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ThinkTEC’s network matches executives, entrepreneurs
By Shelia Watson
Contributing Writer
A new program launched by the Charleston Metro Chamber’s Innovation division will place retired executives in a role of helping entrepreneurs. But the role will be more than merely mentoring. When the retirees go back into the business arena, they will be literally back in business—in management positions inside the companies.
Pennie Bingham, vice president of the Chamber’s Innovation division, said the purpose of the program, dubbed the Executive Network, is to provide expertise that can give a startup a better chance of success.
Often an entrepreneur who is just starting a company has extensive expertise in a product or service area but has limited knowledge in commercializing the idea or running a business, Bingham said.
“It helps to have the experience of a seasoned executive on the management team,” she said. “And in our region there are many seasoned executives who’ve said they’d be willing and eager to help if such a program existed.”
The SCEN concept came about a few years ago at a ThinkTEC Summit when a speaker remarked on how important it was to have seasoned help.
“That’s the reason we even started looking into this,” Bingham said. “We know there’s a wealth of retired and semi-retired executives in our region. It was a ‘light bulb’ moment for us.”
Bingham said the program is different because of the hands-on assistance provided by the executive.
“We think this is something that’s been needed for a long time,” Bingham said. “We’ve been hearing from venture capital groups and angel groups who say that a particular company needs help with its management team with a seasoned executive. This helps fill that need as well.”
The SCEN program is being organized by a member of the ThinkTEC steering committee with assistance from chamber staff.
“We sent out a ‘soft announcement’ not long ago and got a very positive response,” she said. “About a dozen people are already interested in signing on to be in the bank of executives. Next we’ll send out official invitations to join. The key to this is finding out how many people we can expect to have in the bank.”
The “bank” will consist of retired, semi-retired or employed executives from a variety of industries who are willing and able to serve in management positions of startup ventures. Bingham said the assignments may be short-term, meaning three to 12 months, or long-term, usually more than a year, and may include compensation.
Typical assignments would include positions as board director, president, CEO, chief financial officer, chief operating officer or chief technical officer.
Getting into the bank involves the executives providing their biographical and contact information, positions and industries of interest and general availability. Entrepreneurs seeking assistance would complete an application outlining their needs.
Bingham said the SCEN administrator maintains all information and evaluates the backgrounds of the executives to see who would be the best fit. When a match is determined, the administrator connects the executive with the entrepreneur, and the working relationship is negotiated directly between the executive and entrepreneur.
“Generally we’re looking for executives who have started a business or owned a business or been in a high-level position in the organization,” said Bingham. “We want someone who can help the entrepreneur learn how to start and run a business successfully.”
Several events are planned for the SCEN program, including a kick-off reception for those executives invited to participate and a reception in the summer for all participants.
All assignments are voluntary and there is no obligation to accept a suggested match, Bingham said.
Depending on the executive’s background, experience and availability, as well as the overall demand from entrepreneurs, an executive may receive frequent offers for an assignment or may not receive an offer at all. A match is considered made once the executive and entrepreneur agree to terms, she said.
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