Business schools need to stop fostering the idea that entrepreneurs need to know their exit strategy. That line of thinking has done enough damage. Show me an entrepreneur who knows today, which company will acquire her company two or three years down the road, and you'll see an entrepreneur with too few options. Even narrowing things down to a basket of companies is going too far. I read recently of a business expecting to be sold to Yahoo, Google, MSN or AOL. That's limiting and obvious....continue reading...

Recently I posted that the lack of venture capital in Montana is correlated with the lack of individuals that venture capitalists like to see running companies. And, that this is changing. The personal wealth explosion occurring in tech sectors on the left and right coasts is having a positive effect on Montana. It's leading to an influx of seasoned entrepreneurs seeking to build their Montana dream home, disconnect, stand in a stream whipping the water all summer and skiing all winter. That's an incredibly attractive proposition from a desk in LA or NYC. But it's hard to do. I regularly...continue reading...

No, not money, just talk. Let's count the 'recent' venture financings in Montana. 1. Ligocyte Pharmaceuticals 2. Hmmm, Ok that's it. Now, I have nothing against venture capitalist, some of my best friends ply that trade. But when I hear venture capital and Montana in the same sentence, I immediately get fired up. That's because I meet with too many entrepreneurs and read too many business plans that have venture financing in their hypothetical future. Many of these are just the naïve words of in-experienced entrepreneurs. Others result from a fundamental misunderstanding of business financing. These individuals need to understand...continue reading...