Last month, Greater Newark Enterprises Corporation (GNEC) officially kicked off
their Technology Business Support Initiative (TBSI). Partnering with the Enterprise
Development Center at NJIT, and funded by grants from JPMorgan Chase and
Synchrony, the first two-day session focused on Financial Modeling Essentials for Raising
Capital. Led by certified financial trainer Ron Quintero, the roughly 25 small business companies represented learned the key aspects of developing financial models defensible to all types of investors and lenders.
GNEC’s goal in this initiative is to equip CEOs, founders, and principals with the financial
skills necessary to valuate their businesses, discuss financial details with investors, and
negotiate with and utilize different capital sources. Over the next 6 months, TBSI will
offer in-class trainings, one-on-one consultations, and online resources to aid
participating companies in preparing for funding. Valuations, attracting the right talent,
and negotiating term sheets and investor contracts are a few of the other workshops
planned. Helping put business owners in positions to make better decisions about funding
sources has always been GNEC’s mission.
Over the years, Greater Newark Enterprises Corporation has become a major urban business resource, in large part due to its history of making microloans, effective training, and technical assistance available to entrepreneurs, start-ups, and small businesses. GNEC officially relocated to the Enterprise Development Center in January and the timing could not have been more perfect. With the support of the resources of the New Jersey Innovation Institute at NJIT and the EDC already provide, and the knowledge GNEC offers, it is a match made in heaven. The collaborative partnership with the EDC supports Newark based businesses and helps strengthen the entrepreneur support ecosystem.
