(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

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

Blogging. Facebooking. Tweeting.

October 3, 2011

Sharyn

That’s right…we’re doing all of the above and then some! Over the past 2 years, our online brand has expanded, and just so you know, we’re not just blogging. You can find various DECO research and outreach centers promoting their brand through various social outlets. Go ahead, take a look and like or follow us!

 

Economic and Community Outreach

Center for GIS (CGIS)

Regional Economic Studies Institute (RESI)

TowsonGlobal

TU in the Community

University Economic Development Association (UEDA)

Coalition of Urban and Metropolitan Universities (CUMU)


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Posted by Sharyn Kuczka

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

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

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!

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Posted by Clay Hickson

Business Plan Competition: Meet The Judges!

April 5, 2011

Clay

We are only a few weeks away from the final round of TowsonGlobal’s first Business Plan Competition.  On April 11, finalists will make oral presentations in front of a panel of judges, who will then select the winner.  The judges, many of them Towson University alums with entrepreneurial backgrounds, have diverse expertise in a variety of industries, ranging from advertising to commercial lending and information technology.

So let’s meet them:

CallahanMr. Ed Callahan, Creative Strategist & Co-Founder, Planit
Edward Callahan is the creative leader and cofounder of Planit.  With more than 15 years of industry experience, he has worked with clients including CitiFinancial, Crayola, Under Armour, National Geographic, and a variety of other local, regional, and national brands. Recognized by the Baltimore Business Journal as one of “40 under 40” rising stars.  Mr. Callahan is a graduate of Towson University, where he earned a Bachelor of Arts in visual communications.

Mr. Larry Fiorino, CEO & President, G.1440
Mr. Fiorino has over 20 years of experience in the information technology industry.  He was named in the Baltimore Business Journals “40 under 40″ listing and serves on numerous boards including the Emerging Technology Centers, and Towson University’s College of Business and Economics. He also sits on the University of Baltimore’s Entrepreneurship Board.  Mr. Fiorino is a graduate of Towson University, with a Bachelors degree in Accounting, has an MBA from Loyola College and is a CPA in Maryland.

Mr. Jack Lewin, Vice President, M&T Bank, Commercial Banking
Mr. Lewin is a senior relationship manager for commercial lending at M&T Bank in Baltimore, where he manages approximately $400MM in bank exposure to commercial companies.  He serves as a director of The Maryland Technology Development Corporation (TEDCO).  Mr. Lewin also serves as on the board of TowsonGlobal Business Incubator. He received his MBA from University of Virginia’s Darden School of Business, and received his BA cum laude with distinction from The Colorado College.

ParedesMs. Lissell Paredes, B.A. in International Business, Towson University (July 2010)
Lissell Paredes is a recent graduate of Towson University, with a Bachelor of Science in International Business, received in July 2010. She currently serves as a Junior Research Assistant at Towson University’s Regional Economic Studies Institute assisting with marketing and research activities. During her studies, she started as a marketing and research intern at TowsonGlobal Business Incubator, where she conducted market analysis for its member companies. She also attended Universidad Del Pacifico in Peru, where she was an economics major, before transferring to the United States to pursue a business degree.

ParekhMr. Eric Parekh, Vice President, Evergreen Advisors, LLC
Mr. Parekh is a Vice President in the Mergers and Acquisitions practice of Evergreen Advisors.  He has a diverse background in middle market investment banking and brings a breadth of transactional experience to the practice.  Mr. Parekh has an MTS from Urshan Graduate School of Theology in St Louis, Missouri, and a BS in Economics from Texas A&M University.  He is actively pursuing an MBA with a concentration in accounting at Loyola University in Maryland. Mr. Parekh holds his Uniform Combined State Law Series 66 and his Series 7 General Securities Representative Licenses.  He serves on the board of the Towson Global Business Incubator.

Mr. Vince Talbert, Vice President of Merchant Services, PayPal – eBay, Inc.
Mr. Talbert has 20 years of marketing, Internet and credit card experience. Currently, he is the VP of Merchant Marketing at PayPal, an eBay company.  He joined eBay through the acquisition of Bill Me Later, Inc. where he was the VP of Marketing.  Bill Me Later was acquired by eBay for $1 billion. As a founding member and member of the executive team, Mr. Talbert was a key participant in the fund raising activities of the company which raised over $300 million in private equity. He earned his MBA from The Darden School of Business at the University of Virginia and his BS in Economics and Finance from Towson University.

TowsonGlobal launched the Business Plan Competition precisely because our purpose is to strengthen long-lasting entrepreneurial spirit and to support innovation across the Greater Baltimore Region that ultimately create a more vibrant economy.  The panel of judges for this first competition embodies that vision by providing today’s innovators with real and useful feedback from successful entrepreneurs and other experienced business people.

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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

Getting it Right: How to Write a Winning Executive Summary

February 9, 2011

Clay

Research shows it only takes about 17 seconds to make a lasting impression. When you first meet someone, you only get a few glimpses of their personality, but it is enough to make you either want to learn more or to make you lose interest.

The Executive Summary works in a similar way.  It is the very first impression you give to a potential investor and the most important part of a business plan. So, how do you write a winning executive summary?

The main purpose of an executive summary is to explain your business in a clear and concise way.   Investors, CEOs, and lenders are busy and the executive summary may be the only thing they will ever read.  Tell the reader where your company is and where it’s headed, but most of all, show why you think your business will succeed.  Do not explain your entire plan, but highlight the key points.  Providing meaningless details is a mistake that small businesses often make.  Also, clear your vocabulary of superlatives and clichés; avoid using terms like “the best,” “groundbreaking,” “cutting-edge,” and “world class.”  Investors see these words too often; they hold no value and might make your project’s weaknesses much more evident. Be straightforward.

Photo credit: SXC, Brian Griesbaum

To make a powerful argument, you have to structure the summary in an organized way. A successful executive summary should have the following key elements:

  • a description of your company, including your products and/or services
  • your mission statement
  • your business’s management/the team
  • the market and your customer
  • marketing and sales plans
  • your competition
  • your business’s operations
  • financial projections and plans

To write the executive summary for your business plan, start by following the list above and writing one to three sentences about each topic.

Trying to describe your entire business in only a few pages isn’t easy, but if you wait until you have finished the business plan, the executive summary will practically write itself. Once you’re done, ask a friend or someone else to review it.  If they seem bored, or have no idea of what your business is about, then it will probably have the same effect on investors.

To view executive summary templates, and for additional information, visit TowsonGlobal’s Entrepreneurs Portal.

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Posted by Clay Hickson

VIDEO: Towson Global Helps Entrepreneurs Bring Dreams to Reality

February 2, 2011

Clay

TowsonGlobal-Business Incubator was featured earlier this week in a news segment on WJZ. The segment emphasized that despite the tough economic climate for starting a business, Towson University’s incubator makes it easier for entrepreneurs to gain access to the resources needed. The new Business Plan Competition was highlighted as was new member, Keffa Coffee. If you are interested in participating in the Business Plan Competition, don’t forget that Executive Summaries are due on February 7th.

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Posted by Clay Hickson

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