David Stone dishes on startup life, Portland's startup community circa 2000, and more...

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March 31, 2017
By Whit Richardson (@whit_richardson)

Hello. Hello. First off, I want to thank Maine Startups Insider's newest sustaining member, Jeff Spaulding, an attorney and chair of Eaton Peabody's startup program. Interested in becoming a sustaining member?

As for news, it was a slow week, which offers a great opportunity to rewind the clock 17 years and reflect on where we've been as a startup community. (And also to read my Q&A with serial entrepreneur David Stone.)
 

Portland's startup community, circa 2000

In 2000, Inc. magazine sent a writer to Portland, Maine, to cover the city's burgeoning tech scene. It was the dot-com boom, even in Maine. Portland's tech startups were raking in the capital. In 2000, VCs invested $282.3 million in Maine companies across 22 deals, according to data I've collected from PricewaterhouseCooper's MoneyTree report. For reference, Maine companies only received $6.35 million in VC last year.

Reading the article now is fascinating (h/t to Jess Knox for posting it on Scribd). Except for a few sentences that give away the article's place in time (Portland, a city where "there are few suits and fewer cell phones..."), the article hits on all the same topics we discuss today: attracting more skilled workers, importance of high-speed internet, wanting to be taken seriously by investors in Boston or Silicon Valley, Portland's potential to attract remote workers in a digital economy, the inherent tension between wanting Portland to appear close to the action but still far enough away to maintain a superior quality of life.

Some of the quotes could just as easily be from last week's MSI newsletter:

"It takes less time to drive from Portland to Boston than it does from San Jose to San Francisco," The VIA Agency's John Coleman, one of the few familiar names in the article, told Inc.'s writer. "People view San Francisco and San Jose as being in the same area, as part of a corridor. We have got to get people to see Portland, Portsmouth, N.H., and Boston as part of a New England tech corridor."

The only tech company cited in the article that's still around is Wright Express (now WEX), while most of the other companies mentioned in the article either went belly up during the impending dot-com crash, were swallowed up in acquisitions, or just faded away over the years: Resort Sports Network (it's vestiges are still around in the form of Outside TV), Gofish.com, BroadcastAmerica.com, MrsBones.com (remember when it was cool to have .com in your name?), MBNA, EnvisoNet Computer Services, Terralink Software Systems, Old Port Technology Center. 

There are some things I was surprised to learn, including that Time Warner chose Portland as one of 10 markets around the country for the roll out of its Road Runner high-speed internet service, which was a big deal at the time. 

Anyway, it was a fun article to read and reflect on. Give it a read and let me know what you think. Here's that link again. 

Gorham Savings Bank is the sponsor of this week's MSI
The bank is currently accepting applications for its fifth Launchpad startup-pitch competition, with a $50,000 purse for the winner. Past winners include Fluid Farms, Flowfold, Bixby & Co., and Pika Energy.
Click through for more details. And thanks for supporting MSI's sponsors!

Briefly mentioned...

+ Double Blue Sports Analytics in Brunswick has increased the amount of equity capital it's looking to raise in a Series A from $120,000 to $160,000, according to a SEC filing it made earlier this month. The company originally announced its intention to raise $120,000 last April. It's new filing also revealed that it has sold $100,000 of the total. 

+ Entrepreneur magazine selected Portland as one of the 25 best cities for entrepreneurs. These lists don't carry much real weight, but they're positive marketing and make it feel like we're making progress. 
 

Founder Forum

David Stone of Forager

David Stone has been involved in eight or nine startups in senior roles, including three as a founder or co-founder (Sports Rewards Systems in 2002; CashStar in 2008; and his latest venture, Forager, which emerged from stealth mode last week). So he's been on this rollercoaster ride more than one and seen most of what there is to see when it comes to building companies.
In our conversation, Stone talks about mistakes he's made, why entrepreneurs need to be good at sales (or find a co-founder who is), and why it’s not necessarily a bad idea if a young entrepreneur decides to move his or her startup out of Maine. He also speaks candidly about the challenges—both universal and personal—of being an entrepreneur.

"If you’re just doing it to make a million bucks, or for personal fame, those are fine reasons, but I’m not sure those will carry you through when the going gets tough or when you have to look investors or your team in the face during difficult times. I think there has to be deeper meaning to it. This isn’t a job; it’s a life."

There’s even an obscure M*A*S*H reference. Enjoy.

Read the Q&A with David Stone >>

Calendar

Send me your event or calendar item for possible inclusion.

Sat., April 1 — Early-bird deadline to apply for the Cleantech Open accelerator program and competition. More details.

Mon., April 3 — Applications close for Venture Hall's inaugural summer accelerator program focused on healthcare-focused startups. Here are the details.

Tues., April 4 — Startup Grind is kicking off the launch of its Portland chapter with a discussion with Rodrigo Meirelles, a serial tech entrepreneur who has built new business ventures with Telefonica, Nokia, and Visa. 6-9 p.m. at Cloudport, 63 Federal St., in Portland. For more details and to register.  

Wed., April 12 — Innovate for Maine hosts a talk with Luke Holden, founder and CEO of Luke's Lobster. 6-7:30 p.m. at the University of Maine's Foster Center for Student Innovation in Orono. For more details and to register. 

Thurs., April 13 — E2TEch hosts a spring networking reception and kick-off event for the 2017 Cleantech Open Northeast Accelerator & Competition. 5:30-7:30 p.m. at Cloudport in Portland. For more details and to register.

Sat., April 15 — Deadline to apply for Gorham Savings Bank's Launchpad business pitch competition. For more details and to apply.

Tues., April 18 — Big Gig's season finale at the University of Maine's Foster Center for Student Innovation. 5:30-7 p.m. Winner receives $1,500 cash prize!  

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Jobs

Seeking a full-stack engineer? A technical co-founder? A sales or biz dev superstar? Send me your job postings to make this a great resource!

+ NBT Solutions in Portland is hiring a GIS Analyst and a Marketing Programs Manager to support its VETRO FiberMap product expansion.

+ CourseStorm in Orono is hiring a sales executive.

+ MedRhythms is hiring a data engineer and music algorithm engineer in Portland. Both positions pay $50k-$80k and come with the potential for equity. More details on AngelList.

+ BlueTarp Financial in Portland is hiring a senior software engineer.

+ Wellomics, a science-based natural product developer operating out of the University of New England's School of Pharmacy, is seeking a CEO to help finish the launch of the company. The CEO will be responsible for the conceptualization, development and implementation of Wellomics’ corporate vision, programs, and services. Contact Suzanne@wellomics.com for more information.

+ Academic Merit, an educational software startup in Portland, is hiring a software engineer.

+ Coria, a Maine-based data science and marketing consulting firm, is currently seeking an experienced UX developer with Axure experience to join its team. To apply, or for more information, send CEO John Hobart an email at jhobart@coria.com.

+ Flyte New Media, a digital marketing agency in Portland, is hiring a WordPress developer.

+ Environetix Technology Corp., a wireless sensor manufacturer in Orono, is hiring a RF engineer/RF technician.

+ Dream Local Digital in Rockland is hiring for a host of positions.

+ Vets First Choice still has job listings for several positions at its Portland office, from a UX/UI design to a director of e-commerce.

+ CashStar is hiring a full-stack software engineer, among other positions.
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