Schoppe Coaches Next Wave of Entrepreneurs for Springboard Enterprises

The company—Raindrop Geomagic based in Research Triangle Park—creates software that lets designers and engineers create accurate digital models of their physical products, enabling mass customization, reverse engineering and computer-aided inspection. Founded in 1996 by Dr. Fu and Herbert Edelsbrunner, whose patented research in computational geometry and topology provides the technological underpinnings for the company, Raindrop Geomagic was seeking second-round funding from the Springboard event attendees.

Given the results of Dr. Fu’s speech, Ms. Schoppe’s first impression and advice were right on the mark. After receiving interest from seven VCs and sending out business plans and other marketing materials, Dr. Fu secured offers for several million dollars in funding. "It was an honor and a privilege to present Raindrop Geomagic at the Springboard event," said Dr. Fu. "Not only was it recognition that we are making a positive impact on the way companies design, manufacture and inspect products, but it also gave us unprecedented access to investors."

Sponsored by Springboard Enterprises, Springboard: Southeast 2002 brought together nearly 100 VCs looking for investment opportunities. Dr. Fu and the 15 other women entrepreneurs had 10 minutes each to persuade the VCs that her company would yield the best return.

As president and CEO of Raindrop Geomagic, Dr. Fu was no stranger to seeking VC funding. Before her September 2002 presentation to VCs, Dr. Fu had secured $6.5 million in funding. However, second-round funding posed its own challenges.

"Before it was like being a newborn baby. Everyone thinks you are so cute, and they want to help you. Now it’s like being a teenager," said Dr. Fu in an October 13, 2002, article in Raleigh’s News & Observer. "You have to prove you are mature enough, and you are looked at with a much more critical eye." So the coaching organized by Springboard Enterprises was much appreciated.

The advice from Ms. Schoppe and her fellow coaches—Cary Kinross-Wright of Intersouth Partners, a Durham venture-capital firm, and Kimberly T. McLawhorn, a professional management consultant—helped Dr. Fu hone her pitch. "They helped me to clearly communicate what our services, markets, and customers are," said Dr. Fu. "And most important was their help with my introduction. Since my presentation was more than 2 hours into the event, I needed to get their attention fast. The coaches’ advice on how to kick-off the speech was essential."

Since the Springboard event and the funding that followed, Raindrop Geomagic has released version 5 of Geomagic eShell, a software program for designing the customized shells needed for hearing aids. In addition, Dr. Fu received the 2003 Ernst & Young Entrepreneur of the Year Award in Information Technology for the Carolinas.