2011 B.E. Small Business Award Winners

These companies nab top honors at this year's Entrepreneurs Conference

INNOVATOR OF THE YEAR AWARD
Whether it’s a new service, product, or type of business model, these creative entrepreneurs will have an indelible impact on the way business is done. This award is given to a business approaching entrepreneurship in an innovative or groundbreaking manner.

  • MagnoGrip Inc.
  • Type of business: Manufactures magnetic tool storage gear and accessories
  • Founder/CEO: Andre Woolery
  • Locations: San Francisco, California and Shenzhen, China
  • www.mdgtools.com

When Andre Woolery assembled his handy magnetic wristband, which kept tool bits close during ‘round the house handy projects, he soon realized he had a potential business on his hands. The then MBA student went into action tapping into his Stanford University classmates and their networks to get the MagnoGrip Magnetic Wristband patented. Woolery performed thorough market research, pinpointing several hardware stores within a 20-mile radius of his Menlo Park, California home, to pitch his product to on consignment. The Jamaican-born entrepreneur first brought his product to market in 2005. Since then, the wristband has made its way to more then 1,700 Lowe’s hardware stores, Home Depot, Walmart and Costco.

But the growth hasn’t been without risk.

“I ultimately decided that if they were willing to test market our products, then I should be able to sell out my first production run,” says Woolery about the local sales runs.

He has since extended the magnetic handiwear concept to include Quick Snap, a magnetic tape measure holder, a magnetic drill holder and a nine-pocket magnetic electrician pouch—all launched in 2011. The 35-year-old also launched a second office in Shenzhen, China.

What propelled you to start the business?
I started MagnoGrip because I felt that our first product, the magnetic wristband, solved a pain point that do-it yourselfers and pro-contractors experience. I also noticed that there was nothing like my invention on the market at the time.

What was a turning point for your business? Why?
Making the decision to focus exclusively on getting traction in the “big box” retail distribution channel. It forced us to take a hard look at our company and our business. As a result, we’ve improved our product offering, our supply chain and logistics operations and our sales and marketing initiatives.

Can you think back to a risk you took that paid off?
The key is to take educated risks so that you have a better chance of being successful. Educated risks will allow you to be prepared to handle success as well as the many setbacks you will encounter along the way.

Pages: 1 2 3 4 5


46 Responses to 2011 B.E. Small Business Award Winners

  1. LaRita Smith says:

    Congratulations to all of the 2011 winners! Knowing the Coalescence LLC co-founders specifically, I can say without a doubt that they were destined for greatness and this is only the beginning of their success journey! Kudos!

  2. Jordan GRAY says:

    Hola! I’m not surpised that Jonathan and Adam won,they show and have alot of determination and leadership!! CONGRATSS CUZZOS!

  3. Pingback: 2011 Pinnacle Small Business Awards | The Franchise Finder

  4. Pingback: Eskom Small Business Expo 2011 | Locate your franchise

  5. Pingback: Eskom Small Business Expo 2011 | Create - Top Franchise Ideas

  6. Pingback: Messenger Small Business Awards 2011 | Course - Start Franchising

  7. Pingback: 2011 Pinnacle Small Business Awards | World Wide Franchising

  8. Pingback: Campbelltown Small Business Awards 2011 | Training - Start Franchising

  9. Pingback: Campbelltown Small Business Awards 2011 | Why Franchise?

  10. Pingback: 2011 Pinnacle Small Business Awards | $ IN FRANCHISE

  11. Pingback: Black Enterprise Small Business Expo | Why Franchise?

  12. Pingback: Queensland Small Business Awards 2011 | Search - Franchise Specialists

  13. Pingback: Black Enterprise Small Business Expo | Choose - Search Franchises

  14. Pingback: Dell Small Business Awards 2011 | Search - Franchise Specialists

  15. Pingback: 702 Small Business Awards 2011 | Top Franchise ideas

  16. Pingback: Dell Small Business Awards 2011 | Finding your franchise

  17. Pingback: Black Enterprise Small Business Expo | Franchising all over the world

  18. Pingback: Small Business Champions Awards 2011 | Special - Top Franchise Ideas

  19. Pingback: 2011 Pinnacle Small Business Awards | Easy as Franchise

  20. Pingback: Black Enterprise Small Business Expo | Locate your franchise

  21. Pingback: Small Business Server 2011 Enterprise | Ready Franchises

  22. Pingback: Queensland Small Business Awards 2011 | New Franchise Reviews

  23. Pingback: Small Business Awards 2011 | Ready Franchises

  24. Pingback: Messenger Small Business Awards 2011 | Find Franchise Index

  25. Pingback: Small Business Awards Nsw 2011 | Find Franchise Index

  26. Pingback: Small Business Awards Sydney 2011 | Finding your franchise

  27. Pingback: Small Business Expo Atlanta | Franchise for Cash

  28. Pingback: 2011 Pinnacle Small Business Awards | Franchise Locator

  29. Pingback: 2011 Pinnacle Small Business Awards | Local Franchise Ideas

  30. Pingback: Black Enterprise Small Business Expo | Start Franchising

  31. Pingback: Small Business Awards Nsw 2011 | How to start a Franchise

  32. Pingback: Electrician Tool Pouch Home Depot | problems - emergency electrician

  33. Pingback: 702 Small Business Awards 2011 | Franchise Locator

  34. Pingback: Eskom Small Business Expo 2011 | New Franchise Reviews

  35. Pingback: Electrician Tool Pouch Home Depot | electrician school

  36. Pingback: 702 Small Business Awards 2011 | Easy as Franchise

  37. Pingback: Best Small Business Opportunities 2011 | Easy peasy franchise

  38. Pingback: Small Business Congress 2011 | b-and-b . simple franchise ideas

  39. Pingback: Best Small Business Opportunities 2011 | start - franchise kings

  40. Pingback: Messenger Small Business Awards 2011 | shops - big dollar franchises

  41. Pingback: Small Business Exhibition 2011 | luxury - hotel franchises

  42. Pingback: Small Business Awards 2011 | worldwide franchise deals

  43. Pingback: Messenger Small Business Awards 2011 | options - financial franchises

  44. Pingback: Small Business Awards Sydney 2011 | boutique - hotel franchises

  45. Pingback: Small Business Awards 2011 | shops - big dollar franchises

  46. Pingback: Small Business Awards Nsw 2011 | search - part time franchise business

Leave a Reply

Your email address will not be published. Required fields are marked *