The above announcement appeared on page 2B of the morning's Standard-Examiner.
Being the curious type, I clicked the Grow Utah Ventures website around 9:15 a.m., clicked through various pages, and managed to find the phone number of Alan Hall, the driving force behind the venture.
Unlike most "top dogs" in other venture capitalist companies, and much to my surprise, Mr. Hall answered my call HIMSELF.
No, Alan Hall doesn't "screen" his phone calls. At least he didn't this morning. Take it from me. If you've ever phoned venture capitalist firms you'll know -- CEOs usually don't take their own calls. There's usually a hierarchy of flunkies to plow through until you get to talk on the phone with "Mr. Big." Mr. Hall is the refreshing exception.
To make a long story short, Mr. Hall had about two minutes to talk to me. He was on his way to this morning's "ribbon cutting," he said. He was pressed for time, so we made the conversation short. The upshot? There was a 10:00 a.m. ribbon-cutting ceremony this morning at the olde Ogden Greyhound Bus Depot site -- and I was invited.
You'd better believe I "beat feet" to be down there. I even put an incipient "Ogden Good Landlord" article on hold.
Here's what I learned from attending the event:
Alan Hall has put together a brilliant plan that he calls an "entrepreneurial/business incubator." It really is quite exceptional.
Here's what Grow Utah Ventures does:
- Systematically screens and identifies successfully-likely and talented entrepreneurs from a wide range of candidates
- Provides the best of these "seed money," in the form of a substantial "investment." (What Grow Utah Ventures does is provide venture capital to business "startups," in exchange for a 1/3 share of the new companies.)
- Provides these select new companies non-fee-based (free) "mentoring and coaching."
- "Places" these companies in "startup" offices, such as the olde Greyhound Depot on 25th Street. (The space will be partitioned -- and there will be a common conference room.)
- Maintains and recruits a private "investor pool," to finance "projects" as they arise.
I'm going to give Mr. Hall a hearty "tip of the hat" for this venture. It's a big, labor-intensive project he's chosen for himself. I normally look at "so-called" benevolent projects with a jaded eye, but I think there's more than a little genuine benevolence in Mr. Hall's current project.
And here's the other upshot! The profits of Grow Utah Ventures will be "recycled" into further Grow Utah Ventures projects, for the time-being at least. Alan Hall will NOT take profits, even for his own benefit, at least so long as the project keeps running, I would assume.
Kinda reminds me of Weber County Forum. I'll take profits later -- MUCH later.
I've been screaming my lungs out here on Weber County Forum about the need for leadership from the private sector. Mr. Hall has duly stepped up to the plate. Unlike Larry Miller and others, he's purchased the Greyhound Depot building NOW, rather than waiting to see how things "shake-out" later.
Mr. Hall deserves MORE than a "hat-tip," I think.
What say you about Alan Hall's "business incubator?"
I give it a hearty "thumbs up."
Comments, anyone?
