Preserving your ownership stake while getting the capital you need to scale can be tough. But non-dilutive financing options are available, especially if your profit margin is high.
Identifying the overarching hedgehog concept for King-Bailey's three companies was transformational. The three companies specialized in different things related to technology:On-demand technology resources that included doing independent validation and verification.
When the pandemic hit, life sciences companies went from paper processes to digital. Valarie King-Bailey, founder & CEO at OnShore Technology Group, which doesin the life sciences industry wanted to take advantage of this trend. But it needed money to develop technology and hire people. Even if she could have gotten venture capital, it might have complicated her M/WBE status. It's not just that the company might fall below the 51% women- or minority-owned requirement; it's that when you're not 100% owned by women or minorities, the certifying organizations scrutinize your application.There's been cheating, commented King-Bailey. Men have put their wives up as the company owners when they are not involved in day-to-day management.
Unlike the other programs, the Founder First program was laser-focused on the individual needs of each of the eight businesses in the bootcamp. King-Bailey's previous experience was that training programs were general and served a mix of businesses from newbies to established high-growth companies in industries as divergent as nail salons and tech companies.
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