Circle of Contacts

When Dave Bernard and his business partner decided to take FastTrac TechVenture, they had two goals. They wanted to gain a better understanding of how to approach equity markets for funding, and they sought to expand their already impressive networking circle.

"FastTrac delivered in both areas," says Bernard, who co-founded The Intellection Group with Judy Chen in 2004. The Duluth, Georgia-based tech firm, which provides consulting and customized software applications to businesses, has grown steadily since 2005 and nearly doubled its revenue in the six months since FastTrac.

Through FastTrac Bernard and Chen developed stronger ties to venture capitalists and angel investors. They expect to seek outside funding in the near future and are flush with knowledge on how to proceed.

Bernard now understands VC vocabulary. He heard such terms as KPIs (key performance indicators) in the past, but post-FastTrac he speaks of KPIs like an old pro. He also learned how to read a term sheet and negotiate the value of his business more effectively when dealing with VCs.

As a networker, Bernard was already aggressively plugged into the Atlanta-area tech scene. But thanks to FastTrac, his contact list has grown exponentially.

The class took place at Georgia Institute of Technology's Advanced Technology Development Center, an incubator for technology companies. This setting exposed Bernard to tech leaders in the community.

At each FastTrac session as many as six mentors attended, participating in discussions and providing coaching for Bernard and his peers. After graduating FastTrac Bernard hired one of the coaches as an adviser. "He's on retainer helping open doors for us to meet key contacts," Bernard says. "He's got a great Rolodex."

Bernard stays in touch with his FastTrac peers and recently attended a networking breakfast devoted to angel investing. Networking doesn't just help Bernard collect business leads; it also helps him find good employees.

"I'm at the point where I could add one new client a week," he says. "But I need to increase my capacity to take on all that new business."

FastTrac's guest speakers resonated with Bernard. Many of them — both successful entrepreneurs and VCs — repeatedly emphasized the need for luck, timing, and relationships to build a thriving business. That reinforced Bernard's determination to cultivate mutually rewarding relationships throughout the community.

"FastTrac propelled us forward twenty-four months," he declares. "Our circle of advisers has grown tenfold."
 
E-mail: dbernard@intellectiongroup.com.