While on a weekly Sunday call with my business partners, I came across something spectacular. Just like any other weekly business call, I usually have my TV on mute or completely off. I am glad I picked mute this time because CNBC was showing, “How I made My Millions.” Sounded intriguing, so I quickly pressed “record.” After the call I went back to see what this show was all about. Here is just a little taste …

Just another great example of what can happen when you follow your passion with a “No QUIT” clause in place.

Why do people give:

Is it from the goodness of their heart?

Is it for more selfish personal reasons?

Is it both?

The truth is that all of the above can be true. In a struggling economy getting your business off the ground and keeping it afloat is a very hard task. On the other hand you have been blessed enough to have your own business and that comes with responsibility. So giving back should be something that everyone should do from their heart. But the truth is that struggling businesses can use charity to keep the repo man away. I know this sounds very selfish, but there are many very generous individuals that believe they just do not have the resources to be philanthropic. But most small businesses have just that.

For example, a restaurant owner probably has days and times that they have specials, maybe 50% off all appetizers at a certain time. This will draw a good crowd and he/she may draw in a few first time customers. Now if this same person had an charity event at their restaurant and promote that they will donate 50% of the monies made from all appetizers to a certain foundation that they would like to give to that would bring in a much larger crowd. They would also be sacrificing the same 50% they would in their special, and would receive a lot of positive press at the same time.

That may seem selfish but at the end of the day they are still giving to charity and keeping a small business afloat. Everybody wins.

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“There is no other event where you’ll have the opportunity to hear 3 minute pitches from 50 startups in a day.” - Startup Riot

Once a year in Atlanta, GA there is gathering of  entrepreneurs from around the world itching to tell the anyone with ears about their business ideas. OK, well they really are trying to get the attention of some investors (institutional, corporate VCs, and angels). There is ever room for larger companies looking for fresh ideas to either acquire or work a partnership deal. Unfortunately I personally have not had a chance to attend yet, but I caught up with someone who has. Hear his story about Startup Riot 2010:

RedMaven: Who is Andrew (Andy) Watson?

Andy: I’m a software engineer originally from Orlando. I’ve worked for huge companies like Federal Express and Cox Communications and also at small startups like MindComet. I enjoy creating things and have a knack for solving problems.

RedMaven: Almost everyone thinks they’ve had a great idea for a product or business, but complained that no one would ever take them seriously, let alone give them money for it. What enticed you to attend StartUp Riot?

Andy: I’ve wanted to start a company for a long time.  I graduated from the Executive MBA program at Georgia Tech in December 2005.  As part of that program we built a business plan around technology developed at Georgia Tech.  I found the entire prcess fascinating and it was at that point that I decided I wanted to start my own company.  A friend invited me to attend StartupRiot in 2009.  While I was sitting in the audience that year I became determined to be a presenter in 2010.  This year I was up there on stage.

RedMaven: Were you nervous the first time you attended? How did you get past it?

Andy: The first time I attended StartupRiot I was just in the audience.  It was incredibly exciting and I was intensely jealous of the founders who were up on stage.  This year I was presenting and I was very nervous.  I had spoken at conferences and in front of large crowds before but I never had this much at stake before.  Add to that Robert Scoble, Bo Peabody, CNN and 400 people and it’s a little intimidating!  The best thing for me was going to Startup Gauntlet the night before.  I got great feedback on my pitch and a lot of encouragement from Jeff McConnell, Keith McGreggor and Paul Freet.

RedMaven: Describe the atmosphere at the venue.

Andy: The venue was electric.  It was literally buzzing with excitement.  At one point in the exhibit hall I had to shout to be heard.  You could feel the excitement from people as the met other entrepreneurs and thought of new ways to combine their technologies together.  It was frenetic.  If it had lasted for 24 hours I would have stayed the whole time.  I talked so much that day I almost lost my voice.

RedMaven: What did you do to prepare for the event?

Andy: We printed out lots of business cards.  I moved our database to Amazon’s RDS in case we got slammed with traffic.  I setup a special phone number to show off our features but I forgot to mention it during my pitch.

RedMaven: If your intentions are to secure funding, beyond the 3 minute presentation, how would you suggest approaching potential investors? What are some of your do’s and don’ts?

Andy: Well, we weren’t trying to raise capital this year but if we had been, I would have tried to network with investors in advance by talking to my advisors at ATDC.  Find out what investors have made investments in your space recently.  Find a way to get introduced to them before the event.  Find out what it takes for them to invest in a company.  Find a way to meet those criteria or have a plan to meet them. Be ready to demonstrate either proven experience (successful exit) or traction (paying customers).

RedMaven: Any funny stories that you have come across while at StartUp Riot? Either personal or something you heard about at the event.

Andy: When I showed up at the event I thought I was speaking in the after-lunch group.  I planned on having a few beers at lunch to calm my nerves.  I thought I would have time to rehearse, practice, re-write, rehearse again.  The only problem?  I wasn’t in the after-lunch group at all.  I was in the first group.  I was THIRD.  Somehow the lists of people had gotten scrambled.  Nobody was in the slot they though they were in.  So I was sitting up in the front of the theater going over my outline and I didn’t even realize I was sitting next to Ben Dyer who I’ve wanted to meet in real life for a while.  I was a little pre-occupied.  I thought I was ready to go.  I had even worked in a line that made reference to Bo Peabody’s keynote.  Then Ben was done.  He started walking off the stage and my mind went BLANK.  I did alright though and in retrospect it was good that I went early so I could get it over with.

RedMaven: Haha, wow! Ok, so looking to next year, if you plan to attend again, what, if anything, are you planning to do differently?

Andy: I would definitely invest in signage.  We didn’t have any and I think it made us harder to find and we didn’t show up in any of the CNN footage of the event.
We also could have done better about having our demo up and running on my laptop on the table.  We’ll get better at the trade show thing over time.

RedMaven: What is the best advice you would give entrepreneurs interested in attending StartUp Riot as a presenter?

Andy: DO IT.  Seriously.  It doesn’t matter if you think you’re not ready.  You’re as ready as you’re ever going to be.  Boil your business down to its essentials.  Come up with 4 VERY simple slides and apply to attend.  What have you got to lose?

RedMaven: Can you tell us about any future projects your are working on?

Andy: We’re currently working on extending OtherNumber into some vertical markets like Real Estate where we can build out special functionality to meet their very specific needs.  We’re also working on an integration with Chirbit to allow post audio clips on Twitter by making phone calls.

RedMaven: What is the best way for our readers to get in contact with you, follow you, etc…?

Andy: My twitter handle is @andrewwatson and we post company updates with @othernum.  Our company website is http://othernum.com/ and you can find a million ways to contact us on our About Page (http://othernum.com/about/)

In an earlier post we suggested that you check out HBO’s new series “How to make it in America” which basically shows the experiences Ben and Cam (the main characters) go through while turning their ideas into a profitable business, specifically, a high end denim (jean) line.

How does this relate to MAGIC? I am so glad you asked.

Well, there is no hocus pocus here, but the long answer is this “MAGIC is the preeminent trade event in the international fashion industry, hosting global buyers and sellers of men’s, women’s and children’s apparel, footwear, accessories and sourcing resources. As an incubator of fashion, MAGIC is where new trends surface and develop into what will be seen on the consumer. The show’s goal is to connect and inspire the fashion community, fuse diverse trends, while offering unbeatable service to its customers.”

A short answer is if you want to get your fashion line in front of major movers and shakers in the fashion industry and book orders you need to be in Las Vegas in either mid February or early September for MAGIC.

So, Ben and Cam (I know they are fictional characters, but there may be some of you reading this right now how have started or thinking about staring some type of clothing line, so I am talking to YOU): “Once you have your business setup properly, outlined end-to-end procedures for your products, quality samples, some marketing signage, business cards, flyers, and a manufacturer lined up ready to receive orders, then and only then will you be ready to really attend MAGIC to get some skin in the game.”

#1 What compelling reason exists for people to give you money? You have to have a value add to your consumer. If I don’t think your product will leave me better off than without it, I’m not buying it.

#2 How do you acquire what you’re selling for less than it costs to sell it? Most of the time there is some type of laboring that adds value to your cost to allow you to sell it for more than what you paid for it. If it is not labor, figure out what this is in your situation so you can have a profit margin.

#3 What structural insulation do you have from relentless commoditization and price wars? A patent is always the best thing. This way no one else can produce your goods but yourself. Other times it’s location. Why is it popcorn is way more expensive in the movie theater or alcohol in a restaurant? Because they are the only sellers!

#4 How will strangers find out about the business and decide to become customers? Advertise (to who), advertise (where), advertise (how). To teenagers in the downtown book store on magazines. To adults at work through email. To kids watching TV through commercials. To students online through social media. I don’t care if you have to walk door to door in every neighborhood in every city, do whatever it takes!