Summit Bank Issues Stock Dividend

first_img Facebook Tumblr Email on December 1, 2016 Share. LinkedIn 0 Google+center_img E-Headlines Twitter Summit Bank announced that its previously approved 3-for-2 stock split of the company’s shares of common stock payable in the form of a stock dividend is complete. The ex-dividend date was November 21, with shareholders of record as of November 28 receiving one additional share for every two they own.“Given Summit’s strong financial results in the third quarter of 2016 and the increase in our stock price since the last stock split, the Board reviewed a number of options to thank our shareholders for their support over the years,“ said Craig Wanichek, president and chief executive officer. “We believe the time is right for a one-time split to increase the stock’s marketability and liquidity by making it attractive to a larger number of potential investors.”Summit Bank reported net income for the third quarter ending September 30, 2016 of $840,000 or 35 cents per fully diluted share, making the bank’s third quarter earnings the highest the Bank has achieved in its history. Year-to-date earnings were $2.1 million or 88 cents per fully diluted share.With offices in Eugene and Bend, Summit Bank specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. Summit Bank Issues Stock Dividend  Pinterest By CBNlast_img read more

The AlleyWatch NYC Startup Daily Funding Report 112918

first_img 251SHARESFacebookTwitterLinkedin According to a recent SEC filing, BlockDrop the legal tech documentation platform for the blockchain industry, has raised $355K in funding in what appears to be a convertible note. BlockDrop was founded by Jeffrey Knight in 2018. 2019 NYC TECH INFLUENCERS NOMINATIONS NOW OPEN It’s that time again. Nominations are now open for AlleyWatch’s 2019 NYC Tech Influencers feature. Know someone amazing who belongs on this list? Nominate them today here. Nominations open until 13/15. Looking to drive targeted response from the NYC Tech community at scale, learn more about partnering with AlleyWatch on this initiative here The latest venture capital, seed, and angel deals for NYC startups for 11/29/18 featuring funding details for BlockDrop. This page will be updated throughout the day to reflect any new fundings.PREVIOUS POSTNEXT POSTcenter_img BlockDrop $355K The AlleyWatch NYC Startup Daily Funding Report: 11/29/18 by AlleyWatch Tagged With: BlockDrop, Jeffrey Knightlast_img read more

10 Startup Priorities May Negate the Business Plan

first_img10 Startup Priorities May Negate the Business PlanMarch 23, 2017 by Martin Zwilling 292SHARESFacebookTwitterLinkedin Reprinted by permission.Image credit: CC by YahooPREVIOUS POSTNEXT POST If you are one of the new age of entrepreneurs who hates the thought of doing a business plan as a first step in starting your new venture, you will love this message. More and more professionals agree that a better strategy is to explore and fine-tune your assumptions before declaring a specific plan with financial projections based only on your dream and passion.In the process, you may save yourself considerable rework and money, or even decide that your dream needs more time to mature, before you commit your limited resources, or sign up with investors to a painful and unsatisfying plan.In a recent book on this approach, “Beyond the Business Plan,” Simon Bridge and Cecilia Hegarty outline tradeoffs and recommend ten principles for every new venture explorer. Here is my edited summary of their 10 principles, which I like and may convince you that you don’t need a business plan at all, or at the very least will help you write a better one later:A new venture is a means, not an end. A new enterprise should be pursued primarily to help you achieve your goals, like providing a better life for others, satisfying a passion of yours, or enjoying the benefits of a technology you have invented. In that context, it could be a social enterprise, or even a hobby, and a business plan may not be beneficial.Don’t start by committing more than you can afford to lose. New ventures are usually exploratory and risky in nature, so don’t let any business plan process convince you to commit more than you can risk as a person, if your exploration fails. Start with an effectual approach, which evaluates risk tolerance, and suggests more affordable means to an end.Pick a domain where you have some experience and expertise. Don’t handicap yourself by starting something for which you have to build or acquire knowledge, skills, and connections from scratch. No business plan will save you if you are just picking ideas at random, or copying others, just because the story sounds attractive.Carry out reality checks and make appropriate plans. Before a business plan has any validity, some work is required to validate that your technology works, a real market exists, and your assumptions for cost and price are reasonable. Don’t be totally driven by your own passions, the emotional enthusiasm of friends, or even third-party research.The only reliable test is a real one. Market-research techniques for trying to predict the market’s response to a new venture can be costly and are often unreliable. Testing for real is the assumption behind approaches such as lean startup. It is also what explorers do – they go and look, instead of trying to predict from a distance what they will find.Get started and get some momentum. Too much hesitation will kill any new venture, as markets move quickly and difficulties mount. Getting started helps to generate momentum and the sense of having done something, which provides encouragement, more incentive to keep going, and can carry your startup over obstacles. Early perseverance pays off.Accept uncertainty as the norm. You will never remove all uncertainties, so accept them, and plan your activities in an incremental fashion. Too often, a business plan is seen as a mechanism for eliminating uncertainty, lulling the founder into complacency. Eliminate major uncertainties before the plan, and update any plan as you learn.Look for new and best opportunities. Many useful opportunities are either created by what you do early, or are only revealed once you have started and can see out there. So keep your eyes open and respond to new customers, new markets, and new partnerships. You will also find that looking hard also eliminates opportunities that are not acceptable.Build and use social capital. Social capital is people and connections. No entrepreneur can survive as an island. Social capital is as important as financial capital for all ventures. As with all capital, you can use only as much as you have acquired to date. If you have no social capital, no business plan will likely get you the financial capital you need.Acquire the relevant skills. Three basic skillsets are required for successful delivery of almost every venture. These include financial management, marketing and sales, and the appropriate production ability. If you don’t have the relevant skills and knowledge, take the time to build them or find someone to partner with, before you attempt any business plan.If you do decide after exploring these principles to continue building a conventional business, especially with investors and employees other than yourself, I’m still convinced that a business plan is a valuable exercise. You should do it yourself, to make sure you understand all the elements of the plan, and facilitate communication of the specifics to your team and to investors.In essence, building a complete and credible plan is the final test of whether your venture has “legs,” meaning that the opportunity matches your resources, skills, opportunity, and a level of risk you are prepared to handle. The entrepreneur lifestyle is all about doing something you enjoy, without undue stress, uncertainty, and risk. Are you having fun in your venture yet?center_img Filed Under: Advice, Resources, Strategiclast_img read more

NYCtech Week in Review 11418111018

first_img#NYCtech Week in Review: 11/4/18-11/10/18November 11, 2018 by AlleyWatch 159SHARESFacebookTwitterLinkedin With so much going on in the city’s thriving ecosystem, it is easy to miss some of the happenings in the space. We keep you abreast of a few of things that you may have missed in NYC Tech News for the week ending 11/10 including the NYC startup fundings, NYC startup exits, and NYC Tech events including news for Journy, Dynamic Yield, Gastrograph, Dormify, Teamworthy Ventures, RapidSOS, Resy, Reserve, Grovo, and much more…USE THE ARROWS BELOW TO NAVIGATENominations are now open for AlleyWatch’s 2019 NYC Tech Influencers feature.Know someone amazing who belongs on this list? Nominate them today here. Nominations open until 12/15. Looking to drive targeted response from the NYC Tech community at scale, learn more about partnering with AlleyWatch on this initiative here.PREVIOUS POST1 / 22NEXT PAGE Filed Under: #NYCTech, Interviews, NYC Tech Week in Review Tagged With: American Eagle Outfitter, Analytical Flavor System, Bowery Capital, Caviar, Cogni, Corey Lerner, Cornerstone OnDemand, Crosslink Capital, CSAA Insurance Group, Dormify, Dynamic Yield, Evan Kaye, Excell Technology Ventures, Force Therapeutics, Forte Ventures, Gastrograph, GingerBread Capital, Global Brain Corporation, Grovo, Haystack Partners, Inpher, Insight Venture Partners, Journy, JPMorgan Partners (JPMP), Kinvolved, Leawood Venture Capital, Loftey, M12, Menlo Ventures, Natanel Barookhian, New York Ventures, Ori Goldman, Pear Ventures, Perceptive Things, Playground Global, Polytech Ventures, Ralph de la Vega, RapidSOS, Reserve, Resy, Saad Shaikh, Scala Computing, Snooze, Stephen Schmalhofer, Teamworthy Ventures, TechU Ventures, The Draper Richards Kaplan Foundation, The Westly Group, Thomas Lehrman, Twilio Impact Fund, Two Sigma Ventures, u2ilast_img read more

Eliminating the Appreciation Gap

first_imgHaving employees that feel appreciated is extremely important in the workplace. In fact, it’s so significant, that a recent Gallup Poll revealed that the number one reason employees leave their jobs is because they don’t feel appreciated. Logical thinking would lead one to assume that curbing the biggest reason employees stray is a worthwhile move to reduce turnover.When you’re showing appreciation, make sure that it’s not a canned message. If there is a specific project your employee should be commended for, make sure they know why they’re being recognized. This way, they’re more likely to repeat their favorable actions. Conversely, if their hard work goes unrecognized, they may be more hesitant to put forth such an effort again.Thus, a small task like appreciating your employees can have huge rewards in the workplace.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to PrintPrintShare to EmailEmailShare to MoreAddThis1last_img read more

Does a Speedy Sales Pipeline Really Increase Revenue

first_imgIf slow sales have caused you to consider shortening your pipeline, you should be aware of the associated risks.Dan Waldschmidt, author and sales strategist, warns of some of the dangers in this video. He says that the common belief of having a shortened sales pipeline will result in more revenue is baseless.While it may have the desired result in a few cases, more than likely, you’re not going to fully develop the relationships that need to emerge at the other end of the pipeline.You can only increase new customer acquisition when you fully develop your relationships, and an expedited sales pipeline may limit those possibilities. For more on this topic, watch the video from OpenView Labs featuring Waldschmidt.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to PrintPrintShare to EmailEmailShare to MoreAddThislast_img read more

If Youre an Entrepreneur Unsexy is Smoking Hot

first_imgOne of the greatest aspects of my ever-excellent job is that I have my world rocked at least once a month. And I actually mean my world gets rocked. My heart beats faster, my eyes open wide, and my mind wanders – races even – through the myriad implications of what I have just learned. What have I learned?There are so many different ways to make money and lots of those ways are sitting right in front of you in some fairly obvious places.A good place to start your thought process is with market size. If the market is large enough, there is a higher degree of probability that you will be able to build a successful commercial enterprise. It may not be a Fortune 500 company, but if done correctly it could still provide quite nicely for you and your family.That’s the beauty of starting software company with a SaaS revenue model – 80% gross margins and 20-50% EBITDA margins! A $10 million dollar a year top-line business could produce $2 to $5 million in pure profits. There are THOUSANDS of great software, technology, and services businesses that need to be started to satisfy actual needs in large and unsexy markets.This might sound obvious, but I’m constantly astounded by entrepreneurs that have created profitable businesses in enormous markets that might bore you to tears. Have an interest in human resources payroll software? Probably not, but that’s going to be a $4 billion dollar market by 2016 (so says Accounting Today). Does the Tuxedo rental business interest you? It doesn’t really interest me either but Men’s Wearhouse did over $350 million in tuxedo rental revenue last year with over 80% gross margins — and according to the Wall Street Journal, the tuxedo rental market is a $1.2 billion dollar a year industry.Should you go into the tuxedo rental business? Probably not. But should you spend an hour of your life figuring out if there is a way the business could be made more efficient with a piece of enterprise software? Perhaps. The bottom line is that if you’re committed to starting your own business (and building one that is commercially viable and profitable), start with evaluating market sizes in old industries that may be looked over by other investors, hackers, or entrepreneurs such as yourself.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to PrintPrintShare to EmailEmailShare to MoreAddThislast_img read more

What Startup To Build

first_imgI read Steve Poland’s guest post at Tech Crunch last week. While I enjoyed his post, what I really enjoyed was the image that accompanied it: OpenView Venture Partners invests growth capital in expansion stage software, internet software, software leveraged services or software based appliance companies that are generating bookings and or revenues of at least $500K a quarter up to $5mm a quarter.The image above is how we look at companies when we are determining whether an investment in the company today can lead to a successful exit tomorrow for the founders, management team and OpenView.We don’t need to see a market that is $5B+ (1B+ is large enough to build a great company), but make sure that your solutionSolves a visible business problem (preferably a must-have versus a nice-to-have)Has a targeted market segment with buyers and users identifiedHas an economic distribution model that is appropriate for the market segmentPeople are willing to pay you for your solution so you can monetize the company successfullyHave a core team that OpenView can work with  the founders to build out as the company scalesThe clearer the proof points are for the above bullets the better the chance that you can work with a venture capital partner to build a great company that everyone can be proud of.All the best!GAddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to PrintPrintShare to EmailEmailShare to MoreAddThislast_img read more

What Clarity Means to Your Sales Culture

first_imgManagers at young companies usually ask a lot of their employees.And when their demands are plentiful, there’s bound to be overlap in expectations. Since most expansion stage businesses are looking to cultivate their own identity, this can inhibit the natural process. In sales specifically, confusion and overlap breeds a muddled sales culture that’s often lost when it comes to responsibilities, says president of Above the Line Rich Chiarello.In this short video, he explains that overlapping duties can greatly detract from the level of clarity in sales — and why that’s something to be avoided at all costs. For more on why clarity is a difference-maker for sales culture, watch the video from OpenView Labs.AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to PrintPrintShare to EmailEmailShare to MoreAddThislast_img read more

Get a Bigger Impact from Your Internship Program

first_imgIt’s an old myth that interns are “gofers” that will run around town picking up your dry cleaning, getting you coffee, and walking your dog. Those days (if they ever really existed) are long gone. Students these days are looking to gain real work experience and valuable skills in their internships. Here are thee tips to ensure that your internship program is not only valuable to the student, but valuable to the company and to your team as well.3 Tips to Improve Your Internship Program and Boost Its Impact1) Give Interns Meaningful WorkDo your company and your interns a favor and assign them real work that will allow them to use the skills they have, acquire new skills, and work on something that will have a real impact. In doing this, your team becomes more productive and your intern(s) get valuable experience. You can assign interns backlogged projects or add them to a current project that may need an extra set of eyes — just make sure that you clearly explain how the project will make an impact to the company, the client, or the team.2) Schedule Check-in MeetingsAs soon as the intern starts, get a check-in meeting on the calendar and stick to it. This could be weekly, bi-weekly, monthly — whatever works for you. Use this time to discuss the intern’s progress, anything he or she could work on, and tasks he or she does really well. Also, be sure to allow the intern to bring any issues or impediments to the table. This should be an open feedback discussion to foster improvement on both sides.3) Conduct Formal Evaluations at the End of the InternshipCreate evaluation forms for both the intern and the company. At the end of the internship, the mentor should evaluate the intern’s improvements and success throughout their time with the company. Additionally, the intern should evaluate the company, the team, and the work he or she was given. In an exit interview, review these evaluations and discuss any questions and/or concerns on either side. Both parties can use these evaluations to refine best practices and improve.Bottom Line: Interns Are a Terrific Resource — Make Sure You Fully Appreciate and Get the Most Out of Their ValueBy treating interns like real employees and implementing a strong feedback loop, they will get the experience they are looking for and your company will get extra employees for a few months. It’s a win/win situation! What tips would you add to this list that have helped you improve your internship program?  AddThis Sharing ButtonsShare to FacebookFacebookShare to TwitterTwitterShare to PrintPrintShare to EmailEmailShare to MoreAddThislast_img read more