Yearly Archives: 2019
July 1, 2019
TissueTech, Inc., the pioneer in regenerative medicine utilizing human umbilical cord and amniotic membrane, today announced the closing of an $82.25 million round of Preferred C equity financing led by EW Healthcare Partners (formerly Essex Woodlands) and followed by the third round of continuous investments from Ballast Point Ventures.
The funds will primarily be used to pursue regulatory approvals from the FDA for several of its development projects to comply with the agency’s new guidance documents and support ongoing commercial development. Investments will be made to transform technical operations to Good Manufacturing Practice to produce biologics products. A part of the funds will be used to liquidate a previous preferred investor and recapitalize some common shareholdings.
As part of the transaction, Martin Sutter, Managing Director and Co-Founder of EW, and William “Bill” A. Hawkins, III, Senior Advisor at EW and former Chairman and CEO of Medtronic, have joined TissueTech’s Board of Directors. Matt Rice, who is a partner of Ballast Point Ventures healthcare practice, will continue to serve as a Board member, and John Arnott, an accomplished global healthcare executive, will continue to serve as an independent member of the Board.
“TissueTech, and its wholly owned subsidiaries Amniox Medical, Inc. and Bio-Tissue, Inc., have pioneered the research, development and clinical application of umbilical cord and amniotic membrane technology for use in the ophthalmology, optometry, musculoskeletal and wound care markets,” Sutter said. “We have followed TissueTech’s impressive growth over the past few years and are proud to now be able to partner with them as they look to further scale up and transform from a tissue-based manufacturer to a biologics therapy provider. We’re excited about the significant opportunities ahead for the company.”
“The closing of this round of equity financing provides us with additional resources not only for research and clinical trials supporting product development but also to strengthen our commercial efforts,” said Amy Tseng, founder and Chief Executive Officer for TissueTech. “We’ve seen great results to-date with our clinical studies. I am very pleased to have an opportunity to partner with EW and Ballast Point, firms with great expertise in the field of regenerative therapies. I look forward to working with Marty Sutter and Bill Hawkins and am greatly appreciative of Matt Rice and John Arnott’s continuing endorsement of our mission to help build TissueTech into a world-class regenerative biologics company in the coming years.”
TissueTech’s portfolio of currently available commercial products are designed to provide better surgical and therapeutic outcomes for ocular surface injury and disease, chronic and complex wounds, orthopedics, sports medicine, spine, urology, gynecology, plastic and general surgery. The company’s Bio-Tissue portfolio of products contains the only cryopreserved amniotic membrane that has been designated by the FDA as anti-scarring, anti-inflammatory and anti-angiogenic on the ocular surface. Clinicians have performed more than 500,000 human implants with the company’s products and more than 300 peer-reviewed studies supporting its platform technology have been published.
About TissueTech, Inc.
TissueTech, Inc., the parent company of Amniox Medical, Inc. and BioTissue, Inc., pioneered the development and clinical application of human placental tissue-based products. Founded in 1997, Bio-Tissue markets products for the ophthalmology and optometry markets; and Amniox markets products for use in the musculoskeletal and wound care markets. Clinicians have performed more than 500,000 human implants with the company’s products and published more than 300 peer-reviewed studies supporting its technology platform. The Company’s first product, AmnioGraft®, is the only tissue graft designated by the FDA as homologous use for promoting ophthalmic wound healing. Learn more at http://www.tissuetech.com.
About EW Healthcare Partners
With over $3.0 billion under management, EW Healthcare Partners is one of the largest and oldest growth equity firms pursuing investments in pharmaceuticals, medical devices, healthcare services, and healthcare information technology. Since its founding in 1985, EW Healthcare Partners has maintained its singular commitment to the healthcare industry and has been involved in the founding, investing and/or management of over 150 healthcare companies, ranging across sectors, stages and geographies. The team is comprised of over 20 senior investment professionals with offices in Palo Alto, Houston, New York, and London. For more information, see http://www.ewhealthcare.com.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately owned companies, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in several industries, including healthcare, software, technology-enabled business services and consumer. BPV has $360 million under management across three funds and seeks to make initial equity investments ranging in size from $4 million to $10 million. For more information, visit http://www.ballastpointventures.com.
June 17, 2019
By: Billboard Staff
The independent music sector is larger and stronger than ever.
As the American Association of Independent Music (A2IM) convenes Indie Week in New York June 17-20, executives and artists can celebrate the growth of the worldwide indie music business.
Independent labels generated $6.9 billion in global music sales in 2017 (the most recent estimated figure), up from $6.2 billion the previous year, according to a report released late last year by Worldwide Independent Network (WIN), an umbrella organization for indie trade groups, including A2IM.
JORGE BREA, 34
Founder/CEO, Symphonic Distribution
“Independence is the ability to be reactive [and] pivot,” says Brea, who knows a thing or two about pivoting. Moving early in his life from Santo Domingo in the Dominican Republic to Tampa, Fla., Brea spent his teen years working as a DJ-producer and releasing original music on vinyl, which inspired the creation of Symphonic Distribution when he was only 21. Today, he connects indie acts of all genres to streaming platforms and recently announced that his company had expanded its presence in Nashville and Bogota, Colombia. “We’ve been able to grow 35% year over year for the past five years,” he says, adding that while one of the strongest regions for streaming is Latin America, new artists are breaking out from African countries and the Middle East.
Full Article: Billboard
June 4, 2019
Source: The Post and Courier
By: Mary Katherine Wildeman
A communications technology firm has tripled its office space in Charleston on the heels of a first fund-raising round and a growth spurt.
Avoxi’s CEO said it grew out of an office overlooking the Cooper River and plans to expand its team. The move comes as the company has put its focus on building its inventory.
Avoxi provides an alternative to pricey land lines by selling subscriptions to so-called virtual numbers that enable businesses and customers worldwide to communicate relatively cheaply via the internet. They also sell cloud software that helps companies manage their call centers.
These phone lines appeal to businesses looking to expand their reach overseas. Many companies sell the numbers, which don’t require a traditional telephone with a dial pad and receiver.
A bigger inventory of those phone numbers up for sale on the Avoxi website has helped to spur growth.
Avoxi has set up in a new office on upper King Street, sharing a parking lot with The Daily coffee shop and Atlatl, another local tech firm. The move from its former offices triples the company’s space.
The Atlanta-based company says it has built the world’s largest coverage area, now selling phone numbers in 160 countries, up from 20 in January 2018. The numbers are now available to buy from Japan to Pakistan to Kenya. Companies that want to expand overseas can buy phone numbers through Avoxi with an area code familiar to locals, improving the chances they will be able to reach customers.
“For our clients, this gives them the ability to reach those markets instantly,” David Wise, Avoxi’s CEO, said.
David Wise is CEO of Avoxi, an Atlanta-based company with a growing presence in Charleston.
Building the company’s footprint and inventory has had the intended effect, Wise said. In the last six months, he said the company has grown its customer base by 50 percent.
The company was founded in Georgia and expanded to Charleston in 2015. Wise, who is from Mount Pleasant, splits his time between Atlanta, where Avoxi employs about 50 workers, and the Lowcountry.
He plans to hire 10 more employees at the Charleston outpost, bringing the total by the end of the year to roughly 30 employees in the area. The company employed fewer than 10 people in Charleston in 2016.
A transformation for the company came in 2015 when it decided to make a move to Charleston, Wise said. Back then, Avoxi was still selling software it didn’t make itself. When the Charleston office opened, Wise said the company resolved to create its own products. The firm has developed software that helps to manage call centers, also sold on a subscription basis.
Founded in 2001, the company waited nearly 20 years to take any startup funding. In December, the firm announced it had secured $10 million from Florida-based Ballast Point Ventures, which has invested in close to two dozen tech companies in the Southeast and Texas, according to its website.
Wise called the funding “go-go money.” The company is spending it on expanding its inventory and customer base. It’s a notable sum for the Charleston area, where venture capital for tech firms is in short supply.
Avoxi’s rates range from about $4.50 to $71 per month.
May 30, 2019
The latest addition to The Library in St. Pete is Unlocking Creativity – How to Solve Any Problem and Make the Best Decisions by Shifting Creative Mindsets, authored by Michael Roberto. As his interview in Forbes magazine explains, creativity doesn’t typically come from the lack of ideas, but from barriers in organizations that stifle creative thinking.
This is the 3rd of Professor Roberto’s books to join our library, and the first one for which you can find both a brief introduction and a trailer for the book at Youtube.
From among the many terrific insights in the book, we’d like to highlight two:
1 – Shaping team climate is more important than an “obsession” with reorganizations (p. 94-98).
(H)e presumed that organizational structure drives performance, as many business leaders do. Unfortunately, that causal link is much more complex than many executives realize, as the studies of mountain climbers and sports teams illustrate. Leaders can adopt a variety of organizational structures, and each comes with its own costs and benefits. We cannot simply crank up an algorithm and select an optimal structure that promotes creativity, innovation, and growth. No such perfect structure exists, no matter the strategy, industry, or circumstances…
Leaders need to think about how teams perform their work, and how they can create the conditions that will enable those groups to flourish. The best leaders pay close attention to team climate, behavioral norms and ground rules, and the design of the work itself…
Julia Rozovsky’s People Analytics team collected data on 180 teams throughout Google. She explains what they discovered:
“We thought that building a perfect team would be pretty algorithmic in nature, because at Google, we love our algorithms. [However] What our research showed us was that it’s less about who is on the team and more about how people interact that really makes the difference.”
Google identified five attributes of their highest-performing teams, and “a climate of psychological safety proves to be the most important by far.”
We could not agree more. As we ourselves have written, systems and processes are important but what makes a team great are the ‘robust social systems’ in which the members’ informal modus operandi ensure that all those well-designed systems function properly.
2 – It can take time for creativity to pay dividends (p. 172).
Remember, though, that many creative breakthroughs occur when individuals make connections between seemingly disparate concepts. Those links and relationship s may not become apparent overnight. Sometimes, it seems as though these breakthroughs are simply the product of luck. On the contrary, Harvard scholar Ethan Zuckerman argues that, “Engineering serendipity is this idea that we can help people come across unexpected but helpful connections at a better than random rate.”
Here too, we are in agreement, having echoed this line of thought many times. The difference between luck and serendipity is that the latter involves seeing meaningful combinations where others do not and is a skill one can develop.
Some organizations are “luckier” than others because they tolerate an optimal degree of wastefulness based on the assumption that serendipity relies on loafing and savoring the moment, of wandering and loitering and directionless activity of all sorts. Serendipity is a close relative of creativity and can be encouraged by a few organizational factors.
Lest anyone think we’ve given too much aid and comfort to sloth, inefficiency, and other bad habits, we’ll close with Gary Player’s thoughts on the subject: “The harder I work, the luckier I get.”
NB: We’d like to thank the good professor for comparing venture capitalists to Soviet planners (p.80). We’ve actually known and admired Professor Roberto for a long time, and in fairness to him, he is merely quoting an entrepreneur. (Ahem, while not objecting…)
Here are a few other instances where we’ve cited the professor’s thinking here at Navigating Venture:
May 6, 2019
We saw this column by our friend, Frank Williamson of Oaklyn Consulting, in the Memphis Business Journal and thought it was excellent. Frank captures well the way we, and many others in the Southeast, like to do business and both the importance and pleasure of focusing on building long term relationships.
Source: Memphis Business Journal
As a Southerner by birth, I grew up in a culture where manners were of paramount importance.
When interacting with authority figures and peers, I came to understand the social benefits of maintaining proper eye contact, saying “please” and “thank you,” and having a firm handshake.
Yet, out in the professional world, I’ve been struck by how the continued value of these and other niceties isn’t commonly discussed. According to some studies, social skills are 85 percent responsible for personal success, as opposed to 15 percent from learned technical skills.
Out of the 10 U.S. cities boasting the highest levels of business growth, seven are located right here in the South, according to a recent CNBC article. The past five years have seen huge levels of business and employment growth in Southern cities, including Nashville, Orlando, and Charleston, South Carolina.
I don’t think this is a coincidence. Although our region’s economic success certainly can’t be attributed to solely etiquette, as a Southern business owner, I feel that it has played a part in businesses deciding to establish themselves here.
With civility seemingly on the decline in our world, it’s worth thinking about how we can incorporate this general attitude of courtesy into both our work and personal lives.
Respect in the negotiation process
First impressions are everything. When you treat a business partner with a lack of respect during the process of making a deal, you shouldn’t count on the relationship continuing. But, by bringing a different attitude to the negotiation process — treating it as an opportunity for both sides to solve a problem rather than as a situation where only one side wins — you have the potential to build a relationship that extends beyond a single deal and may result in a more mutually beneficial agreement.
In my experience, those who adopt the attitude of a hard bargainer are being short-sighted, trying to extract some kind of immediate value from a deal instead of seeing it as the first step in a lasting partnership. Naturally, you have to prioritize your interests in any negotiation, but empathizing with what the other party hopes to achieve can make a huge difference in the way you relate to each other.
I saw this dynamic play out recently with a client, a family-owned business that was up for sale. One buyer stood out from the others by the level of consideration he showed toward the family, which was understandably concerned with continuing its legacy. The buyer’s approach took into account the benefits of maintaining a strong, lasting relationship, while keeping his own business interests in mind. In the end, both parties felt the sale was a positive experience.
Balancing work and life
Some business owners may disagree with me, but I believe that the time we spend away from work is as valuable as the time we spend building our businesses. It may not always seem wise to leave work undone just so you can make it home for a family dinner. But, there’s a good argument to be made that the Southern tradition of keeping a healthy work/life balance has the long-term benefit of setting up the next generation for success.
I’m not advocating giving short shrift to business matters. However, there is real value to leaving the office at 5 p.m., staying largely offline during dinner and through the evening, and letting your home life be your primary focus until the next morning.
A major part of Southern civility is our continued devotion to passing on our values to each successive generation, both in our families and through nonprofits. By putting time and effort into this, we raise up a new generation that will eventually enter adulthood with an understanding of how Southern etiquette can be applied to their personal lives and business relationships.
Memphis Business Journal Article: https://bit.ly/2PQLV7v
April 18, 2019
The individual income tax-rate cuts of the 1980s helped make LLCs the default business structure for startups – but the 2017 reduction in corporate tax rates, coupled with the capital gains tax rate increases in the 2010s, have changed the dynamic.
As last week’s Wall Street Journal explains in “Startups Discover the Allure of the C Corporation,” in some circumstances the ‘C’ structure creates potential tax benefits for entrepreneurs and their investors:
For years, Mr. Bisges started ventures using limited-liability companies, known for their flexibility and tax advantages. But when Mr. Bisges and his nephew, Aaron, started planning StillFire Brewing, their accountant suggested the C corporation.
Mr. Bisges is pinning this part of his business plan on Section 1202 of the Internal Revenue Code, an underused provision expanded under Mr. Obama, and one that is gaining new attention after the 2017 Tax Cuts and Jobs Act made it more attractive.
The strategy is particularly advantageous for business founders who expect to start small, keep earnings inside the company, make annual profits and then cash out. If a taxpayer holds C corporation stock for five years and follows the technical rules, capital-gains taxes on a subsequent sale get erased—on gains up to $10 million or 10 times the original investment, whichever is greater.
In a nutshell, the article argues that it may now be tax advantageous for entrepreneurs to realize their profits in the form of long-term capital gains instead of ordinary income because they can exclude from federal income tax 100% of the gain from the sale of qualified small business stock.
LLCs, S-Corps, and C-Corps each offer different advantages and restrictions, and choosing poorly can lead to expensive and difficult changes down the road. There are many complexities and issues to consider and no one right answer. Just as people shouldn’t decide to have children for the tax benefits, we advise founders to not view tax considerations in a vacuum when choosing the legal structure for their businesses. They need to think hard about the long term goals for the business and seek expert advice on the optimal legal structure.
You can, however, reduce the number of future headaches (and possibly legal bills) if you choose the structure that is most appropriate for both your current situation and your long-term objectives. Aside from avoiding personal exposure to business liabilities, the main considerations when choosing from among the three structures are tax consequences and corporate governance issues.
We ourselves have invested in both C’s and LLC’s, and have found the defined governance structure of a C-corp is almost always preferable. For a more expansive view of our thinking on the subject, we recommend you check out our 2010 white paper, To LLC or Not to LLC.
April 1, 2019
Source: The St. Pete Catalyst
By: Margie Manning
Lanny Tucker, CEO, PowerChord, with Stephanie Shreve, vice president of customer success, and Michelle Tipton, vice president of finance.
PowerChord, a St. Pete software company, has bested other technology companies including Google and Microsoft in one key measure.
Following several recent promotions, women account for 40% of the senior management at PowerChord, twice the percentage of female executives in leadership at Microsoft and nearly twice that of women leaders at Google.
The women and men in leadership at PowerChord have different, and complementary, thought processes, said Lanny Tucker, a tech industry veteran who was named CEO at PowerChord in 2016.
“Sometimes us men, we want to jump up and pull the trigger and a lot of action. The women in the team add a different perspective and a very valuable perspective that benefits our customer, our recruitment of personnel and our stature in the community,” Tucker said.
PowerChord develops software-as-a-service that provides brand specific marketing for its clients, companies with hundreds or thousands of dealer distributors or franchisees.
Ballast Point, a Tampa growth capital and venture equity firm, invested $10 million in PowerChord in 2016, a few months after Lanny Tucker joined as CEO.
Since then, PowerChord has grown from 35 employees to almost 80, and as the company grows, it’s important that female leadership grow as well, Tucker said.
“There’s been study after study done. Companies that have a good gender mix have more innovation, more profitability … and they’re more admired,” Tucker said, citing Fortunemagazine’s annual list of the world’s most admired companies.“Companies that are ranked the highest in that group have almost twice as many females in senior leadership positions than the less admired companies.”
PowerChord announced the latest promotions last week. Michelle Tipton was named vice president of finance, and Stephanie Shreve was named vice president of customer success. Both are seven-year veterans of the company. Their promotions came two months after PowerChord named its first female vice president, Nikki Vegenski, who is vice president for marketing and strategy and also a long-time PowerChord employee.
The company named two directors as well : Nicole Clemens as director of people and culture, and Kate Dalley as director of product management.
“These are our leaders of the future. They are going to be people both with PowerChord or other companies that will take on C-level capabilities and functions in the future and we’re really proud of what they do and what they stand for,” Tucker said.
Meet the new members of the PowerChord leadership team
Michelle Tipton served as financial controller as well as accountant and HR specialist with PowerChord for seven years, before she was promoted to vice president of finance.
Traditionally, finance departments focus on historical performance, Tucker said. One of Tipton’s goals in her new role is to use data that reflects PowerChord’s past to help the company move forward.
“The past is all relevant data and it’s really important to have those analytical skills and toolsets, but also how can we expand the current programs and platforms that we’re using to become more of a data-driven team, to support the organization’s strategies moving forward,” Tipton said.
Tipton’s job is taking the next big step, as artificial intelligence and data analytics are transforming the finance function, Tucker said.
“That’s the predictive part, being able to look into the future with the data that we have in the past and be proactive in our decision making, as opposed to just reactive,” he said.
Stephanie Shreve served as PowerChord’s director of partner engagement for seven years before she was named vice president of customer success.
“My focus will be on fostering an environment of customer experience,” Shreve said. “From the moment we start talking to a potential client all the way through to bringing them on board, we want to make that a smooth seamless experience, so they can then offer exceptional customer experience to their customers.”
Prospective clients face a tough decision when considering taking on new business partners, Tucker said.
“That fear, doubt and uncertainty is won over by both metrics and data, it’s won over by past performance and recommendations of current customers. And quite frankly, a large part is personality and trust. Trust is the most important word, and that’s the hallmark that Stephanie is trying to build,” Tucker said.
Nicole Clemens, the new director of people and culture, will drive key functions of human resources and business strategy with a modern perspective built upon creating a collaborative culture and ensuring equality for all employees. Since joining PowerChord in 2015, Clemens has spearheaded instituting paid paternity leave, implemented a company-wide key performance indicators and bonus program, and has coordinated culture events to engage employees.
Kate Dalley, director of product management, is dedicated to providing scalable and efficient solutions to PowerChord’s local and global markets. She is also responsible for assessing ongoing industry needs to ensure the company is providing innovative and transformational SaaS services, while also continuing to define the ongoing evolution of the PowerChord platform.
March 20, 2019
Source: Prepaid Technologies
Deal more than doubles Prepaid Technologies’ purchasing card portfolio, adds exciting new product enhancements for the business payments leader
BIRMINGHAM, Ala., March 20, 2019 /PRNewswire/ — Prepaid Technologies, a leading provider of business payment solutions, announced the acquisition of Karmic Labs’ dash™, the San Francisco-based purchasing card portfolio and expense management solution, as well as other select assets.
The deal, which closed on March 1, 2019, adds several members of Karmic’s key personnel to the Prepaid Technologies team, with team members now operating throughout North America. The addition of the dash platform also adds a robust expense management solution and extensive card portfolio to the Prepaid Technologies suite of offerings, including payroll programs, business purchasing cards, reward and incentives and per-diem card offerings. Current Karmic and dash customers will benefit from an expanded range of services, products, and resources including Prepaid Technologies’ dedicated customer support.
“Integrating the dash purchasing card structure into our existing portfolio increases efficiencies and enhances our growing suite of solutions for businesses and payments service providers,” said Prepaid Technologies CEO, Stephen Faust. “This cardholder portfolio more than doubles our existing expense management business, elevating purchasing to the level of our payroll, incentive and rewards lines of business.”
Prepaid Technologies’ solutions provide customers with a mobile-focused platform enabling business owners to move money in real-time to individual cards and accounts for everyday purchases. It also empowers administrators with key insights into spending, providing better control in the expense reconciliation process. These solutions are significantly enhancing traditional payments for many business segments, particularly universities and municipalities.
“The addition of dash is another prime example of how we’re fulfilling our commitment to provide the broadest suite of payment solutions to our partners and commercial clients, with a focus on quality,” said Faust.
Over the next several months, Prepaid Technologies will integrate the dash portfolio into its service offering, working diligently to transition existing clients, while also providing them with access to additional payments and business management solutions including:
- Revolutionary payroll card programs that improves bottom-line performance and provide value to employees.
- Reward and incentive cards to support stronger customer and employee relationships.
- State-of-the-art API Payment Integrations that transform internal operations, speed-up payments and create operational efficiencies.
For the past 20 years, Prepaid Technologies has built an extraordinary reputation as a trusted partner and advisor in prepaid payments, helping bank partners and clients deliver efficient and meaningful payment experiences, from concept to cardholder. Learn more at in-prepaid.com.
About Prepaid Technologies
A pioneer in financial technology, Prepaid Technologies has been providing innovative electronic payment solutions including payroll, expense, gift, reward and incentive card products to employers, financial institutions, and government agencies for more than 20 years. Learn more at www.in-prepaid.com.
Prepaid Technologies is celebrating 20 years as a leader in the business payments space. Learn more about our history and vision for the future at https://www.in-prepaid.com/prepaid-technologies-marks-20-years-of-prepaid-innovation-and-success/
February 21, 2019
Tampa, FL – February 21, 2019
Ballast Point Ventures II, LP and Ballast Point Ventures I, LP (“BPV”) are pleased to announce that they have successfully exited their growth equity investments in MolecularMD, a molecular diagnostics company founded in West Palm Beach, FL. MolecularMD was acquired by ICON plc (NASDAQ: ILCR), a global provider of outsourced development services to the pharmaceutical, biotechnology and medical device industries.
Founded in 2006 by Dr. Brian Druker and Sheridan Snyder, MolecularMD developed a core competency in streamlining the development, regulatory approval, and clinical development deployment of precision oncology medicines for well-established, long-term biopharma clients. Drew Graham and Matt Rice, Partners with BPV, served on MolecularMD’s board of directors prior to the acquisition.
Dan Snyder, the Company’s CEO since 2014, remarked, “Our team has worked tirelessly to provide our clients with an exceptional, full-service diagnostics offering aimed at accelerating the approval of cancer drugs and therapies. Ballast Point Ventures has been a great partner and tremendous resource for us in driving growth in our business. We have relished the leadership, guidance, and expertise that Drew and Matt have provided, and we appreciate the support that the entire BPV team has provided MolecularMD throughout our multi-year partnership.” He continued, “ICON plc has a very complementary strategy to our focus at MolecularMD, and we are excited to become part of the ICON team.”
Drew Graham, a Partner with BPV who served as Chairman of MolecularMD, said, “We are proud of our partnership with MolecularMD and the Company’s growth from a small business in West Palm Beach to a highly regarded player in the molecular diagnostics industry with a blue chip client base around the world. Dan Snyder and his talented team built a great company, and I have no doubt they will help ICON achieve even greater success.”
Please see here for full press release.
About Ballast Point Ventures
Ballast Point Ventures, headquartered in Tampa, Florida, is a later-stage venture capital and growth equity fund founded in 2002 to provide expansion capital for rapidly growing, privately owned companies, with a particular emphasis on companies located in Florida, the Southeast and Texas. The BPV partners have more than 80 years of combined experience investing in and building high-growth companies in several industries, including healthcare, software, technology-enabled business services and consumer. BPV has $360 million under management across three funds and seeks to make initial equity investments ranging in size from $4 million to $10 million. For more information, visit www.ballastpointventures.com.
February 20, 2019
Source: Business Observer FL
By: Brian Hartz
Tucker says hiring employees who want to stay and grow with the company is a priority. That’s one reason why PowerChord has been diligent about implementing a unique organizational culture that involves staff from all departments in high-level decisions.
“I want to hire people who are smarter than me,” Tucker says. “What I’ve found is that great ideas, whether related to products or strategy or anything else, don’t always come from your top dozen executives. They come from people who are out there facing the customer, who understand the customer and deal with them
Proving the theory, Tucker involved some 30 employees outside PowerChord’s C-suite in the firm’s 2019 strategic planning sessions. That means hundreds of ideas can be brought forward. Then, through a distillation process, the sessions will produce a few key companywide strategic initiatives, as well as department-level goals ripe for execution.
Tucker, in the process, balances pushing staff with realistic expectations. “We’ve got to challenge employees, but we’ve also got to guide them,” he says. “As employees grow and mature, and as the company grows, you can start taking on more things and still not have plates hit the floor.”
Employee empowerment is also a major part of PowerChord’s culture. Company policy allows for a generous amount of paid time off, for one, and managers are instructed to be tolerant of mistakes. “You have to be able to accept good news and bad news equally quick,” he says. “I’m a huge believer in that because if you’re not out there trying, you can say, ‘Well, I’ve never had a failure.’ But if you say that, you’ve never pushed yourself and you’ve never really tried.”
(This story has been updated to clarify that PowerChord does not offer unlimited paid time off to employees.)