The company on Friday withdrew its plans for a public offering. Securing investments for start-ups has long depended on tapping personal networks and getting introductions. They saw the Internet as the solution. The company set up a Web site that allows people to submit summaries of business plans online.
Executives then invite a handful to submit more complete plans.
Executives help them sharpen their business plan, perfect their pitch to investors and hunt for critical talent. First, it receives 5 percent of the venture capital raised by the start-up. The panelists agreed that following the market crash in the spring, start-ups need a plan that shows an ability to solve a problem, capture a market and turn a profit. Before March, it seemed all many entrepreneurs needed was a slick Powerpoint presentation, the panelists agreed. The attendance at the latest boot camp was about 600.