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December 2010 issue
page 7 of 7 |
REDpoint takes its SW Washington PubTalk ™ success straight to the bank
When REDpoint first approached SW Washington PubTalk™ committee members for help early this year, it was ripe for success; but like most start–ups, it was in need of more capital and assistance in formulating its financial plan. The Vancouver based medical device company has developed a line of infusion securement medical devices primarily directed at the hospital and patient-care markets.
PubTalk™ committee chairs, Kathy Sego and Richard Biggs (both active entrepreneurs), were quickly impressed and took REDpoint under their wings. “The products are good, inventive products that are being embraced by the market and the timing for bringing these products to the market doesn’t hurt,” said Sego.
After about 20 hours of initial pro–bono consultation, REDpoint had a polished Executive Summary, review of its go to market strategy, and coaching for their PubTalk™ presentation. The presentation was well received by the over 100 people in the audience and the solidly–delivered Q&A session left REDpoint shining. After the presentation, numerous executives approached the company and offered assistance—from marketing to tax preparation. REDpoint embraced this assistance and the advice it received.
Since its debut at the PubTalk™ event, REDpoint received a complete overhaul to its financial statements, a polished business plan and has been able to add a number of seasoned executives to its management team. Kathy Sego was so impressed with the opportunity that she has joined the company as its Chief Financial Officer and has taken the lead in assisting the company in securing funding. Through her network, Sego was able to draw 46 potential investors, doctors, rotary club members and the like to her home for what she jokingly calls a soiree. “I was eager to introduce REDpoint to my colleagues. REDpoint offers investors the opportunity of investing in a well vetted company where a majority of the risks associated with startup companies have been mitigated. I have years of experience with startups and I knew this one has what it takes,” continues Sego. Sego’s instinct was right on the mark. In just a few weeks REDpoint is close to solidifying up to $1 million in new capital.
As for next steps, “A lot of hard work is paying off,” says Chuck Nokes, REDpoint CEO. “It’s an unbelievable journey that began with three founders, me, Valerie Vance and Ron Ames, and we are overjoyed that we will likely become an international operation soon. We’re currently working with offshore distribution partners to expand beyond the U.S.,” continues Nokes.
The SWWDC initiated PubTalk™ a year ago in partnership with the Oregon Entrepreneurs Network and the Columbia River Economic Development Council soon joined the mix. Program content is based on attendee demand, for which business pitches are a favorite. Ideal start–ups are businesses that past the proof on concept stage with capacity to grow into substantial enterprises. Business interested in participating, or sponsoring, a PubTalk™ should contact Shelley Parker at 360-567-3176 or sparker@swwdc.org. The next PubTalk event in Vancouver will be January 19. More information can be found at www.swwdc.org.
Past sponsors have included: Bullivant, Houser Bailey PC; Blind Onion; Landerholm , Memovich, Lansverk & Whitesides; Eric Fuller & Associates, Inc.; JH Kelly; WSUV and Schwabe, Williamson and Wyatt.
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