ENTREPRENEUR
PATH

Fred and Jerry worked for a large technology company in Silicon Valley. On their own time they had developed a product in a completely different field from their current company's product line. It was a radio with an integrated miniature hard drive, that could record selected programs on a scheduled basis, or pause any current program which was playing. It was basically an audio version of TV products from TIVO and Replay-TV with a few special features for the requirements of portable users, and it could be programmed from any personal computer.

Fred was the marketing man, and he envisioned an initial program selling to catalog companies. He felt an OEM version for the automobile was a valid possibility. Jerry had engineered the product and felt, by using some Asian components, they could assemble the product in the U.S., at least to start. They recognized their lack of finance knowledge, both in obtaining start-up capital and in the needs of running a company. They guessed that they might need $500K but were unsure. A friend suggested they contact Your New Career, and they did. They said later that this was the turning point in their future. They checked out the details of the YNC entrepreneur-oriented Platinum program and decided to sign up.

The YNC Platinum program featured sections devoted to start-up companies requiring large capital investments, normally obtained from venture capitalists. The YNC experience in this area was extensive. It quickly became apparent that Fred and Jerry needed a business plan and a partner with management experience. It also became clear that their financial need far exceeded $500K.

As part of the Platinum Program, YNC assigned one of their certified coaches who had extensive start-up experience and knew all the requirements of venture capital. YNC also used selected graduate students to do market research on the potential size of this market and how different age groups responded to the idea of radio recording and instant playback.

After 3 months of dedicated evening and weekend work, Fred and Jerry enlisted the support of an experienced manager and completed the business plan. YNC made specific recommendations as to the venture capital firm categories where they would be most likely to achieve success. Four months later a lead VC firm committed, and the "team" made plans to leave their current jobs and embark on this exciting new venture. YNC personnel and coaches continued by their side during the entire process and into the first 6 months of operations.