As a growing number of people are motivated to start their own businesses, it’s no wonder so many people turned out for the Black Enterprise 16th Annual Entrepreneurs Conference + Expo hosted by Nationwide in Atlanta. More than 1,400 entrepreneurs, professionals, and other small business hopefuls absorbed advice from renowned professionals, including MC Hammer, rapper turned Silicon Valley entrepreneur; Lisa Price, founder and president of Carol’s Daughter; Ali Velshi, CNN anchor and chief business correspondent; Vanessa and Angela Simmons, founders of Pastry shoes; and producer Will Packer of Rainforest Films.
Conference goers chose from informative and motivational sessions that covered topics such as raising capital, government contracting opportunities, properly using social media for business growth, and tapping into the green economy. A popular, two-day youth education program gave Teenpreneurs, ages 13—19, an opportunity to learn entrepreneurship fundamentals such as leadership skill development and formulating a business plan. It also exposed them to educators, entrepreneurs, and corporate professionals.
One of the most insightful moments occurred when Charles Ogletree, author and Harvard Law School professor, facilitated an intimate conversation with black enterprise Chairman and Publisher Earl G. Graves Sr. and his son Earl “Butch†Graves Jr., the magazine’s president and CEO. The senior Graves shared his experiences raising Black Enterprise from a magazine startup 41 years ago to the iconic multimedia enterprise it has become.
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Other popular events were the Small Business Awards luncheon hosted by Ariel Investments L.L.C. and the Black Enterprise Elevator Pitch Competition, which this year awarded an unprecedented $30,000 total in cash prizes to three winners who gave impressive pitches. At the conference, be honored the following small businesses and entrepreneurs:
PITCHING FOR $10K
Entrepreneurs compete in BE’s annual elevator pitch competition
The game show-styled Elevator Pitch Competition involved 10 entrepreneurs vying for a grand prize of $10,000 by pitching their ideas to a packed audience and panel of judges. PepsiCo, the competition sponsor, opted this year to award all three winners $10,000.
The judges were:
– Earl “Butch†Graves Jr., President and CEO of Black Enterprise
– Star Jones, Author, attorney, TV personality
– J. Anthony Brown, Comedian and radio personality
– Magnus Greaves, Founder and CEO, TheCASHFLOW
GRAND PRIZE WINNER: $10,000
Brandon Butler – The Web Site Shop
What he does: Website designer
Location: Atlanta
Business model: Brick-and-mortar retail
Web design shop
THE PITCH
“Every business needs a great website. But many times the hardest part about getting that great website is finding a reliable Web designer. I’m Brandon Butler and I’m the founder of The Web Site Shop. We’re the first ever brick-and-mortar retail Web design store. We’re conveniently located right here in Atlanta, Georgia, inside Northlake Mall and we’re open seven days a week. Many of our clients don’t know where to start to find a great website, and many clients have had [situations] that cost them a lot of time and money with getting a great website done. Because we’re in a convenient retail location, our accessibility makes us accountable but our skills set us apart. It is our goal to make the Web design process as simple for our clients as ordering a hamburger at McDonald’s. If we were to win this competition it would help us streamline the Web development process. It would also help us finish our franchising program so that we can expand our business. You can follow us online at www.thewebsiteshop.net or on Twitter, @officialwebshop. Thank you. Please let us help you take your brand to the next level.â€
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JUDGES’ COMMENTS
Brown: Being a comedian and watching my man pick up that mic and just take control of it is what it’s all about. I’m like OK, this dude knows what he’s talking about. You say where you are, how to get in contact with you and that’s very important when you’re trying to set up a website.
Graves: I thought it was an excellent presentation. Again, I think the brick-and-mortar part is important because a lot of times, even though the website is like, sort of, in the clouds, people still want to, especially novices, touch and feel who they’re talking to and meeting with. There’s a real need there and I think you’ve met that need. But does it cost more to go in to [the store to see] you? We don’t know that based on the presentation.
Jones: I agree with Butch that people do need to touch and feel and see who’s designing their website, especially for people who are not techies. And, don’t take this the wrong way, but you’ve got a little geek look to you and I like that if you’re designing my website.
Greaves: I think the fact that there is a personal part is really good and the accountability that you mentioned, which too often with designers online you never see them again. I think it’s an outstanding idea. I have a bunch of questions regarding sort of the pricing and the profitability of it. But you certainly delivered a great pitch.
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SECOND PLACE WINNER: $10,000
Jennifer Burrell – The Frock Shop
What she does: Rents women’s designer
and vintage dresses for special occasions
Location: Chicago
Business model: e-commerce, apparel
and accessory rental
THE PITCH
“Have you ever wondered why women spend hundreds on dresses that we only wear once? Enter The Frock Shop. The Frock Shop is an online service that allows you to rent designer dresses at prices starting as low as $50. We rent dresses for weddings, galas, and parties. So how does it work? Think Netflix for fashion. Just rent, wear, and return. We take care of the dry cleaning. Our mission is to fill the needs of women who love high fashion and want to look glamorous for all of their nights out without the anxiety of investing in dress after dress. We’ve been operating for 14 months, and our sales grew 70% for the first quarter of this year. Our company started becoming profitable in March. If granted $10,000 we would use it to expand our inventory and enhance our website. So, if you want to look like a million without having to spend it, visit www.frockshopchicago.com.â€
JUDGES’ COMMENTS
Jones: I will rent from you, no question. You did an excellent job. I’m the woman on the panel, so I’d be the first to tell you that that
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Graves: I thought it was a brilliant presentation. You were not nervous. You obviously practiced this and rehearsed this. You ended right on time. You were articulate about exactly what this [money] would be used for. You had a reasonable price point for people to come in and obviously a need. Because I have 21-year-old twin daughters who tell me they need something new every time they go out to something, now I have the Frock Shop as an opportunity.
Greaves: You’ve obviously proved the concept out there. At first I was thinking, ‘Well, would people go for this,’ but then you said it’s been 14 months and it sounds like people are going for it. So I think you did a great job.
THIRD PLACE WINNER: $10,000
Douglas Wiggins – Body Quest Protein Ice Cream
What he does: Manufactures high-protein, low-fat ice cream
Location: Atlanta
Business model: e-commerce ice cream distributor, distributes ice cream to major retailers by request
THE PITCH
“Good evening, my name is Doug Wiggins. One of America’s favorite desserts is ice cream. But what about an ice cream that not only tastes good but is also good for you? That’s right: Body Quest Protein Ice Cream. Body Quest Protein Ice Cream is a low-fat, high-protein ice cream that has 16 grams of whey protein in a 4-ounce serving. The average adult needs 55 grams of protein in their diet on a daily basis. That’s equivalent to four baked potatoes. Why eat potatoes when you could eat ice cream? Body Quest comes in four delicious flavors: vanilla, chocol
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JUDGES’ COMMENTS
Jones: I liked that you pulled out some of the nutritional elements. I liked that you used the name of the product, Body Quest, multiple times so that the rest of us would hear it and remember it. The only thing I would give you as advice if you make it to the next round is I want to know what you plan to do with the money in order to expand where you are now.
Brown: I think the only problem in his pitch was that he kept backing away from the mic and your tone kept going down. Other than that, you had what the product was, how to find it, and what it was about in a very short time.
Graves: How much does it cost, meaning does it cost the same if I buy a pint of regular ice cream or a pint of Body Quest? I also think that the word ‘protein’ to some people is a positive thing and others it’s not necessarily so. If you can just call it Body Quest Ice Cream and let people understand it was about improving your body without using the word protein, because sometimes when people see that something is good for you they don’t want to spend the extra money to get it.
Greaves: I’m curious to know what the competition is. I’m curious to know what the production is and there are kind of a lot of questions around that, the cost. But eating ice cream instead of potatoes sounds like a pretty good idea. So I think you have a good angle and a good tagline.
SMALL BUSINESS AWARDS WINNERS
BE NEXT AWARD
The BE Next Award is presented to a fearless entrepreneur age 21 to 35 tapped to be a future business leader.
BE Next Award WINNER
Hassan Iddrisu and Hussein Iddrisu Roadstarr Motorsports Inc. – Los Angeles
www.roadstarr.com
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Fraternal twins Hassan and Hussein Iddrissu have done pretty well for themselves since starting luxury-auto customization shop Roadstarr Motorsports with John Spio, their cousin, in 2003. Roadstarr’s revenues reached $11 million in 2010 with projections of $16 million for 2011.
Since its inception, Roadstarr has counted many celebrities as repeat customers, including Shaquille O’Neal, Ben Affleck, and T.I.
The 34-year-old brothers’ journey began 20 years ago when Hassan, co-founder and co-president, then a student living in London, saw a Porsche 911 while on a field trip in Germany. He’s been in love with stylish rides since and, along with his brother and cousin, has built Roadstarr into one of the most respected customization shops in Los Angeles. Roadstarr also operates a location in London.
INNOVATOR OF THE YEAR
The Innovator of the Year Award is given to a business that is flourishing in an innovative industry or approaching business/entrepreneurship in a groundbreaking manner via its products and/or services.
Innovator of the Year WINNER
Andrè Woolery
MagnoGrip Inc. – San Francisco
www.magnogrip.com
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Ever found yourself dropping screws just as you were finishing a home project or work on your car? Well, this has happened to Andrè Woolery, 35, too many times to the point of frustration–and genius.
These handyman mishaps led Woolery, founder and CEO of MagnoGrip Inc., to create his first product, the Magnetic Wristband, in early 2005. From there he developed a line of magnetic work gear under the MagnoGrip brand, including the Magnetic Nail Pouch, Magnetic Work Suspenders, and Quick Snap Magnetic Tape Measure Holder.
MagnoGrip Inc. was officially launched in December 2005 with only $1,000. The company is on pace to generate $4.5 million in revenues this year compared to the $1 million it made in 2010. In June, MagnoGrip inked a deal with Walmart that will put the Quick Snap Magnetic Tape Measure Holder in 1,100 stores nationwide this fall, Woolery says. The company already has five products at more than 1,700 Lowe’s stores and 10 products at 135 stores in five regional Home Depot markets.
Woolery, who enjoys the process of taking an idea from concept to reality, says MagnoGrip plans to expand its business by continuing to develop and launch innovative products and by reaching into global markets.
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SMALL BUSINESS OF THE YEAR
The Small Business of the Year Award is presented to the small business owner whose efforts and/or entrepreneurial pursuits exemplify the passion and commitment needed to overcome adversity as well as attain success.
Small Business of the Year Winner
Ian Y. Blount and Angela N. Cauley – Coalescence L.L.C. – Columbus, OH – www.coalescencellc.com
Agriculturalists Ian Y. Blount, 41, and Angela N. Cauley, 39, created Coalescence L.L.C. in 2005 with a few goals in mind. Sure, they wanted Coalescence, a custom food blending company that counts Tyson Foods, Kellogg’s, and vegetarian food manufacturer Morningstar Farms as clients, to be successful and provide great service.
But the husband-and-wife team’s primary goal was to build generational wealth for their family and provide a vehicle of employment for underrepresented people of color where they could showcase their talents. “We are proud that 93% of our staff is made up of minorities,†Cauley, co-founder and CEO, says of the company’s 41 employees.
They’ve been successful with their plans, as evidenced by the company’s rapid growth to a $24.5 million enterprise. “We have also grown from our initial 7,500-square-foot facility in 2005, to our current state-of-the-art 35,000-square-foot facility,†says Blount, co-founder, senior vice president, and chief operating officer.
Cauley and Blount envision their company becoming the premier solutions provider in the food and beverage industry. “The strategic goal for our organization is to become a one-stop shop for our customers,†he says.
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TEENPRENEUR
The Teenpreneur Award recognizes an entrepreneur or group, age 13 to 19, committed to advancing the rich tradition of black business achievement.
Teenpreneur Award Winner
Adam N. Holland and Jonathan K. Holland
AJ’s Hawaiian Iceez L.L.C. – Brandywine, MD
www.ajsiceez.com
Brothers Adam Holland, 16, and Jonathan Holland, 14, started AJ’s Hawaiian Iceez L.L.C. three years ago in an attempt to help their parents pay for their and their younger sister’s private school tuition.
Although they researched ahead of time and had even seen a similar business do well, the teens didn’t realize the success they’d reach with their Hawaiian shaved ice company. Revenues for AJ’s Hawaiian Iceez have more than tripled since the company started in July 2008, growing from $10,800 to $36,618 in 2010. The seasonal business runs from the second week in April until the first week of October. “Our work ethic, by far, is our most important contribution to our business. We were taught that success is intentional, and we intended to always be successful,†says Adam, adding that the company also purchased a custom shaved ice trailer in January 2010.
The brothers have expanded their business to selling office items during the off-season such as silicone USB flash drive wrist bands that are custom printed with school names, custom laptop sleeves, and a private-label water that they sell with their shave ice frozen desserts. In addition, Jonathan is working on a book for tweens called Likeability: The Characteristic That Every Kid Should Possess.