April Newsletter: Bill Carpou and Building the SoCal of Tomorrow
Bill Carpou, CEO of OCTANe, is driving innovation in OC and the entire Southern California region. We have some of the nation’s best engineering talent and top ranked universities as well as a diverse community of investors and innovators. Bill met with us to share his perspective on his leadership path as well as what it means to help create the SoCal of tomorrow. That means growing entrepreneurs and companies, but most importantly fueling the growth of jobs in our community.
Sherry Benjamins: How did you get into the business of transforming companies?
Bill Carpou: My career started in sales, working at Xerox so growth has always been part of my DNA... For 16 years I was focused on sales management with a responsibility for regional teams. I then joined Ikon Office Solutions, which was an organization that required significant transformation. It brought me out to the west coast and the change forced me to think about the people I wanted to work with and what strategy needed to be implemented. I learned your gut instincts are generally accurate. That was in ’98 and from that point forward, I realized the need to have a sound strategy and surround myself with great people.
SB: Was there an aspect of this journey that prepared you for this role?
BC: It’s been three years this week! I don’t know if there’s ever a single event that prepares you to be a CEO. From my perspective, it’d be the sales and customer focus at Xerox, the leadership and people development at Ikon, and the performance and accountability I learned at Blackstone. I pull something from each of them every day.
SB: Let’s talk about Orange County and the transformation that’s been happening in our region. The Chapman report for instance discusses significant changes in our economy. How is Octane viewing this future?
BC: It’s a collaborative effort. While OCTANe is a key convening organization (that pulls resources together), there’s no single organization that can lead this transformation across the board. It’s important because on the opposite end you can have complete anarchy, absent of leadership. I believe a handful of organizations should lead in their respected areas of influence and competence. It’s important to underscore the collaboration that’s required. What we need to accomplish is bigger than any one organization. We bring organizations together in an ecosystem that focuses on tech and medtech and we’ve established performance metrics as part of our Vision 2025 strategy. The creation of high paying jobs is our top priority and we’ve forecasted 22,000 jobs by 2025. Jobs result in both economic vitality and sustainability. I would like OCTANe to be known for it’s high impact to our community which will occur as we increase the inflow of capital and provide greater operational expertise for early stage and small – mid size companies.
SB: 22,000 is a big number! What are the hurdles to overcome?
BC: We’ve created an achievable forecast. And we're on track! Our financial model is based upon an assumption that as a non- profit organization our base of support continues to grow moderately. Any reduction of sponsors and partners would be an issue. The second area is additional funding to increase resources that will create hyper growth. It’s actually pretty simple, we have the process and model in place. What we need are more resources to execute the strategy; we need more people!
SB: And funding?
BC: Providing capital to early stage companies is the primary focus of our LaunchPad accelerator. Access to capital remains our priority and we have expanded our relationships with institutional and non-institutional investors, not just on the west coast but in major money centers such as New York, Boston, London and parts of Asia.
SB: Companies should be knocking on your door! Looking at what’s happening in OC and the need for new business and innovation, I’m hoping this will happen for you and our community.
BC: You’re right! We’ve always been under branded and that is changing. We’ve gotten our story out there more in the past 18 months, however you’d think there’d be a line around the block waiting to get into OCTANe! 86% of the companies that come through our accelerator get funded and 88% of those companies are still operational. These are incredible statistics that reveal the high quality of our portfolio companies.
SB: What is your advice to innovators / future leaders who are really serious about doing their own thing?
BC: Seek as much input as you can. Orange County has a terrific ecosystem, however it’s not quite as intuitive as other regions. Engage in events. Learn of the organizations that can support your growth. Pick a strong team and be willing to accept constructive feedback. Companies that follow what’s going on in their community are going to have a much greater success rate.
SB: Is there a roadmap for this?
BC: We recently created a roadmap, directing organizations into the ecosystem by working with them and introducing them to early-stage incubators. The next step is for them to engage our LaunchPad SBDC accelerator and then Growth Services which will enable them to grow and scale faster.
SB: Are there places in the country where this kind of convergence of resources occurs?
BC: The Bay Area is the most intuitive. Boston and New York are strong. Austin and Dallas are growing as is Salt Lake City. What’s interesting about SoCal is that we have all the ingredients here, it’s just not as intuitive. You’ve got to peel it back and know where to go. Recently we have created a coalition of like minded organizations to bring resources across all of Southern California, as that accelerates I have no doubt we will be seen as a top choice for companies to start and many companies to locate into.
SB: What have you learned about yourself in this three-year path so far?
BC: I don’t like a set routine. I get bored fairly quickly so I prefer every day to be different. OCTANe has provided that for me. I enjoy building teams, being accountable, and establishing the culture to grow companies and jobs. I enjoy coming to work every day and feel like it’s an opportunity to give back to the community with the experiences that I’ve been fortunate enough to have. We are offering leadership to an objective that’s bigger than any one organization. It’s pulling our community together in powerful ways.
For those interested, the OCTANe Technology Innovation Forum (TIF) will be from May 31 to June 1 at the Newport Beach Marriott and Resort. The theme is Building the SoCal of Tomorrow and it will focus on the importance of innovation and growth. You can find more about TIF along with the detailed agenda at www.TIF2018.com