Jeff Amerine
Jeff Amerine recently left his position as director of Technology Ventures at the University of Arkansas in Fayetteville to devote himself full time to Startup Junkie Consulting, the firm he began in 2008. Amerine, an adviser to Innovate Arkansas, which is funded by the state through June 30, has held leadership roles in three Fortune 500 companies and eight startups during his career as an entrepreneur.
Amerine, 52, is a 1984 graduate of the Naval Academy. Startup Junkie is a family endeavor. Amerine’s wife of 31 years, Phyl, is an executive consultant to the company, and their son Brett is the director of operations.
Startup Junkie recently announced a partnership with the Arkansas Regional Innovation Hub to promote and expand startup ventures in the state.
How did you become interested in this field?
I am a serial startup junkie by definition, but I didn’t launch my first startup until I was 31 and had three kids. I always thought I would be a career military officer. When I was first taking some graduate work in 1989, I took a new ventures course. During that course I found my ultimate calling. I really loved the idea of starting with a clean canvas, building something to solve a real problem, forming a team and raising money. I loved the chaos of it all. Eight startups later, I’m still hooked.
As an adviser to Innovate Arkansas, gauge the impact of the program on the state’s tech startup ecosystem since its launch in 2007. Did a tech startup ecosystem even exist then?
The situation in 2007 was pretty bleak. There was definitely not a discernible venture/startup ecosystem. Since the formation of Innovate Arkansas, over the past eight years there has been more than $250 million in public and private investment in tech-based startups — not bad for a program that cost the state less than $10 million in total over eight years. We now have a viable venture/startup scene with programs, places/spaces, events, networking, mentoring and early-stage capital in place.
Startup Junkie’s partnership with the Arkansas Regional Innovation Hub was recently announced. What do you hope and expect to accomplish through this?
Startup Junkie and, by extension, Innovate Arkansas have complementary strengths with the Arkansas Innovation Hub. Together, we can deliver the programs, places/spaces, events, networking and mentoring that will drive the startup and maker movement to the next level. Startup Junkie and Innovate Arkansas bring real depth and breadth to the partnership by leveraging years of venture knowledge, mentoring and acceleration experience. The Arkansas Innovation Hub is best in class in physical infrastructure and maker education. Together we have the complete package.
You started Startup Junkie in 2008 and recently went full time in it. What was your reasoning behind the decision to focus on Startup Junkie?
Startup Junkie Consulting began as an ad hoc, side-consulting gig to capture the contract work I was doing with Winrock International in support of the Innovate Arkansas program. Startup Junkie Consulting grew from just me part time to having six employees by the fall of 2014 (and seven employees now). At that point, I had to make a tough choice. I decided Startup Junkie Consulting could do more to propel the startup/venture movement forward if I was dedicated to it full time.
Has there been a startup you passed on that turned out to be successful?
I passed on participating in a startup microbrewery a few years back that has been killing it since. At the time the valuation seemed too high. I’ve also jumped in a few deals, and only a few, where I didn’t do a good enough job sizing up the management team. That’s just part of the game, but those experiences continuously refine the lens I use in evaluating future investment.
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