Wednesday, October 29, 2008

N.H. hosts speed dating for entrepreneurs

By James M. Connolly

Fifty teams of small company executives took the speed dating approach to drumming up financing yesterday, giving 15-minute pitches to investors including angel investors and venture capitalists during the Speed Venture Summit in Manchester, N.H.

Companies offering technologies ranging from surgical tools to snow sleds each used their six 15-minute timeslots to present details of their products, management teams and marketing plans to 25 investors. The entrepreneurs, about half from New Hampshire and the rest from Maine, Vermont and Massachusetts, made their pitches for investments ranging from $100,000 to more than $1 million.

While half of the teams gave presentations out of the public eye, the remaining 25 planned and revised their own pitches based on their first experience with investors. Steve DeBeradinis, vice president of sales for National Meter Industries Inc. of Bedford, N.H., was hoping to raise funds for a marketing effort for the company’s line of electric meters, electric usage measurement software and services. Reviewing his performance after his first presentation, DeBeradinis recalled how investors fidgeted while he discussed his products, but he ``saw a light in the eyes” of the investors when the conversation turned to customer benefits. He knew where to focus his presentation for subsequent meetings.

Jeffrey W. Morrill, CEO of NuOrtho Surgical Inc. in Fall River, is trying to raise $1.5 million for hiring staff and continued development of an orthopedic surgical tool focused on tissue preservation during surgery. After three presentations to investors who may not have been right for his company, investors did provide him with leads to others in their firms or elsewhere. He said of the 15-minute format, “ I like how it makes me hit my high points.”

The event was organized by the New Hampshire High Technology Council and the New Hampshire Small Business Development Center. The 50 presenters were chosen from more than 100 applicants.