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Richard W. Munkelwitz
Richard has spent his whole career working with emerging technology companies. After a start in the management consulting business in Boston, he helped a major international energy company diversify away from its core energy business; he headed the technology lending and investing at a major US bank; he headed the Boston office of a Japanese financial institution making investments in US technology; and had his own mergers and acquisitions firm dealing with small and middle market companies. He has been personally involved in a number of startups, not all successful. Through VtSBDC he is dedicated to helping companies get off the ground (and stay off the ground) in Vermont; these counseling services are free to emerging companies.
SBIR and Other Vermont Sources
Funding a startup business is generally a very difficult process, and the Vermont experience is no different. Grant money is virtually non-existent, unless you have an obviously beneficial technology that can be funded through Government grants, like the SBIR program. For companies that do not fall into this category, most startups need to be self funding through either cash on hand, home equity loans or "friends and family". Banks usually require a revenue track record before considering a loan to a business. On the equity side, there are some angel resources in Vermont, including one organized group, North Country Angels. Our indigenous VC firm, Fresh Tracks Capital, is very knowledgeable, is dedicated to funding local opportunities, but does not do seed capital. The State has a number of alternative lenders, and sometimes regional development organizations can help. Using resources like Vermont SBDC, many funding hurdles can be overcome through a good business plan, a good product, a demonstrable ability to carry out the plan and A LOT OF KNOCKING ON DOORS.
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