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

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

5 Tips for Using Twitter, Facebook, and Blogs for Event Marketing

October 13, 2011

Jenn

1. Create a Facebook event page
A Facebook event page allows you to publish essential information about your event (time, location, etc.), and track who will be attending. This is a great place to post relevant articles and resources that will further engage the audience. It also gives the audience a place to make comments on the event and share the event with their Facebook friends. The sharing feature is essential because it allows your event to reach more potential attendees.

2. Connect with Guest Speakers or Event Sponsors
If your event features a notable guest speaker, be sure to mention him/her on social media. For example, you can mention the individual on Twitter or tag them on Facebook. You can also mention sponsors in the same way. Mentioning a notable speaker or sponsor on social media will associate them with your event, thus creating increased awareness and credibility. Blogs are also a great place to connect with guest speakers. For example, you can have a guest speaker do a guest blog post about your event.

3. Publish Event Updates on Social media
Social media can also be used to keep your audience up to date as the event approaches. For example, you may want to let your audience know about agenda changes, new sponsors, new speakers, or new attractions. You can also use social media to countdown to the event, and to let your audience know when the event is close to selling out.

4. Publicize Social Media URLs
Be sure to include Facebook, Twitter, and Blog URLs on all websites and/or print collateral that are used to market the event. This should result in increased traffic to your social media websites since the consistent appearance of social media icons and URL’s will remind the audience to connect with your event.  Be sure to create a hashtag and let your audience know about it through your marketing efforts. Hashtags allow the audience to follow conversations about your event if they search the hashtag on Twitter.

5. Use Social Media for Crowd Sourcing
You can also use Facebook, Twitter, and blogs to interact with the audience. For example, you can poll the audience by asking what they’d like to see at the event. This will allow you to hear the voice of your audience and to ultimately present content that is relevant to your audience, creating greater satisfaction with the event.

Check out how DECO is using social media!

Image Credit: fotographic1980

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Posted by Jenn Lake

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

Save BIG on Think Big Baltimore

June 30, 2011

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Posted by Bobbie Laur

Going On a Mission: Governor Martin O’Malley’s Asia Trade Mission

June 20, 2011

Clay

Developing personal relationships is crucial for success when doing business in the Asian region, and that means spending quality face-to-face time on the ground.  In an effort to encourage foreign investment, stimulate economic development, strengthen commercial ties, Maryland Governor Martin O’Malley led a trade mission to Asia May 31-June 11.  Towson University Interim President Marcia Welsh, Asia Studies Director Stephen Phillips, and I were privileged to be among the 68 people chosen to represent the State on this productive trip through China, South Korea and Vietnam.

This 11-day trip was the perfect opportunity, not only to improve existing relationships, but to showcase what Maryland and Towson University have to offer and how our ties can benefit all parties.

During our travels through Shanghai, Nanjing, Beijing, Seoul, and Hanoi, we attended some key events like the 13th Shanghai Bio-Forum, BioCapital Leadership’s Luncheon, the Maryland-Jiangsu Partnership Banquet, and the Vietnam-Maryland Cooperation Ceremony and Luncheon. Shanghai’s Tasly Group announced a $40 million investment in Maryland, the largest direct investment ever in our state by a Chinese company.

Additionally, Marlin Steel Wire, a Baltimore steel wire basket manufacturer, signed a collaboration agreement in Vietnam with a state-owned steel production firm.  AmeriSure Pharmaceuticals, a Rockville based company, signed an agreement to collaborate with one of Vietnam’s largest state-owned pharmaceutical firms. In addition, the Vietnam Natural Resources and Environmental Corporation agreed to promote Ellicott City’sBlue Wing Environmental Solutions & Technologies floating island products.

Towson University representatives (Steve Phillips, Clay Hickson, Ohoe Kim, and Marcia Welsh, 2nd – 5th from left, respectively) and Inha University representatives, Incheon, South Korea

Not to be left out, Towson University also signed three MOUs in Shanghai to provide faculty training and school management services programs in the Pudong area.  Two other Towson representatives also joined us for parts of the trip.  Alexandria Liu, a Towson University student interning at the Maryland Department of Business and Economic Development, participated in the China leg of the trip, and Mathematics Professor Ohoe Kim was in Korea helping to arrange meetings with various partner universities there.

To develop opportunities for TowsonGlobal Business Incubator and its member companies I met up with representatives of Shanghai Juke Biotech Park, an incubator specializing in helping biotech SMEs.  I also met with Ningxia Yinxing Energy Co., which focuses on green technologies and is exploring expansion to the US.  In Beijing, I met with Xin Feng Zhuoqun Technology Co., a professional circuit board processor that may be able to support current members.   These meetings were important steps to open doors for future collaborations between Asian enterprises and TowsonGlobal.

Despite a few hurdles – our bus got stuck on a mound of dirt and broken asphalt – we also had the opportunity to visit historic landmarks like the Presidential Palace in Nanjing and the Great Wall and Forbidden City in Beijing, to go hiking in Seoul, and to tour around the city of Hanoi.

Clay Hickson (center) and delegation members at the Presidential Palace, Nanjing, China

Clay Hickson and Marcia Welsh at the Great Wall, Beijing, China

I was honored to be a part of such significant efforts to bring Asia and Maryland together.  Being a part of the Governor’s delegation offered business and educational professionals opportunities to expand their networks and strengthen existing ties while gaining credibility.  The mission brought many opportunities for technology development and economic growth to our state.  Maryland’s future in these foreign markets looks bright, but success will all depend on the efforts we make to continue building ties in the region.

2 Comments | Business Analysis, Education, Entrepreneurship, International Business Development, News, Small Business Development | Tagged: , , , , , , , , , , , , , , , , , , , | Permalink
Posted by Clay Hickson

Baltimore “Thinks Big”

June 6, 2011

Clay

Baltimore’s time to think big has arrived! TowsonGlobal and Baltimore area innovators are organizing the first annual Think Big Baltimore, an educational forum where entrepreneurs and investors get together to discuss ideas and opportunities for growth.

This day-long event, hosted at Towson University, will feature expert panel discussions, keynote speakers, and in-depth educational sessions.  Attendees also will have the opportunity to generate new connections, catch up with other entrepreneurs, and share ideas over cocktails and appetizers in a powerful networking session the evening before. Finally, guests will participate in CrowdPitch, an event where selected pitching companies will present in front of a panel of experts and an audience.  Audience attendees will receive $100 of fun money which they can “invest” in their favorite pitching company.   The winner will be selected based on who receives the most “money”.

Events like Think Big Baltimore keep entrepreneurial spirit alive, create more jobs, generate opportunities for start-ups and small businesses, encourage innovation, and promote competition—all necessary for the Greater Baltimore area’s growth and success. Do not miss out on the opportunity to receive valuable advice from experts, or network with peers and investors.  Regardless of the stage a business is in, whether it is just an idea or a reality, Think Big Baltimore will be place to be!

The event will start with a networking reception on Tuesday, July 12th at 6:00 pm, followed by a day-long conference on July 13th, 2011, at Towson University. Use TowsonGlobal’s code 07132011 when you register, to get a special discount.  For more information, please visit http://www.thinkbigbaltimore.com/

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Posted by Clay Hickson

PureBang Games and My Hopeful Journey Announced as the Winners of TowsonGlobal’s Business Plan Competition

April 14, 2011

Clay

TowsonGlobal’s first Business Plan Competition has found a winner… Two, in fact!   On April 11 five finalists—Hem of His Garment, My Hopeful Journey, Knight Protection Inc., PubRaiders.com, and Pure Bang Games—presented in front of a panel of distinguished judges over the course of three hours.  After careful consideration, Pure Bang Games and My Hopeful Journey were selected as winners.

Each entrant had fifteen minutes to present their business plans, followed by 10 minutes of Q&A.   The finalists were eloquent, confident and most importantly, very passionate about their ideas.  During the discussions, the judges provided insightful financial, marketing and management advice.

The competition was stiff, and in the end, there was a tie between the innovative ideas of PureBang Games and My Hopeful Journey.

Pure Bang Games Website

Pure Bang Games is a social game company poised to grab a chunk of the $1B social games market by creating fun, innovative social games aimed at women and tweens.  Their first title, My Pet Rock, is live on FaceBook and they are raising capital for marketing.

My Hopeful Journey's Website

My Hopeful Journey Website

My Hopeful Journey is a web-based application, much like a personal organizer, that changes the way women integrate infertility treatments into their lives.  It includes a calendar, task list and journal all in one application.   It is highly flexible and is accessible from any computer, phone or other device that has internet access.

Each winner will receive a prize package valued at $7,250, which will include the facilities, mentoring and networking assistance of a three-month Resident Membership in TowsonGlobal, promotional products and services from X-Sell Promotions, and a monetary prize of $2,000.

The support of sponsors has helped make TowsonGlobal’s competition a great success.  Thanks to Katz Abosch, Score of Greater Baltimore, Maryland Department of Business and Economic Development, X-Sell Promotions, Kevin Botsford of Merrill Lynch, Vince Talbert of PayPal, and YouNoodle.

TowsonGlobal’s latest effort in encouraging and strengthening entrepreneurial spirit and innovation in the Baltimore area has surpassed expectations.  The response for the competition has been gratifying and shows the great potential of entrepreneurs in our region.

Look for the next competition in the fall!

Leave a Comment » | Business Analysis, Community Outreach, Entrepreneurship, International Business Development, IT, News, Projects, Small Business Development, TU Faculty & Staff | Tagged: , , , , , , , , | Permalink
Posted by Clay Hickson

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