Aug. 4–Last year, Hallandale Beach-based Comerxia was just another minority start-up in South Florida, struggling to advance on limited funds.<\/p>\n
After making a presentation at the Minority Business Development Agency’s Equity Capital Access Program, known as MECA, Comerxia gained attention and credibility.<\/p>\n
Comerxia has developed technology that enables U.S. retailers to more easily sell their products abroad. The company’s Web site, DoUWantIt.com, provides a guaranteed price including customs duties and taxes for U.S. products.<\/p>\n
Last year, Comerxia was one of five companies chosen to make a presentation to venture capitalists by the Emerging Venture Network, which provides assistance to minority companies interested in venture capital. EVN has joined with the Department of Commerce’s Minority Business Development Agency to make an “open call” to invite minority businesses to participate in the next MECA program.<\/p>\n
“Thanks to that particular event, we met a VC out of Washington that invested a couple of months ago,” says Simon Zisman, chief executive of Comerxia.<\/p>\n
The result was $5 million in funding from Syncom, a venture capital firm in Washington, D.C., and Comerxia’s business partner, UPS. The MECA program “has been providing value to us since we got in touch,” Zisman says.<\/p>\n
Entrepreneurs can apply to this year’s MECA program until 5 p.m.<\/p>\n
Aug. 13. Selected entrepreneurs attend a workshop Aug. 28-29 to learn the art and science of acquiring equity capital. Then each entrepreneur is matched with at least two volunteer coaches, including a venture capitalist and a professional such as a lawyer or accountant for intensive consulting and coaching.<\/p>\n
Finally, the entrepreneurs present their business plans at venture capital forums throughout the year, beginning with the MECA forum on Sept. 29-30 at the Omni Shoreham Hotel in Washington, D.C. For more information, see www.evn.org or contact Cindy Fletcher at 202-333-7526 or cfletcher@evn.org.<\/p>\n
Jim Moore, managing director of EVN, and Michelle Garcia, a founder of EVN from South Florida, helped Comerxia position itself for venture capital funding. With the help of their backgrounds and experience, Comerxia was able to prepare a stronger message for potential investors.<\/p>\n
Zisman says the feedback his firm has received from forum participants and from his venture-capital investor also has made a difference in Comerxia’s operation. “A VC provides a lot of discipline, sort of an objective point of view.”<\/p>\n
For instance, Comerxia was prompted by the venture capital firm to hire more people in marketing and sales.<\/p>\n
“The whole organization is now naturally moving from a technology development company,” Zisman says. “We’re moving toward becoming a more commercially oriented company.”<\/p>\n
One of the attractions for a venture capitalist is Comerxia’s market, which is global. The company also had the comfort of already having a large investor, UPS, through an earlier investment made by MailBoxes USA, which was acquired by UPS.<\/p>\n
“This is the investment we needed to reach the next level,” Zisman says. Comerxia’s revenues are now about $1.5 million a year.<\/p>\n
Entrepreneurs should realize that financing their dreams can be a long process. It took Comerxia nine months to make the venture-capital round happen, and the company is still seeking $2 million of its $7 million round of financing. But EVN and MECA have helped Comerxia make strides. “If you’re part of a network with support and advice, it’s a much more effective process,” Zisman says.<\/p>\n
—–<\/p>\n
To see more of the South Florida Sun-Sentinel — including its homes, jobs, cars and other classified listings — or to subscribe to the newspaper, go to http:\/\/www.sun-sentinel.com.<\/p>\n
(c) 2003, South Florida Sun-Sentinel. Distributed by Knight Ridder\/Tribune Business News.<\/p>\n
UPS,<\/p>\n","protected":false},"excerpt":{"rendered":"
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