Today I am at the Governor's Economic Summit.  So far there have been some great speakers.

The highlight this morning was Dr. Ed Catmull, the co-founder of PIXAR animation studios (and U of U grad).  A few of his thoughts:

Why do great companies go off the rails?

  Failure to make teams that work well together

  Fear of change - This is no safe place and organizations are inherently unstable.   Unless you are constantly responding things
         will go wrong.

  Reluctance to share thought processes early.  It is better to see what people are doing early.  Show your work daily.

  Fear of hiring people who are stronger, better, faster.

  Fear of loss of control. 

  Failure to assume good intentions and push responsibility out to others.

Entrepreneurism Breakout - a few thoughts from the presenters

Rich Hanks - Mindshare Technologies

   Control your expenses.  Why buy a $1000 white board when you can buy the same thing at Home Depo for $12.95 without the wood 
    trim.

    Sales covers a multitude of sins.
 
     Forget all of the VC buzzwords and get sales, liquidity events and everything else will follow.


Marketing - Bruce Law - Sprout Marketing

  Focus on topline growth and assign someone else to control the numbers for the bottom line.

  Measure Everything - know what works and what does not so you have the confidence to spend where you need to..

  Advertise more during down times (be the last one standing).

Larry Rigby - Larada Sciences

    Uncle Sam is the ultimate investor right now.  Get some pork.

    Balance passion with reason.


Todd Stevens - Epic Ventures

    Look for new customers and live by your wits.

    The only increase in capital in 2008 was clean tech.

    Remember where the opportunities are global and in light of government spending.

    First time financings dropped 28 percent from 1st quarter to 3rd quarter.  Seed investing is very difficult nationally.

You Want to Start a Business Now?

Hal Widlanky - Mangia

     Ladder your brand to gain credibity of your partners.

     Every major recession has spawned a new form of entertainment.

     Pay attention to grant money available from the government.

Tim Miller - Glycomira

     In tough times, there is more focus on the value of the idea in good times and bad.

     The paradox of thrift (consumers save when the economy needs spending).

     Get an experienced group around you.  It is easier to get good talent and expectations are lower.

    
Dave McNally (Formerly of ZEVEX and currently at NexsprouT) (Full disclosures, Dave is a client and a great guy)

     Know how to bootstrap. 

     Manage your affairs like you do not have capital (i.e. avoid wasting capital when you get it).

     Get good people on your board who know enough to see your mistakes.

     Focus like a laser on your business and customers - know what your competencies are.

     Be thrifty and focus on execution.

     Do not skimp on people, business partners, and your intellectual property.  Skimp on your furniture and other unimportant things. 

Jeremy Nielsen - Utah Fund of Funds

     If you cannot get someone from the industry to sit on your board, rethink your idea.

     Make sure you get the right valuation.  A high valuation is nice, but it may backfire and lead to a down round if you were
          valued too high.

    Always try to contact contacts through a common friend rather than a cold call.  The best people are always networking.