How to apply.
Entrepreneurs with great new technology ideas that meet our investment focus and criteria should ask themselves these questions before contacting us:
Am I prepared to locate my company in St. Lawrence County?
SPEC investments are made only in companies that will locate in or principally operate from St. Lawrence County, NY (USA).Do I have a 2:1 match for funding?
SPEC requires that every $1 of SPEC investment be matched by at least $2 of investment from other sources.Am I prepared to report quarterly?
The SPEC investment board requires a basic quarterly report about the health, direction and progress that your company is making.Is my technology and associated business idea likely to be market changing?
SPEC investors want to leverage market conditions and innovative technology to create lasting jobs and make meaningful change in St. Lawrence County and beyond.
If your answers are yes, please contact us to discuss next steps.
After an initial discussion, you will be asked to submit a concise, complete and compelling business plan addressing as many of the following criteria as possible:
The Market – The market is large, preferably growing and on the verge of (or currently undergoing) paradigm shifts. The shifting market is creating an unmet need that is readily identifiable and/or measurable. Adequate customers/buyers (do currently or will at the right time) possess urgent motives and ample budgets to purchase the offering. Markets consistent with our focus in energy and the environment receive the most attention.
The Offering – The offering is “game changing” and a clear and compelling message about the offering can be readily constructed for the market. The offering is based on deploying proprietary and reliable technology to meet the market need/opportunity. The offering delivers a substantial and readily measurable ROI for the buyer. In the absence of a directly measurable ROI, the offering is “oxygen” for the buyer and due to a fundamental market change the buyer cannot survive without it. There is a compelling top line and earnings impact associated with delivery of the offering.
The Business Model – The business is a first mover. It is defendable and/or differentiated from the competition. The production/manufacturing, sales and operations models are scalable and the model produces attractive margins. There is definable, maintainable direct and/or channel access to customers. There is minimal friction in the sales process.
The Management Team – The people are capable, highly motivated, passionate and personally and financially committed to the venture. Members of management are clearly and equitably aligned with each other and with other stakeholders.
The Transaction – The transaction is straightforward, without any financial or legal frictions and free of unnecessary contractual complications that translate into costs, risks or upside financial limits. The opportunity can be adequately capitalized to flow cash and readily prepared for subsequent venture financing or a liquidity event.
Stakeholder Alignment – Stakeholders share agreement/interest in the same tangible and intangible aspects of the opportunity. Examples of such alignment may include sharing of ideals, agreements on business strategy, desired time to exit or financial vs. strategic interests. We believe that strong stakeholder alignment significantly improves the business dynamic.
Your business plan will undergo due diligence to confirm the information you provide. This standard procedure involves challenging every assumption presented and conducting independent, in-depth analyses of the markets, competition, and potential for your product or service.
Photo of Prof. Michelle Crimi, founder of RemWell, a company working on new methods of eliminating PFA contamination from drinking water, provided by Clarkson University.