At Venture Atlanta, we are committed to supporting women entrepreneurs through and through. And, as we’ve seen, the impact of female entrepreneurship in the United States has flourished.

The Current Landscape for Women’s Business Opportunities

39.1% of all businesses in the United States are owned by women, generating $2.7 trillion in annual revenue. Compared to their male counterparts, female entrepreneurs earn 10% more revenue in the first five years of running their business.

Despite their impact on economic growth, U.S. startups with all-women teams only receive 1.9% of the $238.3 billion in venture capital allocated. And, women make up only 11% of investing partners at VC firms in the United States. 
Due to this funding gap for women, we can create connections, boost female tech founders, and start supporting women entrepreneurs further than ever before.

Venture Atlanta is committed to encouraging the flow of capital to talented women founders. We want more women founders to apply for funding and more female-led startups to get the spotlight they deserve.

Venture Atlanta Doesn’t Just Talk the Talk—We Walk the Walk

There is still a funding gap for women, and Venture Atlanta is helping to level the playing field while supporting women entrepreneurs. Here’s how we’re doing it: 

Hosting Competitions, Networking Events, and Speaking Engagements for Female Founders and Investors

First Pitch Friday

First Pitch Friday is an event that provides a platform for female founders and student founders to gain live pitch experience and feedback from leading venture capital investors across the Southeast.

The top 10 pitches are selected to show their stuff at the prestigious Metro Atlanta Chamber and have the chance to secure their spot at Venture Atlanta, pitching in front of thousands of VCs and other founders. Not only that but if you’re selected, you’ll be able to build invaluable relationships and receive critical feedback that will catapult your startups to new heights.

Women in Capital Breakfast

For several years, day two of our conference has kicked off with the Women in Capital Breakfast—hosted by Kim Seals, The JumpFund, Christy Brown, and Build in SE and sponsored by Morris, Manning & Martin, LLP. We’re proud to share that since its inception, this event has grown year after year!

Show Her the Money

In partnership with Female Founders in Innovation, we hosted a special screening of “Show Her the Money.” This documentary follows four female entrepreneurs as they endure uphill battles to turn their ideas into reality. In addition to the screening, we hosted a panel featuring two female founders and VA alumni (Robin Gregg of Roadsync and Erica Tuggle of Cookonnect) and two female investors (Naseem Sayani of Emmeline Ventures and Kim Seals of The JumpFund and Venture Atlanta board member)

Islandpreneur

Venture Atlanta CEO Allyson Eman was a keynote speaker at the 2024 Islandprenuer Fest.

This event aims to empower 40 women entrepreneurs with the tools and strategies they need to scale their business by:

Thriving in Atlanta's Startup Ecosystem: State of Resources for Women

Allyson Eman also joined a panel of Atlanta’ leading media, investment, and startup experts for a webinar discussing the exciting opportunities for women founders in Atlanta’s startup ecosystem.

This webinar discussed:


She was joined by:

Finding Funding Panel

In March, Allyson Eman represented Venture Atlanta by providing resources and inspiration to a group of soon-to-be women entrepreneurs at The University of Georgia’s Delta Innovation Hub.  

She was joined by:

Leveling Up Your Leadership

Allyson was also a panelist at the Leveling Up Your Leadership event in April, a women’s panel discussion and networking event all about how you can thrive at the top of your game and not just be successful—but enjoy your success.

Allyson was joined by these incredible panelists at this event:

Female Founders in Innovation Dinners

The Female Founders in Innovation Dinner was added to the Venture Atlanta conference schedule two years ago. This event gives female founders the opportunity to connect and network, with guided discussions lead by VA alum Inclusivv. It’s one of the most popular events in the Venture Atlanta schedule and has now grown to close to 200 attendees!

Leveraging the Expertise and Networks of Venture Atlanta’s Female Board Members

The women on Venture Atlanta’s Board of Directors bring impressive expertise, diversity, credentials, and a ton of experience supporting women entrepreneurs. Here are a few of our renowned female board members:

Featuring Successful Women Entrepreneurs, Women in Tech, and Women Leaders as Keynote Speakers

Venture Atlanta offers investors more connections to women founders than any other venture event. It’s one of the largest venture conferences in the country, with over 1,500 annual attendees, 450 funds, $7.7B in capital raised, and $17B in successful exits. 

We put the spotlight on successful women founders, not just through women entrepreneurs networking but also through sharing learnings and opportunities with our keynote speakers. Together, we’re supporting women entrepreneurs on stage every chance we get. 

Past keynote speakers and pitch competition judges have included:

Connect With Other Women Entrepreneurs at Venture Atlanta 

Here are what past female entrepreneurs have said about attending Venture Atlanta:

“Made lots of connections and witnessed many moments of inspiration and celebration at Venture Atlanta! As I reflect a bit on my experience, the thing that stands out most is the women. We all know…. Venture capital and the tech world is traditionally men, white men at that. But I felt the power of women everywhere.

“How do female founders get funded? Venture Atlanta Conference! What an experience! 24 meetings and am already following up with quite a few funds.” 

“While I was waiting in line for the restroom at the conference, a female VC approached me and said, “I love that there is a line at the women’s restroom for Venture Atlanta.” In the past, women at the conference were fewer and far between. The fact that there was a line in 2023 was a great symbol for the future.”

Supporting Women Entrepreneurs at Venture Atlanta

One of our priorities at Venture Atlanta is to provide more opportunities, networking, and partnerships to support women tech founders to close the funding disparity gap. Let’s continue this incredible momentum.

If you’re a female founder, we encourage you to attend Venture Atlanta, and you’ll see first-hand the strong community of women entrepreneurs we’ve gathered over the years. Follow us on LinkedIn, Twitter, Instagram, or Facebook to stay up-to-date on announcements!
If you’re an organization in the Southeast that supports female founders and want to be involved with VA, please reach out! We’d love to get in touch and discuss partnership options.

To kick off the conference season, Venture Atlanta hosted an insightful Atlanta venture capital event called "State of Startup Investing in Atlanta." This event brought together industry leaders, venture capitalists, and startup founders to discuss the current landscape and prospects of startup investing in the region.

Thanks again to Invesco, the title sponsor of Venture Atlanta, for sponsoring such a wonderful event! Not only did they offer their beautiful headquarters for the event, but they also provided OrionStar robots (which you’ll see more of at VA) and a wonderful opening remark from Marty Flanagan, Chairman Emeritus at Invesco.

Event Overview

We kicked off with a series of introductions from notable figures, including 

Panel Discussions

The event featured two main panel discussions, each focusing on different stages of startup investing.

Pre-Seed and Seed Stage Panel

Moderated by Maija Ehlinger from Hypepotamus, the pre-seed and seed stage panel included 

Here are some key takeaways from the panel:

The Current State of Pre-Seed & Seed Stage Investing in Atlanta

Deploying Capital: Does Atlanta Have Enough Startups?

Investors are not having trouble finding great startups in Atlanta, but they are thinking about how they can improve Atlanta’s startup ecosystem to benefit surrounding areas. Here is what Sydney Holness had to say:

“It used to be over half of the portfolio at Collab Capital consisted of Atlanta-based startups. Now, we’re focused particularly on underserved markets. We’re continually asking ourselves “Where is the VC talent?”, “How do we nurture it?”, “How do we partner with other organizations to find that talent pool?”, and “How do we get to that critical mass of diverse investors in the space?”

Sydney Holness, Investment Associate at Collab Capital

What Do We Need to Do to Grow Atlanta Venture Capital?

For Scott Lopano, deploying more exits is the key to growing the venture capital ecosystem in Atlanta. 

“If we show that more successful exits are possible here, more startups will be started and more big checks will be written by investors who know investing in Atlanta startups holds value.”

Scott Lopano, Partner at Tech Square Ventures

Sydney Holness’s idea is a little different. Her focus is on higher education. She wants to share learning and insights with students so their startup ideas can reflect the market.

Dr. Lopez’s ideas are similar to those of the other two panelists. He knows there is great talent in Georgia and the Atlanta area. The key is nurturing, mentoring, and keeping them in Atlanta. In addition, he says that we simply need more people to write checks. 

“Venture capital is not a spectator sport. Investing is the only way to make our environment and city more vibrant.”

Dr. Paul Lopez, Board Chair of TiE Atlanta

Are Investors Solely Focused on B2B at the Moment?

For the most part, yes. It is currently harder to invest on the consumer side than the business side. 

The bright side? In 2017, it would’ve been even harder to invest in B2C. However, if more investors can see successful exits of B2B companies, they will invest more.

The Current State of Series A Startup Investing and Beyond

The second panel, moderated by Mirtha Donastorg from the Atlanta Journal-Constitution featured: 

Here are some highlights from the panel:

Are There Any Series A VC Funds in Atlanta?

Is there a true series A VC fund in Atlanta? No.

But, we’ve come a long way.

In previous years, software companies had limited options and much less capital from the outside. Fast forward to now, there have been 50+ finds between the full spectrum and a lot more capital coming in. The ecosystem is more mature.

“People make the fact that there isn’t a true Series A VC fund in Atlanta sound negative. But, when we tell these series A startups to go find funding in a bigger market, it doesn’t work out all the time because those funds aren’t as helpful. In Atlanta, we are partners for loyal companies that are fair.”

Elizabeth Stephens, Principal at Noro-Moseley Partners

Peter Franconi brings a different perspective. He says there are obviously more conservative investors in Atlanta over New York City or San Francisco. But, he’d much rather have a strong sustainable ecosystem than a super flashy one.

Eileen Lee agreed that it feels like they have made a lot of progress. She’s getting more people reaching out to her from other cities because they’re seeing deal flow being shared across the region.

The Future of Series A Startup Investing

An interesting statistic that came out of the panel was that to become a top-five tech hub in the nation, Atlanta needs to create 2,000 startups per year.

Atlanta is currently only doing 200 per year.

The big players like San Francisco, New York, Boston, etc. all have 2,500 or more startups created per year. 

The only way entrepreneurs will feel comfortable leaving their jobs and creating their own startups is by showing people that successful startups can be created and exited in Atlanta.

Are Series A Startups Leaving Atlanta?

The experts say that series A startups aren’t leaving, but they are going back to being in person and having an HQ. Series A startups don’t really leave the city they started in because once you get to a certain size, that city becomes your ecosystem and you can build a business that scales.

“Before COVID, there was a higher likelihood of series A startups leaving. Now you have enough roots in a specific market to make it worthwhile to stay. Plus, the emergence of remote work has made it much more flexible. You can have a hub, then as you scale you can have your CFO, CRO, etc. in different locations across the country.”

Peter Franconi, Principal at Fulcrum Equity Partners

What’s Next for Venture Capital in Atlanta?

What’s next? Venture Atlanta of course! Remember to register for tickets to the largest venture capital conference in the Southeast. If you’re a founder looking to pitch your company in the Atlanta venture capital ecosystem, you can also apply here.

Thanks again to Invesco for sponsoring such a wonderful event!

Atlanta Venture Capital FAQs

What Are the Current Trends in Pre-seed and Seed-Stage Investing?

Here are some key takeaways from the "State of Startup Investing in Atlanta" that encapsulate the current trends in pre-seed and seed-stage investing:

How Has the Investment Landscape in Atlanta Evolved?

In short, the investment landscape in Atlanta has matured.

What Industries or Sectors Are Attracting Significant Investment in Atlanta?

Here are a few industries that the panelists discussed in the “State of Startup Investing In Atlanta” that are gaining traction.

How Does Atlanta Compare to Other Tech Hubs Like Silicon Valley in Terms of Investment Opportunities?

According to the panel at the “State of Startup Investing In Atlanta” event, Atlanta needs to create 2,000 startups a year to become a top 5 tech hub in the nation. This is the number it will take to start attracting more investors. Currently, Atlanta is only creating around 200 startups per year. In addition, Atlanta doesn’t have as many investment opportunities in comparison to the big checks you can get from SF, Boston, or NYC. Atlanta is a good ecosystem to get funding from anywhere between 500K and 1 million dollars.

VA 2023 Spotlight: Growth Stage Pitch Competition Winner Cloud Range

Cloud Range is a comprehensive and customizable cyber readiness solution, monikered as The Leading Cyber Range-as-a-Service Platform. As Founder and CEO Debbie Gordon describes, it’s “the flight simulator for cyber attacks.” The B2B solution ensures cybersecurity teams are ready for cyber attacks at any time, offering integrated toolsets, thousands of scenarios, and customized learning plans. Due to the excitement surrounding their company, Gordon and her team took their business to Venture Atlanta in 2023 and won the Growth Stage pitch competition.

We got the opportunity to talk with Gordon and learn more about her history, the challenges she’s overcome, and of course, her story with Venture Atlanta.

The Cloud Range Journey

What was the moment or idea that sparked the idea for Cloud Range?

As someone who started my career in the technical education space, I saw that there was a grave talent shortage in cyber security. And, after selling my previous company in 2016, I knew the time was right in 2018 to build another company.

Companies were struggling to find experienced cyber practitioners, and at the same time, there were thousands of people with traditional cyber training and certifications, but simply had no experience. The solution was to add simulation technology to standard cybersecurity training to ensure that cyber practitioners have continued and dynamic skills when responding to the changing threat landscape.  We needed to do this in a way that was useful and consumable by customers, so the concept of our “cyber range-as-a-service"  was born.

What were the biggest challenges in developing Cloud Range and how did you overcome them?

The biggest challenge for us was that the concept didn’t exist before. Creating and pioneering a whole new category is a big endeavor.

Because of that, we had to evangelize the concept and the solution. It’s not like we were making another version of or a better mousetrap. We were truly creating a whole new product and category.

At the same time, that challenge became an opportunity, because more people listen when you create a new category. People want to know what your new thing is and why it’s important, so we had a lot of opportunities to communicate the value of Cloud Range.

The second challenge was building our team. In any startup, you’re not going to be at a critical mass of talent from the start. Like most startups, for a few years, we had a lot of “single points of failure" because only one person was an expert in each role. That creates a lot of risk when you are relying solely on one person for each area of operations.

However, we worked on building critical mass and getting the right people in the right seats, which led us to grow into the incredible team we have today.

What key learnings have you experienced throughout this journey as an entrepreneur?

1. Do what you do best

The number one thing I’ve learned is to do what you do best and leave the rest for others—who are also doing what they do best. You don’t need to be good at everything. Be very acutely aware of what you’re doing. Understand what value that adds to your organization and what kind of energy it brings and takes away from you.

2. Business is never going to be the same

Essentially, your business will never be the same five years after you start it, no matter what you think.

Because of that, you have to be flexible and always keep an open mind to adapt based on what you learn from the market, your customers, and your employees.

Pairing Cloud Range & Venture Atlanta

How did you first hear about Venture Atlanta?

I heard about Venture Atlanta around three years ago while working with a consultant to develop a fundraising plan. He recommended Venture Atlanta to me and I’ve attended three times since!

How did you prepare for your pitch?

The short answer is when you know your stuff, it’s easy to remember. Three minutes is much easier than 20 minutes so you don’t have to remember as much. But, I do it by segmenting things off in my brain. Just think of one concept at a time and remembering what you have to say next will come easier.

Plus, with the three-minute pitch compared to the 20-minute pitch, it is harder to pare down. Once you get it right, however, you’re essentially explaining only the important things. Then, people can dive deeper by asking questions later.

What impact did winning the pitch competition for the growth stage have on Cloud Range?

Besides getting the attention of investors, the impact it had on me was just that a lot of young women came up to me afterward and said they were happy to see a woman on that stage representing both entrepreneurs and the cybersecurity industry.

My responsibility as an entrepreneur is to be a role model. I don’t try to talk about being a female entrepreneur. I just do it. It felt good to be a role model. It tells me that I did my job.

And it is clear that there are more women representing. While I was waiting in line for the restroom at the conference, a female VC approached me and said, “I love that there is a line at the women’s restroom for Venture Atlanta.” In the past, women at the conference were few and far between. The fact that there was a line in 2023 was very representative of where we are and where we have come.

What other parts of Venture Atlanta did you find most valuable?

I had a lot of meetings set up beforehand.  The ability to connect with people before the conference and then meet up in person came in handy. Plus, the technology got a bit better this year, and I heard a lot of people saying that the app was working well.

What are your biggest pieces of advice for entrepreneurs?

  1. Talk to as many other entrepreneurs as you can. Within that, learn from other people's experiences and mistakes.
  1. Ask for help even when you don't think you need it. Tell people what you're doing and ask them to poke holes in it. This will help you continue innovating and listening.
  1. Just because you think your idea is good, that doesn't mean people will part with their money for it. Make sure there is product market fit and value that leads to a person or a business investing in what you’ve developed.
  1. If you build it, they will not necessarily come. Before you invest a lot of money in your business, do research, focus groups, and test the market. You may think you have a great idea, but product market fit is key.

Check out Venture Atlanta for Yourself

Want to be Venture Atlanta’s next pitch competition winner? Interested in seeing the Southeast’s up-and-coming tech companies? Looking to invest yourself? Join us at Venture Atlanta! Venture Atlanta is the Southeast’s largest venture capital conference and is held each year at the Woodruff Arts Center in Atlanta, Georgia. To learn more about pitching at Venture Atlanta, click here. If you want to explore what our conference has to offer for investors, entrepreneurs, and beyond, head over to our event overview page. Can’t wait to see you there!

Joshua Silver is the CEO and Founder of Rainforest, a payments-as-a-service platform (PaaS) that helps software companies build and optimize embedded financial services. Unlike most financial service companies, Rainforest’s technology is built for software platform payments. With this innovative approach to payment solutions and the future of Fintech in mind, Silver brought his company to the Southeast’s largest venture capital conference, where Rainforest became the 2023 Venture Atlanta Early-Stage pitch competition winner.

In a recent interview, we had the opportunity to sit down with Silver to delve into his entrepreneurial journey and his experiences with Venture Atlanta. Read more from our conversation below.

The Entrepreneurial Journey Behind Rainforest

Tell us about the moment or experience that sparked the idea for Rainforest.

After exiting my previous startup, Patientco, a patient financial engagement company, I spent several years running a consulting firm where I helped software companies embed payments and other financial services into their products. 

Regardless of a software company’s industry – be it retail, construction, logistics,  non-profit management or any other vertical – payments is a universal language.  What I noticed was that software platforms are looking for the same critical things: a payment provider who has modern, robust technology, great developer experience, exceptional customer service, fair commercial terms, and full portability of merchant data. These software companies are experts in their respective verticals and they’re relying on a payments partner to help them to grow and thrive.

Despite looking at every possible option, I could never find a provider that checked all those boxes. So I created Rainforest to set a new industry standard for embedded payments. 

What were some of the biggest challenges you faced in developing your startup and how did you overcome them?

The three biggest challenges are having a product-market fit, understanding the competitive landscape, and financing.

Product-market fit

Without product market fit, you don't have a business. However, I was fortunate enough to have been in the payment solutions industry for 15 years, so we already knew where our product fit in the market. I got to see exactly what buyers were looking for and what pain points we could solve. 

Understanding the competitive landscape

Another challenge we faced was understanding the competitive landscape. The embedded payments industry has many well-funded companies. Some are recognizable brands that have been around for years. However, I didn't let that distract me. 

The market we’re in is massive. There’s lots of inherent dissatisfaction with the current set of providers, which created a huge opportunity.  I had a clear roadmap of how we could create an even better product and company in the space. Since formally launching in 2023,  we've done just that. 

Financing

The last major challenge I would highlight would be figuring out how to finance the company.  

Certain companies don’t need outside funding. However, building a payments company from the ground up is a capital-intensive venture. There's a lot of regulatory work,  compliance work. There's a lot of technology and a lot of vendors and banks that you have to work with.

Acquiring outside funding is pretty important for both validation and hiring aspects.  Fortunately, because I was a repeat founder and had a deep understanding of the space, I was able to find a great set of investors to work with on our journey.

What have been some key learnings or growth experiences as an entrepreneur throughout this journey?

  1. There’s no “I” in “team”

It all comes down to your employees and what the team looks like. It's important to treat your employees right. I was very fortunate that many of my former colleagues joined me early on in the journey at Rainforest so we could create a sound company culture. 

  1. Focus on the fundamentals

Investors are doing their due diligence more than ever before, even at a company's earliest stages. They want to make sure that the redundancy, scalability, and legal framework you’re operating in is worth it. 

A lot of times entrepreneurs tend to blow past those things to get a product to market. Sometimes that’s appropriate. But in any highly regulated industry, it’s important to make sure those fundamentals are rock solid, and we’ve certainly done that.  

  1. Treat your customers right

I have a principle at Rainforest. When we make a mistake, we own it. No matter how big or small. People are entrusting us with their money, and it has to be right every single time, down to the penny.

That has strengthened our relationship with customers. It's helped nurture our commitment to quality. At the end of the day, your reputation is everything – I’m fortunate that every member of our team is as fanatical about quality as I am..

The Atlanta Startup Ecosystem

How has the startup community, particularly in the Southeast, influenced or supported your growth?

I grew up in Atlanta and am a Georgia Tech alum, so my roots in Atlanta run deep. Many of our earliest clients are based in the Southeast. We have local VCs around the Southeast who have backed us as well. We also had excellent support from  Silicon Valley Bank and local bankers who bind us with the venture debt facility. And of course, Atlanta Tech Village, which is where our office is based, is incredibly supportive. 

As someone who’s been building startups in Atlanta for well over a decade, I can say our region is doing leaps and bounds better than we were ten or twenty years ago. I'm very proud to be an Atlanta-based company.

How did you first hear about Venture Atlanta?

Years ago, I presented my first startup, Patientco, at Venture Atlanta 2011. I’ve attended many times since, both as a participant and audience member, and I’ve gotten to witness its evolution into a premier platform for startups and investors alike. In 2023, I was even fortunate enough to go on stage and present!

What was the application process like for Venture Atlanta?

It was a rigorous process, but supportive at the same time. It’s something you need to take time to go through. The Venture Atlanta team offers valuable guidance to ensure your success in the process.

It’s clear that opposed to similar events, the Venture Atlanta team wants you to be successful and show up in the best possible light. They provide a lot of help to do so. They also have high expectations to ensure you have a high-quality presentation.

How did you prepare for your pitch at Venture Atlanta?

Tons of practice. For this pitch, I focused on refining my thinking given the tight time limit. And, as a B2B company whose focus is embedded payments, not everybody is as excited initially as they are about a fun consumer product they can go out and use. 

I spent a lot of time crafting the pitch so it would resonate broadly and have an impact. I practiced extensively to nail the delivery and convey Rainforest's value propositions. I wanted Rainforest’s story to capture both the judges' and the attendees' attention.

What impact did winning the pitch competition have on your business?

Being a Venture Atlanta pitch competition winner was a huge milestone for us. Many prospects reached out, and the recognition helped differentiate us from an industry where there are many competitors.

As a startup, you can get caught up in putting your head down day after day. But winning was a moment of pride for me and the whole team.

What other components of the Venture Atlanta conference and network did you find most valuable?

Venture Atlanta is such a well-executed conference. The space is beautiful, the energy is high. It’s almost palpable. Plus, the who's who of attendees are there, so you get the chance to connect with old colleagues and meet new people, not just in the Southeast, but nationally. 

What’s Next for Rainforest

We are growing and hiring. We're focused on adding engineers and technical talent, but we have other roles available in sales, marketing, and operations. As we look to the future, we have some incredible customers we will be announcing over the next quarter or two, as well as some pretty significant and game-changing technical developments. 

Our team is exceptionally busy each and every day, not only delighting customers but also building new products to keep us ahead of the competition.

What’s your long-term vision for Rainforest?

We want to redefine the standard for the embedded payment process. Many of the earlier competitors have not provided great service or great products, and have not treated people the way they should be treated.

We want to be that company where people look back and say, “I remember when Rainforest came on the scene and everything started to change”.  

We've already seen in some cases our competitors are making changes to their contracts or commercial offerings and are becoming more nimble than they were before. And while we love a good competition, we want Rainforest to be driving the industry forward as a whole.

Any final thoughts or words of advice for up-and-coming entrepreneurs?

Always stay focused on product, market fit, and revenue. 

There's an old expression out there that revenue solves all problems. To an extent, that’s true. If you can figure out how to make money doing something, you work out all of the operational and technical challenges.  

I think a lot of entrepreneurs, especially ones with technical backgrounds, focus too much on building a product rather than going out and selling it. And so I think that would be one piece of advice. 

Focus on quality  

In my many years, I’ve learned that reputation carries you a long way. By building a quality product, treating people right, and always doing the right thing, people will give you a lot of credit, whether it's a mistake you made or whether it's asking someone to go out on a limb and be an early customer. 

Be the Next Venture Atlanta Pitch Competition Winner

Joshua Silver's journey with Rainforest exemplifies the resilience, vision, and community spirit essential for entrepreneurial success. To put your name in the ring to be the next Venture Atlanta pitch competition winner, check out our pitch application and selection process. Our applications open in May; it’s free to apply, so there’s no risk. If you have any questions, contact us!

Venture Atlanta 2023 marked a significant evolution in the conference's history, spotlighting pitching companies more prominently than ever before. In a new format, audience members voted for top companies in various stages—Seed, Growth, and Early Stage—on the first day. The chosen companies then participated in a live Q&A with a panel of investor judges on the second day. The highlight was the inaugural Startup Showcase Live, where the top Seed Stage company, Enrichly, was awarded a $500,000 investment.

Enrichly, a visionary k-12 education technology company, is at the forefront of revolutionizing youth mental health and resilience in business. As a leading e-learning platform, it leverages machine learning in education to create a unique learning experience. Led by Founder and CEO Margo Jordan, Enrichly embodies innovation and impact. Its commitment to nurturing young minds and fostering emotional growth places it among the most influential players in educational technology. This transformative approach is not just changing the landscape of learning but also setting new benchmarks for youth mental health support in the formative years of growth.

We had the opportunity to sit down with Margo Jordan to delve into her experience at VA 2023 and learn about her entrepreneurial journey with Enrichly. Check out the conversation below.

Gamifying Youth Development: Enrichly’s Journey into Existence

Tell us about the moment or experience that sparked the idea for Enrichly.

Growing up in Milwaukee, Wisconsin, as a young girl, I faced challenges with low self-esteem. This issue led me down a path of poor decisions and peer pressure. My turning point came when I joined the military at 18, where I discovered my self-esteem and recognized my potential.

After graduating from Texas Southern University with a degree in finance and briefly venturing into investment banking, I realized my true calling was elsewhere. I wanted to address a problem I faced both as a child and as an adult: low self-esteem. My research revealed that a staggering 85% of the adult population suffers from this issue. This realization led me to question why there weren't more focused solutions for developing self-esteem. Traditional approaches like sports or karate classes didn't directly address this need. Hence, Enrichly was born out of the need to focus on self-esteem, aiming to repair and improve one’s self-image.

Our company wasn't originally named Enrichly; it was called Chicks with Class, conceived as a self-esteem center for girls. Established as a brick-and-mortar entity in 2017, Chicks with Class aimed to directly address self-esteem in young girls. However, with COVID-19 in 2020, we were forced to rethink our approach. We had to close our physical center and could no longer conduct in-person sessions in schools. This challenge led to a significant pivot in December 2020, where we transitioned to a fully digital platform, laying the groundwork for what Enrichly is today.

What were some of the biggest challenges you faced in developing your startup and how did you overcome them?

One of my biggest challenges was learning how to grow a team without a background in technology. Not knowing how to code, I had to first understand what I wanted from the product, and then determine the right people for the team. This process involved significant trial and error, and initially, I made costly mistakes by hiring the wrong people. 

Another challenge was maintaining focus. Enrichly offers a universally accessible tool for self-esteem, but pinpointing our target market for maximum business impact was complex. We adopted a strategy of focusing on one customer segment or vertical at a time, which helped avoid overstretching our limited startup resources. Regular 90-day check-ins were crucial in this process, allowing us to evaluate our progress and refine our team composition. Ultimately, focusing on one vertical not only helped in solving the initial challenge of team building but also steered the company more effectively towards growth.

What have been some key learnings or growth experiences as an entrepreneur throughout this journey with Enrichly?

One key learning for me has always been to trust my gut. As entrepreneurs, we often seek external advice, sometimes more than trusting our own expertise, even though we are the ones deeply involved in building our companies. When I listened to others over my own instincts, it often led to mistakes. I've learned it's better to trust my judgment and learn from any mistakes I make on that path. 

Confidence is essential in entrepreneurship, whether dealing with investors or customers. One of the key ways to do that is to always make sure you’re staying ready and prepared. I used to be a huge procrastinator, but in this life of startup land, I learned that I literally have to be prepared at all times to make sure that I’m taking advantage of any opportunity that comes my way. 

How has the startup community, particularly in the Southeast, influenced or supported your growth?

One of the most significant communities I became part of was Google for Startups, which was facilitated by Goodie Nation. I initially applied in 2021, but it wasn't until 2022 that I was accepted. This moment was crucial for Enrichly's growth, offering invaluable training and access to a broad community.

Through my involvement with Goodie Nation, I was also introduced to Venture Atlanta. A mentor of mine encouraged me to apply for Venture Atlanta's showcase, which led to us winning the grand prize. And it was a life-changing moment.  I'll say that. This achievement wasn't just about funding; it was about connecting with a vast network of people who could offer advice and help accelerate our learning and growth.

Enrichly at Venture Atlanta 2023

How did you first hear about Venture Atlanta?

I was really convinced to pitch at Venture Atlanta by my friend at Goodie Nation, Stefanie Diaz. She’s the one who sent me an email and gave me the information. Now, I did also know other startup founders who were a part of Venture Atlanta the year prior. But for whatever reason, I just felt like, well, maybe that opportunity isn’t for me — until Stefanie sent me that email and told me I should definitely apply.

What was the application process for VA 2023 like?

The Venture Atlanta application process was by far the most simple application that I've done, and I've filled out a lot of applications. So for this to be the biggest prize, the biggest win, and the simplest application, it’s like icing on the cake!

How did you prepare for your pitch?

So, fun fact, before Venture Atlanta, I would do pitch competitions all the time. And I was always winning. And then all of a sudden, I was on this losing streak. I lost probably four times in a row, because I had gotten to this idea in my head that I was so good at pitching that I didn't need to practice.

So when Venture Atlanta came around, I said, you know what? I am not going to lose. I'm going to do whatever I need to do to practice, practice, practice. And that's what I did. I scripted my pitch. I went over my slides thousands of times. I would walk up to strangers and ask them to hear my pitch and let me know if they understood what I did within these two minutes. And I would record myself, you know, saying the pitch over and over and over, and I would time myself and I would get into this rhythm where I knew exactly what slide was coming up and what word or what sentence. So that way, if we had any technical difficulties and the screen just went out, I knew how to pick up where I left off. And that was how I prepared.

What impact did winning the pitch competition have for Enrichly?

Oh my gosh, where do I start? Well, first of all, I was able to hire my team full-time and give them a guaranteed salary. That was great. I was also able to recruit my new head of engineering, and this person came from a company that sold for like $350 million. So bringing on someone of his caliber really allowed me to grow my network even more and expose Enrichly to not just the talent that I needed, but the right talent to take Enrichly from where we are now to where I see the company being in about 24 months.

I've also been able to grow myself as a leader within the company. And I've been able to sort of step back and ask myself questions like, “How can I ensure that Enrichly is building not only the best product, but we're also building the best culture for all of our employees?”  Because I really valued how great the experience was at Venture Atlanta, I really wanted to make sure that everything that Enrichly is doing is reflecting the type of win that we took home, which was obviously so major for us. I would probably say those are the biggest ways that winning this pitch competition has impacted our company.

What other components of the Venture Atlanta conference and network did you find most valuable?

I would definitely say the people, particularly those involved with the funds. Beyond the financial support they provided, the relationships I've built hold immense value. These connections are not only vital for Enrichly's current growth but also for my future ventures. It's these relationships that make winning pitch competitions like Venture Atlanta truly rewarding. It's not just about the monetary gain; it's about the network and connections that come with these investments.

How have you used/do you plan on using the investment prize from the Startup Showcase?

In addition to the new hires, I was also able to launch a marketing campaign for the company, which I’ve been wanting to do for a long time. I had my eye on this company and I was finally able to do it. Additionally, I brought on a highly qualified fractional CFO to help get our numbers together so that when we do go out and we want to raise again, or we want to prepare the company for acquisition, everything is done correctly. And now I don't have to worry as much about that part of the business.

What does it mean to now be working with BIP Ventures, Florida Funders, Knoll Ventures, and Catalyst by Wellstar? What does each fund bring to you besides money?

The amount of value that each one of these funds brings to Enrichly in my opinion is worth a lot more than money. Catalyst by WellStar will actually be piloting Enrichly’s software within their healthcare system. This will allow us to really break into the healthcare system a lot more and open up the opportunity for deeper impact. Florida Funders invited us out to be a showcase company which opens the door to more connections in Florida which subsequently was the next state on our go-to-market plan. BIP Ventures has brought forth so much visibility and has given us the opportunity to connect with more customers.

The Future of Enrichly

What’s next for Enrichly? Anything exciting on the horizon that we can share?

Yes! So, I recently moved to Abu Dhabi and am collaborating with a local team to expand our technology in the region. This is an exciting development over the coming months. We're also planning to scale our solution across more schools, starting with a pilot program in Atlanta, which is exciting as it's the home of Venture Atlanta. Additionally, we're exploring ways to integrate AI and generative AI into Enrichly to enhance its effectiveness.

What’s your long-term vision for Enrichly?

My long-term vision for Enrichly is to establish it as a cash flow positive company, capable of starting a fund to invest in other social impact-oriented tech companies. I would love to start corporate fund where we can invest in unique educational initiatives, leveraging our extensive knowledge in this domain.

Another goal is to develop Enrichly into a premier platform for self-esteem development, similar to the model of Duolingo, but focused on self-esteem. We also plan to make it a family-oriented program where parents are actively involved in their children's self-esteem journey, ensuring it's more than just a game but a tool for growth and learning.

Any final thoughts and words of advice for other entrepreneurs?

Leverage your network. You don't know who you know that may be able to connect you to the next big piece of the puzzle. That's what I've done to get Enrichly as far as we've gotten to this point.

Additionally, I really encourage diversity, because when you put men and women who come from different backgrounds into an organization, you can get much more accomplished. That's what I strive to do at Enrichly. Everybody has their own self-esteem journey. We have been able to pour these self-esteem journeys into the development of our technology, into our marketing campaigns, and into the facilitators who go into the classroom and actually teach the children. And that plays a huge part in our growth and why we are so unique.

I would also encourage people to seek funding opportunities. Explore things like grants and scholarships and funding programs that are a really good fit for what you and your company need. Venture might not always be the answer for startups or for entrepreneurs, but if it is, make sure you find the right fund. Find the right fund and find someone who not only believes in your company but also believes in you as the founder. 

The last thing I want to say is fail faster. Don't be afraid to take a risk and fail as soon as you can so that you can pivot and find out what does work.

Be the Next Venture Atlanta Success Story

Visit our site to learn more about the Venture Atlanta pitch application and selection process. Applications for VA 2024 open in May! It’s free to apply - so there’s no risk. And even if you don’t get selected, the application process itself gets your company in front of several investors and community leaders (who make up our selection committee), so it’s great exposure! Contact us with any questions.

For the past few years now, the venture world has been drudging through what some have referred to as “the dark ages” of venture capital. It’s no secret that many of the most successful companies were started during a down market, but it is understandably more challenging to raise capital in these times as well. So, how should founders navigate the entrepreneurial journey at a time like this?

In the opening panel of Venture Atlanta 2023, four remarkable founders took the stage to share what they’ve learned throughout their entrepreneurial journeys, the challenges they faced, and the strategies they employed to secure the vital capital needed to grow their companies. The panel was moderated by Maria Derchi of Florida Funders, and it featured the following founders:

The conversation was insightful and rich with takeaways for seasoned and aspiring tech founders alike. You can watch the full 30-minute panel here:

Below are some key takeaways from the discussion.

Navigating the Entrepreneurial Journey: Advice from Successful Founders

As startups and investors embark on the entrepreneurial journey, achieving success is about more than just gathering funds. It calls for a solid grasp of investor relations, wise management of early investment offers, and building a supportive network to help steer the company towards its goals.

Evaluate investors as if you are hiring them.

In the quest to build a thriving company with the backing of investors, it's crucial to ensure that they share your product vision wholeheartedly. “Treat the process of finding investors like you’re hiring a key team member. You want them to be as ready as you are to dive in and make things work,” voiced Frayman. When there’s a shared vision, forming a solid partnership becomes significantly smoother.

Nurture your relationships with investors.

The panel highlighted the significance of viewing investor relationships as more than just financial engagements. “I maintain a clear and open communication with my investors, treating them as allies and advisors. It's beneficial to see beyond the typical investor-founder scenario and envision a united team aiming for mutual success,” shared Scriven.

Surround yourself with experience.

Being a first-time founder, Morris chose not to have a co-founder but instead, surrounded herself with experienced mentors and individuals who had navigated similar paths. This strategy has proved invaluable as her company, Emrgy, makes strides in the renewable energy domain.

It’s not about the environment, it’s about you.

Investors and funding opportunities are always present, regardless of market downturns or economic uncertainties. As Scriven articulated, “The core challenge in securing capital is to assure the person across the table that you’re bound for success, with or without their investment.” In essence, confidence is the linchpin. Effectively conveying your vision and the value it holds, leaves investors with a simple choice—whether or not they want to join you on this promising entrepreneurial journey.

Embracing the Entrepreneurial Spirit Amidst Market Adversities

The narrative shared by these adept founders echoes a resounding theme: the entrepreneurial journey, albeit filled with hurdles, especially in a down market, holds a treasure trove of opportunities for those prepared to navigate it with tenacity, vision, and a supportive network.

These trailblazing entrepreneurs underline the necessity of aligning with investors who not only share your product vision but are committed to rolling up their sleeves to traverse the turbulent tides alongside you. Furthermore, they spotlight the invaluable asset of surrounding oneself with a rich talent pool of seasoned mentors and a robust support system. This is not merely about buoying the venture amidst market storms, but about steering the enterprise towards uncharted territories where innovation and success reside.

Keep Up with Venture Atlanta

You can check out more thought-provoking conversations from industry leaders by visiting our YouTube channel or reading our blog. If you want to read more about everything that went down at Venture Atlanta 2023, you can check out the full recap here.

Venture Atlanta continues to be a hub of inspiration, fostering conversations that propel the tech entrepreneurial spirit forward. We eagerly anticipate the gems of wisdom Venture Atlanta 2024 will unveil.

FAQ

What is the entrepreneurial journey?

The entrepreneurial journey refers to the process and experiences of starting and growing a business. It encompasses ideation, product vision development, building a talent pool, fundraising, equity management, and scaling the business.

How important is the product vision in the entrepreneurial journey?

A clear product vision is crucial as it sets the direction for the startup. It helps in aligning the team, attracting the right investors, and guiding decision-making throughout the journey.

How can startups build a solid talent pool?

Building a solid talent pool involves identifying the skills required for your startup, hiring individuals who align with your company culture, and investing in the development and retention of your team.

What is equity management and why is it important?

Equity management involves the distribution and management of ownership shares in a startup. It is crucial for ensuring fair ownership, attracting and retaining talent, and navigating investor relations effectively.

At Venture Atlanta 2023, attendees were thrilled to welcome the seasoned entrepreneur and investor, Robert Herjavec, onto the stage. Known for his acumen and charisma on ABC’s Shark Tank, Robert’s presence promised insightful discussions and actionable advice. The second day’s keynote session was moderated by Maya Noeth, a seasoned investor and Partner at Accel. As the dialogue unfolded, they delved into a plethora of topics that resonated with every entrepreneur and investor in the room.

Key Takeaways

One of the profound highlights was Robert’s emphasis on the importance of authenticity in business.

“You’ve got to stand out above the noise. And the one thing that seems to work over and over, the common thread, is authenticity with their consumer base.”

Through real-world examples like Tipsy Elves and Sand Cloud, he illustrated how genuine connections with the consumer base drive success. His anecdotes showcased that authenticity isn't just a buzzword, but a core value that significantly impacts a business's trajectory.

Discussing the current market demand amidst economic downturns, Herjavec shared an optimistic outlook. He emphasized that while raising capital might be challenging, the demand for great technology remains robust.

"Disruption in economic difficulty always wins. If you can add greater value in a disruptive economy, you can usurp a lot of the incumbents.”

This insight underlines the importance of value creation in a product or service, which will continue to attract consumers even in less favorable market conditions.

Robert Herjavec’s Advice for Entrepreneurs

Robert’s practical advice for entrepreneurs aimed at carving a niche in a crowded market was a treasure trove of insights. He stressed the necessity of knowing your numbers, understanding the core value proposition of your product or service, and most importantly, being able to articulate it clearly.

“Before you sell me on your product or your incredible tech innovation... sell me on yourself. Sell me on you. Get my attention. If you can't engage, I'm not going to listen."

His anecdote about Tipsy Elves' journey from an idea to a booming business painted a vivid picture of the unpredictable, yet rewarding entrepreneurial journey.

Is Robert Herjavec still on Shark Tank?

As the conversation transitioned towards his experience on Shark Tank, Robert mentioned that they had just finished filming the latest season of Shark Tank the week before his appearance at Venture Atlanta. This update answers a lingering question for many — yes, Robert Herjavec is still gracing the Shark Tank panel with his expertise and wit, evaluating pitches from hopeful entrepreneurs.

On the AI Frontier

The dialogue also touched upon the burgeoning domain of Artificial Intelligence (AI). Herjavec displayed a bullish outlook on AI, viewing it as an evolution of data science that's bound to reshape industries. His perspective sheds light on the imperative for businesses to adapt to technological advancements to remain competitive and relevant.

In Review

Venture Atlanta 2023 served as a platform for enriching discussions that left attendees with a wealth of knowledge and inspiration. The candid sharing of experiences and insights by Robert Herjavec was indeed a highlight, providing a real-world lens through which to view the challenging yet exhilarating world of entrepreneurship and investment.
You can check out the full discussion with Robert Herjavec below. You can also find the recaps of other past Venture Atlanta conference keynotes when you visit our Resource Hub.

Day 2 Keynote: A Conversation with Robert Herjavec of Shark Tank

Maya Noeth: Good morning everyone, and welcome to day two of Venture Atlanta. Robert, I'm really excited to be up on stage with you today to kick off today's programming.

Robert Herjavec: Thank you. Thank you. Hi everybody.

Maya Noeth: Robert, I've been watching Shark Tank for many years now and actually have your investment in Tipsy Elves to thank for my entire family's Halloween costumes this year. So thank you for backing that company early on. But we're all truly very excited to have you here to learn from the wisdom and the perspective that you've garnered over the last 30-plus years as both an entrepreneur and investor. So thanks again for joining us.

Robert Herjavec: Thank you.

Maya Noeth: And maybe let's just launch quickly into Q and A. So Robert, from your role on Shark Tank, you know that there is no shortage of ideas and of entrepreneurs. On the one hand, we're very fortunate to have the cost of starting a company come down meaningfully over the years. And the emergence of social media platforms like LinkedIn and Twitter make it really easy to promote your business. But I think those two things have made it really crowded as an entrepreneur, and so it's really hard to rise above the noise. So Robert, what is your practical advice for how to be seen and how to form connections with the people that will matter most to you as an entrepreneur?

Robert Herjavec: Wow, that's such a great question, Maya. It's amazing. We've been doing the show for 15 years in the States and the mean bald guy and I started the show in Canada, and it actually runs in 64 countries, talk about the power of branding. The show was originally started by Sony in Japan, and there's a division of Sony that does format, and the show runs in 64 countries. It's called Dragons Den.

So when they brought it to the US, they sat down with Mark Burnett who produced Survivor, The Apprentice, he's the guy in TV. And I was in that meeting and Sony said, look, Mark, here's how the format works. There's five dragons, here's how it works, but feel free to change it for the US market and you can change anything, but you can't change the name, you can't change “Dragons Den” because that's really important to us. And Mark looked at them and said, what's a dragon? Mark was like, it's never going to work in America. I'm going to call it Shark Tank.

Brilliant, and what a great name. And now the show Shark Tank runs in those same countries where they have Dragons Den. So, long-winded answer, it's brand. It was very, very difficult to break out for the show. I mean, if you think about our show, we are five not-so-famous people at the time talking about business.

People used to think we were on Discovery Channel about Shark Week. I remember the first time we got nominated for an Emmy. I actually went and the guys from The Deadliest Catch who ended up winning the Emmy were sitting in front of us and he leans over and goes, Hey man, we kind of have a similar show. And I'm thinking, my show is nothing like your show. He's like, yeah, we catch fish. You guys dive all over the world with sharks. I'm like, no, no. Completely different show what we've seen over the 15 years.

To answer your question directly, it's brand, but it's authenticity. So we talk about this a lot on the show. In some ways, this is the best time in history to start a business because the barriers to entry are so low. When I started my first tech business, I was limited by the amount of servers I could afford to buy. Computing power was a limitation to my scale. Today with cloud, I mean it's zero in other ways, it's the hardest time in history. It's start a business because everybody else can do it. The barrier to entry is so low. So what we found is you got to stand out above the noise. And the one thing that seems to work over and over and over, Tipsy Elves, Sand Cloud, these are all companies that came on the show. Tipsy Elves sales was doing $600,000 a year. They'll do $100 million this year. Sand Cloud was doing I think $800,000. They'll do $75 million this year. The common thread is authenticity with their consumer base. They are very, very clear who the consumer of the product is and how to connect with them.

So Sand Cloud, give you a small example, had this great program where they didn't pay for influencers, they didn't do any kind of paid stuff, but they found that college kids loved their product and so they would invite people to post on their site and then they'd make them ambassadors and it became cool to become a Sand Cloud ambassador. And just a small example, and I'm not saying that paying for influencers and all of that doesn't work just in our experience collectively as the Sharks, it is not the overriding win. We have people that come on the show that pay zero for social media influencers. They just know how to connect with their audience.

And my final point that we find is, so you got to think about the format of our show. We're sitting there, and by the way, I'm on TV three hours a day every day in the States. We film eight days a year. Four days in June, four days in September. It's the easiest gig in TV. 

Maya Noeth: That’s incredible.

Robert Herjavec: And we all complain eight days a year, oh my God, why can't we do this in seven? Seven will be so much better than eight, but it's the easiest gig to do. But we're bored. We're tired, we're filming 12 hours a day. We all got businesses to run. I'm not sitting there waiting for somebody to come out when those doors open. We know nothing about the people. The typical pitch is about an hour. The first question is always, what's your name? We have no information about them, and it all gets edited into seven minutes.

The consistent thread from people that get deals to those that don't, it's not the numbers, it's not the product. It's people's ability to get our attention. Before you sell me on your product or your incredible tech innovation and the history of mankind, no one has ever thought of, ever sell me on yourself. Sell me on you. Get my attention. If you can't engage, I'm not going to listen.

Maya Noeth: Yeah. Well maybe on that note, if people are successful in grabbing your attention, what are the next things that you look for in terms of top attributes of an entrepreneur that you want to back and what are some red flags maybe?

Robert Herjavec: I mean, so what's funny about us is if we like you, our empathy is very high. So sometimes if you watch a show and the first pitch comes out and they don't know their numbers, we're like, you're an idiot. You don't know your numbers. How did you get out here? And the next person comes out and they don't know their numbers. We're like, ah, don't worry about it. We got accountants. We'll help you. It's such a dichotomy, but if you can engage us, you’ve got to be able to sell. And it's not used car salesman kind of thing, but you've got to understand the core value proposition of your product or service and be able to articulate it clearly to who the customer is.

Sometimes people come out and we're like, who do you guys sell to? And we're like, oh, our technology or product applies to everybody. And people think that we like that answer, but we hate that answer. So sales and you got to know your numbers, you've got to know cost of goods, you got to know margin, you got to know product cost, all of that kind of stuff.

Maya Noeth: Yeah. So it sounds like a balance of actually knowing your business really well, plus the EQ level to really connect with you as a person.

Robert Herjavec: Very much the EQ, and we're very patient with people if we like them.

Maya Noeth: Yeah, gotcha. Do you think now that we're in this sort of weird and depressing market environment, that the entrepreneurial skillset has shifted over the last five years, have they had to learn how to do other things and hone skills that they haven't had to before?

Robert Herjavec: Geez, that's a great question, Maya. So I actually don't think the market is that bad. I think the market for raising money is not great. It's challenging. I think the capital markets aren't great, probably not a great time to think of an IPO as your exit. But in terms of demand, we're still seeing strong demand for great technology.

I mean, I'm in the cyber space, so where the demand hasn't waned. People are still buying, cycles are definitely taking longer. People are rationalizing every dollar of corporate spend, but they're still spending, I think the one skillset that most entrepreneurs have had to learn is how to make a profit. So in my space, I'm the only company that makes money. I'm probably the oldest guy in cybersecurity also. So I come from a time where people actually cared about EBITDA and when I was raising money two years ago, and when I say I'm the only guy that makes money, I really mean that my closest competitor loses $75 million a year. Another competitor was losing $200 million a year. When we went out to raise money for the first time two years ago, I had 20 investors like you guys that I was pitching to, and I would have 10 slides about our profitability. Every company I get to those slides, they'd be like, yeah, we don't care about that. Just move on. It was all about growth scale, how quickly we can grow. And now the biggest shift is if you don't have a clear view to profit, you're going to have a very, very difficult time getting funded and surviving.

Maya Noeth: Yeah, we're definitely seeing that as well. I mean, on that note, how do you guide your entrepreneurs on how to balance having this culture of innovation and risk-taking with this kind of focus discipline approach, thinking about profitability, how do you guide them on how to thread the needle between those two things?

Robert Herjavec: Well, I think in tech it's always about growth. I mean, if you think about most tech companies, even our stage, and we're about a billion now, about a thousand people, we're never going to make enough EBITDA to get a really big exit or a massive IPO. So growth is still the overarching north star for I think most tech businesses. But there's a discipline around EBITDA, and I think what we try to tell people is never kill innovation for the sake of profit. But if there is no profit, there is surely death and death is bad. It's really hard to come back from the grave.

Maya Noeth: Yeah, makes sense. Do you have any examples from your portfolio of some maybe entrepreneurs that have had to be really nimble to sort of thread that needle or make really tough choices when they're doing their forecasting for the year?

Robert Herjavec: I think every one of our companies, in the last two years, we had a number of portfolio companies where literally the plan was scale, grow, raise another round, and what we've had to do is go back to those founders and say that, raise another round. You got to get rid of that. That may not happen.So, how far can you go on the investment you have now? Can we scale growth back a little bit in order to continue to profitability?

Maya Noeth: Yeah. Got it. Maybe switching gears a little bit, it feels like every startup today is rewriting the company description on their website to be more AI-centric and even some full pivots to being an AI company. So how have you as an investor thought about investing in AI? Is it too crazy of a market to engage with right now in terms of where deals are getting priced? Are you super bullish on AI as really a sea change happening in the category like cloud was? Or are you kind of hanging back?

Robert Herjavec: Yeah, I'm super bullish on AI, but you have to keep in mind the space I'm in is a lot of deep learning, big data lakes. So AI for us is not a new development that came out of nowhere. So for us, AI is an evolution of a lot of the data science kind of work that we've been doing. But I think it is a fundamental shift. I think you got to be careful to follow the trends. In the nineties, I had one of the first internet security companies and it was called Brack, and then all of a sudden, dot-com became the thing. So every company that was like dot-com something or whatever was getting funded, and I was so frustrated. I actually changed the name of our company from BRAC to brac.com. I thought we would be worth more, and it was stupid.

Maya Noeth: That's what we're seeing in AI today.

Robert Herjavec: That's what we're seeing in AI today. So I don't think changing your core brand or business around it necessarily increases your value or decreases your value, but I think it, it's definitely a trend that's going to change a lot of things. And if you're not using it, applying it or taking advantage of it, you're definitely going to get left behind. But it's no different than cloud. It's just another wave. This wave is not going to crash and burn. This wave is going to be around for a very long time.

Maya Noeth: Yeah. Do you have a view on whether the incumbents who have maybe the benefit of distribution and maybe have raised a lot of capital versus the startups that are now building from the ground up, AI-specific tech, does one of those have sort of an advantage? How do you think about who will win?

Robert Herjavec: Yeah, it's great. So we literally just finished filming Shark Tank last week, and [Mark] Cuban and I were just talking about this, and every company I've started that's been successful started in a recession bad time. So at the enterprise level, not necessarily at the consumer level, if you're selling B2B or enterprise, there's something wonderful about tough economic times, and that is money flows to value when things are going great and everybody's making money, and corporations have unlimited budgets, they tend to defer to relationships. Well, I really like you. I've known you for a long time. I'm going to go with you the incumbent. When times are tough, nobody cares about your relationship. They care about the value that you add. So disruption in economic difficulty always wins. If you can add greater value in a disruptive economy, you can usurp a lot of the incumbents.

Maya Noeth: Yeah. Do you have a perspective or a view when you think of your own investments that you make on what sort of layer of AI is most interesting? Is it the application layer? Is it the infrastructure layer, the model layer, somewhere in between? Or are you open-minded in how you think about where the value world?

Robert Herjavec: Yeah, we don't really focus on one or the other. I mean, Paul Judge and I were just talking about this, and you have different kinds of investors. You have people that are very good at skipping stones, meaning they can throw the stone, skip it multiple times across different industries. And I have very wealthy friends who own gas stations and do commercial real estate and invest in tech. I'm a cybersecurity guy. That's all I've ever been. I think I know it really, really, really well. So I tend to focus on that, but I think there's tremendous opportunity in anything. I think this is an incredible time of disruption.

Maya Noeth: Yeah, that's a really interesting segue to my next question, which is, as you said, you've operated as an exec largely in the cybersecurity space, but in your role as a shark on Shark Tank, you hear super varied pitches that happen every day. And like you said, you don't know what's coming at you when those doors open. So maybe for the investors in the room, how do you think about the benefit of being a generalist investor versus somebody who is very sector-specific? Is there pros and cons to one or the other?

Robert Herjavec: So great question. So when we're filming Shark Tank, I'm a cyber guy. I've been doing this for 30, 40 years and I'm very good at it. So we're filming season two comes around and I'm seeing pitches that are just crap, this consumer stuff, and I'm like, oh my God, what am I doing on this show? This is such a waste of time. I'm a real business guy. And so I take Mark Burnett out for dinner and I'm like, Mark, why don't we see real tech on the show stuff? I can really bite my teeth into hardcore tech. And Mark's like, Robert, I don't know how to tell you this, but what you do is really boring. Nobody in America or Middle America cares. And I was like, ah. Now this was 15 years ago. And so I went back and I stopped looking at the investments through my filter, and I started looking at 'em through the platform of the show I was on. And what I realized is the business of America is consumerism.

So our show runs in 64 countries. The only country in the world where a product appears on your screen and people buy it right away is America. The show runs in Canada. People in Canada see a product. They're like, oh my God, that is amazing. I love it. Then a week later, they see it in a retail store and they're like, oh my God, that's that thing I saw on Shark Tank. They still don't buy it. A month later, they're like, maybe I should buy it. What do you think in America? They're like, oh yeah, I'm buying that. People's products blow up on our show. The most common thing we tell people is, make sure you're ready. Make sure you're ready. The demand is going to go through the roof. And I got to tell you, even to this day, 50% of the people that get a deal, their sites crash with orders on the day the show airs. And so it's really about understanding what the platform is and the value that you're adding because our show is really about consumerism.

That's why I invest in Tipsy Elves. I was waiting for this big tech deal, season two, these two, I'm going to give you the entire pitch right now. This guy comes out, he's a lawyer, the other guy's a dentist. They're tired of being a lawyer and a dentist, they want to start their own company. They Google companies to start, oh my God, I'm not making this up. One of the top 10 searches is ugly Christmas sweaters. They say, how are we going to stand out in the ugly Christmas sweater business? We're going to make inappropriate ugly Christmas sweaters. So like Santa peeing in the snow, Merry Christmas, three reindeer doing it, ménage à trois, crazy stuff.

And I'm sitting there listening, and they were horrible presenters. They were really dry. And I'm sitting there going, oh my God, why am I here? And Mark drops out, everybody drops out, and I'm just like, ah. I'm like, do you guys have any sales? And they're like, yeah, $600,000. I'm like, Ooh, what do you sell the sweaters for? $70. What does it cost you to make them? Seven bucks? I'm like, oh, I'm in. Knew nothing about distribution. Somehow in the 15 years, people always, I was on Good Morning America. And Robin asked me, oh, I guess if you get a clothing deal, you really turn to Damon for advice. And I'm like, no. Damon knows so much about clothing. He never wants to invest in clothing. I'm the clothing guy. I knew nothing about tip seals. I knew nothing about towels. But now I'm like the guy because I've learned to understand that business.

Maya Noeth: What about from the entrepreneur's perspective, if they're in the lucky position to have a bunch of different investors pitching them, how should they think about maybe choosing to work with a sector specialist that really understands their category versus somebody that is more generalist?

Robert Herjavec: Gosh, great question. So I'll give you my personal experience. Paul Judge and I were talking about this. So every company I've started, I've had three exits now. I sold one company to AT&T, one company to Nokia and some smaller investments along the way. Every one of those companies, I owned a hundred percent of. I didn't believe I was going to build a multi-billion dollar company. I believed I was going to build a multi-hundred million dollar-plus company. And so I bootstrapped everything along the way. I mortgaged my house. I lived off credit cards, but I was really proud of owning a hundred percent of it. And then in this current business, I built it to about $300 million and I owned a hundred percent of it, and I was so proud of that. And then Covid hit and I earned a business, began to grow by 40-50%, and I couldn't keep up anymore. So I had to make a decision. Either I sell or I continue to grow, and I really believe in our mission. So I started raising money and we had over 20 firms pitching us, which is great, so if you're in a position where you have multiple investors pitching you, you are a unicorn with sprinkles today because that's very rare.

We wanted a partner that could add value. I mean, goal number one was to get the money. So if I only had one firm pitching me, your question wouldn't apply. I would've taken that. But we were lucky, we had multiple. So we looked for somebody that added value to us as a company. We think we're great operators. We think we know how to run a business. We wanted help in terms of value, how to build scale, all of those things. And so we took that deal and in two years, we've tripled the size of the business.

So my advice now, I was the guy who always said, oh, I would never raise money. Borrowing a hundred percent of it. Now I'm like, I'm an idiot. I should have raised money way sooner. I've been able to grow. The problem with owning a hundred percent of it is what needs to be done, but the risk of being all invested and doing something wrong is just so high. And so we picked a partner that we thought could really add value. And it was funny because we, out of the 20 companies, 19 of them loved us. Were super nice to us. Every conversation started with Robert, we love your sector. We love you. We love Shark Tank. The one company that we ended up going with was out of England. And they would like, you're on a TV show. Why are you on a TV show? We just don't understand this. Is there any value? Would you be willing to quit that show? And I'm like, who are these guys? They don't love me. But we learned that love is good, value's better. And so we ended up going with a company that really understands our space company called Apex. And there was other great companies, but it's turned out really well for us.

Maya Noeth: That's great. I should start bringing you on my pitches with me. This is basically the pitch that I give people on why to take capital.

I think we're out of time today, but thank you so much for joining us, and thank you to you all for coming and being part of Venture Atlanta.

Robert Herjavec: Thank you guys.

From September 27 - 28, the bustling energy of Atlanta became even more electrifying as we kicked off the 16th annual Venture Atlanta conference at The Woodruff Arts Center and Atlanta Symphony Hall.

Each year, Venture Atlanta has been an anchor for the Southeast's startup community, and this year was no exception. In fact, it was our biggest and best conference yet, shattering previous records with a whopping 550 company applications. Out of this impressive pool, 52 standout companies got the unique opportunity to present on stage, captivating an audience of 1,500 enthusiastic attendees.

This year was truly unlike any other, with a larger emphasis and more stage time dedicated to our presenting companies. This culminated in Venture Atlanta’s first-ever pitch competition in which the top audience-voted companies returned to the stage for a live Q&A session in front of a panel of well-known investor judges. Think of it as VA’s own version of Shark Tank — which was fitting, considering Day 2’s keynote speaker was none other than Robert Herjavec from ABC’s Shark Tank.

We were also honored to induct three Venture Atlanta Alumni companies into our inaugural Alumni Hall of Fame class!

It was a thrilling two days full of inspiring stories and amazing tech. Common themes that came up again and again this year were cybersecurity, health and wellness tech, hospitality, and of course, the overarching application of AI. If you weren’t able to attend this year’s conference (or you just can’t get enough Venture Atlanta), keep on reading for the full event recap.

Venture Atlanta 2023 by the Numbers

Key Takeaways from Venture Atlanta 2023 Speakers

In the opening panel on Day 1 of Venture Atlanta, Yuri Frayman (CAST AI), Emily Morris (Emrgy Inc.), Tyler Scriven (Saltbox), and Tony Summerville (Fleetio) joined the stage to discuss the best strategies when raising capital in a down market. Moderated by Maria Derchi of Florida Funders, here were some of the biggest takeaways from “A Guide to Harvest in Winter”:

Evaluate investors as if you are hiring them.

When building a successful company backed by investors, you want to ensure that they’re as committed to your vision as you are. “Evaluate investors the same way you would evaluate hiring a CMO. You want to feel that they are on the sideline with you, ready to roll up their sleeves and do the work,” said Frayman. When everyone is aligned on a single vision, building that partnership becomes much easier.

Nurture your relationships with investors.

The panel stressed the importance of treating your relationships with investors as more than just a transactional connection. “I am extremely transparent in my relationships with investors and try to engage them as friends and confidants. It’s good to think about the relationship as more than the investor-founder framework and instead, as two people who are focused on succeeding together,” said Scriven.

Surround yourself with experience.

As a first-time founder, Morris opted not to go with a co-founder. Instead, she surrounded herself with mentors and people who had been through similar situations. This has made all the difference as her company, Emrgy, continues to make leaps in the renewable energy sector.

It’s not about the environment, it’s about you.

There will always be investors out there and funds to be raised, despite what the headlines say about a down market or a looming recession. As Scriven put it, “The real challenge in raising capital is to convince the person in front of you that you’ll be successful with or without them.” To put it simply, confidence is key. If you can effectively communicate your vision and the value it creates, the only decision to be made by investors is whether or not they want to come be successful with you.

Venture Atlanta 2023 Keynote: Robert Herjavec

Day 2 kicked off with the highly anticipated keynote from Robert Herjavec, CEO of global cybersecurity firm Cyderes, bestselling author, and Shark on ABC’s Shark Tank. With years of experience not only as a CEO but also as an early investor in some of today’s most successful companies, Robert shared his advice on how entrepreneurs can break through the noise.

Right now, there is no shortage of ideas and entrepreneurs. The cost of starting a company has come way down over the years, and this has made the entrepreneurial space crowded. So how do you stand out?

According to Robert, the answer is BRAND.

Robert mentioned some of his most successful Shark Tank investments, including Tipsy Elves and Sand Cloud, and how the common thread is always the unique branding and genuine connections these brands forge with their customers. There’s not much that’s novel about sweaters and towels, but these brands are very aware of who their consumer profile is and how to connect with them. Authenticity goes a long way when building a brand that lasts.

“The business of America is consumerism,” says Robert. “This is the only country in the world where a product appears on screen and people will rush to buy it right away.” He joked that securing an investment from the sharks is actually second in importance to the screen time that businesses get on Shark Tank, and they better be ready to supply the demand that will come when their episode airs. Many times, the only way they could be ready was by securing a deal with one of the sharks.

Robert closed with some advice for companies seeking investors: seek out people who will add value to your company. An investor who has a proven track record to help you scale, for example. “Love and loyalty are good, but value is better.”

Standout Venture Atlanta 2023 Companies

As mentioned before, VA 2023 was a shift from many of our conferences in years past. This year, we shined an even bigger spotlight on our pitching companies, holding an audience vote on Day 1 for the top companies from each category — Seed Stage, Growth Stage, and Early Stage. The top companies then returned to the stage on Day 2 for a live Q&A with a panel of investor judges. For the grand finale, the top Seed Stage company was awarded a $500,000 investment as a prize for winning our first-ever Startup Showcase Live.

Without further ado, here were the top companies for each category.

Seed Stage: Enrichly

Enrichly is a gamified personal development platform committed to helping youth reach their full potential. Founded by military veteran and mother Margo Jordan, the program helps improve academic outcomes, mental health, and youth violence prevention. On the back end, cutting-edge technology captures student progress and provides data-driven insights for caregivers and educators.

After an impressive pitch, the judges named Enrichly the winner of the Startup Showcase, resulting in a $500,000 check that will support company growth and its mission to build healthy self-esteem in students through captivating digital games and technology that adapts to student progress.

"I am so grateful to Venture Atlanta, BIP Ventures, Catalyst by Wellstar, Florida Funders, and Knoll Ventures for this incredible opportunity for growth," said Enrichly founder Margo Jordan. "Since its first iteration, I knew that the personal development education that Enrichly offers would change lives. It's encouraging to have our esteemed new investor partners echo that belief."

Congrats to Enrichly on being selected by the judges as this year’s top Seed Stage company!

Other Finalists in This Category:

Betty’s Co: Women’s healthcare that meets patients where they are.

Bleach Cyber: Managed cloud security for small businesses.

Care Sherpa: Patient engagement and support services.

Early Stage: Rainforest

Rainforest is a payment processing platform built specifically for software companies. Founded by Joshua Silver, the “payments as a service” company specializes in helping software companies integrate payments inside their products. 

Already, Rainforest has helped clients process hundreds of millions in payments per year. In the coming months, Rainforest is especially focused on industries going through digitization, such as the healthcare space and the trucking industry.

Congrats to Rainforest on being selected by the judges as this year’s top Early Stage company!

Other Finalists in This Category:

Everykey: Bluetooth device that replaces your keys and passwords using military-grade security.

AdPipe: Marketing platform helping marketers create, distribute, and track custom motion graphics from existing videos.

Growth Stage: Cloud Range

Cloud Range is a comprehensive, customizable cyber readiness solution. Founder and CEO Debbie Gordan describes it as “the flight simulator for cyber attacks.” The B2B solution was built to ensure that companies’ cybersecurity teams are ready for any attack at any time, and the platform includes fully integrated toolsets, thousands of scenarios, and customized learning plans.

The platform boasts an impressive usage rate of 100%, with 97% of customers renewing their contracts year-over-year. Cloud Range is continuing to grow, with the state of Florida already signed on to the service and plans to work with more government and military organizations in the near future.

Congrats to Cloud Range on being selected by the judges as this year’s top Growth Stage company!

Other Finalists in This Category:

6AM City: Hyperlocal media company focused on activating communities through daily email newsletters.

Betr: User-friendly fantasy and sports betting app.

What Our Attendees Had to Say

Don’t just take it from us. Here’s what our attendees had to say.

“Best conference experience I have ever had!”

“One of my favorite events of the year! No better way to keep a pulse on the markets than to get out there and meet people face to face.” 

“Thank you Venture Atlanta Conference for the connection of a lifetime.”

“The Female Founders in Innovation Dinner was beyond epic! It was pure magic! Over 150 powerhouse women (founders, funders, mentors, and advisors) joined. I couldn’t imagine a better way to cap off the Venture Atlanta Conference.”

“Last week's Venture Atlanta Conference was one for the books.  The conference itself was a hubbub of activity, meetings, speakers, pitches, networking and connections. Plus there was the Venture Crawl, happy hours, Alumni Dinner, a female founders meetup, and the Female Founder dinner. Thanks to everyone who made last week everything that it was. I am so grateful to be in this eco-system, surrounded by so many hard-working, ethical, innovative, collaborative people.”

“Venture Atlanta this year was the best professional event I've ever been to. It stands out from other startup conferences because of its dedicated focus on connecting founders and investors. They limit the amount of mainstage "keynote" speakers, don't try to draw a large crowd with celebrities, and have perfected the infrastructure to enable 1:1 chats. This is what venture conferences should be. Congrats to the organizers and sponsors for such a great event!”

“Had an incredible time at the Venture Atlanta conference! The energy and innovation at the event were contagious, and I'm leaving with a ton of new insights and connections.”

“My favorite event of the year! Humbled and honored to be with so many amazing, powerful, and brilliant people. The energy in the room was so positive, uplifting and inspiring.”

“Venture Atlanta was truly AMAZING. The energy, insights, and connections were nothing short of inspiring. Venture Atlanta easily makes it to my top 3 events of the year for a good reason. It's not just about the speakers and sessions; it's about the valuable conversations and connections with extraordinary individuals.”

“Another stellar Venture Atlanta Conference! The event gets better every year and mirrors the growth of the southeast as a region where both founders and investors can work together to scale world-class companies. Already looking forward to VA2024!”

"Venture Atlanta was amazing! We are already talking about next year, and we are ready to be a sponsor again!"

"I was honored to be both a participant and an attendee at Venture Atlanta this year. We received an opportunity to host or participate in 44 investor meetings!!"

Venturing Ahead

If you were lucky enough to attend this year’s conference, we hope you enjoyed the event as much as we did! As Atlanta continues to cement itself as a tech capital of the United States and the world abroad, we are proud to be a part of this ever-evolving ecosystem.

So many people came together to make Venture Atlanta 2023 our biggest and best conference yet, and we would be remiss not to extend a massive thank you to everyone involved. Thanks to the work of our 2023 Board of Directors and the support of our 90+ sponsors, we were able to host an unforgettable two-day event in the heart of the great city of Atlanta. A special thanks to our title sponsor Invesco, our Hall of Fame sponsor JP Morgan, and headline sponsors Cherry Bekaert, ExtensisHR, MMM Law, Bank of America, and Marketwake.
And don’t forget to save the date for Venture Atlanta 2024 returning to The Woodruff Arts Center on October 8th and 9th, 2024. Keep up with all Venture Atlanta news and announcements by subscribing to our newsletter or following along on X, LinkedIn, and Instagram.

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