By Ashley Boncimino
Published June 12, 2014
It’s happened countless times before: a startup dies because the idea behind it lacked legs, had holes or wasn’t run by people with expertise.
Enter Venture Amp, an all-in-one investment group crossed with a think tank that generates, refines and funds its own ideas.
Greenville-based Venture Amp has been an ongoing project for the last few months and is made up solely of entrepreneurs. Its investors will only decide to fund a project once every member — each of whom are experts in their respective fields — vets, refines and approves it, said co-founders Immedion general manager Joe Milam and Dark Corner Distillery’s founder and President Joe Fenten.
“What we’re trying to do is increase the chance of serendipitous success,” said Fenten, who first realized the value of specialized feedback when he began using Milam, who has founded two technology companies and worked with three others, as a sounding board for ideas.
“He vetted it for me and shut it down in a matter of 5 to 10 minutes, whereas I’d been picking around with it for a week and hadn’t gotten anywhere,” said Fenten. “I quickly realized the power of having an entrepreneur who had different expertise than I did.”
Fenten and Milam plan to use North American Industry Classification codes to ensure they have industry experts from every sector. The goal is to have as diverse a heat map of experts as possible, they said.
“We generate ideas internally, and just as soon as the idea is generated, we determine if it’s going to be successful,” said Fenten, who is also a licensed professional engineer. “They can save you a lot of time and money by going down that road.”…
Read more at http://www.gsabusiness.com/news/51652-entrepreneur-investment-group-launched-in-greenville?rss=0