Silicon Flatirons hosted cable industry pioneer Glenn Jones in the Entrepreneurship Week edition of Entrepreneurs Unplugged. Jones, a CU Law graduate, began his run in the cable industry with the purchase of the Georgetown, Colorado cable system in the 1960’s. Beginning with this system that was strung from rooftops to fence posts and rarely delivered service, Jones created Jones Intercable, Inc. which eventually raised equity in excess of $1billion. Jones subsequently went on to found Jones Media Networks and Jones International University, the first entirely online university to receive accreditation. In speaking with CU Professor Phil Weiser and Associate Professor Brad Bernthal, key points of the conversation included:
- Capital Efficiency from the Back Seat: Jones had no permanent living quarters when he began running his first cable system in Georgetown, or his second system in Idaho Springs. He frequently slept in his car when visiting these sites, which was poetically fitting given that it was only through refinancing this same automobile that he was able to afford the Georgetown system. With little capital, Jones was also able to barter for many early services by trading his legal expertise for engineering help and use of a utility truck.
- Taking calculated risks: Jones noted that it “doesn’t matter how good your business plan is,” considering there is always some element of risk involved. In making the right decision related to risk, Jones urged to “know where you are on the chess board” and what the strategic options are. Also important to making the right decision is managing the fear that can accompany risk. Despite many cash strapped days, Jones stated he was “never afraid of [his business] going under.”
- An Open Canvas: Jones called entrepreneurship the “art form of America.” On his continued entrepreneurial pursuits after great success in the cable business, he commented “people do what they do,” and, “once you make money you can be more selective.” This selectivity allowed Jones to explore his passion for education in his most recent venture, which began as free programming for primary education and morphed into an online university. It is evident the entrepreneurial spirit lives on in Jones who, in commenting on opportunities in the current downturn, noted, “It’s a candy store out there right now.”
The first CU Entrepreneurship Week concludes today with the finals of the CU New Venture Challenge at 2:00. Entrepreneurs Unplugged is a meeting place where individuals with technical backgrounds learn about and get involved in entrepreneurship. In particular, the program offers students and faculty an opportunity to learn how a successful start up is created as well as an opportunity to network. The next event, hosted in the Wittemeyer Courtroom at the CU Law School, will feature Sam Zell. The event will take place on April 22 at 12:00, and registration details can be found here.
