Wilminvest Swims to the Top and Wins Over Sharks

Sometimes the idea is the easy part for entrepreneurs. And for the competitors of the Emerging Enterprise Center’s (EEC) Swim with the Sharks Pitch Competition, the idea is just the beginning of a very long road. We’ve all heard the phrase, “it takes a village to raise a child.” This is similarly true for the entrepreneurs that competed last Friday, November 1st for the EEC’s Swim with the Sharks Pitch competition.  All of the finalists represent the successful summation of the village of a positive economic ecosystem represented by local universities, other mentor entrepreneurs, a cooperative local government, investment companies and of course the New Castle County Chamber of Commerce (NCCCC).   And of all of the entrepreneurs it is especially true for this year’s winner, Wilminvest, LLC.

Over more than 10 years, the EEC has worked with 44 companies, generating $68.8 Million in revenues and employing 231 people. These results don’t happen alone. Both the NCCCC and the EEC have actively reached out to the entrepreneurial community to partner on efforts to create awareness among small businesses and budding entrepreneurs to let them know that they are not alone; there are resources available to help them. Competitions like the EEC’s Swim with the Sharks Pitch Competition not only provide seed money for young entrepreneurs, the help to raise visibility in the marketplace, build investor and advisor networks, and uncovers new ways to cut business costs. Our four competitors have seen just that happen due to their exposure at the competition. In fact, two of our finalists have already been approached by potential investors and partners just days following the competition.

For the third year, the EEC, Delaware’s first small business incubator located at the NCCCC, partnered with the New Castle County Government, NCC Innovates Program, as well as multiple sponsors, to offer the prize package which included:

Each applicant was judged based on a combined score of both their written application and oral pitch. Judging criteria included business feasibility, understanding of market need and opportunity, clear articulation of value proposition, go-to-market strategy and soft skills. Four finalists were then selected to pitch before a live audience and a new panel of judges at the Annual EEC Luncheon, which was held at the Harry’s Savoy Grill and Ballroom in Wilmington. The four finalists included 2M LLC, AnCatt Company, Lignolix, Inc, and Wilminvest, LLC.

The Grand Prize winner was selected based on a combined judge/audience vote (75%/25%). The judges included Keith Ellison (Urban League of Philadelphia Entrepreneurial Center), Holly Flanagan (Gabriel Investments), Mark Olazagasti (InfoSolutions, LLC), and former Swim with the Sharks winner Dr. Sumedh Surwade (SAS Nanotechnologies).

Bryce Fender and Joel Amin, Jr from Wilminvest, LLC win the 7th Annual Swim with the Sharks Pitch Competition. Pictured left to right: Matt Meyer (New Castle County Executive), Bryce Fender, Joel Amin, Jr, and Bob Chadwick (President of the New Castle County Chamber of Commerce & Emerging Enterprise Center).

Wilminvest, LLC beat out 25 other applicants and despite a very tough competition, narrowly winning first place for the EEC’s Swim with the Shark Pitch Competition – now in its 7th year with a Grand Prize totaling over $14,000 in cash and services.

Wilminvest, LLC pulls together family and resources to buy and restore houses in the city of Wilmington. The company then provides these homes in rent free short-term leases with the assistance of Delaware State Housing Authority to consumers experiencing substance abuse recovery, mental illness, and chronic veteran homelessness. By pulling together community resources, Wilminvest is investing directly back into our community to help better the economy by getting ‘hard luck’ folks off the streets and into a bed. Two young men, saw a problem, had an idea, and pulled the community together to help solve that problem. With this pitch competition grand prize, Wilminvest plans to reinvest it back into the community by purchasing two additional houses putting them ahead of their projections for the year and helping two more families off the streets and into a home. What a great example of an entrepreneurial ecosystem and “it take a village.”

And the Finalists Are…

An impressive group of entrepreneurs presented to a team of judges this past few weeks in the preliminary pitches for the Emerging Enterprise Center’s Annual Swim with the Sharks Pitch Competition.

A total of 18 companies pitched before the finalist were chosen. For the first time ever in the history of the pitch competition, we had a tie in our judges scoring. Since there has never been a residence for this, the judges felt the need to include the third place winner in the competition as well since the scores so close. We are happy to announce that this year there will be four companies pitching in the finals.

These four companies will compete for more than $14,000 in cash and services in front of a live audience on November 1st to be held at Harry’s Savoy on Naamans Road in Wilmington. The Grand Prize represents a combination of partnerships with New Castle County Government and the NCC Innovates Program, as well as entrepreneurial service providers and sponsors, including Harvard Business Services Inc., The Williams Law Firm, Small Business Administration, and World Trade Center Delaware.

The finalists are (in alpha order):

2M, LLC is an advanced battery technology company, commiteed to providing superior, reliable and afford energy storage products including lithium ion battery materials and battery cells through innovation and cutting edge technology.

AnCatt is the first successful high-performance, environmentally-friendly, anti-corrosion paint coating that does not use any toxic heavy-metals such as chromates, lead, or zinc.

Lignolix, Inc. is a technology company that sustainably makes synthetic materials from renewable biomass wast streams. Currently, it has a process that selectively breaks down lignin to make synthetic materials.

Wilminvest, LLC is a company that combats the vacant and abandoned housing plague afflicting Wilmington, DE. The company acquires, renovates, and rents out vacant and distressed resident real estate as permanent supportive housing. The company uses federal and state funds to support displaced individuals and families who are experiencing unstable housing situations.

All 18 applicants submitted a 5 page business canvas and were invited to present a preliminary pitch before a panel of judges.  Each applicant was judged based on a combined score of both their written application and verbal pitch.  Judging criteria included business feasibility, understanding of market need and opportunity, clear articulation of value proposition, go-to-market strategy and soft skills.  The finalists will pitch before a live audience and a new panel of judges at the Swim with the Sharks Luncheon to be at Harry’s Savoy Ballroom, 2020 Naamans Road, Wilmington, DE 19810.  The winner will be selected based on a combined judge/audience vote (75%/25%).

All of the applicants did a wonderful job. They are as follows:

  • 360VR Technology
  • Addi Naturals
  • As Told by Women
  • Children’s Place Child Development Center
  • Circus Monkeys
  • DX Technology Group
  • Fur Baby Tracker
  • Lunch Karma
  • PS3G, Inc (DocVilla)
  • RiKarbon, Inc.
  • Second Chances Farm
  • Street Xpressions Auto
  • Twisted Theatre
  • YaYa Podcasting

The Emerging Enterprise Center is an initiative of the New Castle County Chamber of Commerce and New Castle County Economic Development Council.  The Emerging Enterprise Center is a business incubator that helps start-up businesses develop a long- term sustainable model, grow their business, and learn essential entrepreneurial skills.

Since its inception in 2008, the Emerging Enterprise Center has assisted 44 businesses.  These businesses have generated over $69 million in revenue and employed 231 people while in the program.

Delaware’s Entrepreneurial Ecosystem: It Takes a Village

written by Dora Cheatham, Director, Economic Development Council, New Castle County Chamber of Commerce & Program Manager, Emerging Enterprise Center

 

Last week’s Delaware Entrepreneurial Summit – co-hosted by the New Castle County Chamber of Commerce Emerging Enterprise Center and the Delaware Small Business Development Center and held at the DuPont Country Club – with the aim of gathering together entrepreneurs, mentors and small business resources – was proof positive yet again that Delaware’s entrepreneurial ecosystem is unlike any other.  Keynote speakers gave a big picture view of entrepreneurship and innovation, while entrepreneurs and innovators who had been there, done that and had the scars to prove it shared their knowledge, expertise and experiences both in the traditional and scientific startup arenas.  Small business resources were on hand for assistance and there was networking – lots of networking.

Guest Speaker Michelle Christian – SBA Regional Director – articulated what we in Delaware know all too well but so often fail to shout from the rooftops:  that as a state, our entrepreneurial resources work in tandem – rather than compete – to help budding entrepreneurs and startups.  This doesn’t mean that every entrepreneur or startup is a star in the making.   What it does mean, is that good ideas, the ones that pass the “sniff test”, have an entire support system behind them ready, willing and able to help them succeed.

Take D150 Fueling for example.  The brainchild of three friends from Ohio, Pennsylvania and New Jersey who met on the University of Delaware rowing team, the idea for a fueling innovation system that sends fueling professionals to refuel business vehicles at a customer’s lot was incubated at the University of Delaware’s Horn Program.  An invitation to apply for an NCC Innovates Sponsorship Award from New Castle County’s Department of Economic Development won them a year’s membership in the Emerging Enterprise Center Resident Program, which was announced at last year’s Entrepreneurial Summit.  On winning the award D150 stated that one of the reasons they wanted to keep their ties to Delaware is “the great community and how much people are willing to help us out.”  Since winning the award, D150 have generated over $3.5 million in revenue, created 5 full time and 2 part time jobs, invested in additional vehicles are on track for continued for continued growth throughout 2019.

On a wholly different entrepreneurial SAS Nanotechnologies illustrates an even broader ecosystem that Delaware enjoys.  Founded by Dr. Sumedh Surwade, it all started with his PhD and Post-doc research in Polymer Science and the fundamental and application aspects of nanomaterials.

After completing his research, Dr. Surwade landed at Delaware Technology Park (DTP) where he continued to refine his technology and develop environmentally friendly, self-healing anti-corrosive coatings.  He also began to formulate his business idea.  While at DTP, he learned about the Delaware Sustainable Chemistry Alliance (DESCA) and the DESCA TechConnect Workshop.  Dr. Surwade says:

“DESCA events were my main source of networking and these helped me tremendously in connecting with experienced professionals. Going through the TechConnect Workshop and getting direct and honest feedback on my technology from experienced industry professionals was very useful. Their feedback helped me to broaden my thinking, evaluate different applications of my technology and focus on commercialization.”  

DESCA also helped Dr. Surwade form his Advisory Board, connected him with strategic partners, and brought him into contact with Lou DiNetta of the Delaware SBDC who worked closely with Dr. Surwade to help him win an SBIR Phase I Grant in the amount of $225,000 and apply for a Phase II award in February of 2019.

Realizing the important of connecting and networking, Dr. Surwade also joined the New Castle County Chamber of Commerce where he learned about, and was encouraged, to pitch for the Emerging Enterprise Center’s annual Swim with the Sharks Pitch Competition, sponsored by New Castle County’s NCC Innovates Initiative.  This led to another win:  $10,000 in cash, a 6 month membership in the Emerging Enterprise Center incubator, 6 months of accounting services and IT consulting services.   At the Emerging Enterprise Center, Dr. Surwade has a place to hold conferences, meet with customers and seek additional advice and resource assistance – most recently, connecting him with the Delaware Manufacturing Extension Partnership (DEMEP) to help him source a toll manufacturer and connect him with additional strategic partners. 

Just a few months after his Swim with the Sharks win, Dr. Surwade was invited to pitch again at DESCA’s Venture Forum where he was approached by a VC firm seeking to invest in SAS Nanotechnologies.

Since emerging from the research world, SAS Nanotechnologies have navigated what is commonly known as the “valley of death” in science innovation with the help of organizations that are dedicated to helping them commercialize their technology successfully. 

These are just two of many stories that illustrate how “it takes a village” working in unison to drive economic development, and a myriad quotes that can similarly illustrate the concept – but let’s go with one from Henry Ford:  “Coming together is a beginning, staying together is progress, and working together is success.”

An Incubator that Works For You and With You: The Emerging Enterprise Center

What is the Emerging Enterprise Center? It is a small business incubator that is co-located in the New Castle County Chamber of Commerce (NCC Chamber of Commerce).

The Emerging Enterprise Center (EEC) began as an initiative that came out of the NCC Chamber of Commerce Economic Development Council (EDC). In 2008, the EDC saw a need for a place to help startup businesses from failing in the first 5 years and a vision that would nurture a strong and vibrant entrepreneurial ecosystem as well as build jobs and revenue for New Castle County and Delaware.

At the time, the EEC was the first and only incubator in the state and while it is a separate entity from the New Castle County Chamber of Commerce, the two entities work hand and hand with each other to partner with resources, events, and making connections for its members. The EEC continues to expand its programs by leveraging the NCC Chamber of Commerce resources, facilities, and initiatives.

The EEC is not just about cost-effective space for young businesses; it is more about one-on-one mentoring and the connections that we can facilitate for growing businesses. The EEC attracts everything from the traditional main street businesses to fintech startups, with programs that range from pure co-working space with business amenities to more comprehensive programs, with one-on-one mentoring. Each business moves at its own pace with guidance that helps them focus on the needs and skills that will help them take their business to the next level.

According to the U.S. Small Business Administration, about two-thirds of businesses survive at least 2 years and about half of that survive at least 5 years**.  In addition, most entrepreneurs will attest that starting a business can be very lonely.  The EEC works to help decrease those numbers by offering specialized services and mentoring. Does it work? Historically, International Business Innovation Association member incubators have reported that 87%* of all graduate firms are still in business.

The EEC is unlike most incubators in the country right now. It is quite normal for a chamber to offer support to business incubators, but it is very unusual for a chamber to embed its own home-grown program inside the existing chamber of commerce.  Research shows that there are fewer than 10 programs like this among the International Business Innovation Association*. The EEC has found that by being co-located with the NCC Chamber of Commerce, its clients work in close proximity to practical business people doing business everyday and have the capability to network with them to help understand that building relationships is so important. This affiliation is one of the many reasons that makes the EEC unique from other incubators in the area.

The EEC has one full-time certified mentor that works directly with each business to help develop business skills and hold each business accountable to the tasks they need to do to keep their business growing.

Young businesses can enter the coworking plus, business accelerator or resident program. Businesses that are older but still need some help can take advantage of the coworking or coworking plus programs.

Since its inception, the EEC has worked with 42 companies, while they were in the incubator, these 42 companies have generated $62 million in revenue and created over 200 jobs in the county.

For more information about the EEC programs, please call the NCC Chamber of Commerce at 302-737-4343.

Sources:

*https://impactindex.inbia.org/ecdata/

** https://www.sba.gov/sites/default/files/Business-Survival.pdf

5 Reasons Why Every Entrepreneur and Small Business Owner Needs to be at the 2nd Annual Delaware Entrepreneurial Summit

If you’re an entrepreneur or small business owner in the tri-state area, you should attend the 2nd Annual Delaware Entrepreneurial Summit presented by the Emerging Enterprise Center and Small Business Development Center on April 10.

This full day event is packed with quality content, information and resources for those looking to build, connect, and grow as entrepreneurs and business owners.

Whether you are thinking of starting a business, a start-up, or an established small business that is looking to grow, the Entrepreneurial Summit has got you covered. But if that’s not enough, here are 5 more reasons why you should be there:

1. Workshops and Panel Discussions – Whether you’re looking to sell your product, win over customers, or partner with new businesses, the Entrepreneurial Summit has you covered with workshops in two tracks. The technical/science track is geared specifically for those start-ups or small businesses that are in high tech fields while the alternative track is geared towards the more traditional entrepreneur. 

2. Networking – Network with over 100 entrepreneurs, small business owners, venture capitalists, resources and professionals in the tri-state area about developing your business.

3. Awards Luncheon – The New Castle County Chamber of Commerce and the Emerging Enterprise Center are always looking to recognize those achievers and at this event we look forward to announcing the Entrepreneur of the Year and the Entrepreneurial Advocate of the Year.

4. Keynote Speaker – Come and hear from­­­­ our keynote speaker and learn about his/her route to entrepreneurial success.

5. Delaware and tri-state area Resources Tabletop Expo – Meet and have one-on-one conversations with resources that are available to entrepreneurs to help them start and grow their businesses.

NCC Innovates: Entrepreneurial Sponsorship Award Finalists Announced

When New Castle County Department of Economic Development launched NCC Innovates, it was with a specific goal in mind:  to support economic development through entrepreneurship. Through NCC Innovates, New Castle County chose to sponsor a one-year membership to the Resident Incubator Program at the New Castle County Chamber of Commerce Emerging Enterprise Center.  The sponsorship includes office space and amenities, 24/7 access to the Emerging Enterprise Center, one-on-one business mentoring, business growth workshops and a one-year membership in the New Castle County Chamber of Commerce.

A call for applications was issued in April and two finalists were selected on Friday, June 8, 2018.

D150 Fueling, LLC is an on-site fueling and fuel marketing company for commercial fleets that offers Ultra-Low-Sulfur Diesel, Biodiesel and Off-Road Diesel.  Coupled with FuelCloud software, D150 Fueling offers a fueling program tailored to an individual fleet’s needs that saves time, money and emissions.  With contracts in hand, D150 Fueling is in full launch mode and ready to expand its market.

SAS Nanotechnologies, LLC has developed a proprietary, patent pending anticorrosive coating technology that not only prevents corrosion but also heals and protects metals from corrosion in the case of surface scratch/damage. Growing out of PhD research, the technology was recently awarded an NSF SBIR grant to further develop the technology and is already in conversations with potential strategic partners for technology testing and licensing.

New Castle County Executive Matt Meyer will be announcing the winner of the NCC Innovates Entrepreneurial Sponsorship Award at the 2018 Delaware Entrepreneurial Summit.
NCC Innovates is a program developed by the New Castle County Department of Economic Development that identifies opportunities to specifically support economic development through entrepreneurship, attract new companies to New Castle County and develop a strong innovation ecosystem.

The finalists were selected after submitting a 5 page business canvas which included information on the business, market and industry landscape, go-to-market strategy and financial estimates.  Each application was judged on several criteria, including business feasibility, understanding of market need and opportunity, clear articulation of value proposition, go-to-market strategy and realistic financial projections.

The jury consisted of five members of the Emerging Enterprise Center’s Advisory Board and represented a broad background of interests and expertise.  The winner will be announced by County Executive Matt Meyer on July 12, 2018 at the 2018 Delaware Entrepreneurial Summit organized by the Emerging Enterprise Center and the Small Business Development Center and held at the DoubleTree by Hilton on Concord Pike.