Marsh Carter & Anne Steer Visit
Marsh Carter, former Chairman of the New York Stock Exchange, and Anne Steer, Head of Distribution at Congress Asset Management, spent time at the Summer Venture Program a couple weeks ago. This was Carter’s seventh year with the Program, and Steer’s second. Both are experienced business leaders, providing unique perspectives and invaluable advice for the teams. Each business had the opportunity to pitch and receive feedback.
Carter and Steer placed heavy emphasis on each company’s production, distribution, and follow-on products. It is important for entrepreneurs to have a strategy for production and arrangements with their sales channels. Secondary products are also key, once the initial idea becomes more developed, in order to have a more complete brand.
Lastly, many of the questions posed to the businesses were based on competition. Carter and Steer stressed that virtually every business has competitors- some more insidious than others. Companies with different target markets can transcend industries and become direct competitors, especially if they have similar business models and comparable technology. This is highly dependent on the company’s resources and goals but is something to be wary of.
We look forward to hearing more of Carter’s and Steer’s thoughts when they return to the Summer Venture Program in July!