Armed with expert advice and incorporation papers, 10 new businesses sprung from the Northern Kentucky University Student Union on March 19.
It was there, at the Start-Up Slam, that 83 participants listened as professionals led a morning of discussions about entrepreneurship, pitfalls and tips to starting a new business, followed by an opportunity to speak with the professionals and attorneys one-on-one.
The event, sponsored by the NKU Entrepreneurship Institute, Northern Kentucky ezone, KSTC and their partners, was free of charge. Afterwards, organizers reported that three new business owners filed incorporation papers during the event, which cost just $65, while another seven attendees bought vouchers to file their papers in the near future.
"We had a great turnout and there was fantastic energy in the room," says Keith Schneider, Commercialization Director of the Northern Kentucky ezone and one of the event's organizers. "There was a lot of good information, and people were asking great questions. I think everyone's happy with the outcome."
Northern Kentucky's Slam was the third such Kentucky Science and Technology Corporation and Kentucky Cabinet for Economic Development-led event in the state over the past six months. It was expected to be a success, given the university's reputation for birthing business — NKU's entrepreneurship programs have been named one of the nation's best by Women 3.0 Magazine, among others.
Start-Up Slams previously held in Louisville and Lexington combined to produce ten new start-ups. Future Slams are in the works for Eastern Kentucky and Western Kentucky.
Jodi Graham, former vice president of sales and marketing at United Medical Resources-United Healthcare Co., was one of the professionals leading the morning sessions, discussing the marketing of products and services.
"This was a very engaging group," she says. "That's a good sign for the success of their future businesses. They asked very well-informed questions, and you could tell they were very serious. They've put a lot of thought into how they want to go forward."
Graham, an executive-in-residence with KSTC, had also given her presentation at earlier Slams.
"Events like this are so important," she adds. "The best part is seeing that wealth of talent and experience interact with entrepreneurs and seeing the information they've learned over their careers get passed on to new businesses."
Among the other professionals on hand were Steve Kaiser, a product development and technology commercialization veteran with Ford Motor Co., Union Carbide and Dow Chemical; Patrick Just, an associate with bCatalyst Advisors and CFO of PackStream, a marketing firm; and Lytle Hawkins, a partner with Louisville advertising agency Strategic Insight and a longtime executive with several firms, including the Bosch Tool Co., Home Depot and Sears. Hawkins led a discussion tagged "What Business Are You In?" His session focused on knowing your spot among competing businesses, and buyers' perception of your enterprise.
The professionals were available for one-on-one discussions afterwards, and Hawkins found himself holding court with a gaggle of entrepreneurs for hours after the morning sessions, clearly enjoying it.
"I'm a little overwhelmed at the interest they've shown," he says, laughing. "And I liked busting their chops a little, too. Seriously, it's always good to see strong entrepreneurs, especially young people, asking questions and getting good advice on the direction they should go. There were a lot of good ideas in this group."
Participants also had access to legal advice from a collection of attorneys and took advantage of it.
Eric Wright, an Erlanger resident and a junior at NKU, was one attendee who spent the better part of an hour utilizing those attorneys.
Wright hopes to set up a think tank that will also consult with local high schools to promote small businesses and the spirit of entrepreneurship with students. At the end of the day, he purchased one of the vouchers to file his incorporation papers with the state within the next 90 days, and hopes to set his business up soon.
"In today's economy, regardless if you're a teacher, a doctor, a lawyer or a writer, you need to think like an entrepreneur in order to succeed," he explains. "Even if you're not a business person, you've got to have that mindset."
He adds: "There was a lot of great information on how to pitch to investors, pitfalls to avoid and things of that nature. I came in with a lot of questions. I'm leaving with a better idea on how to get my business off the ground."
The Slam also brought representatives from the Small Business Development Center located on campus, which provides a wide variety of professional consulting and training services to hundreds of prospective business owners each year, and the Service Corps of Retired Executives into the mix.
“Aside from the information exchange, the Slam was a great networking opportunity,” says Hawkins.
"At the end of the day, for the business veterans here, today was about helping other people and helping the economy," he says. "And for both the veterans and the people who came for advice, it was great for making contacts. You never know. At some point, someone may need your services or you might need theirs."
SOURCES: Keith Schneider, Commercialization Director, Northern Kentucky ezone; Jodi Graham, Vice President of Sales and Marketing, United Medical Resources-United Healthcare Co.; Lyle Hawkins, Partner, Strategic Insight LLC; Eric Wright.