One fortunate entrepreneur is about to receive a major deal as part of a new contest created by spirits brand Hennessy and New York co-working space provider WeWork. Emerging businesses can apply for the Hennessy VSOP Privilège Lab, a competition where one company will receive free office space valued at $55,000 in a local WeWork building, mentorship and community for a year in New York City.
Since, for burgeoning entrepreneurs, the cost of office space can be a significant hurdle to success, Hennessy seeks to combat this universal dilemma by investing in office space, shared knowledge and the many benefits of an active business community through its Hennessy V.S.O.P Privilège Lab Competition.
To participate, entrepreneurs need to submit a 60-second video explaining why their team (limited to six people) deserves to earn the Hennessy V.S.O.P Privilège Lab and what the spirit makers’ slogan “never stop, never settle†means to you and your business. Each submission will be judged based on completion and timeliness, feasibility and long-term value of the company, mission, investment of time and resources to ensure company’s success to date.
The contest is an expansion of Hennessy’s VSOP Privilège Awards, which has been recognizing accomplished individuals for 12 years now. “Historically we have given it to an outstanding person who has shown mastery of his or her professional craft in addition to finding real and impactful ways to give back to the community,†says Rodney Williams, executive vice president, spirits brands at Moet Hennessy USA.” Past honorees include Spike Lee, Magic Johnson, Patti Labelle, and Daymond John.
Hennessy V.S.O.P Privilège Lab is a logical next step, according to Williams. “It is consistent with our Never Stop Never Settle campaign meant to inspire consumers to push for realizing their dreams. The concept of the lab was created to help incubate and support some of these dreams, including providing resources and mentorship.†The lab competition, which Hennessy hopes to make an annual event, is much more hands on and active approach to the awards,” explains Williams. “It’s a whole process and set of experiences for a number of people and that fits with the millennial generation, which is much less passive and more actively engaged.”
Hennessy presented investor, entrepreneur, and manager Troy Carter with this year’s V.S.O.P Privilège Award at a ceremony at WeWork’s Bryant Park location in New York City. Hennessy recognized Carter for his efforts in redefining entrepreneurism and mentorship following the launch of his startup accelerator, SMASHD Labs. It was launched in September with a commitment to invest $50,000 in each of 5-7 qualifying companies, pairing them with brand partners and mentors to accelerate growth.
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“Troy epitomizes the type of person we want to bring attention to because his track record of mentorship and his success as (a businessman and investor) is inspiring others,†Williams says. Also, “it is important for multicultural millennials to see someone who looks like Troy and comes from his background can also be an incredibly successful entrepreneur.â€
Carter notes that “growing up in West Philly, it’s easy to feel disconnected from the American Dream. My goal is to use my privilege to provide access, inspiration, and resources to others to ensure they’re not left behind or forgotten about.â€
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Last week, Carter debuted as a guest judge on ABC’s SHARK TANK, the critically-acclaimed and Emmy-winning reality show that has reinvigorated entrepreneurship in America. Carter is well known for being Lady Gaga’s former manager in addition to being an early investor in break-out startups like Uber, Spotify, Dropbox, Warby Parker and Lyft. He currently serves as founder and CEO of Atom Factory, where he manages the careers of artists including John Legend and Meghan Trainor.
In addition to Carter serving as one of the judges for the Hennessy VSOP Privilège Lab competition, the winner will receive mentorship sessions from Carter, among other industry executives. As a judge, Carter says he will look at the same kind of criteria he uses when choosing companies to invest in or to participate in his accelerator. “I want to know about the team, the experience and dynamic of the team,†explains Carter. Also, what’s the founder or team’s domain expertise?  Meaning, says Carter, “what makes you think that you take the market in this particular space,†and the actual product or idea. “Is there a real market for this product and is this the team or founder that we think can actually get it done.â€
“We’re looking for passionate entrepreneurs with interesting ideas that benefit the world around them, not just the company itself,” said Alan Philips, senior vice president of five-year-old WeWork, which operates about 20 buildings of shared co-working space. “We’re looking for the big thinkers of the future and looking to support those big thinkers in terms of making their dreams come true and making society a better place.”
WeWork is a platform for creators, providing more than 30,000 members around the
world with space, community, and services through both physical and virtual offerings. Their mission is to create a world where people work to make a life, not just a living. WeWork currently has more than 50 physical locations in 16 cities and four countries around the globe.The Grand Prize winner will receive a yearlong WeWork membership, which includes not only a year of physical office space in Manhattan (accommodating up to six people), high speed Internet, private phone booths, premium coffee, but also access to more than 150 perks and benefits from WeWork’s partners to help succeed in business. What’s more, the 10 entrants with the highest number of votes as selected by visitors to the site will be awarded one Commons Membership from WeWork, valid for one year.
Applications, which must include a written portion as well as a short video, will be accepted through Nov. 19. Individuals may apply for the chance to conduct business in the Hennessy V.S.O.P Privilege Lab by visiting Hennessy.Create. It
“This WeWork opportunity is really going to give the winning entrepreneur a chance to expand his or network in a very meaningful way,†adds Williams.
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