Entrepreneurial Development Center

When you're running a business, everyone knows that getting focused is smart. After all, you can't be all things to everyone. The problem is when you think you are already focused, and it turns out you're not. Eric Engelmann and Ben Dillon, owners of Geonetric, a software and web consultancy for healthcare firms, learned this the hard way. But it could've been much harder, had they not found the help of the EDC.

In late 2004, Engelmann and Dillon thought they could get their existing business to scale if they could attract third-party money. They came to Curt Nelson, president and CEO of the EDC, for assistance. "Curt helped us refine our business plan and get us in front of potential investors," remarked Eric Engelmann, CEO of Geonetric. "While in the end we decided that we didn't need the capital, we learned what it would take to grow our business by getting the right feedback on our plan from the EDC and investors during that process," Engelmann added.

Investors told Engelmann and Dillon that unless they changed their model and really differentiated their business, they wouldn't be interested in investing. "We knew that we were doing some fantastic work with clients, but presenting made us realize how much work our business plan really needed. Looking back, I wouldn't have invested in us if I were them," stated Engelmann.

With valuable feedback in hand, Geonetric shifted the way they packaged their offerings and refined their positioning. Now, instead of a web design firm selling web solutions to the healthcare industry on a project basis, they've focused on top tier hospitals and clinics and have a business model that includes recurring revenue through long-term relationships. This clarity has allowed Geonetric to be less reactionary and build upon a new core message.

Engelmann says that the EDC played a key role at a decisive time for his company. "There aren't many advisors out there that are experienced CEOs of high-growth companies, like Curt," said Engelmann. "And the EDC connected us with people we would've never found on our own. They know all the players from investors and mentors to patent attorneys," he added.

Geonetric now serves hospitals and clinics around the nation, including Mercy Medical Center, locally. They've already far surpassed to date last year's annual revenue number. And because of their new recurring revenue model, they've got great financial visibility through 2007 as well. "We no longer have trouble getting clients in the door, but today we're looking to the EDC once more to help us leverage our resources and navigate the fast growth we're now experiencing," said Engelmann.