5 Qs with Joe Powers
Investment Manager at Maine Venture Fund
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1. Entrepreneurs hear the advice "don't fear failure" all the time, but you have actually gone through the experience of dissolving a startup. How did you come to that decision?
[Joe Powers]: My latest startup experience was relatively low-risk as far as startups go. I spent about 18 self-funded months with a team of third-party partners focused on product/market fit and after a number of dead-ends, I decided to dissolve my company. I was lucky in that I didn't need to let anyone go.
2. You've built a career in San Francisco and New York with early-stage companies like
Tesla
. What motivated you to come back to New England and land in Maine?
[JP]: I grew up in Vermont. Coming to Maine was a way to be within driving distance of family, explore a new region that I learned to love while growing up, and be more directly connected to my community.
3. When you made the switch from raising capital to investing capital, was there a "lightbulb moment" when you understood an aspect of venture capital that you hadn't understood as an entrepreneur?
[JP]: Many
. Here are two: 1)
investors need entrepreneurs
just as much as entrepreneurs need investors; 2) evaluating early stage companies is an art, so I use intuition and bias recognition daily, right alongside Excel and PowerPoint.
4. Many of the companies with whom you worked and founded are within their industries' sustainable sector. Why is sustainability important to you, and is it a focus for your investment at Maine Venture Fund (MVF)?
[JP]: Our goal at MVF is to maximize the "
public benefit
" of our investments while helping Maine companies grow. We evaluate benefit in a number of ways, including environmental sustainability. Personally, I find the most motivation here because of the value I place on my own health and the health of the people I love, which is directly linked
.
5. We are quite excited to host you at Central Maine Tech Night this month. Can we get a sneak peek of what you'll be sharing with our audience?
[JP]: I hope to introduce MVF and my own background, then dive a bit deeper in to what a "
day in the life of a VC
" (venture capitalist) looks like. And should the audience fall asleep, I may also bring a game to play...
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Small Business K
now-How
Evaluating a Balance Sheet
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Whether you're a startup
raising capital
, an established business
applying for a loan
, or an executive
reviewing monthly financial reports
, learning how to evaluate a balance sheet will allow you to present a strong case for securing capital and to ensure your business' financial success.
Read on
to learn how to evaluate your balance sheet.
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Welcome
Maine Technology Group
as a new CMGC investor
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The managed IT services and cybersecurity firm
Maine Technology Group
is headquartered in mid-Maine, recently expanding on its Winslow presence with a new Oakland office, and maintains an additional location in Bangor.
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Top Stories of August 2019
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Central Maine Real Estate Spotlight
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Featured Industrial Property Location
:
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Space Available:
4,400 sq.ft.
Lease Rate:
$7.50 PSF annual (NNN)
Retail Features:
- Great window visibility
- Large open space
- 2 changing rooms
Context:
- High-traffic area
- Located next to grocery
- On corner of Rt. 201 and Rt. 137
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CMGC and Kennebec Valley Community College (KVCC) invite you to
tap into the KVCC student talent pool
via a variety of engagement opportunities, including classroom visits, internships, and job referrals.
This partnership makes it easier than ever to engage with KVCC students in the courses relevant to you.
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Connecting with KVCC students will build
exposure
for your organization, help
recruit
for open positions, enrich students' educational experiences, and build a
qualified local workforce
.
You can learn more about each engagement opportunity
here
;
the variety is designed to fit your needs and schedule. Don't miss this
free
opportunity to connect with a talented pool of candidates - take this survey to
indicate your interest in learning more
.
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We hope you enjoy learning about local talent recruitment and retention strategies, and if your business has an innovative strategy or unique culture, please share with us!
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Workforce Training & Professional Development:
It's High Pressure Boiler Time
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KVCC's Institute of Workforce Training & Professional Development is excited to announce two events that help support safe and effective high pressure boiler operations:
2nd Annual High Pressure Boiler Expo
Date:
September 20, 2019
Time:
8:30am - 4:00pm
Location:
KVCC Fairfield campus
Details:
Learn best practices from industry experts on topics such as: steam traps, safety valves and valve positioning, water chemical treatment, air compressor technologies and pumps, NBIC code and more.
New this year:
underground storage tanks, codes, safety, inspections, and permitting.
The Chief Boiler, Elevator and Tramway Inspector for the State of Maine, John Burpee, will join us as a keynote speaker to address code questions and concerns.
Fee:
$75 (includes lunch & light breakfast)
High Pressure Boiler Training
Start Date:
January 5, 2020
Registration:
opens November 5, 2019
Credit:
State of Maine has approved this course to count for 3 months of experience towards Maine's High Pressure Boiler Operator license.
Details:
This 45-hour course will provide students with the knowledge and techniques needed to operate a boiler steam-generating plant in a safe and efficient manner. The course offers a practical approach to power plant operation and is designed to prepare the student for Maine's High Pressure Boiler Operator licensing exam (some experience is required to sit for the exam).
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Young professionals in the Waterville area are invited to Waterville Green Drinks, a
social networking group
built around a common interest in the environment, sustainability, and community.
Hosted by
KV Connect
, the Waterville area's young professionals group, each event is a great opportunity to forge professional connections and friendships while supporting a local charitable cause.
September Green Drinks:
Headshots and Happy Hour
In addition to the great food, drinks, and conversation of Green Drinks, this month's event offers the opportunity to pose for a
free headshot
by a professional photographer.
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Sponsored by New Dimensions FCU
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Health Tip: Getting Screened
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Do you know when you should have recommended cancer screenings?
Some people are at
higher risk
for certain cancers. Risk factors include smoking and obesity, but can also include your age or family history of certain cancers.
Get the facts.
We can help
.
Learn more
about recommended screenings.
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Stay connected with CMGC:
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If you are an investor in CMGC and would like to submit content to
CMGC Intelligence
, simply reply to this e-mail to speak with Elaine Theriault-Currier.
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Board of Directors:
Chris Gaunce, chair – Central Maine Motors Auto Group
Michael Heavener, vice chair – Town of Winslow
Beth Gibbs, treasurer – Thomas College
Lucille Zelenkewich, secretary – Peoples United Bank
John Dalton, past chair – Northern Light Health - Inland Hospital
Elizabeth Fortin – Kennebec Valley Community College
Paul Stein – MaineGeneral Health
Darlene Ratte – Best Western Plus
Michael Roy – City of Waterville
Gary Bowman – Town of Oakland
Michelle Flewelling – Town of Fairfield
Brian Clark – Colby College
Michael Runser – Valley Beverage
Allan Rancourt – Kennebec Federal Savings
Lisa Hallee – Bill & Joan Alfond Foundation
Donald Plourde – Coldwell Banker Plourde Real Estate
Tom Meucci - Huhtamaki
Ex-Officio Board Members:
Laura Cyr – Kennebec Valley Council of Governments
Christian Savage - Somerset Economic Development Corporation
James Dinkle – Kennebec Regional Dev. Authority / FirstPark
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