The Allure Of business ownership continues to entice many Americans in light of the thorny job market, the lack of security, and a greater desire for professional independence. Although business owners are emerging from every corner of the nation, some entrepreneurs prove to be innovative and tenacious enough to rise above mediocrity. These strong-willed business owners redefine the landscape that maps out where black businesses can travel in the future.
The winners of the 2004 BLACK ENTERPRISE Small Business Awards are some of those businesspeople who steer the ship. Recognized during the ninth annual Black Enterprise/General Motors Entrepreneurs Conference held in May at the Wyndham Anatole Hotel in Dallas, this year’s victors are: Faye Fields of Integrated Resource Technologies Inc., Colin Hill of Gene Network Sciences, Iris Rideau of Rideau Vineyard, and Camille Winbush of Baked Ice. BE’s editors surveyed several businesses to select companies that exemplify stellar concepts that push black entrepreneurship to new heights. In the next four pages, we will introduce the winners. For information about the 2005 conference or to nominate a Small Business Award candidate, call 800-543-6786.
EMERGING COMPANY OF THE YEAR AWARD
FAYE FIELDS
After working for several management consulting firms, Faye F. Fields decided to create a firm that would deliver a strong message: Innovative Solutions—Excellent Results. Field’s bold endeavor rewarded her with the BE Emerging Company of the Year Award. This award recognizes businesses that have poised themselves for future growth by carving out a special niche or by adopting creative marketing techniques.
Integrated Resource Technologies Inc. was founded in Maryland in 1986. Fields, president and CEO of IRT, states that the company is a small business that operates like a big one. IRT provides management support services and information services to clients such as the U.S. Department of Energy, the U.S. Marine Corp., and the D.C. Chamber of Commerce. In 2003, IRT raked in $9.8 million in revenues; however, Fields wants to turn IRT into a $20 million company in the upcoming year. IRT has had a steady 40% sales increase for the last three years. This is the result of marketing, which Faye is directly responsible for, and developing relationships with partners, companies, and potential customers.
Fields makes a conscious effort to place African Americans in key positions, where they can directly impact the company. Fields admits that one of her greatest successes is seeing, “the number of people I can give employment opportunities to and the growth I provide to people who work with me.”
RISING STAR AWARD
COLIN HILL
When technology meets medicine, the pair illustrates incredible possibilities for cancer research and the pharmaceutical industry. Gene Network Sciences makes this union possible. Colin Hill, the 31-year-old CEO of GNS, is this year’s winner of the Rising Star Award. The award acknowledges individuals, ages 21 to 35, whose outstanding skills, professionalism, and perseverance have established them as future business leaders.
GNS is a 4-year-old company based in Ithaca, New York. It has
22 full-time employees and is diverse on the technical and scientific level. GNS’ employees have extensive backgrounds in genetics, mathematics, physics, and computer science. Under Hill’s vision for the company and strategic planning, GNS has received $4 million in federal grants: $2 million from the Department of Energy for computer modeling and $2 million from the National Institutes of Health for heart research.GNS takes chemical and biological information and turns it into computer models of human cells and organs. This method provides an efficient way to understand how certain drugs will affect patients. The multimillion-dollar company is sensitive to the high costs of medication. “Our technique of developing drugs is efficient, and it could potentially bring cheaper drugs to the market so that these drugs could reach across economic brackets,” says Hill, who was also named to BE’S Hot List (December 2003).
The promising businessman wants GNS to continue to impact breakthrough therapies for cancer, heart disease, and inflammation. “Our goal is to attract the best and the brightest in the field,” Hill says. “We want to double in size over the next year and have a dramatic effect on new drugs for cancer.”
BUSINESS INNOVATOR OF THE YEAR AWARD
IRIS RIDEAU
Iris Rideau, president and CEO of Rideau Vineyard in Santa Barbara, California, effortlessly combines delectable grapes from the Rhone Valley of France with the savory taste of Creole cuisine in her winery. Rideau’s strong business sense earned her this year’s BE Business Innovator of the Year Award. This award honors companies that have set trends and broken new ground in a particular industry.
Rideau Vineyard, established in 1997, sits on 25 acres of land and houses 11 premium wines. In 2003, the company brought in $1.2 million, and Rideau projects a promising sum of $1.9 million next year. The ambitious business owner ensures that Rideau will stand strong in the competitive market. Her philosophy says that wine is all encompassing. “People need to have a total experience when it comes to wine tasting. That means including food pairing,” says Rideau. Occasionally, she adds a personal touch by preparing dishes such as gumbo, jambalaya, red beans and rice, and crawfish étouffée in her country-style kitchen.
Rideau is proud of her success but isn’t making plans to mass-produce. “What creates growth are the people who come to the tasting room and want to be part of our seller club.” Viognier is one of Rideau’s favorite wines, which members may receive every other month. Viognier is made from white grapes, and its tropical essence comes through in a delicious pineapple and apricot flavor.
Rideau instructs entrepreneurs to have a five-year business plan (seven years for the winery business) and five years’ worth of cash flow before starting a business. Above all, Rideau admits that her tenacity and willingness to work hard and stay focused make her successful.
TEENPRENEUR AWARD
CAMILLE WINBUSH
Camille Winbush turned her appetite for a sweet-flavored frozen treat into a profitable business
The 14-year-old co-star of The Bernie Mac Show decided to open Baked Ice, a Pasadena, California-based ice cream shop over a year ago. “I wanted to try something new that no other kid that I know of has done before. Usually they’ll start something with fashion, but ice cream was different.” Winbush used the money generated from her career as a professional actress to start Baked Ice.
Baked Ice provides 16 different ice cream flavors amid smooth jazz and occasional poetry readings. In addition to being a budding actress, Winbush is a hands-on businesswoman. She was directly involved with finding the location of her business, determining its hours of operation, and creating recipes. In 2003, Baked Ice grossed $120,000, which is $30,000 more than she anticipated. Winbush’s company is destined to grow as she garners patrons by way of ice cream socials and various promotional events.
Winbush wants to attend college to study archeology or forensic science. The country may be amazed by Winbush’s business sense; however, she is not surprised about her insight. Winbush says, “It’s just in my blood to have that entrepreneurial spirit.”