Since its inception our Boise State TECenter Newsletter has been entitled THE CRITICAL FEW REVIEW. Here's why:
Building and growing a successful business is, and always has been, about making the right decisions. What frames these right decisions are the entrepreneur’s vision of the future along with focusing on their top priorities -- in other words, focusing on the right things. Today entrepre-neurs are faced with multitudes of decisions daily and need an inner compass on what the most important things are to work on first.
Many of you are familiar with the Pareto Principle or 80/20 Rule developed by Joseph Juran. Juran suggested the principle and named it after Italian economist Vilfredo Pareto, who observed in 1906 that 80% of the land in Italy was owned by 20% of the population. Pareto developed the principle by observing that 20% of the pea pods in his garden contained 80% of the peas. Inter-estingly, we can also see the 80/20 rule at work in the distribution of the worlds income below where 20% of the worlds population has 82% of world income. For entrepreneurs, there is little doubt as to which quintile is best to strive for and belong to.
Here at the TECenter we call these 20% factors the critical few and the remaining 80% that drive only 20% of results the trivial many, hence the name the The Critical Few Review. Speaking of focusig on the Critical Few here are the top line measurements for our last quarter year-end collective client results:
The TECenter exited the 4th quarter of 2010 with a total of 23+ clients (10 resident clients, 8 non-resident clients, 3 tenants and 5+ pre-incubation clients). Twelve clients are in the growth stage generating rapidly increasing revenue, along with 3 clients that are now introducing their products and services into the market place. Three client ventures are working in the development stage readying their products and services for the marketplace. Pre-incubation clients are in early assessment and feasibility stages of development. In addition, six client ventures are seeking outside investor funding.
Here at the TECenter 75 percent of our finished space is being utilized. We have two light industrial bays open along with five office spaces. Plans are in place to renovate both existing client space plus add another 10,000 square feet of offices space with construction scheduled late this summer. If you know any early stage entrepreneurs here in the Treasure Valley that want to accelerate their ventures growth by becoming part of the critical few, please feel free to pass this newsletter on and suggest they get in touch with me.
Collectively, TECenter clients represent 139 full-time, part-time and contracted self-employed people. TECenter client ventures are currently driving over 13 million dollars in annualized revenues and have almost 16 million dollars of invested capital (debt and equity) here in the Treasure Valley.
Please read on, as Sarah Pokorney and Marissa Goff have again assembled, some very interesting highlights and happenings with our Critical Few over the last few months here at the BSU TECenter
Entrepreneurially yours,
John