... by Matt Noah We help people build and enhance their network of contacts in the "com and .com" world.
... by Matt Noah Issue: August 2000
Business Beat
Networking for Networkers
Nowadays, when someone uses the word "networking," it is important to distinguish between the purely technical act of linking computers and the old-fashioned schmoozing that is invaluable to the successful launch of a young company.
For Matt Noah, this is especially true. Noah is the founder of NetSuds.com, the Spring Park-based company that is striving to link emerging technology companies with potential investors.
Noah, a former employee of ADC, originally got the idea for NetSuds.com after attending a networking event in Manhattan put on by a company called NetworkSuds. Noah saw the need for a similar organization here in the Twin Cities that focused on telecommunications and Internet companies, which Noah terms "com and dot-com companies."
Noah knows first hand how hard it is to start up a company. He' d made an attempt to launch a company that offered voice-over-IP hardware and software. But he says, he did not get funded, so the company died on the vine. But it was during that time that Noah got to know many local venture capitalists. And it was with those contacts that Noah launched NetSuds.com.
The first gathering took place in November 1998 with 20 attendees. Now NetSuds.com hosts monthly breakfasts, quarterly social events, as well as other larger networking events. For instance, in April, the company sponsored an event that featured famed Minnesota-native turned high-powered venture capitalist, Ann Winblad. And in September, the company is putting 60 tech CEOs on a plane and flying out to Silicon Valley to pitch their companies to venture capitalists.
"We're trying to establish NetSuds as a national organization," says Noah, "and the first step is to have events outside of Minnesota." Although many of the companies will be from Minnesota, there will be companies from other states. The reason is simple, limited supply.
"There are not enough high-quality Minnesota start-ups in this market segment," explains Noah. NetSuds.com screens each company to ensure it is worth the venture capitalists' time. Noah says the criteria are that the company have an established management team, that it addresses a large market space, and have a differentiated product or service in that space.
In the future, Noah plans to expand NetSuds.com into other cities and conduct two to three conferences a year. "We certainly are going stay in Minnesota, but we are not going to stay just in Minnesota," explains Noah. Some primary candidates include Denver, Phoenix, Dallas, Silicon Valley, and Portland. Noah says ultimately, he' d like the company to be international.
So far, Noah is satisfied with his company' s progress. "My four kids are eating," he jokes. "So are my wife and I."
This item also indexed under: Technology, Networking, NetSuds.com, Matt Noah
© 1991-2000 BBN Publishing
4445 West 77th Street Suite 230, Minneapolis, Minnesota 55435
phone: 952.844.0400 fax: 952.844.0401 email webmaster
