Startup entrepreneur Scott Sohr brings more than 15 years of startup business experience to his position as the president of STS Ventures in Nashville, Tennessee. Startup businesses to which Scott Sohr’s company has provided incubation services include Built Technologies, an enterprise technology firm that develops collaboration and administration software. Built Technologies received a Growth Stage Company of the Year Award during the Nashville Technology Council’s (NTC) 8th Annual NTC Awards in 2017.
The NTC Awards celebrates technological innovation through the recognition of the region’s most prominent tech leaders and their contributions to Nashville’s technology community. Recipients include companies, developers, teams, and community volunteers that make the city a destination for technological creativity and innovation. Furthermore, their technological innovations contribute to the growth and prosperity of Middle Tennessee.
Awards are distributed in 14 categories that incorporate commendations for individuals, teams, and companies. Individual awards include Data Scientist of the Year and Community Leader of the Year, and company awards encompass Technology Company of the Year and Early Stage Company of the Year. One company will also receive designation as the Technology Company of the Year.
A business executive with over a decade of experience in the real estate development sector, Scott Sohr serves as the president of STS Ventures, a startup incubator dedicated to the support of early-phase companies based in Nashville, Tennessee. Through his work with STS Ventures, Scott Sohr focuses on fueling the success of startups in a wide range of industries, including technology, real estate, renewables, and healthcare.
While research suggests that as many as 9 out of every 10 startups will fail, those companies that do manage to survive are the ones that avoid making the following three mistakes in the early phases of operation:
1. Offering a product that is not widely needed or desired
Companies that seek to produce an innovative product but fail to perform adequate market research before charging ahead with a project rarely, if ever, succeed. In order to gain market share, a company must offer a product or process that demonstrably improves upon an existing model.
2. Following a leader who lacks management skills
An entrepreneur may have great ideas and a strong vision, but his or her talents may not extend to being a capable leader for a growing company. Entrepreneurs who develop successful startups recognize when they have reached the limits of their abilities in this area and outsource the role to allow themselves to focus on the parts of the business that they know the best.
3. Being adverse to change
At its core, the most important thing that a successful startup can be is flexible. Financial circumstances, customer demand, and industry trends are always subject to sudden change, and rigid startups that don’t embrace adaptability will never outperform the competition.
For more than a decade, Scott Sohr has been working as an entrepreneur in Tennessee. The president of STS Ventures, a startup incubator, he oversees the conception and development of startups in a range of industries, including real estate, healthcare, and financial technology. Outside of work, Scott Sohr supports such charitable organizations as Best Buddies International.
Best Buddies, an organization dedicated to serving individuals with disabilities, divides its programs into three main pillars: one-to-one friendships, integrated employment, and leadership development. Through its leadership development programs – Ambassadors and Promoters – the organization empowers and educates individuals with and without disabilities to become advocates for an inclusive world.
The Best Buddies Ambassadors program helps individuals with IDD develop self-esteem and public speaking skills. By offering advocacy and public speaking training, the program prepares individuals to advocate for both themselves and others before their communities, local businesses, and legislators. Individuals who participate in the Ambassadors program have continual access to advocacy training from the Best Buddies staff.
Meanwhile, the Promoters program prepares youth to open new Best Buddies programs and chapters. These individuals also receive ongoing support from the organization and each Promoters chapter is assigned a Best Buddies staff member and faculty advisor. With the help of these leaders, Promoters connect with individuals with IDD and work to establish a special education program at their school. They also host events and fundraisers on and off campus that include individuals with IDD.
The co-founder of Health Cost Solutions, Elmington Capital Group, and Stonegate Land, Scott Sohr works in a number of industries, from healthcare and fintech to real estate. However, his primary professional focus revolves around leading STS Ventures. Scott Sohr serves as the president of STS Ventures and oversees the company’s startup incubation operations.
Joining a startup incubator provides startups with invaluable resources and support and helps them grow significantly faster. However, it’s important to find the right incubator for your company to ensure you reap all the benefits.
In most situations, the process of finding the right incubator starts with completing plenty of research. Ideally, you should research everything you can about an incubator, from the industries it serves to the mentoring services it offers. Make sure every potential incubator meets your startup’s needs and that it provides experienced and knowledgeable support within your field. Referrals are a great way to start off this process, but you can also complete research without them.
Further, look into an incubator’s previous startups. Doing so helps you see what industries an incubator has experience with and provides you with a clearer idea of an incubator’s success rates. This also gives you a better idea of a particular incubator’s value. You want to choose an incubator that provides the most value for the price you are willing to pay.
Once you have a few options available, you can focus more on getting accepted by an incubator. This involves making sure your startup is established enough and that your company has a clear history and story behind it. You must also be sure that your startup has already established its fundamentals and that the services it provides are beneficial to the market.