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

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

Creating Your Own Opportunities: Entrepreneurial Initiative

December 6, 2010

Clay

With the shaky state of our economy, finding a job can be difficult, especially for students who don’t have extensive work experience.  Still, opportunities are there, it’s just a matter of finding them… or creating them.

Lately more and more people (including students), spurred by the dismal prospects in today’s job market, are taking that leap and starting their own businesses even before finishing their educations.

Take Katie Shea and Susie Levitt, who were seniors at New York University, as examples.  They were interning at banks and walking to work in heels, when they decided to start a business selling foldable flat shoes that come in their own carrying case.  With a little bit of help from family and friends, they gathered $10,000 and founded Cityslips™.   Just one year after starting, they imported 70,000 pairs from China that sell for $25 each and launched a second line of shoes!

See Katie and Susie describing their products

Building a successful business is not easy, but if you are passionate about your idea, you should be proactive and find the resources to make it work:

  • Write down your ideas and research them
  • Do what you know: Think about how you could package what you already know how to do and offer that as your own product or service
  • Do what others do: Learn about other businesses that interest you; once you have identified a business you like, copy it
  • Solve a common problem: Address a problem no one else seems to have addressed adequately; develop an innovative new product or service
  • Don’t be afraid to take some risks

If you feel unprepared to become an entrepreneur and have no idea where to start or what to do, you should consider taking some business courses like management, marketing, and entrepreneurship.  To gain work experience, internships are a great way to go.  Many internships offer time flexibility and will help you gain some perspective on how businesses work through hands-on learning. Also, business incubators can be excellent sources for expert feedback on your business plan, for mentoring and for networking assistance.

Success is never guaranteed, but the opportunities for accomplishment are there, as long as you learn from mistakes and keep moving forward.  In the end, it’s all about initiative and taking responsibility for your own future.  Whether you jump right into entrepreneurship or choose to warm up before diving in, take the steps to MAKE things happen for yourself.

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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

It’s All About Experience – Representing DECO at the TU Job Fair –

September 28, 2010

Susan

On September 17 I had the privilege of representing DECO at Towson University’s Part-Time Job Fair.  Here at DECO, we are lucky because we can utilize students from Towson University, and participating in TU’s Job Fair is a great place to reach them.  Representing DECO was a fun experience for me since I was able to talk with students face-to-face and provide them with more information than they would obtain from printed or online ads. The Part-Time Job Fair gave students the ability to learn about DECO and how they can obtain first-hand experience at a location that is (practically) on campus.

The first-hand experience that DECO offers students is an internship.  Internships are crucial in today’s working environment.  Doing well in college is important, but many organizations are looking for individuals who have actual experience.  In fact, one of the best decisions I made in college was accepting the internship from the Maryland Motor Vehicle Administration (or MVA).  While interning at the MVA, I worked directly under a Project Manager who used to work for one of the divisions here at DECO.  Her recommendation along with the experience I gained led me to my current position.  So making contacts with the right people is just as important as the actual internship.

Since we wear so many hats here at DECO, we can offer internships to students with all types of backgrounds.  For instance, students with IT majors can intern with the DECO Data Center.  CGIS provides a great opportunity for students who are majoring in geography.  TowsonGlobal can provide students with business or international majors a fantastic resume building experience.  Students with economic majors can intern with RESI, while students with marketing or communications majors participate in the SDAT Banner Advertising Program at ISS.  And the list goes on.

I hope I will get the opportunity to represent DECO again at job fairs and I look forward to meeting more students and telling them of the great opportunities that DECO has to offer.

Photo Credit: Kanji Takeno

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Posted by Past Bloggers

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

What’s in Your Food?

August 9, 2010

Clay

“Do you really know what you ate today?” Natural Check, LLC dares to answer this sometimes unnerving question by making the science of water and food testing easily accessible.

This innovative startup company, and member of the TowsonGlobal Incubator, provides fast, affordable and reliable methods to screen for unacceptable compounds in the food and water supplies. For example, the company has developed a lab-based test for the detection of artificial growth hormones in beef and offers a rapid field test for antibiotics in milk.  Additional tests are under development in partnership with labs from around the world.

NaturalCheck also supplies water testing kits and is striving to build community awareness through city-specific “What’s in my water…” Facebook fan pages created for cities like Baltimore, DC, Los Angeles, and New York.  In addition, the company offers the BRIX Meter, which helps determine the nutritional quality of fruits and vegetables.

Similarly, NaturalCheck, through its AuthentiCheck division, is on the forefront, developing and distributing new technologies to protect manufacturers, retailers and consumers from often unsafe counterfeit products. The technologies offer two important services—authenticating products and tracking and tracing the movement of products through the supply chain—and are suitable for textiles, packaging, pharmaceuticals, and many other products.

NaturalCheck was founded by Larry Bohlen, former NASA engineer, international environmental advocate and food safety entrepreneur.  His experience has taught him that testing and sharing the results can be a powerful tool for facilitating real change.


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

CrowdPitch: A Great Way to Support Startup Companies

July 6, 2010

Clay

On June 16, 2010, TowsonGlobal collaborated with Funding Universe to bring CrowdPitch to Towson University. The event gathered more than 70 entrepreneurs and investors in an entertaining and dynamic setting, where selected companies were given four minutes to pitch their ideas to a panel of experts and a live audience.  A brief, three-minute Q&A session followed the presentation, in which the entrepreneurs were able give more in-depth information about their business plans. Audience members also received $100 in “fun money,” which they could use to “invest” in the company of their choice at the end of the program.

As many as 55 companies applied to participate in the free event, but only five were selected to present:  ArtiNNet Corp., MYiLIVE. Port Networks, Tots2Tweens, and WinTheTrophy.  The winner was selected based on the number of votes received from the audience and the panel of judges:  Dave Troy, Baltimore Angels; Rick Faint, Evergreen Capital; Laura Gamble, Skipjack Partners; and  Adam Suri, Maryland State Department of Economic Development.

The Pitchers

The “pitchers” were ArtiNNet with VoicePass, mobile software that uses voice recognition security; MYiLIVE, a personalized boutique shopping website; Port Networks, smart WiFi technology; Tots2Tweens, a web directory for parents; and WinTheTrophy, a legal sports betting and social gaming site.  All presenters were well prepared, eloquent and very passionate about their ideas and most received positive feedback from the panel.  In the end, ArtiNNet won and received $8800 worth of prizes, including accounting/financial services, startup support counseling, Amazon web services, and will be profiled in FundingUniverse’s newsletter that is distributed to 120,000 subscribers.

TowsonGlobal Involvement

 

TowsonGlobal’s staff also participated in the event and got the opportunity to interact with all attendees. “ This is the first time I have been to an event like this.  I was excited to be a part of it.  Now I understand how hard it is to find investors and get a business going!” says intern Lissell Paredes.  Intern Aaron Robinson adds “It was very informative; I didn’t know events like these existed and I’m glad I got to experience it.”

“Overall, CrowdPitch was a learning experience for everyone present, a convenient way to get advice from experts, and a great opportunity to build connections,” says TowsonGlobal Director Clay Hickson.

To see if a CrowdPitch event is coming to a city near you, click here!

CrowdPitch at Towson University

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Posted by Clay Hickson

TowsonGlobal…in Residence

June 9, 2010

Clay

Neighborhoods, ideally, are social communities with considerable face-to-face interaction among residents. Neighbors often act as a resource or offer support when it’s needed the most.  What about in the business world?  It’d be nice to be able to walk next door and find invaluable resources at your disposal, especially for the small business owner looking to expand in this tough market.

Many business incubators provide a whole host of services for start-up ventures such as facilities, workshops, counseling, networking and organizational support, but there is more. TowsonGlobal, Towson University’s International Incubator, goes even further by providing both Resident and Associate member companies access to a variety of in-residence experts that provide creative, inexpensive, and effective counsel necessary to succeed.

Among the good neighbors “residing” at TowsonGlobal are:

CFO-in-Residence
Carol L. Coughlin
CEO/Founder, BottomLine Growth Strategies, Inc.
Attorney-in-Residence
Steven Tiller
Attorney at Law, Whiteford, Taylor, Preston, LLP
Entrepreneur-in-Residence
J. Gary McDaniel
President & Board Member (former), TerraWatt Power, LLC
VP Sales-in-Residence
Scott B. Turnbaugh
President/Founder, Eagles View Consulting LLC
  • The CFO-in-Residence advises on financial and accounting questions, and assists with many strategic business issues.
  • The Attorney-in-Residence counsels on a broad range of legal topics from contractual issues to intellectual property rights protection.
  • The Entrepreneur-in-Residence assists with a variety of strategic issues, including business plan fine-tuning or strategies and contacts for those seeking investment funding.
  • The VP Sales-in-Residence helps in navigating sales challenges, ranging from exploring new sales opportunities to building and managing a sales team.

Tapping into the one-on-one support such specialists as these who have years of experience in numerous fields and industries can make a tremendous difference!

To find out how you can become a member of the TowsonGlobal neighborhood, check out www.towsonglobal.com.

Leave a Comment » | Business Analysis, Community Outreach, Economic Analysis, Entrepreneurship, International Business Development, Small Business Development | Tagged: , , , , , , , , , , , , , , | Permalink
Posted by Clay Hickson

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