Continued Growth for Michigan’s Digital Community…

I’ll tell you what, if you’re a digital innovator, you ought to join us here in Michigan.

Why, you ask?

Very simple- the community is scaled, growing, and most of all- well connected. Digital Edge MI, the organization which I chair is at the forefront of this growing business segment and has a phenomenal member base. Earlier in the day, member Catherine Juon, CEO and Catalyst of Pure Visibility was very kind in putting Digital Edge Mi (www.digimich.com) at the top of her list of where to connect with Michigan’s technology community http://blog.purevisibility.com/2008/05/where-do-you-connect-with-the-michigan-technology-community/. Catherine is among a near 100 member group of Michigan internet CEOs and Founders that meets quarterly to discuss business matters and meet with influential persons in our great and growing technology sector. If you’re looking to learn about how to be found on the web… Talk to Catherine and the Gang at Pure Visibility… www.purevisibility.com

Advice for a Digital Entrepreneur: Seeking Funding…

Recently I’ve fielded a few E-mails with regard to getting an enterprise funded via VC or Angel Money and I thought the topic of funding a start-up is very worth while.

At current, the investment climate is taking a stronger position on M&A and late term businesses that are showing higher prospects of return (More here). In my opinion this is a good thing as it paints a very clear picture for the business world. If you are not capable of making money in the near term, you’re not worth investing dollars in right now.

Lets all step back a few years to an era that is now know as the Dot Bomb. Remember all those great dotcom ideas, yeah there were some good ones- but a majority lacked any form of execution and resulted in billions of dollars being lost for good. To be honest, it was a great thing as it reminded people that not every great idea is all that great. Without execution, an idea will remain an idea.

This all brings me to my point. If you are an entrepreneur, the absolute last thing that you should be doing is asking everyone for money until you know darn well that you can build what you say you can. Furthermore, build it and prove on some scale that it works before you ask anyone for any money other than your own. There is a big difference between idea guys and execution guys, so tread lightly until you know you’ve got something. Once you’ve got something, don’t ask for a million bucks unless you know for sure that it’s what you need. My advice would be to seek out an expert in funding a business well in advance of asking for a dime.

Simply put, “Money is not necessarily the solution to a problem, and can in fact be fuel for a fire.  When seeking funding, know in fact that you need it, what you need it for, and who you need it from”! Investment money is for scaling, not for building the next Google”.

The Michigan Digital Community Unites

Recently, Michigan’s new home for the digital entrepreneur was launched. Digital Edge Mi or DemiCEO has been the name of the organic, off line community of Digital Entrepreneurs, and now the group has a home online at www.DigiMich.com. Digital Edge Mi seeks to be the binding force for the rapidly growing community of Digital Entrepreneurs and Enterprises in Michigan. With lack luster support in Michigan, the culmination and connection of the community creates the opportunity for opportunity development and recognition of this new and growing business segment.

Currently the group is managed by it’s current Chair Joe Minock, with assistance from Steven Schwartz and Kristen Winter of www.RateMyStudentRental.com. The group was co-founded in 2007 by local entrepreneurs Tom Meloche of Procuit and Jim Elliott of CMR Innovations.

Additional support is provided to Digital Edge Mi by Ann Arbor Spark, Great Lakes Entrepreneur Quest (GLEQ), M.O.R.E., and many others.