2002 Iowa Venture Capital Conference

Venture Capital Conference Promotes New Investment Climate in Iowa

Agenda highlights include Coca-Cola CEO, Governor Vilsack, John Pappajohn Award, and eight start-up companies

DES MOINES, Iowa - Today Donald Keough, former president of Coca-Cola and Iowa native, spoke to a crowd of more than 700 entrepreneurs, investors, business people, educators, economic developers and students on the keys to success at the Venture Capital Conference at the Polk County Convention Complex in Des Moines. Keough, originally from Sioux City, was president of Coca-Cola for 12 years, including the year it introduced the failed New Coke product. His message encouraged the audience to learn to communicate and have integrity and a strong work ethic, and credited his Iowa roots and education for his success.

Governor Thomas J. Vilsack, explained the foundation of Iowa's new venture capital climate, the Venture Capital Stimulus package, which encourages investors by providing a safety net and provides funds for assistance to start-up companies.

Investors looking for ideas heard from eight companies showcasing their innovative businesses through a Venture Network of Iowa (VNI) forum. The VNI Forum, a program of the Iowa Department of Economic Development that matches entrepreneurs and investors, is in its 13th year of featuring companies representing several different niche markets. Examples of presentations included an arm wrestling machine; a company that specializes in plant genome modification; and an off-highway traction vehicle company that displayed a13-ton prototype tractor for use in exploration, construction, and industrial agriculture.

"I am excited about the new opportunities to create an environment conducive to launch new businesses at the same that that we maintain support for existing Iowa companies," Vilsack said. "The long-term economic vitality of Iowa and its workers depends upon creating new jobs and new opportunities. During the 2002 session, we worked with the Legislature to enhance venture capital opportunities, including boosting our existing businesses, helping attract new companies and encouraging new local ventures."

Over 300 college and university students attended the conference to learn more about entrepreneurship in Iowa. John Pappajohn, a long-time supporter of entrepreneurs in the state, summarized the importance of supporting entrepreneurship and presented keynote speaker Donald Keough with the Iowa Lifetime Entrepreneurial Achievement Award. Pappajohn also announced the kick off the Pappajohn New Venture Business Plan Competition for Iowa college students wanting to start their own businesses. Three outstanding business plans selected in the competition will each receive a $5,000 grant. Regional competitions will be held around the state, with the winners to be announced in December.

"This conference highlights the spirit and vitality of the entrepreneurial community in Iowa that will move the state forward in the new economy," said C.J. Niles, Director, Iowa Department of Economic Development. "It continues to be a key educational and networking opportunity for entrepreneurs, investors, business people, students, community leaders and economic developers."

Other conference highlights included an overview of Iowa's venture capital stimulus package by William Brown, and two general sessions. The sessions featured experts speaking on how to position a business for success in an "Investor Panel Discussion"; and three top Iowa entrepreneurs shared on beginning and maintaining their start-ups in "How to Finance and Grow Your Company."

The Iowa Venture Capital Conference was presented by the Iowa Department of Economic Development (IDED), Equity Dynamics, Inc. and John Pappajohn Entrepreneurial Centers. Conference sponsors included: Alliant Energy; Dorsey & Whitney LLP; Ernst & Young LLP; Iowa Farm Bureau Federation; Ewing Marion Kauffman Foundation, MidAmerican Energy, Ames Economic Development Corporation, Mason City Economic Development Corporation and The Quad City Development Group.

For more information, please contact Judi Eyles at 515.296.6532 or eyles@iastate.edu.