Different URL for "The Ground Floor"...http://www.groundfloormeridian.com/
It would be very interesting to find out if bands of other genres and ethnicities are going through the same thing. For example the reggae bands....how are they faring out there? The Jazz bands, the Latin bands, the Zydeco bands, the cover bands(as opposed bands just doing originals) and so forth; is it pretty much the same thing accross the board? I really admire the drive and positivity of all of these musicians. Very inspiring and informitive article none the less.
Great job highlighting the most important part of the entrepreneurial ecosystem Zach. It's exciting to see the beginnings of a groundswell of startup activity locally. Entrepreneurs are lucky to have folks like John, James and Faisal (and many more) willing to roll up their sleeves and help them get started.
Highway 12 Ventures
Steve has great points about working with a VC. Absolutely avoid them if you can. They are effectively loan sharks and really have one interest in mind –which is their exit strategy. That exit strategy took advantage of Mr. Hodges. That’s the way it works. It’s not personal it’s just business (and it’s not fun playing business by the VCs rules). I think there’s an allure to raising funding from a VC, but once you’ve been around the block and know how they work – it’s better to just stay away if you can. For example, I think Telemetric had two primary VCs – Aker’s Capital and Highway12. Aker’s for the most part forced a CEO with a named school background on the company; it was a really bad fit for the company – both from a knowledge and culture standpoint. Once the CEO – directed by the VCs - removed Steve, the company was done and they sought to hang on and sell the company. Highway12, the secondary investor came out quite well – all other investors got nothing including Mr. Hodges. Remember, that’s okay it’s the way it works (here’s the formula; VC = loan shark). Steve is right, find a way to start the company w/o a VC and be much happier and enjoy life!
In premodern China, the need for credit and for circulating a medium that was less of a burden than exchanging thousands of copper coins led to the introduction of paper money, commonly known today as banknotes.
Currency Trading Center
Do you know how to find out about another opportunity to attend one of these??? Am very interested. Thanks.
Great to see the awesome startup weekend companies getting some press. We really need more companies like this in the valley.
If you are interested in helping out one of the Startup Weekend teams GoFi.sh is looking for users to Beta test our Start Up Weekend winning social commerce site. Jump on over to http://gofi.sh and let us know what you think.
-Andrew Co-Founder GoFi.sh
Some observations regarding the May 12-18 article, "Ye Olde Specie":
John Maynard Keynes is presented as being at odds with the Ludwig von Mises/Friedrich Hayek crowd, yet some editions of Hayek's famous book, The Road to Serfdom, published by the University of Chicago Press, have carried an endorsement by Keynes on its cover which reads:
"In my opinion it is a grand book....Morally and philosophically I find myself in agreement with virtually the whole of it; and not only in agreement with it, but in deeply moved agreement." --John Maynard Keynes
What is the story behind this endorsement?
Ludwig von Mises, referred to in the article as a pioneer of the "Austrian School of Economics," received Rockefeller funding more than once, according to his widow, Margit von Mises, in her book, My Years With Ludwig von Mises. She also mentions her husband's contact with Count Richard Coudenhoven Kalergi and his Pan European movement.
Eustace Mullins, who wrote his book, Secrets of the Federal Reserve, at the urging of Ezra Pound, also authored the book, The World Order, in which he states that Coudenhoven Kalergi received Rothschild and Warburg funding for his Pan European movement. This is the same Warburg family that helped with the creation of the Federal Reserve Bank of which the von Mises group is now critical.....
Margit von Mises also refers to her husband's conferences with Otto von Habsburg who was involved with the Pan European movement, too. According to Gordon Brook-Shepherd's book, Uncrowned Emperor, Habsburg was also a recipient of Rothschild funding.
At one point, Friedrich Hayek belonged(as have quite a few closely involved with the Mont Pelerin Society and its "conservative" or "free" market think tanks)to the Fabian Society, a group dedicated to One World Government by the elite.
The Fabian Society's coat of arms includes a wolf in sheep's clothing.....(See Ed Griffin's web site, www.freedomforceinternational.org, for a colorful picture of the Fabian Society's famous stained glass window with this coat of arms.)
David Rockefeller, in his book, Memoirs, mentions studying under Friedrich Hayek at the London School of Economics, founded by the Fabian Society to promote their ideas, and says he didn't have disagreement with Hayek's ideas.
Later, Hayek came to America and taught for several years at the Rockefeller's University of Chicago.
The Boise Weekly article notes that "Austrian economics contends that no government intervention is the best government intervention."
Something to remember (which not many journalists do) about Dr. Paul's position on sound money is that he wants COMPETITION in currencies. An easy to use fiat "money" based online but essentially backed by nothing became ENORMOUSLY popular in China recently, even though all you could "really" redeem the stuff for was telephone minutes, if I recall. It was attacked by the Chinese government. Various easy to use gold backed currencies (of varying repute & soundness) have sprung up since the internet age. The marketplace took care of the bad ones, and the Bush "Justice" Department attacked the (tiny...) good ones like e-gold, wasting enormous tax money while ignoring Goldman Sachs, etc. on Wall Street. e-gold's sin was, apparently, not giving enough political donations.
Not a bad article, and as fair as the mainstream media gets nowadays (slams against the "anachronism" of Austrian economics and "turning back the clock" to sound money notwithstanding). You should give readers the opportunity to research the issue further, by linking to different websites that deal more exclusively with it.
Sound money will return, but probably not until after the Fed has destroyed the dollar. They don't have far to go - they've reduced the value of the dollar over 95% since the inception of the Fed in 1913.
The key here is that States need to return to *obeying the Constitution* - which specifically states in Article I, Section 10 that they CANNOT use Federal Reserve Notes in any State transaction. That's why the Constitutional Tender Act we introduced down here in Georgia focuses on that aspect.
Thanks for publishing this article.
Author of the Constitutional Tender Act (Georgia)
Please provide evidence to support your four points. It would be good to compare what documents and evidence you have supporting your claims against the statements made in this article.
Wonderful article, Zach. To all potential students, please beware of for-profit colleges before signing on the dotted line. They are very expensive, ranging anywhere from $14,000 to $22,000 per year in the Boise area. Yes, they may be better at placing you in a job after graduation but how do you pay off $40,000 in student loans with a job paying eight dollars an hour? (It does not work. I have tried.)
The previous postings appear to be from people employed by or receiving income from the for-profit colleges so take their comments with a grain of salt. Talk to graduates from each type of college before making your choice.
While this is a nice 'feel good' piece about downtown the other side of the coin is the great amount of business's that closed or (left) downtown last year. For example out of the list of "new to downtown" I can not name a single place that has gone in that was not a restaurant/bar/store before.
I understand that the DBA is going to push hard to make themselves look and feel good but maybe they should spend more time and money preserving the business's that are already around (for example Zutto's had been downtown for 10+ years) and less time trying to make themselves feel good about having buildings filled for a few moments...
We can't just buy local, no doubt, but local dollars stay here longer there are plenty of studies to show that. More importantly, to me anyway, is that buying local supports an important part of our social fabric. I'm in no way knocking national chains, they certainly have their role. But when you buy local, you are more directly supporting a part of our community that is an important part of who we are as a community.
While we invested considerably later than "Old Investor" above and were only involved at the tail end of Mr. Hodges tenure at Telemetric, I concur with the perspective he provides and agree with the four points he articulates.
call me crazy, but i think your Meadowlark Farms link goes to a farm in Michigan. For something a bit more local try: http://www.meadowlarkfarmidaho.com/
What Steve Hodges misstated in his comments plus failed to mention:
1. Telemetric was no where near profitable when Mr. Hodges solicited venture capital and did not have as many employees as he stated.
2. Previously, Mr. Hodges has been involved in several startups as a founder and each time (except for M2M) has had to have senior leadership come in and get the company on track, usually after pressure from the respective investor groups.
3. Mr Hodges willingly and admittedly participated in the hiring of a CEO to help guide Telemetric (based upon past experiences).
4. Mr Hodges greatly overstated the outlook and performance of Telemetric in the business plan presented to investors, including VCs, then burned through a lot of investor money with poor business performance, putting Telemetric into a 'turn around' situation.
He is right about being better off not taking venture capital money, and conversely venture capitalists are better off not giving it to him.
Thank you for doing this in depth article Zach and Boise Weekly. Your report really captures a bright spot in what's going on. Drawing attention and awareness for our Treasure Valley entrepreneurs and how they are forging ahead is needed for growing our economy. Every large business started somewhere. Hope Harry Morrison, Joe Albertson and J.R. Simplot and all the other entrepreneurs are watching and smiling.
Here's to you entrepreneurs!
Buying local is a nice notion, but the idea of keeping those dollars local is problematic in a number of ways. If we only bought local food, we wouldn't be able to eat the better part of the food available to mankind, goodbye citrus fruits and hello scurvy. All these people sitting around Big City Coffee would be naked due to the absence of cotton mills, a tannery and the like. And, importantly, local businesses cannot provide employment for all of the folks in the Treasure Valley. We live in a global economy, the cost of inputs is fully reflected in the price of goods and that includes the cost of transporting that item to market. Like it or not, we are members of a giant market place and spiraling transportation costs, ease of communication and technology in general have made the most remarkable market the world has ever seen at our fingertips.
Thanks for bringing this to light Zach. One clarification with respect to the model we constructed showing, on average, taxpayers pay $9.5K for each year a student attends a public university and gets a check for $0.5K for year a student attends a for-profit. This model includes average default rates for each institutional type. Overall, students loans are a profit center. That's why the federal government grabbed them from the independent lenders. The only time the taxpayer is substantially at risk is when a loan defaults. As I said, default rates are the property of borrowers. When working adults attend a public, private, of for-profit school, they have the same low default rate. When struggling members of the underclass attend a for-profit, community college, or other public institution, they have the same high default rate.
All of this said, there is much more public universities can do to manage their budgets better. BSU is needlessly losing millions this year, wasting millions more, and the rate of loss is increasing. A Briefing entitled "An alternative to begging . . ." can be found on our website. Robert W Tucker, President, InterEd, Inc.
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