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An Interview With David Monkman, President And CEO, National Business Incubation Association (Part 3)

By guest authors Irina Patterson and Candice Arnold

Irina: What else is important for a vibrant entrepreneurial ecosystem?

David: The corporations are an important ingredient. They reflect potential demand for the products and services produced by these entrepreneurs. So, making sure they understand the participation expectations is important. That’s one thing we need. Another is making sure that the kinds of services that incubators offer are robust and provide a strong foundation for entrepreneurs in becoming a sustainable group for participating in an incubation process. >>>

An Interview With David Monkman, President And CEO, National Business Incubation Association (Part 2)

By guest authors Irina Patterson and Candice Arnold

Irina: What is NBIA? Give us a brief overview.

David: NBIA is a trade association that services and works with business incubation programs around the world. We are a 25-year-old organization that has about 2,000 individual members, representing about 1,000 organizations in 65 countries. >>>

An Interview With David Monkman, President And CEO, National Business Incubation Association (Part 1)

By guest authors Irina Patterson and Candice Arnold

This is the forty-ninth interview in our series on financing for entrepreneurs. I am talking to David Monkman, president and CEO of the National Business Incubation Association.  Athens, Ohio–based NBIA is a trade association that services business incubation programs around the world. Founded in 1985, this non-profit organization today has about 2,000 individual members, representing about 1,000 organizations in 65 countries worldwide.

Irina: Hi, David. Where are you from?

I was born in Illinois, raised in the States. I lived in Northern California for about seven years. I lived in New York for a couple of years. I lived in London for a year, the Netherlands for a couple of years, South Africa for five years, Pakistan for three, and the rest in the States. >>>

Seed Capital From Angel Investors: Brian Cohen, Vice Chairman, New York Angels (Part 9)

By guest authors Irina Patterson and Candice Arnold

Irina: What other opportunities do you offer for university students?

Brian: I wanted to have more collaboration with students, bright students, MBA students – preferably in these cases. So, I created the Future Angels. Now, every meeting, every month, we have the top schools in New York give us their best students, who sit with all the angels in the angel group meetings, listening, participating, and offering their input. It’s really exciting. >>>

Seed Capital From Angel Investors: Brian Cohen, Vice Chairman, New York Angels (Part 8)

By guest authors Irina Patterson and Candice Arnold

Irina: What can angel groups do better?

Brian: I think there are a variety of things that angel groups can do better. They could – I would say, most important – make it clear to the entrepreneur what their ability is to actually fund him or her. That’s a very deep point.

I think an angel group should be more upfront with entrepreneurs about what they’re capable of funding and what they’re not. I think it also behooves the entrepreneur to question the angel group on that issue. Have you funded companies in this area? They should ask this question.

I think there’s a certain kind of development relationship early on with an entrepreneur that, for example, in the screening, they should know up front [whether] we’re curious or we’re interested.

There’s a big difference between the two. I think the entrepreneur is the most important person in the room, of course, and that lends itself to even more understanding of the process and what can be achieved out of it. That’s the relationship with the entrepreneur, giving them that transparency of what the real possibilities are to fund them at various levels. >>>

Seed Capital From Angel Investors: Brian Cohen, Vice Chairman, New York Angels (Part 7)

By guest authors Irina Patterson and Candice Arnold

Irina: How do you feel about entrepreneurs who drop out of school to build their companies?

Brian: I think, for the most part, entrepreneurs have to be educated. There’s no turning away from the fact that a good education represents curiosity and a desire for personal advancement. There are always exceptions to the rule, but I think you have to stick with the tried and true talent that comes from smart people excelling at various educational institutions.

That doesn’t mean it’s from a name school, by the way. You know, you come from City College of New York because you couldn’t afford to go to an Ivy League school. High ntelligence is something you can find in a variety of colleges. >>>

Seed Capital From Angel Investors: Brian Cohen, Vice Chairman, New York Angels (Part 6)

By guest authors Irina Patterson and Candice Arnold

Brian: They say in the angel business, the real problem companies are the ones that keep existing. They don’t go up; they don’t go down. They just stay in place.

That’s why it’s so important to look for companies that do have the opportunity for scalability. But there’s no real way to answer the question about how long an exit takes for us. It’s pretty much how the company performs.

If we invest wisely, as we do – as we learn to do – we see where the exit could be at the day of the investment. That might makes the exit more clear as an opportunity, but it doesn’t necessarily make the timing any more predictable. >>>

Seed Capital From Angel Investors: Brian Cohen, Vice Chairman, New York Angels (Part 5)

By guest authors Irina Patterson and Candice Arnold

Irina: In the past 12 months, how many new investments has New York Angels made?

Brian: I’m going to say probably eight, which I hear is pretty good during a recession, and maybe five or six add-on investments.

Irina: Can entrepreneurs who are not based in New York pitch to your group?

Brian: Yes, but they would have to come to New York. We really want to meet them, we have to see them. They don’t have to be [based in New York]. It’s nice if they are, but if they’re not, that’s OK, too. >>>