Entrepreneurs' advice for 'Best of Times, Worst of Times'
By Milt Capps Last updated 3:31 p.m.
The bad news: Though officially over, the Great Recession may prove to be neither a 'V' nor even a 'W' recovery on the economic charts.Instead, Belmont University Entrepreneurship Center Director Jeff Cornwall says he worries it's going to be more like a "long L."In an interview yesterday with VNC, Cornwall said that from his vantage a sustainable recovery is being threatened not only by excessive government intervention in the economy, but also by the fact the United States simply doesn't "have a clear driver for long-term economic growth." ![]() The good news: Cornwall said that "relative to anywhere else, we're in pretty good shape," with some real advantages. He added, "I think Nashville is poised to emerge as a healthy vibrant city, if and when this economy ever pulls out of the funk that it's in." There's other good news, as well: For instance, Nashville Capital Network Executive Director Sid Chambless told VNC today ![]() Chambless (at right) also told VNC that the Angel investors he works with haven't left the field entirely in the face of tough times, and are prepared to bring their expertise, experience and capital to bear in supporting good opportunities that are driven by entrepreneurs who are also undeterred by the vagaries of the economy. Other factors were highlighted during a panel discussion on entrepreneurship and capital formation, this morning at Nashville's Renaissance Hotel. A sampler of comments: ► Excitement: XMi Holdings founder Mike Shmerling said, "I cannot remember a more exciting time" to be in business in Nashville, and later told VNC, "there is real opportunity in the air." Shmerling said Nashville has an "unprecedented" array of sources of entrepreneurial energy, including the Nashville Entrepreneur Center, the proposed Medical Trade Center and Convention Center, and the fact that four Nashville firms have recently won TNInvestco capital-formation allocations in state competition. "There is no question that [TNInvestco] will be a huge stimulus to Tennessee economy," Shmerling added. In this environment, he continued, his companies, including his TNInvestco-winning XMi High-Growth Development Fund are looking to invest in businesses with real "purpose." ► Renewed premium on the simple lessons: HealthStream founder and CEO Bobby Frist (right) said that in preparing for this ![]() ![]() ![]() The times may be tough, but there's a silver lining, according to Cornwall. Addressing what some view as the harshness of the current venture environment, Cornwall noted that what we're seeing may actually be a return to normalcy. "Normalcy," he stressed, includes entrepreneurs bemoaning the supposed perpetual lack of "enough capital." Meanwhile, said Cornwall, "there's plenty of money in this town," echoing a sentiment often heard from investors. Tough times may actually be better for entrepreneurs, Cornwall argued, in that they may tend to be more disciplined, less driven by speculative frenzy that can produce "what my theologian friends call disordered desires," bad decisions and unethical behavior in an attempt to create unsustainable wealth. Regarding entrepreneurs who are suffering financially because they can't find capital for their ventures, Cornwall advised they ![]() "I don't think it's sad if someone has a dream and it doesn't happen. It's worse," he said, "if they never had a dream." Nashville's music heritage has made the city a town full of dreamers and would-be performers, Cornwall observed, and in his view all are better off than if they'd never tried to pursue their ambitions. Perhaps, he said, rather than a rapacious brand of entrepreneurism, there's a need for renewed emphasis on "creativity and innovation," as well as the "richer definition of success" that benefits society with new jobs and industries, while creating personal wealth. The panel discussion at the Renaissance Hotel was sponsored by NAI Nashville. Nashville Business Journal was host for the event, which attracted nearly 200. Cornwall's interview took place on the corner of the porch at Bongo Java. ♦
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