By Cameo Jonas, University of Tennessee student, who attended the Knoxville Entrepreneur Roundtable on November 7
Knoxville is buzzing with talk about entrepreneurship. The city has become an exciting and engaging environment for startups to come and succeed.
To discuss this new landscape, the Knoxville Entrepreneur Center hosted its first Friday Fanfare on November 7. The Fanfare was dedicated to a Knoxville Entrepreneur Roundtable, which also served as the kick-off to Startup Day on November 20.
The Knoxville News Sentinel’s Carly Harrington moderated the event. Panelists included: Chuck Morris of Morris Creative Group and Cirkel, Patrick Hunt of Fiveworx, Mary Shafer Gill of ARiES Energy and Tom Ballard of Pershing Yoakley & Associates and PY Analytics.
The panelists discussed how startup companies succeed and what factors are influencing entrepreneurship in the area. They all agreed that startups need funding to succeed. However, there are a lot of factors that go into receiving the necessary funds.
Hunt described fundraising for startups as a “numbers game. There are a lot of reasons for [people and corporations] not to invest and very few reasons to invest. You have to find the right timing and fit,” he said.
Even though fundraising for a startup can be a daunting task, Ballard stated that it is important to always remain positive. Gill also suggested obtaining clients that could someday turn into investors.
Other advice the panelists gave to the audience: have a mentor, find local customers, and “embrace the idea of failing fast.”
During the session the panelists also discussed how Knoxville could grow into becoming the South’s mecca for entrepreneurship. According to the panelists, for this to happen, entrepreneurs need to recognize the culture of the area and take advantage of it.
The region has a lot of strong assets like the Great Smoky Mountains and the numerous notable companies that are based in East Tennessee, like the Oak Ridge National Laboratory, the University of Tennessee, and Alcoa, to name a few.
Ballard stated, “The region just needs to set a brand that can entice people to come here. By doing this, we can [also] attract and maintain the talent we need to draw even more companies to the area.”
Entrepreneurship in the area will continue growing and changing, making Knoxville a great place to have these conversations. This will hopefully lead to Knoxville becoming the South’s mecca for entrepreneurship.