Tech success: Cash, ideas, talent and 'dumb luck'

New Greenberg Traurig shareholder Frank Ioppolo Jr. is emerging as a savvy expediter of business deals, advising emerging technology businesses in the race for venture financing. He is, for example, a Southeast representative of venture capital powerhouse Draper Fisher. In an interview with OBJ reporter Justin Sapp, Ioppolo spoke about venture capital, international competition for tech companies, and why Central Florida is an increasingly attractive alternative to Silicon Valley.

What characteristics define a successful technology company in today's new economy?

Ioppolo: You need a good idea. You need to take that idea and build a sound, persuasive business plan around it. You need an experienced management team. A 25-year-old idea maker is great, but he or she needs to go out and get the operators and the managers who can help achieve that plan. The plan that you develop should permit the business to generate revenue and achieve profitability within a definable period in the future.

These four elements, combined with a little luck -- in the form of dumb luck like picking six numbers on the lotto, or in the form of professional luck by hiring experienced advisers -- can be good indicators ... (that) you'll be successful in obtaining a first round of financing.

Since financing entails varying terms and interests, how do you know it is right?

Ioppolo: I tell clients that they need to treat major business transactions, like obtaining financing, as they would a marriage. Who do you want to be married to?

I don't care what the legal document says, if you don't have trust in the individuals you're doing business with, don't do the deal. No legal document in the world will be enough to protect you from damage such a diversion of time and energy will cause to your business.

Sometimes my best advice is not to do something. Sometimes the risk is just too high, the people aren't a good fit, or the deal just isn't good enough.

What does Central Florida, traditionally known as a tourism community, offer the technology market?

Ioppolo: There are a number of industries within the field of technology that are moving forward, and this technology is much broader than just the Internet. For example, Central Florida is home to Milcom, a type of incubator bringing military technology to the commercial market -- responsible for companies like Triton and Theseus Logic. Cirent Semiconductor built a large factory here and recently expanded that operation. Some of the leading laser/optics companies in the world are based here in Central Florida. Also, the Space Coast is home to some of the most technologically advanced companies in the world.