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

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

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

TowsonGlobal Business Plan Competition Announces Six Finalists

March 7, 2011

Clay

After much anticipation, the six finalists for TowsonGlobal’s first Business Plan Competition have been selected.  A number of diverse entrants submitted their executive summaries on February 7, and the final six were chosen from these by a panel of experienced business professionals, economic development personnel, and faculty.

They are:

  • Hem of HIS Garment, provider of customized fashion apparel and alterations for women
  • Knight Protection, Inc., provider of unique tactical protection services that enhance the overall security industry
  • Mocha, learning management system that delivers content logically, through an easy to use and dynamic web portal
  • My Hopeful Journey, web-based application that helps women manage their infertility treatment programs
  • PubRaiders.com, developer of mobile phone technology that allows bar patrons to purchase items through their smart phones
  • Pure Bang Games, developer of  Facebook games

TowsonGlobal’s goal is to strengthen entrepreneurship and innovation, so all entrants received constructive feedback from the judges.  Finalists will be able to integrate that input into their full business plans, which will be due by March 11.

Since a strong “pitch” is vital to a startup’s success, each company also will have the opportunity to present in front of a panel of university and business experts, on April 11. The winner will be selected that day and will receive free 90-day Resident membership with the incubator (valued at $5000), along with a cash prize!

The business plan competition is a great reflection of the diversity and innovative spirit in the Baltimore area.  TowsonGlobal is happy to be a part of these ventures’ road to success and is looking forward to giving the finalists all the support they need throughout the competition.

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Posted by Clay Hickson

Three New Members Join TowsonGlobal

January 10, 2011

Clay

According to the Federal Reserve Bank’s Livingston Survey, the US economy is expected to grow at an annual rate of 2.5% in the first half of 2011, followed by growth of 2.9% in the second half of 2011. This moderate growth could be signaling economic recovery. Here at TowsonGlobal we are certainly seeing an increase in activity and are pleased to announce that three new companies have joined the incubator program:

Chesapeake Compensation Solutions LLC, a provider of compensation consulting services for mid-large sized firms and non-profit organizations, joins as an Associate Member.  The firm’s two principals bring over 43 years of combined hands-on experience in internal corporate and external compensation consulting.
Keffa Coffee LLC, a leading importer of specialty coffees to roasters across the United States and Canada, and also to several Asian countries, joins as a Resident Member. Keffa holds a significant quality advantage in the Ethiopian segment of the coffee industry because of the principal’s experience in the industry, his personal relationships with farmers in the major coffee growing areas of Ethiopia, and his product knowledge.  The owner is one of only 350 certified coffee tasters worldwide.
Sterling America Inc., a full service tax sale investment services company that provides investment opportunities for clients seeking safe, secure investments in tax liens and deeds across the United States, joins as an Associate Member. The firm’s products and services are designed to break down geographic limitations and open tax sale investment opportunities across the US to any individual or entity.

The technologies, products and services these companies are developing will greatly enhance the economic vibrancy and health of the Baltimore region.

Interested in tapping into the resources of TowsonGlobal? Enter our Business Plan Competition for startup companies, which offers a free 90-day Resident membership along with mentoring and advisory support services.  Visit www.towsonglobal.com for more information.

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Posted by Clay Hickson

TowsonGlobal Announces Business Plan Competition!

November 4, 2010

Clay

Lots of people have innovative ideas, some of us just don’t know how to turn those ideas into money making businesses.  What if you had the chance to take your idea and WIN access to the resources you need to turn that idea into a successful business?  That opportunity is here.

To encourage small business growth and innovation, TowsonGlobal, Towson University’s Business Incubator, is launching an exciting new Business Plan Competition.  The grand prize winner will receive a 90-day Resident membership valued at $5,000 (includes office space, mentoring/advisory services and more), plus a CASH prize!

Competition entrants must be pre-start up or early stage innovative businesses or entrepreneurs who have a fairly well developed idea or technology and are interested in receiving support to develop the business. The competition is open to Towson University Faculty, Staff, Students, and the general business community.

Here’s how the Business Plan Competition will work:

  • Round 1: Entrants will submit a 3-5 page executive summary by February 7, 2011.
  • Round 2: Six finalists will be selected, and they will have one month to finalize their full business plans.
  • Round 3: The winner will be chosen on April 11 when finalists present their plans to a panel of university and business experts.

Business Plan Competition details, eligibility requirements, and timeline can be found under The Entrepreneurs Portal at www.towsonglobal.com.

Questions?  Attend one of the following information sessions to learn more about TowsonGlobal and the Business Plan Competition:

  • Thursday, November 11, 2:00 p.m.-3:00 p.m.
  • Wednesday, November 17, 5:30 p.m.-6:30 p.m.
  • Friday, December 3, 10:00 a.m.-11:00 a.m.

To RSVP for an information session call 410-769-6449 or email info@towsonglobal.com.

Wondering what should be included in your business plan?  Helpful information and templates can be found at TowsonGlobal’s Entrepreneurs Portal, a one-stop online resource for those looking to start and run their own business.

5 Comments | Business Analysis, Community Outreach, Education, Entrepreneurship, Events, International Business Development, News, Small Business Development, Students, Training, TU Faculty & Staff | Tagged: , , , , , , , , | Permalink
Posted by Clay Hickson

Options for Funding a Startup

October 21, 2010

Clay

You can’t wait to be America’s next successful entrepreneur and have come up with the perfect new business idea. That’s the easy part. The most difficult task? Finding the money you need to get things going. Fortunately, there are a number of options available to find the resource for turning your idea into a viable business, including:

 

1. Self Funding
If you choose to personally finance your business, you can tap into your savings, investment portfolio, mortgage refinancing and home equity loans, employer buyouts, and retirement funds. Be sure not to use all of your savings and keep an emergency stash for any unexpected expenses that may arise.

2. Family and Friends
This is often the easiest and most informal way to get funds other than using your personal savings. To avoid uncomfortable family reunions in the future, draw up a formal contract that clearly spells out terms, conditions, expectations, etc.  This is doubly important when dealing with those to whom you are closest.

3. Financial Institutions
Banks may loan you money if you have been in business for two years or more and usually look at the liquidity of your assets, company’s cash flow, and require tangible assets, like your home, as collateral. They look at how much and how quickly you can pay back, so funding may be limited.

Photo Credit: Dani Simmonds

4. Venture Capitalists and Angel Investors
VC’s usually have high performance standards, expect quick returns, and expect a share in the business. VC investments start at $250,000 and can go up to several millions.  Angel investors, although difficult to find, are friendly and patient about their investments and offer advice, experience, and guidance along the way. Investments may start at $25,000 and can go up to $1 million.

5. Strategic Investors
These investors usually look to integrate your product into their business.  It is usually one of the most convenient and quickest ways to enter the market, but they may keep you from doing business with their competitors, or try to change your business to their convenience.

6. Grants
Grants from government agencies or foundations can be a low-risk and low-commitment way to get funded. Although there is a lot of competition, winning a grant can increase recognition and funding opportunities in the future.

7. Credit Cards
While a few companies, like Google, funded themselves through credit cards and went on to become successful, this tool can be fairly risky. Jumping into a pool of consumer debt with little to no income could leave you open to ruining your credit, and will decrease your chances of attracting investors in the future.

Funds may be hard to find but there are options. Knowing what all the possibilities are will help you determine what works best for your situation.

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

Should a Small Business Go Global?

August 31, 2010

Clay

I frequently hear people say that small companies, especially entrepreneurial ventures, should not be thinking about the global market place.  After all, they’re just a local company and need to be focusing on the home market, right?

Well, maybe, but in this age of globalization not considering the opportunities of international business could very well mean the difference between growth and stagnation.

Almost half of US businesses are predicted be involved in international trade by the year 2020, and US Department of Commerce data indicates that large companies currently sell only about 4% of US exports.  That means that 96% of exports are sold by smaller companies!

International business can be an important strategic option for small businesses.  It can open many new doors for success, but the key is determining why you want to get involved in international business.

Do you want to go global to:

  • Expand customer networks?
  • Gain exposure to new ideas and technology?
  • Find new ideas for global sourcing?
  • Or, just because everyone else is doing it?

A company’s motivation for pursuing international business can be very telling and help determine the likelihood of success.  Programs that are most likely to succeed are those that are planned for the long-term, and include market research, international relationships, and logistics arrangements.

International business can contribute to long-term growth of a small business, and also can enhance competitiveness.  By buying and selling internationally, a company can gain insights on customer requirements, competitor activity, and different ways of doing business.   Companies also may acquire new technologies, ideas, and partnerships from the process.

Once a company decides to go global, commitment from the management team is the number one determining factor of success. Management can show their commitment to an international program by setting aside funding, allotting time to manage the program, and assigning personnel to perform its tasks.

Taking advantage of international opportunities now is easier then it’s ever been.  The Internet and other modern communications technologies make the buying and selling of all types of products, services, inputs, and components a viable option for many businesses of all sizes, almost anywhere in the world.

For information on how TowsonGlobal can help your business take advantage of international opportunities, check out www.towsonglobal.com.

Photo Credit: Barun Patro

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Posted by Clay Hickson

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