Todd Palcic is passionate about helping technology startups go global.
Global Growth Advisors (GGA), a unique consultancy that he founded in March, hopes to do just that.
Palcic's extensive resume is well suited to the task. After co-founding Penn Worldwide in the 1990s, Palcic co-founded a Thar Technologies spin-off, Thar Instruments, where he helped turn a little known scientific instruments business into a profitable "green" global brand.With revenue of nearly $20 million, he and his partners made a successful exit in early 2009.
He also founded a non-profit, The Green Chemistry Group, where he remains president, to raise awareness within the chemistry community that they can make a difference with better and greener technology.
But it was the dabbling as an angel investor that sparked the idea for GGA. Together with partner Roozbeh Aliabadi, GGA is embracing Palcic's vision of taking startups and products global with an eye toward a "peak exit," a term he plans to trademark.
GGA is focused on new or established technology companies that are a few years old with revenues of between $1 and $20 million. "I find so many companies that are bootstrapping it and continuously trying to keep up with technology but failing to reach sales goals because they are trapped by the great minds of their tech-savvy founders," he says.
His guiding principle is to drive value through brand building, improving customer service to create loyalty and then guiding the firms strategically into partnerships leading toward that peak exit.
"We think we can fill a need and we are willing to take equity instead of cash," Palcic explains. "There are so many companies coming out who are benefitting from PLSG, the Tech Council, Innovation Works and all of the fantastic local resources. This has been a great place to start a company, but not to grow a company to the next level. Look at ModCloth and Lockerz."
There's not enough later stage capital or private equity to take companies from $10M to $100M, he says. "That's where we're trying to help. We can't give you advice on things you've discovered at Carnegie Mellon. We can help you grow out of the regional box you're in."
GGA does the due diligence and consults with experts, often calling on part-time advisors who are paid hourly or with shares. "Entrepreneurs need consultants because they are often surrounded by yes men and others who are ensconced in their technologies. It often takes someone from the outside to say things that ring a bell."
Writer:
Debra Diamond SmitSource: Todd Palcic, GGP
Roozbeh Aliabadi and Todd Palcic courtesy of GGP