TowsonGlobal Debuts Celebration of Entrepreneurial Success

March 8, 2012

Clay

On March 27, 2012, TowsonGlobal will mark five years of entrepreneurial success, showcasing the breadth of entrepreneurial initiatives at Towson University and recognizing the achievements of six entrepreneurs who have turned  their innovative ideas into successful businesses.  During the Celebration of Entrepreneurial Success, certificates of accomplishment will be awarded to the incubator’s first graduates, which include:

Linda Seidel and Estelle Meister – Transcending Cosmetics.   Transcending Cosmetics was founded to market their proprietary product, Natural Cover, to makeup professionals and medical practitioners nationally and internationally. Seidel is a pioneer in the corrective/camouflage makeup field who developed her own formulation when she found that no other product would adequately perform for her clients.

David Ryan and Jacques Dompier – Chesapeake Compensation Solutions.  Chesapeake Compensation Solutions is a boutique consultancy of compensation experts with broad experience in assisting a diverse mix of publicly and privately held companies and organizations in solving the challenges they face in attracting, retaining, and motivating key talent.

Adam Nepp and Scott Wohler - NeWo Technologies.   NeWo is an electronic product development firm that brings wholesale R&D to the masses, specializing in “concept to prototype” design.   The company has developed real-time data harvesting and wireless transmission technologies with applications for athletics, defense, and health care.

A TowsonGlobal incubator member company is considered prepared to graduate when it reaches particular milestones, which vary from company to company. These may include sales revenue, grant or investor funding levels, numbers of employees, or space requirements.  Milestones are set in meetings between the entrepreneurs and a TowsonGlobal milestone review committee, which is comprised of TowsonGlobal Advisory Board members, external mentors, and staff.

The graduates recognize the incubator’s role in their growth and are grateful for having had a chance to participate in the program.  Nepp asserts that TowsonGlobal has helped NeWo gain more exposure and make quality connections both within the incubator and externally.  “One of the best things about working at the incubator is being in the same boat with other companies.” His partner, Wohler, agrees. “We will definitely miss the bond we have with other members and the staff.”  Transcending also appreciates the support that TowsonGlobal provided them during their five-year participation.  Seidel says, “They gave  us a safe haven where we could learn, grow, and flourish.”

The Celebration of Entrepreneurial Success will feature comments from Baltimore County Executive Director of Economic Development Daniel Gundersen and TowsonGlobal Advisory Board Chair and Vice President of Global Export Business Development at McCormick & Co. Fred Lissauer.  The event also will showcase Towson University’s entrepreneurial initiatives, such as the Entrepreneurship Program within the College of Business and Economics, TowsonGlobal’s business plan competition, mentorship programs, and more.

TowsonGlobal provides each entrepreneur with a wide range of support, including high-quality, affordable office facilities; business counseling; mentoring; networking assistance; workshops and other educational forums. Members also draw from the experience of an active advisory board comprised of executives in technology, financial and legal services, logistics, manufacturing, contracting and venture capital fields.

TowsonGlobal is proud to play a significant role as a facilitator of entrepreneurial activity in the community, and to have been a stepping stone in its member companies’ road to success.   Congratulations and the best of luck to all!

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Posted by Clay Hickson

Incubating Innovation, Band Happy Success Story

January 31, 2012
Raquel

Raquel

At DECO, we are well aware of the significance of business incubators in supporting small business start-ups.  Our own incubator is a great source of support and guidance for a variety of companies. As it stands, small businesses encompass 99% of all firms.  They are job creators and contribute to the country’s economic growth.  Supporting and stimulating the creation of new businesses is necessary to stabilize and improve the economy.   Business Incubators nurture small businesses owners and entrepreneurs by providing them with all resources they need to start a business and become successful.  While many people have viable ideas for a business, the majority never take that leap because they do not know where to start.  Additionally, those who own small businesses usually cannot afford to invest large amounts of money to expand their businesses.    That is where business incubators come in.  For an affordable membership fee, they offer office space, employees, exposure through networking events, and expert advice on every area of a business–legal, financial, marketing, etc.

Last year, we had the privilege of working with the Emerging Technology Center (a non-profit business incubator) based in Baltimore City.  Through this partnership, we were able to work with a few of their companies developing market studies.  A market study (or analysis) tends to look at specific characteristics, demographics and trends in a target market.  They can also help project current and future demand of the company’s product or service and gather information about competitors.  This type of analysis is also important because it can allow business owners to estimate how much profit they can generate.

One of the clients that we were fortunate enough to work with was a company that developed a platform for providing online music lessons.  As a former high school band member and a lover of music, I found their product very interesting and exciting.  The main idea behind their innovative service was not only to give individuals a platform to participate in music education but to also act as a link between professional musicians and their fans.  Since our time working with this company, they have successfully launched their website.  You can read more about their product here.  Not only that but they have also developed a huge following on their Facebook page. If you have ever been interested in learning how to play an instrument (and thought you didn’t have the time) or would like to improve your skills with professional musicians, you should definitely check them out!

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Posted by Raquel Frye

(Videos) How can the TowsonGlobal Business Plan Competition Change your Life?

January 24, 2012

Clay

With the deadline for TowsonGlobal’s second business plan competition just around the corner, I sat down with several people to talk about the competition.  In the first video, I talked with Towson University’s Outreach and Partnerships Coordinator Kelsey Beckett about the competition’s purpose, how it impacts the region’s entrepreneurial community, the many ways it provides entrepreneurs with resources that will be beneficial over the long run, and what participants can expect if they win.

Additionally, I talked with the two winners of the 2011 competition, Ben Walsh, owner of PureBang Games and Lisa Drouillard, founder of My Hopeful Journey, to gain insights on how participating in and winning the competition impacted their business plans and helped move their businesses forward.   Both Lisa and Ben believe that part of what made them successful, was the mentoring and support from experts and guidance throughout the various stages of the competition.  Both also found that access to the broad range of resources and connections at the incubator were truly helpful.

Submissions already have started coming in for this year’s competition, so be sure to get those executive summaries in by February 6, 2012.  We are excited to see which innovative business ideas will advance to the final round, and we will announce the five finalists on February 20.

To ensure that each finalist has the best possible chance, they all will attend a presentation boot camp in March and each will be assigned an individual coach from SCORE, which will help prepare them for the final presentations to the judges on May 2.

For more information visit the Business Plan Competition page on our website or email us at info@towsonglobal.com

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Posted by Clay Hickson

Video: Meet Our Team – Jeff Beeson

November 23, 2011

Allie

Jeff Beeson is the Director of the Center for Professional Studies (CPS) within the Division of Economic and Community Outreach at Towson University. As Director, he is responsible for managing a dynamic team dedicated to meeting the diverse educational and consultation needs of clients regardless of their location. Prior to coming to Towson, Jeff was the Director of the Maryland Apprenticeship and Training Program for the Department of Labor, Licensing, and Regulation (DLLR), and prior to that he was Deputy Assistant Secretary for the Division of Workforce Development and Adult Learning at DLLR. Jeff has also worked for the Secretary of the Maryland Department of Public Safety and Correctional Services and as an aid for Senator Barbara Mikulski. Jeff is a graduate of Towson University earning his Bachelor’s degree in Political Science and his Master’s degree in Social Sciences. To hear more about Jeff’s background and vision for the Center for Professional Studies watch the interview.

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Posted by Allie Pyzik

TowsonGlobal’s Business Plan Competition Returns

November 2, 2011
http://tuoutreach.com/author/clayhickson/

Clay

The time has arrived! TowsonGlobal’s Business Plan Competition is back for a second year.   The inaugural competition brought entries from a diverse group of entrepreneurs with interesting business concepts.  All had the same goal in mind—success.  And this second annual event promises to be even more inspiring, helping stimulate innovation and entrepreneurship across the region.

While the basic format of the competition remains the same, a few changes have been made to help better prepare entrants and to make the competition more interactive. For this second competition, interested participants are invited to attend free workshops which focus on the basics of a business plan, including:

  • writing an effective executive summary,
  • conducting useful market analysis,
  • and developing realistic financial projections.

The five chosen finalists will attend a required boot camp to help prepare for their final presentations.  Also, this time, presentations will be made both in private and at a public forum.  After which, the winner will be announced at a networking reception.

Business Plan Competition Workshop #1 (October 2011)

Timeline & Process:

  • October 19, 2011 — Business Plan + Executive Summary Workshop
  • October 26, 2011 — Market Analysis Workshop
  • November 10, 2011 — Financial Projections Workshop
  • February 6, 2012 — Executive Summaries Due (3-5 pages)
  • February 20, 2012 — Finalists (5) selected and notified to submit business plans
  • February 27, 2012 — Presentation boot camp for finalists
  • March 27, 2012 — Deadline for finalists’ submissions of business plans and PowerPoint presentations
  • May 2, 2012—Finalists present in front of judges, winner selected

We hope that participants will get as much of the competition as the first group did.  Lisa Drouillard of My Hopeful Journey, one of two 2011 winners, commented, “The business plan competition helped me to think of my business in a more tangible way and not just as a concept.”  The other winner, Ben Walsh of Pure Bang Games, added that participation “strengthened our ties to other early stage startups, and most importantly, Towson University.”

TowsonGlobal is looking forward to seeing the exciting, innovative concepts that will be brought to the competition.  For more details on the competition, visit TowsonGlobal’s Business Plan Competition page or email us at info@towsonglobal.com .

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Posted by Clay Hickson

Six Ways Towson University Is Becoming More Entrepreneurial

October 17, 2011
http://tuoutreach.com/author/clayhickson/

Clay

The Princeton Review’s recent release of its list of the most entrepreneurial colleges in the US provides a great opportunity for us at Towson University to reflect on how we are supporting the development of entrepreneurship.  While Towson was not included on this year’s list, there are a number of things we already are doing or can strengthen to be more entrepreneurial, including the following six initiatives:

  1. Business Incubation—In the spring of 2007 Towson University launched TowsonGlobal, a business incubator that helps entrepreneurial ventures, both university based and non-university based, learn how to compete in the global economy.  Research has shown that incubators associated with universities are more effective at developing thriving, sustainable businesses compared to stand-alone community incubators.  Currently, with 15 members and at 100% occupancy rate, the incubator plans to expand to larger facility in 2012 in the heart of Towson.

    TowsonGlobal's New Home, Expected Summer 2012

  2. Entrepreneurship Program/Major—Towson University established an entrepreneurship track in 2008 under the College of Business and Economics.  This program includes courses like Entrepreneurship & Small Business, Entrepreneurial Finance, and an Entrepreneurship Practicum.  The addition of experienced entrepreneurial faculty is helping to attract more and more students into the program.  CBE also is reviewing that curriculum and comparing it to top schools to explore opportunities for improvement.
  3. Business Plan Competitions—Under the direction of the incubator’s Advisory Board, the TowsonGlobal Business Plan Competition was launched in the spring of 2011.  The competition’s main goal is to encourage small business growth and innovation within the region.  The inaugural competition resulted in a tie after a panel of judges from leading companies in the area determined that both Pure Bang Games and My Hopeful Journeywere deserving of the honor.  Together, the winners received prize packages valued at almost $15,000.  For the 2012 competition, a series of workshops have been organized during the fall to help participants prepare even better business plans.  The finalists will present at a public forum on May 2, 2012.

    TowsonGlobal Business Plan Competition winners Lisa Drouillard of My Hopeful Journey (L) and Ben Walsh of Pure Bang Games( R) posing with their prize checks, April 28, 2011

  4. Facilitate Entrepreneurial Spirit—By partnering with other area organizations, Towson University is building a reputation as an institution that puts words into action.  For instance, in July 2011 TU hosted Think Big Baltimore, a day-long conference organized by area innovators that attracted over 200 registrants and featured expert panel discussions, keynote speakers, in-depth educational sessions, and lively networking events.  Plans already are underway for TBB 2012.
  5. Entrepreneurship Organizations/Clubs—SIFE(Students in Free Enterprise), returned to Towson University in the spring of 2011. This is an international, non-profit organization that mobilizes students of all majors to become socially responsible business leaders by developing entrepreneurial skills.  It brings business leaders and student teams together to develop outreach projects that make a difference in their communities by using the positive power of business.

    (L-R) Biruk Lulseged, Curtis Johnson, Clay Hickson, Laleh Yousefi at SIFE Regional Competition, Philadelphia, PA, March 25, 2011

  6. Mentorship Programs—TowsonGlobal staff regularly meets with both student and community entrepreneurs to help review business ideas and to provide advice.  Budding entrepreneurs also are referred to mentors from SCORE, a nonprofit association dedicated to educating entrepreneurs and helping small businesses start, grow, and succeed.  In fact, TowsonGlobal and SCORE will be launching monthly Entrepreneur Office Hours, which will be open to anyone with a business idea who wants practical advice and critique.

Entrepreneurship Professor David Brannon captures the spirit of what is developing here at Towson University when he says:   “One of the keys, which aids in the growth and development of a successful program, is the approach that entrepreneurship is a way of thinking. Entrepreneurship is a means to follow your passions, develop innovation, create jobs, and to enact social change. It is a focus on recognizing opportunities to create value and understanding how to pursue those opportunities.”

Over time, colleges like those on The Princeton Review’s list (e.g., University of Houston, Babson College and Syracuse University) have developed extensive sources of support from within their institutions and across their communities that are focused on entrepreneurship education and on supporting entrepreneurial spirit.  There is much we can learn from the schools on the list, but I believe Towson University is well on its way to being a great entrepreneurial university.

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Posted by Clay Hickson

Entrepreneurs: Born or Made?

September 19, 2011
http://tuoutreach.com/author/clayhickson/

Clay

Entrepreneurs are unique people – but are they born or made?

An entrepreneur is defined as someone who, by risk and initiative, creates a new business venture. Based on this definition we can assume that an entrepreneur has to be proactive and confident in their idea, but is this confidence inherent or a trait that can be learned? This is a highly debated topic and one that is widely researched.

Those who believe entrepreneurs are “born” agree that certain characteristics – like extraversion, willingness to take risks, and innovative thinking –are usually inherited. They state that, while entrepreneurial skills can be learned, the drive to start a business comes from within, and not everybody possesses it. In fact, Northeastern University’s School of Technological Entrepreneurship conducted a study which revealed that 61% had an innate drive to start their own business, and 42% said they started ventures in their childhood.

On the other hand, those who say entrepreneurs can be made believe that relying only on innate traits is not always sufficient. They also agree that most entrepreneurs fail many times, but having some sort of experience and formal training can improve their chances of succeeding. Many entrepreneurs may not be naturally extroverted or be huge risk takers, but having knowledge or experience in business may boost their confidence and encourage them to branch out on their own. Supporters of this theory also have conducted scientific research to back their claim. An entrepreneurial studies professor at Case Western Reserve University conducted a study with 870 pairs of identical twins and 857 pairs of same-sex fraternal twins to see how much of entrepreneurial behavior is genetic and how much is environmental. According to these results, entrepreneurs are 40% born and 60% made.

But is anyone really right or wrong? That will continue to be up for debate.  Ideally, an individual would possess a combination of both innate traits and the proper experience to become an entrepreneur. While having both innate traits and experience is helpful, neither is absolutely necessary.

Entrepreneurs come in all shapes and forms, and have different backgrounds and experiences. People should not let pre-conceived notions of what it takes to become an entrepreneur deter them. In my view, the debate is largely academic. If someone has an innovative idea and can muster the drive required to implement it, they can be an entrepreneur.

And resources like a business incubator such as TowsonGlobal can help either type of entrepreneur.

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Posted by Clay Hickson

Social Media for Entrepreneurs

August 25, 2011
http://tuoutreach.com/author/clayhickson/

Clay

Over the past few years, social media seems to have become an essential part in our lives.   Networking sites have changed the way we interact with the world.  While many sites were created mainly for personal uses, it did not take long for companies to discover the potential for business growth.

Amongst those who have benefited greatly from social media are entrepreneurs and small business owners.  Why?  Because of extensive reach and relatively low cost.   After all, sites like YouTube, Facebook, Twitter and LinkedIn offer access to 1 billion users combined at minimal costs.  And while big corporations have the means to invest in large marketing campaigns to gain recognition, small businesses and start-ups must focus limited funds on more affordable resources.

Social media has become a key marketing tool allowing for more honed targeting of specific new markets.  It can help build awareness and exposure relatively rapidly both locally and internationally.

Lisa Drouillard, owner of My Hopeful Journey, a web-based application for managing infertility treatment programs, says, “Social media has been my primary method of connecting to both my customers and other stakeholders in the infertility community.  I have connected much more easily through social media than by making a cold call.”  Regarding the impact it has had, she says, “Without social media, launching My Hopeful Journey would have been nearly impossible.”

Mark McTamney, owner of BuffTees.com, a small graphic T-shirt company, adds that social media not only has made the process of attracting customers much more organic but also has facilitated customer interaction with the company, allowing him to be more responsive to customers’ needs.


Despite these benefits, many businesses do not explore social media’s full potential because of how time consuming it can be.  It takes time to create a plan that will be effective, and that will offer results over a short period.  People often mistakenly believe that their initiatives will pay off almost immediately while spending a limited amount of time online.  Nowadays, many companies are creating positions in social media marketing because of the important role it plays in gaining exposure and communicating with customers.

While many start-ups and small business owners cannot afford to hire additional employees, having someone dedicated to managing social media efforts could pay off in the long-term.  Both McTamney and Druillard agree that while they do not spend huge amounts of time online, they try to make the most out of their time networking.  “Social media is what I enjoy the most about my business” McTamney says.  “Interacting with my customers is the best part and it is probably the one thing I’d like to continue doing myself.”

Having a business page or blog does not guarantee success.  Like everything else, it takes time, effort, and planning to see results. As Druillard says, “You can’t just put up a Facebook page and expect people to find you”.

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Posted by Clay Hickson

Entrepreneurship and the Economy

July 11, 2011
http://tuoutreach.com/author/clayhickson/

Clay

That entrepreneurship is important for a healthy economy is a commonly acknowledged fact.   It stimulates innovation which is vital for economic growth.  Entrepreneurs have created new industries, generated new job opportunities, increased competition, brought growth to their communities, and changed the way we live entirely.

Small businesses–mostly owned by entrepreneurs–generate 75% of the net new jobs each year and represent over 99% of all US employers.  According to the Bureau of Labor Statistics, the self-employed population accounts for one-third of the workforce, and by 2018, almost half will be self employed.  Nowadays, almost anyone can become a successful business owner as long as they are willing to be innovative, proactive and take risks.

In the last few decades, the economy has shifted from goods-based to service-based, which in turn has given more people the opportunity to become entrepreneurs.   Additionally, the current economic downturn has pushed many to start their own businesses.  According to small-business insurer Hiscox, 15% of start-ups were created as a result of layoffs.

Although entrepreneurs are essential for job creation, the amount of start-ups that hire in the first year is decreasing because of limited capital and high tax rates.  Also, despite some government efforts to boost entrepreneurship and small businesses –e.g., the 2009 stimulus package, which created tax breaks for business owners and eased access to credits – they still are not receiving enough support from lenders.  According to the Federal Deposit Insurance Corporation, loans to small businesses actually have decreased 8% compared to last year.

On the positive side, some local and state initiatives are being put into place to encourage innovation and growth.  In May, Governor Martin O’Malley signed InvestMaryland, an initiative which is slated to infuse $70 million into start-up and early stage companies in Maryland specialized in life sciences, cyber security, and green technology.

With the right support, startups and small businesses have the potential to become large companies that will generate thousands of new jobs.  For society to make the most of this potential, policy makers must be proactive and create an environment that is more conducive to the success of small business owners and entrepreneurs.

Let’s hope that everyone, including government authorities and financial entities, understands the value of entrepreneurs in the economy and helps create an environment that makes it easier for this engine of economic growth to thrive.

Photo Credit: David Siqueira

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Posted by Clay Hickson

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