A few weeks ago I did a phone interview with Julius Genachowski one of the founders of LauchBoxDigital. LaunchBox Digital, an early stage investment firm located in Washington, D.C., is focused on helping entrepreneurs get through those challenging early days by bringing capital, advice, and practical guidance to help early stage businesses succeed.

I’m sorry it has taken me so long to post and share some of the highlight of the interview with you.  Just to be clear with everyone – I’m posting the highlights of the interview to ensure the key points that Julius mentioned, which I think are critical for entrepreneurs, are passed along to you, who read this blog. LaunchBoxDigital is not involved in funding or mentoring us. 

However, it has become extremely clear to me that mentoring from former successful and well connected entrepreneurs, business minds, and other influential people is a key to the success of a start-up. (We’re still looking to fill that position)

Highlights from the Q&A

Ann: What have you noticed about first time entrepreneurs?

Julius: Almost by definition people starting their first company don’t have the experience or the roadmap to do everything they need to do efficiently. They often also don’t have the network to utilize and leverage to help them launch they company effectively.  Any help they can get to establish a strong base to build from is critical.

Ann: How do mentors impact the entrepreneurial process?

Julius: Unfortunately, most people aren’t born with all the necessary skills to successfully launch their company.  Many entrepreneurs have some great ideas, but they might still fail because they faced a road block they either couldn’t get pass or couldn’t get through fast enough due to having limited knowledge or resources. This is where we (LaunchBoxDigital – or other mentors) come in and assist to rapidly move the entrepreneur pass those road blocks.  We can help them get pass a road block in 48 hours instead of 3 months. We do this with the group of founders and advisors that we have. We bring very broad experience and skill sets in business, administration, technology, and contacts.

Ann: What is the biggest value of a program like the Accelerator Program?

Julius: At the end of our Accelerator Program which will last 12 weeks, the entrepreneurs will know whether or not they have a valid business worth pursuing, will have received clear feedback throughout the process, at the end we will provide access to angel investors, venture capitalists, and strategic partners to ensure they successfully make it to the next step. 

-end- 

Take it from me…we’ve been on our own for a year now and I know that with the right mentors we would be moving much faster.  I have to learn everything through trial by fire…it’s not the ideal way to do things as a first time entrepreneur. 

LaunchBoxDigital is still taking applications for their accelerator program until March 14^th which will begin mid-May.  It’s open to entrepreneurs around the country, but you will have to relocate to VA/DC for the 12 weeks of the program.

They are looking for entrepreneurs who either already have a proof of concept or just an executive summary. So if you have something up your sleeve (like a concept or company) that is web or mobile related it might not hurt to apply.

We didn’t appeal to them, but you might have better luck. And if you’re coming from out of town to DC you can use WhyGoSolo to find some new people to hangout with ;-)  You always know how to connect with yours truly!!

See you on the site and out and about,

Ann