Submissions

Qualifying Questions

Entrepreneurs with great new technology ideas that meet our investment focus and criteria, should ask themselves these three questions before contacting us:

1.	Am I prepared to locate the company based on my technology and associated business ideas in St. Lawrence County, New York, USA?
	Please understand that we are restricted to investing our funds only in companies that will locate in or principally operate from St. Lawrence County.
2.	Am I willing to partner with a Qualified Business Development Firm in a manner that allows it to own a minority interest in my company, while working with me to define business strategy and exercise oversight and/or control of certain business operations?
	If not, you should look at other possible investment opportunities.
3.	Is my technology and associated business ideas likely to be market changing?
	SPEC’s Qualified Business Development Firms derive their compensation mostly from the success of the companies in which they invest their money and time. If the companies are not successful, they receive little or no reward. As a result, their interest lies only in partnering with ventures that have a likelihood of making it big.

If you could answer “yes” to all three questions, then your next step is to contact one of our Qualified Business Development Firms. Currently SPEC has contracted with the following Qualified Business Development Firms:

Golden Technology Management, LLC
North Bay Technology Development

Contact The Qualified Business Development Firm

When you contact a SPEC-Qualified Business Development Firm, you should be prepared to submit a concise, complete and compelling business plan. Such business plans should address 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 or a new opportunity related to the activity of market participants. These participants and their needs are readily identifiable and/or measurable. Adequate numbers of customers/buyers (do currently or will at the right time) possess urgent motives and adequate 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 on the up and downside.
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. The valuation is attractive.
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.

After the Qualified Business Development Firm receives your business plan, its professional personnel will undertake 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.

For more information, business plan consideration and investment status inquiries, your point of contacts are currently:

Golden Technology Management, LLC
Email gaus@goldentechpartners.com
North Bay Technology Development
Email profit@northbayassociates.com

For all other inquiries, please contact:
CITEC, Inc. / Operational Coordinator for SPEC
65 Main Street, Suite 101
Potsdam, New York 13676

Phone 315.268.3778
Email solutions@citec.org