Tag Archives: dingman center

Worth Reading 3/15/2013

Happy Friday everybody! Its spring break next week but the Dingman Center is still hard at work preparing for the upcoming Cupid’s Cup Business & Innovation Showcase and Competition! Have you gotten your tickets yet?  If not make sure you register on our eventbrite page NOW so we won’t have to turn you away later because we’ve filled the theater again!

And now for some things worth reading from the week:

In case you’ve been out of touch, South by Southwest is in full swing in Austin, Texas and the interactive segment gave us a lot to talk about regarding cool new technologies and businesses emerging from around the nation.  For those of you who missed the festivities, Time gives a good recap of their top 5 highlights from SXSW, and inc.com gives us 8 lessons learned for entrepreneurs everywhere.

Speaking of technologies to change the world, a prominent Silicon Valley investor launched the Sandy Hook Innovation Initiative last week, challenging entrepreneurs to create safer technologies for the firearm industry. What other controversial issues can entrepreneurs solve through by using innovation to bypass all the politics?

Google also made a big splash in the news this week by acquiring DNNresearch, a university incubated startup from the University of Toronto.  With a trendsetting company like Google digging into University based startups, could this be the beginning of a new renaissance in tech commercialization?

Finally in UMD news, In the Capital ran a great feature on UMD’s new student-run incubator, Startup Shell.  No doubt it’s an exciting time for entrepreneurship at the university and we can’t wait to see what happens next.  Which reminds me, don’t forget to reserve your seat for Cupid’s Cup!

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Worth Reading 3/8/2013

What a week it’s been? We hope you all stayed safe when Winter Storm Saturn rolled around, we weren’t hit too badly here in College Park.  Other than that, we’ve been going full speed ahead in preparation for Cupid’s Cup, which will be here in less than a month! If you haven’t already registered, go to http://cupidscup.eventbrite.com/ and save your seat for the event.  Registration is free, but seats are limited, and the venue fills up every year!

With that said, let’s take a look at some interesting reads we’ve found during the last few weeks

It seems like more and more people are taking notice of DC as an entrepreneurial hub. This comes to no surprise to those of us who’ve been here for years, but it’s great that the rest of the world is also starting to catch on.  Here’s a great profile from Entrepreneur.com profiling the DC scene, and another article from In the Capital highlighting DC being ranked as one of the top cities for female entrepreneurs!

If you’re like me, coming up with a name for anything takes forever and a day. How do you come up with something that both describes the business and sets you apart from your competition?  This article from Young Entrepreneur gives 6 handy tips to keep in mind when coming up with that perfect name.

In awesome new tech news, a lot’s been said about 3d printing recently, but what about 4d printing? A team from MIT revealed their new innovation on 3d printing at the TED Conference last week.  A 3d printed object that changes shape and assembles itself after printing!  Check out this article from Tested.com to see it in action!

Finally in Dingman Center family news, Managing director Elana Fine was featured in an article last week regarding the oncoming impacts of crowdfunding with equity. Crowdfunding was also the topic of the latest Innovation Fridays podcast, featuring Elana, Ed Barrientos, and Jason Shrensky. And saving the best for last, Jackson Gellar, son of EIR Harry Gellar, was featured in his school newspaper for a company that he started, proving that it’s never too early to start being an entrepreneur!

Until next time, and don’t’ forget to BUY YOUR CUPID’S CUP TICKETS!

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Meet Live Unchained and Support their Indiegogo Campaign!

Meet Live Unchained, an EnTERPreneur Academy company in the Hatch stage that is in the midst of a major crowdfunding campaign on IndieGoGo.  We caught up with Kathryn Buford, the founder of Live Unchained, to chat about her organization and her latest efforts.

Tell us about yourself and your company.

A: I am Kathryn Buford, a PhD student in sociology at UMD, an artist, journalist and digital media consultant.

My organization is Live Unchained, an international arts media and events organization featuring works by female artists across the African diaspora. Our media offerings include a growing online magazine at www.liveunchained.com where we’ve interviewed over 100 female artists from over 16 countries. We also offer a variety of events such as art exhibits, festivals, film screenings, concerts and now, with the help of our Indiegogo supporters, we’d like to add an awards ceremony to our offerings as well.

How did you come up with the idea?

A: I started Live Unchained with my college roommate, Miriam Moore. She majored in Graphic Design and I studied Sociology and African American studies. A lot of our classes overlapped and led us to discuss topics like art, social justice and black identity. In our eyes we had pretty radical ideologies. Negative and limited representations of black women in popular culture really upset us and learning more about the history behind those images added fuel to the fire. When it comes to arts media and venues, women of African descent are still under-represented, with not enough done to reflect the diversity of our perspectives and experiences.

At the start, we wanted to create a cultural project that would critique the misrepresentation and under-representation of black women, by satirizing the absurdity of it all. But, as we grew – putting others first and developing a global conscience – the project changed. We didn’t want it to only be about what was wrong, but also celebrating what black female artists were creating. We grew to see it as a platform and community to unite black women across the diaspora.

How has the Dingman Center and the EnTERPreneur Academy helped you and your startup?

A: I am so grateful for all the wonderful entrepreneurs the EnTERPreneur Academy has allowed us to meet. It’s amazing to not only learn about business marketing and strategy from some of the leaders in the industry, but to also see their human side. These accomplished business executives have been so humble and down-to-earth; I really respect their approachability because they model for me the type of entrepreneurial leader I want to be. I also love seeing my colleagues in the program and learning about their businesses.

Tell us about your Indiegogo campaign.

A: The campaign is called “Terrifying, Strange & Beautiful.” The name comes from a line from the poem, For Women Who Are Difficult to Love by London-based Somali poet, Warsan Shire: “You are terrifying and strange and beautiful, something, not everyone, knows how to love.”

After I heard these words I shared the poem with everyone I could. Later, I had a vision for an awards ceremony titled, “Terrifying, Strange & Beautiful,” The goal of this ceremony would be to recognize the many amazing artists that we’ve interviewed during the last 4 years on Live Unchained for their layers, fire, and vulnerability, both as individual women, and as part of an international community.  The ultimate message being that, like in Warsan’s poem, these are qualities meant to be celebrated.

With Warsan’s blessing, we’re raising funds for an awards the ceremony to honor artists across the African diaspora. The funds will also cover the costs of Warsan’s travel and accommodations so she can attend the ceremony. In conjunction with the awards ceremony, Warsan will host a workshop on healing through narrative and participate on a panel on cultural activism.

Why did you decide to utilize crowdfunding and what have you learned about running a crowdfunding campaign so far?

A: Being very resourceful, we’ve been able to put on some really great Live Unchained events and share some great magazine features. However, to make “Terrifying, Strange & Beautiful” a reality, we need money.. For this campaign, I decided we’d raise our own funds instead of waiting on someone else’s grant or competition time-table.

I did a lot of research on crowdfunding platforms and learned some are better suited for different type of initiatives. We’re raising funds for an arts initiative and  want to avoid the risk losing all the funds if we don’t reach our goal soIndiegogo is the best choice for us. I’ve also learned the importance of having a strong start, affiliate networking plan and fundraising milestones. We kicked off “Terrifying, Strange & Beautiful” at our anniversary party and it brought a lot of awareness and positive energy to the campaign.

With an online campaign, social media has been important for spreading the word. We created a lot of visuals that people can share on Facebook, Twitter and Instagram. For example, with the help of the Chair of the Graphic Design Department at the University of Illinois at Urbana-Champaign we created a digital postcard campaign (http://www.liveunchained.com/inspired-by-the-poetry-of-warsan-shire-design-students-launch-terrifying-strange-beautiful-postcard-campaign/) .

What are your next steps with your business?

A: I’m really excited about adding people to our advisory board. We’re also adding a non-profit component to the business so we’ll by established as a hybrid for-profit/non-profit entity.

Additionally, we’ll share more regular video features and new content at www.liveunchained.com.

Do you have any advice for fellow aspiring entrepreneurs?

A: When it came to spreading the word about the “Terrifying, Strange & Beautiful” campaign, I had some reservations about asking people for money. One of my mentors told me, simply, if you want people to give you something, you have to ask for it directly. So, I’d say, once you are clear about what you want and why, there’s no need to be self-conscious about asking for the help you need in making it happen.. Make your requests professional, but also personal; whenever appropriate, include a visual component that humanizes your work.

And, most importantly, Live Unchained.

Watch the video below to find out more about Live Unchained’s Indiegogo campaign. Help support Live Unchained by contributing to their Indiegogo campaign at http://www.indiegogo.com/projects/270627!

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Business Rx Entrepreneur Q&A with Elana Fine – Part 7

Elana Fine, Managing Director of the Dingman Center recently participated in a live chat on Wednesday February 19 with the Washington Post’s Capital Business magazine for their Business Rx column. Elana answered questions from regional entrepreneurs on improving or starting a business. This post features an excerpt from the live chat that was posted on washingtonpost.com. Follow the Dingman Center’s Facebook Page and Twitter Page for information on the next live chat and other Dingman Center news and events.

Q. What are your thoughts on getting involved in an existing franchise vs. starting my own company?

EF: It depends on your risk tolerance and the current opportunity. Franchising can be a rewarding route to start a business with a model that has been well tested. Like any start-up, it has it challenges, but it gives an entrepreneur an opportunity to operate an established brand. That being said, this is quite different than pursuing your own idea, dream and passion and seeing something grow (or fail). The latter may have higher risks because the idea and market is unproven, but more potential for upside.

Q. Have you owned a business? How did you become an expert on start-ups?

EF: I was an early employee at a start-up, technology-focused investment banking boutique. Our team was growing our own business while also advising early stage companies on raising private capital and buy side/sell side acquisitions. We worked with a variety of technology companies and often helped refine their growth strategy and business model to prepare them for venture financings or for exit. In my current role, I work closely with many student start-ups, as well as regional entrepreneurs.

Q. I know that it takes time to build a business. What is a reasonable amount of time to give a business before knowing if it has been successful? I guess the real question is: How many months of expenses should a person have when getting started until the income becomes regular?

EF: Ooh, that is always a hard question because it really depends on the type of business. If you are starting a restaurant, you may start generating cash flow sooner than if you are developing cancer drugs. I’d say two things:

  1. Depending on your idea, you want to put a plan in place to score card yourself to know if this is an idea worth pursuing or whether you should pivot or lick your wounds and admit “failure.”
  2. Always assume it will take twice as long and cost twice as much.

Q. I’m thinking of starting a tech company. Should I build it here in D.C. or move somewhere like Silicon Valley or N.Y.?

EF: STAY HERE! There is a thriving ecosystem of technology entrepreneurs and mentors — regardless of what you might otherwise hear. The community is supportive and collaborative with a deep bench of seasoned executives. The imminent decline in government spending should also free up tech talent who, after some soul searching, might find working at start-ups more rewarding than consulting firms. There is a funding issue, no question, but there is also a lot of expertise in grant funding and other non-dilutive financing.

Q. Is one age better than another for starting a business? I know that experience and age go together. I have known several people who reached their mid-50s or early 60s who decided to become consultants and cut back from their full-time jobs. I know college graduates who are used to living on a shoestring budget and could take the chance. But, I am somewhere in the middle. I am used to my current income level, but not my current job situation. I know that I could offer my services and have a better quality of life, but I am not sure if my finances would agree.

EF: Entrepreneurs are like marathon runners (in many ways) — they come in every age, shape and size. Young entrepreneurs are fresh with fewer financial burdens — and have the energy it takes to get ideas up and running. But they are inexperienced in hiring and managing teams, developing customer and channel partnerships, and often impatient with the ups and downs and highs and lows of starting companies. Identify your skill set as an entrepreneur and look for co-founders that might have complementary skills. There is no question your bank account will take a hit, but sounds like being your own boss might be worth the tradeoff.

Q. What is the Cupid’s Cup competition I saw a mentioned on the Dingman Web site?

EF: Cupid’s Cup is a national business competition, sponsored by Kevin Plank, founder and chief executive of Under Armour, for students who are currently running businesses. Finalists will compete for $50,000, and access to Kevin Plank’s network, on April 5th here at the University of Maryland.

Q. As you know, Europe is in the midst of economic crisis. What is the best business that could survive this economic turbulence? Even big companies have already collapsed.

EF: The businesses that are most agile and proactive are more likely to survive. There is no magic formula — but if you are starting a business and expanding internationally, you need to think carefully about which markets to approach first. Those that are more unstable might be lower priority. Other emerging economies with vibrant start-up cultures, such as Brazil, might be a viable option.

cupidscup-033012-185_hr1Elana Fine was appointed Managing Director of the Dingman Center in July 2012, after joining the team in 2010 as Director of Venture Investments. As Managing Director, Elana’s primary focus is leading the Dingman Center in support of its mission and strategic plan. Key responsibilities include oversight of our student venture incubator, Dingman Center Angels investor network, business competitions, and technology commercialization efforts.

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Worth Reading 2/22/2013

It’s been a while since our last Worth Reading feature, but it’s been an exciting time for the Dingman Center for Entrepreneurship!  Yesterday, 12 student startups from around the nation competed at the Cupid’s Cup Semi-Finals held at Under Armour headquarters. We’ll be announcing the results soon so stay tuned to find out which 5 teams will be competing at the Cupid’s Cup Finals on April 5, 2013!

In the meantime, here’s some suggested reading to get you in the mood:

You can find entrepreneurial lessons and metaphors anywhere you look, but this list from Young Entrepreneur of what leaders can learn from the current crisis in the Capitol seems fitting for those of us who live and work in the DC Metro area.

Speaking of the Capitol, here’s an interesting article from Bloomberg about how little Silicon Valley actually know about how the government works, which was written in reaction to their previous article about how little members of congress actually understand the internet.  Seems to me it’s up to our entrepreneurs to make up this gap!

Which brings us to the DC startup scene, which as you know is growing fast!  In the past 2 weeks, 1776, a new DC incubator, was featured a few times, here one feature from BizTech Magazine, and here’s a video feature posted by an ABC affiliate in Sacramento!

Finally, for those of you who missed DC Social Media Week this past week, Carl Pierre of In The Capital gives a great synopsis of a Startup Grind DC speaker event featuring Eugene Stoltzfus, founder of Rosetta Stone, who talked about the challenges he faced when starting up Rosetta Stone, and the insights he learned while building the business.

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Pitch Dingman Competition Results!

Earlier today, five student startups pitched to a panel of judges for the first Pitch Dingman Competition of 2013. The competition was fierce and each entrepreneur put up equally compelling arguments for their ventures. In the end the judges and audience both chose Wheel Shields as their winning student startup, with UPride receiving 2nd place honors. Wheel Shields was awarded $2,250 and a Cupid’s Cup prize package allowing the company to participate in the Cupid’s Cup Business & Innovation Showcase on April 5. UPride took home $500 to propel their business. Congratulations to both startups, the Dingman Center expects great things from you in the future!

PitchDingman-15Feb13-151

We’d also like to recognize Parallel Tracks, Electric Squeeze and Adaptive Motion Technologies for giving great pitches, we wish them the best in their ventures, and given their performance, we’re sure they’re well on their way!

About Wheel Shields

Student Entrepreneur: Chase Kaczmarek

Shield Boards, LCC produces my patented invention Wheel Shields. Wheel Shields are a skateboarding accessory that solve “wheel bite” (a dangerous safety problem), keep riders dry and allow riders to stand over their wheels. “Wheel bite” occurs during hard turns when wheels come in contact with the deck, stopping the board and throwing riders to the pavement. Wheel Shields completely eliminate “wheel bite” and work universally with any skateboard. Wheel Shields have gone viral: our Facebook page has over 25,000 likes, we’re endorsed by a Guinness world record-holding skater, and we are in an upcoming edition of Heelside Magazine.

About Pitch Dingman Competition

Twice a semester, students can compete for $2,750 in start-up funding at the Pitch Dingman Competition. Everyone is welcome to attend Pitch Dingman Competitions as an audience member and there is no need to register. The next Pitch Dingman Competition is scheduled for Friday May 10, 2013 Interested in competing? Start with an informal Pitch Dingman Session

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Semi-Finalists for the 2013 Cupid’s Cup Announced!

Founded in 2006, Cupid’s Cup is the flagship entrepreneurship event at the University of Maryland. Many student entrepreneurs from the University of Maryland have competed on the main stage for the chance to win the cup and recognition for their ventures. This year, the organizers of Cupid’s Cup, Kevin Plank, founder and CEO of Under Armour, and the Dingman Center for Entrepreneurship, decided to raise the stakes and make the Cupid’s Cup a national competition, seeking the best student-run business in the United States!

After a long and difficult deliberation, we are proud to announce the semi-finalists for Cupid’s Cup 2013.  These teams will be attending the Cupid’s Cup Semi-Final Round at Under Armour HQ in Baltimore, MD next Thursday, February 21, where the top 5 teams will be chosen to pitch at the Final Round on Friday, April 5 at the University of Maryland.

Find out who made the cut in the official press release: http://www.rhsmith.umd.edu/news/releases/2013/021413.aspx

Cupid’s Cup is where you’ll find the coolest innovations from the UMD campus and  the mid-Atlantic region all under one roof. Pick the brains of entrepreneurs from all kinds of businesses. Take a break from the dining halls and your usual lunch spots and visit the food trucks. Get to the competition early to score one of our limited-edition t-shirts. And definitely stay to watch our competitors duke it out in front of Under Armour Founder Kevin Plank. Find out more at http://www.cupidscup.com

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Smith MBA Wins 8th Annual China Business Plan Competition!

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In January, 18 MBA students from the University of Maryland headed across the pacific to Beijing to compete in the 8th Annual China Business Plan Competition. This annual event, co-hosted by the Robert H. Smith School of Business and the Guanghua School of Management at Peking University, brought together entrepreneurial students from the United States, China and Israel, to see who can deliver the best pitch for their innovative business idea that leverages Chinese resources.  The Smith teams made a strong showing, with three teams making it to the final round of competition, and one Smith team taking the grand prize! We caught up with Yuan He, apart-time MBA student and sole team member of the winning team, Honeymoon Honey, to get his thoughts on the competition and the trip:

Q. Tell us a little about yourself.

My name is Yuan (pronounced “one”). I am currently pursuing both an MBA and an MS in Finance at the Smith School. At Smith, I serve on the boards for Net Impact and Finance Association as well as participate in the Global Equity Fund as a managing member.  I also hold a Master of Science degree in Electrical Engineering from the University of Tennessee, Knoxville.

Outside of school, I run my own company called HY Financial, LLC, as an independent registered investment advisor helping individuals reaching their financial goals. I also hold a position at the Defense Information Systems Agency, working in acquisition and system engineering.

Q. What was the business idea that you pitched and how did you come up with the idea?

The company that I pitched at the competition is called Honeymoon Honey. Basically, the honeybee population has plummeted since the 1950’s and it has become more and more challenging for farmers to pollinate their crops. In some countries, farmers have even resorted to pollinating their crops by hand. At Honeymoon Honey, we rent honeybee hives to these farmers to help them increase crop production while reducing the amount of manual labor needed. We then take the honey produced by the rented beehives and make them into high quality cosmetic products.

I got the idea from my friend Andy, who was also the very first friend I made in the U.S. some 20 years ago. His wife’s family had long been making honey based products as a hobby and would occasionally sell their products at the local farmer’s market. Andy saw the business potential in honey products and came to me in 2011 with the idea that eventually became Honeymoon Honey.  We have been working on the business ever since.

Q. How was your experience at the China Business Plan Competition?

It was an awesome experience! The advice and feedback from Prof. Bob Baum, John LaPides, and Elana Fine of the Dingman Center were invaluable, and the experience of learning how to put together a pitch was very rewarding. Both Bob and John would always be able to identify new areas for improvements at end of each advising session. I went in to every session wondering “what can they possibly say now?” The difference between my initial pitch and what I presented at the finals were definitely night and day.

Of course, it all pays off in the end when you’re standing before the judges and full audience at the final round. I am sure would not have been able to win the competition without everyone’s support, and I am thankful to the Dingman Center for that memorable moment.

Q. How was the rest of the trip?  Would you recommend it to other MBAs?

My trip was a little different than rest of the group since I used to live in Beijing, but I would highly recommend the trip and the competition to all other MBA students. There are a lot of opportunities in China, especially in this modern era, and I encourage other students to visit China and learn about what these opportunities can mean for them. Taking classes inside the walls of Van Munching Hall may be exciting enough, but it’s what you do outside those walls that will make your MBA a memorable experience.

Q. What are the next steps for Honeymoon Honey?

The future is very exciting for Honeymoon Honey. We are actually currently in negotiations with a few national retailers in the U.S. who are interested in working with us. In addition, I had several meetings with local VC firms in China after the competition that opened new doors for the business as well. Don’t be surprised if you see Honeymoon Honey in China in a few years.

Q. Any general advice to aspiring entrepreneurs?

You’ve got to love your business and believe in it before you can make others believe in it as well. When you really believe in your idea, it makes more thoughtful about your business, hungrier for advice, and more passionate in your pitches.

Since 2006, more than $200,000 has been awarded to promising entrepreneurs in  the China Business Plan  Competition co-hosted by the Smith School’s Dingman Center for Entrepreneurship and Peking University’s Guanghua School of Management. The CBPC is held as part of a week-long global studies trip and satisfies 3 credits of the Smith Experience MBA curriculum. The competition and trip is open to all UMD students at any degree level. For more information please visit our website at: http://www.rhsmith.umd.edu/dingman/students/CBPC/

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Meet the Feb. 15 Pitch Dingman Competition Finalists!

The first Pitch Dingman Competition of 2013 will take place at 11 a.m. Friday, Feb. 15 at Tyser Auditorium in Van Munching Hall.  Five UMD-based student startups will pitch for the chance to win $2,500 in startup funding. In addition, audience members will also have the opportunity to vote for their favorite entrepreneur of the day to award them with additional prizes!

Here’s a little preview of our finalists:

3841_356297531135361_89754252_nParallel Tracks
EnTERPreneur Academy Member
Team: Daniel Noskin, Vinnie Vendemia, Scott Block, and Jeff Hilnbrand

Parallel Tracks is a social networking web site and mobile application that gives users the ability to broadcast and listen to music with others in real time, creating a more social and enjoyable listening experience. Using a twitter like interface, users can “track” more than just their friends. They can also follow their favorite celebrities, athletes, and musicians to discover new music in a unique way. Detailed analytics help users strategize their music brand so that they can target specific audiences and advertise accordingly. Now everyone has a music voice. Play it louder!

Logo_20Adaptive Motion Technologies
EnTERPreneur Academy Member, Dingman Jumpstart
Team: Yoni Kozlowski, Emmanuel Klein, and Jonathan Howarth

Adaptive Motion Technologies LLC is a medical device development company that intends to design, patent, and market prosthetic devices related to the fit and comfort of the human/prosthetic interface. A group of engineers are currently developing three devices designed with the participation of prosthetists, physicians, surgeons, and patents.  The principal technique for maintaining a secure fitting of a prosthetic device with a patient is through the use of a socket. A properly fitted socket distributes the forces on the prosthetic device around the patents limb while holding the socket aligned and in place. This is primarily accomplished through the use of custom made shells which are formed based on molds of the patient’s limb. This process is both limited in function and expensive in practice costing about a billion dollars per year in the United States alone. Adaptive Motion Technologies LLC has developed technology which would allow a socket to conform to the unique and variable shape of a patient’s limb every time they don their socket. This would allow sockets to be used comfortably over longer periods of time and without the need for custom components reducing the overall cost. Adaptive Motion Technologies LLC intends to license this technology to a larger company. In this way the company will mature quickly from product development.

61153_190721601053181_1102597725_nUPride
EnTERPreneur Academy Member
Team: Suyash Mehta and Dan Martinez

UPride is an innovative apparel company that strives to bring universities across the nation pride gear. The target audience for the company has no boundaries; it can apply to all ages depending on the nature of the merchandise. Currently, the majority of our merchandise is Maryland Flag themed. We constantly are designing new designs to keep our target audience up to date with the current fashion trends. We have started talking to many large companies about supplying them with our merchandise. In the near future, we plan on branching out and becoming a distributor as well as a retailer.

601249_413571745384601_408988131_nThe Electric Squeeze
Team: Julian Ragland, Fuad Balashov, and Eugene Skinner

The Electric Squeeze is a business dedicated to bringing a culture of music into College Park while helping to create opportunities for local, partner, DJ’s.  The business was originally formed as a blog to share the music that its founders listed to with their friends. As it grew, the opportunity to host events at local venues and establish a physical presence presented itself. Since the fall of 2012 the Electric Squeeze has organized seven events in three venues, both in DC and College Park. We plan to continue our growth and would value the Dingman Center’s assistance.

9695_471694029535714_1794550549_nWheel Shields
Team: Chase Kaczmarek

Shield Boards, LCC produces my patented invention Wheel Shields. Wheel Shields are a skateboarding accessory that solve “wheel bite” (a dangerous safety problem), keep riders dry and allow riders to stand over their wheels. “Wheel bite” occurs during hard turns when wheels come in contact with the deck, stopping the board and throwing riders to the pavement. Wheel Shields completely eliminate “wheel bite” and work universally with any skateboard. Wheel Shields have gone viral: our Facebook page has over 25,000 likes, we’re endorsed by a Guinness world record-holding skater, and we are in an upcoming edition of Heelside Magazine.

Interested in being a part of the action? Your first step would be to attend a Pitch Dingman informal advising session to talk to one of our expert Entrepreneurs-in-Residence who will help point you in the right direction.  Pitch Dingman informal advising sessions take place every Friday during the school year from 11am to 1pm at the Dingman Center for Entrepreneurship.

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Business Rx Entrepreneur Q&A with Elana Fine – Part 6

Elana Fine, Managing Director of the Dingman Center recently participated in a live chat on Wednesday January 23, 2013 with the Washington Post’s Capital Business magazine for their Business Rx column. This post features the answers to some of the questions posed by regional entrepreneurs on improving or starting a business. Follow the Dingman Center’s Facebook Page and Twitter Page for information on the next live chat and other Dingman Center news and events.

Q. I’ve seen a trend for healthy eating, but there doesn’t seem to be any major chain known for its fast food being completely good for you. Do you think a chain of drive-through healthy fast food restaurants would prosper in today’s market?

Elana Fine : This has proven to be a very tough market to crack.  It turns out there is actually only a small part of our population that demands healthy fast food options.  In fact, we are actually seeing the opposite happen with burger chains and cupcake shops exploding.  Subway might be a good model to try to imitate. They took something standard like a sub and pitched it as a healthy choice.  Look for a product that requires limited behavior change, but is significantly healthier than a burger.

Q. I have a great idea for a small business that would allow me to do something fun while filling a void in local services. That being said, I’m a federal employee who is slowly paying down my law school debt while saving for a house and starting a family. How would you advise someone like me to deal with the insecurity of giving up a steady paycheck and benefits?

Elana Fine : This is often the hardest obstacle in getting started.  A lot of times entrepreneurs are the only ones who think their idea has legs, so it becomes hard to build support and justification for leaving a job.  You need to back your idea with data on market needs, look closely at those examples, and understand the startup costs and runway needed to fund the business.  You will probably need to max out your credit cards and sacrifice some savings, so if you don’t completely believe in the idea or your ability to execute, then hold off. Finally, you will need to sell the idea to the people who will be supporting you! Start by pitching to them the same way you would pitch your business to a customer.

Q. I think that one of the reasons that I continue to work for someone else is that I know I don’t have all of the skills needed to run a business by myself. I need a partner who could take the lead on sales while I take the lead on other aspects of the business. How can I find a like-minded partner for a new business?

Elana Fine : You are smart to understand your own skill set and where you might need help.  I’d suggest starting your search with a couple avenues.  First, find industry networking opportunities where you might find others with similar interests, yet complementary skills sets.  Second, look for resources, such as CoFoundersLab, a local startup that works with entrepreneurs to find their co-founders.  Third, you can always recruit in the way a larger corporation or late stage startup would, look for successful companies in the sector and try to hire their executives. You might find that there are a lot of people itching to do something new.

Q. I recently read that VCs base their investment decisions more on the entrepreneur than on the business. I am used to focusing on selling my business idea when I pitch. Do you have any tips on how I can better pitch myself and my team as entrepreneurs to VCs?

Elana Fine : I’d say it isn’t just the entrepreneur, but the entrepreneur’s ability to execute.  While the idea and the business are important, the real differentiator is the entrepreneur’s plan for growing the business.  VCs are looking for unique business models and monetization strategies rather than repeats of past successes.  An entrepreneur can’t walk in and say they are going to start a mobile app company that will generate revenue through downloads and ads — that has been done before and VCs want to hear something different.  It is the entrepreneur’s job to sell them on how they see and do things differently.

Q. I’d like to start a business to help people with personal finance like investing for retirement, saving for college, debt management, etc., but most businesses like this are located in office parks where people aren’t likely to see it by passing by. How do I market such a business?

Elana Fine : These kind of service businesses typically don’t require a high priced storefront location because someone looking for a personal finance company is probably not looking for one while they are taking a stroll like they would a coffee shop.  Storefronts have high fixed costs, making it hard for a services business that may have more variable revenue streams.  You would be smart to consult a marketing professional, but from a startup perspective, you should look at other companies on the market like HelloWallet, Mint.com and others that are building Web-based, scalable offerings in this market.

Q. I have a full-time job as a Web developer and often think that I could jump ship and become a freelance developer. However, I also know that when someone sends me an unsolicited email offering a service, I almost always ignore it. How can someone start offering a freelance service without having their offers ignored?

Elana Fine : There is a huge void in the local market for development talent, though I wouldn’t suggest sending unsolicited emails. Instead, you could make a name for yourself quickly by taking on some small projects for local startups (even if for equity at first).  The startup community is close-knit and likely to make referrals for you if you do a good job.  Announce yourself at a D.C. Tech Meetup, local FB community or other events and you might be on your way!

Q. I recently read that one of the biggest mistakes a startup can make is asking for too much money. How can entrepreneurs zero in on the right amount of funding to ask for? Should you ask for the amount that you need or the average amount a particular firm usually invests?

Elana Fine : It is a delicate balance to find the right amount, but it does lend to your credibility as an entrepreneur.  Different companies will have different funding requirements, so I wouldn’t go for an average.  You need to target the firms based on whether they write checks in the range you need.  If you need $10M, don’t go to a VC that focuses on $3-$5M. I’d make two recommendations. First, you need a solid financial model that credibly factors in R&D, sales and marketing and other expenses (low on salaries!). Once you figure out the best case, figure out the worst case and plan for that scenario. Think about how you can raise money in tranches, receiving the 2nd tranche after you have hit some performance milestones.  Second, make sure you are approaching VCs that invest in your sector, stage and dollar amounts. Don’t waste your time if there is not a good fit.

Q. What is your opinion on using crowdfunding platforms such as Smallknot and Kickstarter as a way to fund small businesses? Is there anything small business owners should be mindful of?

Elana Fine : I think Kickstarter and other crowdfunding platforms are a viable alternative for bringing new products to market, but I’d suggest learning the ropes before engaging.  Each platform has its own limitations and learning curve.  You could spend a lot of time on a Kickstarter campaign and never get close to reaching your goal. I’d be sure to pursue other funding alternatives in addition to crowdfunding.  You need to be thinking about your next move after you fund the initial project – what will you do next to build a business? How will you fund your next steps?

cupidscup-033012-185_hr1Elana Fine was appointed Managing Director of the Dingman Center in July 2012, after joining the team in 2010 as Director of Venture Investments. As Managing Director, Elana’s primary focus is leading the Dingman Center in support of its mission and strategic plan. Key responsibilities include oversight of our student venture incubator, Dingman Center Angels investor network, business competitions, and technology commercialization efforts.

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