There’s a professional side to growing a business.
But there’s a personal side, too.
News came Monday of the creation of One Spark Ventures, which will focus year-round on connecting entrepreneurs with capital. A way to build on Jacksonville’s burgeoning reputation — bolstered by the annual One Spark festival — of being a city that supports entrepreneurs.
Tucked away deep in a news release was that One Spark and Elton Rivas had parted ways. Rivas was CEO of One Spark Inc. and a co-creator of the annual crowdfunding festival that debuted in 2013.
He was the public face of the festival; Peter Rummell is its biggest financial patron. The two had stood shoulder-to-shoulder from the beginning, a mix of generational visionaries.
Ending that relationship was difficult.
Rummell, a tenacious businessman, struggled to talk as he fought the emotions of discussing One Spark without Rivas.
“Change is hard,” said Rummell, his voice cracking. “I wouldn’t pretend otherwise.”
After a slight pause, he added, “He and I started this together.”
Rivas said he was thankful for Rummell’s leadership and his friendship, and that he would “absolutely” work with Rummell again.
But both men saw the parting as a necessary transition.
More chicks than eggs
Rummell said the original concept of One Spark was to bring creators together, make them realize they’re not alone and build a creative community in Jacksonville.
“I think it worked,” he said.
What’s been learned over the last several years, he said, is the more powerful idea is to focus on pairing creators with investors and helping them grow their businesses.
The subtle lesson didn’t come through a sudden epiphany.
“There was no Wednesday afternoon where we said, ‘Damn, I’ve got it,’” Rummell said.
Investors are interested in a project that is still embryonic, Rummell said, but not one that’s a week old.
“They want chicks instead of eggs,” he said.
Chris Carter has been hired as president of One Spark Ventures, Rummell will be the chairman.
Chris Byers, chief operating officer for One Spark Inc., will manage day-to-day operations of the festival.
Carter was traveling yesterday and couldn’t be reached for comment.
He said in the news release that One Spark Ventures will develop “very targeted events” for creators to come to Jacksonville and be exposed to capital and other resources.
In addition, Carter said, angel, venture capital and other investors will have a platform to engage with startup companies.
One of those events is the One Spark festival, scheduled for April 7-9. The fourth annual festival has been scaled back this year, limiting the number of exhibitors to 300. Last year, there were more than 500.
Deadline to apply is Jan. 29.
Kristen Sell, of The Dalton Agency, said because of the changes announced Monday, there is a possibility the festival could be moved to a later date. Even if that happens, there would still be some type of event in April, she said.
Rummell said Carter will put together a team for the new direction, though he’s not sure how many employees will be hired. “Obviously, less is better,” Rummell said.
Last year, One Spark Inc.’s staff was reduced from 11 to four, after six employees were laid off and one resigned.
Despite end, many good memories
Rivas said his resignation from One Spark came in two pieces.
On Thursday, he sent a memo detailing his thoughts for a plan of action for One Spark.
The next day, he said, came a conversation with Rummell and a board member.
Rivas said they “collectively recognized we were not in alignment” and mutually agreed to go in a different direction.
He said he was asked to resign as CEO (which he did), but stay on as a board member.
Rivas said after “a bunch of consideration” over the weekend, he decided to resign as a board member, as well.
Asked if he received a severance from One Spark, Rivas said, “I resigned free and clear of any sort of things along those lines.”
He leaves One Spark with a heart full of memories.
One is the launch of the Kickstarter campaign to fund the inaugural festival. He said the team wanted him to be the one to push the button to officially launch the effort, so he did that while on a plane, 35,000 feet in the air.
The Kickstarter campaign exceeded its $90,000 goal, bringing in pledges of $106,689.
Another memory is the annual tradition of walking the festival’s footprint the night before opening day. He started doing that in 2013 with his girlfriend, who became his wife almost two months ago.
“It was a little bit of calm before the storm,” Rivas said of the annual walk.
He’ll be at One Spark this year, too, to continue showing his support for the creators.
Rivas said he appreciates that so many people have reached out the last day or so to show their support.
He has no plans to leave Jacksonville, but is “wide open” to opportunities. He’ll begin reaching out to his network in the near future, he said.
But first, he’ll celebrate his 35th birthday today, with his new wife and a slice of cake.
@editormarilyn
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