you have to remain focused on the goal.  For me the goal is creating something of value that people want to use.  This is different from having blinders on and just plugging ahead.  Which leads to what may be the second most important ingredient, adaptability.  Some things work, some things don’t, and some things have potential to work if you can tweak it just right.

NCSUB: But how do you sift through all those ideas out there and decide which one to focus on?

JM: The one that sticks.  In order for an idea to stick, the problem it solves must be complicated enough that after sitting for a while you still don’t find existing solutions.  Also, for an idea to stick there is likely some passion behind it.  Finally, you need to ask yourself: what do you want to spend 80 hours a week working on?  I know an independent movie house would do well in my neighborhood — I also know I would be bored to tears running a movie theater 80 hours a week.

NCSUB: What was the reason that some people did not realize your original post was tongue in cheek?

JM: People really believe in the “million dollar idea”.  They equate velcro and sticky notes to ideas that made someone very rich.  However, there were many hours of experimentation and iteration that went in to it. Everyone has ideas.  If you have a good idea you want to do something with it.  If you don’t know what to do I can see how it would make sense to try and sell the idea to someone who does.  If the idea is that good I guess you can patent it and try to sell the patent, but even that would be tough.
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I think the conclusion is that the idea is just the first mile of the marathon and there are no winners after the first mile.  Take your idea and work it, 80 hours a week if you can.  You’ll probably do a better job turning your idea into a real product or service anyway, since you’ll have more passion for it than someone who buys it from you.
Now, lets see…  If I can generate 137 13,700 ideas per day, and Jackson pays me 2 cents each, I’ll make an easy $100K a year…  Hmmm…….  Not bad ;-)

Written by Marc DeWalle · Filed Under Blog, Startups |  

I’m not bitter…

September 19, 2008

Hmm, I hestitated before posting this one.  Let me give you the quote first and then build some context and considerations around it.

I found this in someone’s LinkedIn profile (if you really want to know, just stick the quote in Google):

“Sold it to an outside investor who didn’t know what he was doing, ran it into the ground, and brought the business to a screeching halt. ”

Let me disclaim that I had some phone calls with the person some years back while considering a franchise (not the one the quote refers to), but have had no contact since.

So you built a business (kudos!), sold it (more kudos!), got bitter because the buyer wrecked it (none of your business), and then spat on the guy in your LinkedIn profile (totally unnecessary).  When you sell a business its no longer yours and whatever happens to it, whether fortune or failure, it’s neither your concern nor a reflection on you.  So bath in the glory of having built it and sold it, and then move on.  Its no longer your baby.

The purpose of your LinkedIn profile is to show the world in a fair and balanced manner who you are professionally and what you have accomplished.  No room for feelings of discontent or bitterness.  Just imagine a potential angel, partner, acquirer, customer checking your LinkedIn profile before making their decision.  

That’s all.

Written by Marc DeWalle · Filed Under Blog, Startups |  

Guy Kawasaki speaks about raising VC money

September 18, 2008

Always a pleasure and an eye-opener to listen to Guy Kawasaki.   Check out these videos on the Ft. Worth StartUp blog where he gives advice for raising VC money:  http://www.fortworthstartups.com/2008/09/04/guy-kawasaki-on-raising-venture-capital/

Written by Marc DeWalle · Filed Under Blog, Startups, Venture Capital |  

“Fresh Ideas, 2 cents a pound!”

September 17, 2008

Its fun to see how protective people can be when they have a new idea that they want to turn into a business.  I remember a school buddy that abruptly ended a conversation at the bar one night. He had started telling me about a new idea he had for an inventory management system that he claimed would “revolutionize on-line sales”, when he stopped mid-sentence and said: “I shouldn’t talk about this when I drink”.  That night he wouldn’t say another word about it.  And when I asked him later he said he just needed to be careful that he didn’t let his ideas get away.  Its now several years later and it doesn’t seem he ever did anything with it.

Start-ups are not really about ideas (although ideas are part of them).  Start-ups are really about execution.  You can make more money from the revolutionary execution of a simple idea, than from the the simple execution of a revolutionary idea.  Take Netflix… they rent movies by sending DVD’s through the mail.  No part of that idea is either new or revolutionary.  But their execution is well-done and the product has the right price-point.  Its actually surprising that it hasn’t been copied more.  Maybe Netflix is succeeding because their execution is so well done.  Their is simplicity throughout their concept:  a simple website (look for movies you like, add them to your list), efficient delivery and simple pricing (no late-fees, all postage is included).  If you wanted to copy Netflix’ success, you might have to copy their execution rather than their concept.  Although it may not be so easy.  Just take a look at Southwest Airlines — many others tried to copy their model and none have succeeded so far.

I’m preparing an interview with a guy who blogged (jokingly) about buying new innovative ideas for $0.02 a piece (his “two cents”).  Soon he started receiving offers from around the world from wanna-be entrepreneurs hoping to cash in on their business concepts (from revolutionary golf tees to a system to locate kidnapped people).  Many missed the part about the 2 cents and hoped to get many times that.  The other part they missed is that the real value of their ideas lied in finding a way to execute on the idea, rather than selling it.

So if you’re stuck looking for that great idea before you can launch your start-up, cut to the chase.  Many succesful start-ups are based on a slight improvement to the execution of an existing idea.  If what you really want is new ideas, rather than execution you might be more inventor than entrepreneur.  They’re both good and amicable, just make sure your vision matches your calling.  Two cents, anyone?

Written by Marc DeWalle · Filed Under Blog, Startups |