Come Join Our Entrepreneurial Village

We’ve all heard the phrase, “It takes a village to raise a child.” The Emerging Enterprise Center (EEC) was born because of the belief by the New Castle County Chamber of Commerce (NCCCC) that the same philosophy applies to the success of new businesses. Creating a nurturing environment in which early stage businesses could grow, develop and succeed was part of the vision in establishing the EEC. But the NCCCC also recognized the need to nurture the entrepreneurial eco-system by engaging and leveraging the great work done by a variety of organizations in place to support small businesses.

The EEC has grown from a NCCCC Venture, a key initiative of the Economic Development Council (EDC), to one that has continued to produce solid results. The EDC is a partnership between the New Castle County Government, Private Businesses and the New Castle County Chamber of Commerce. In a little over 10 years, the EEC has worked with 34 companies, generated $61.4 Million in Revenues and employed 201 people. These results don’t happen alone. Both the Chamber and the EEC has actively reached out to the entrepreneurial community to partner on efforts to create awareness among small businesses and budding entrepreneurs and let them know that they are not alone; there are resources available to help them.

One of those resources is the New Castle County’s Open for Business. This is a monthly Open House event, where start-ups, small, and mid-size businesses can come and get their questions answered. Organizations, including the Small Business Administration, New Castle County Purchasing, Small Business Development Center, SCORE, and other small business organizations come together to be available to businesses and to share information amongst themselves. Entrepreneurs, innovators, and interested community members from New Castle County and the surrounding region meet with over 16 resources to learn who can help them.

Join us on the fourth Thursday of each month from 9:00 am – 11:00 am for our Open for Business sessions held at 920 Justison Street and meet with representatives from our partner organizations. Collectively, these organizations provide a range of services that help start-ups advance their business model, reach potential customers, land government contracts, secure loans, meet state regulatory requirements and generally mentor entrepreneurs striking out on their own for the first time. Come join our entrepreneurial village, the fourth Thursday of every month to network and to learn from resources in Delaware that are here to help you.

Hear a testimonial:

Entrepreneurship is not for the faint of heart…but help is at hand!

Sometimes the idea is the easy part.  And for scientists and technologists it’s just the beginning of a very long road.

For 2018 Swim with the Sharks winner Sumedh Surwade of SAS Nanotechnologies it began with PhD research which led to a proprietary, patent pending anticorrosive coating technology that not only prevents corrosion but also heals and protects metals from corrosion in the cause of surface scratches or damage.  Next came an NSF SBIR grant for further development, and conversations with potential strategic partners for technology testing and licensing. Today, Dr. Surwade is evaluating additional applications and routes to market, including manufacturing in Delaware.  That’s the short version.

Sharron Cirillo of SC Associates presents Sumedh Surwade with an SC Associates Business Starter Backpack as they discuss his short- and long-term accounting needs.

You would think it ends once the technology is developed, proven and accepted.  Not quite.  Then comes the day to day blocking and tackling of running a business which requires just as critical a foundation.  Fortunately, the EEC and its partners are here to help.  Having won the EEC’s Swim with the Sharks Pitch Competition, Dr. Surwade will be receiving a New Castle County Government NCC Innovates $10,000 award that he will be using to purchase vital testing equipment.  This equipment will speed up product commercialization by reducing the time (and associated cost) of testing from 10 days to 3 hours.  And last week, Dr. Surwade met with Rich Roux of Info Solutions, LLC and Sharron Cirillo of SC Associates, SWTS sponsors, and both of whom donated services to the winning company.  Info Solutions, LLC have discussed what Dr. Surwade’s IT needs will look like as he seeks to scale SAS Nanotechnologies, and SC Associates will be working with him to ensure that the financial processes he has in place can adapt and grow as his business grows.   As for the Emerging Enterprise Center…. Dr. Surwade is all set to hold his first Advisory Board meeting at his new Riverfront Conference Room!

Richard Roux of Info Solutions talks to Dr. Surwade about IT considerations as his business grows.

SAS Nanotechnologies Wins This Year’s Swim with the Sharks Pitch Competition

Written by Dora Cheatham, Program Manager, Emerging Enterprise Center

Beating out eleven other startup companies, and despite tough competition, SAS Nanotechnologies cruised into the no. 1 position to win the Emerging Enterprise Center’s Swim with the Sharks Pitch Competition—now in its 6th year and with a Grand Prize totaling over $16,000 in cash and services.

Dr. Sumedh Surwade from SAS Nanotechnologies responds to questions from the judges following his pitch. Photos courtesy of Bob Horton, Creative Image Associates

SAS Nanotechnologies won this year’s award with their 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 or damage. Founded by Sumedh Surwade, and growing out of his PhD research, the technology was recently awarded an NSF  SBIR  grant to further develop the technology. Dr. Surwade is already in conversations with potential strategic partners for technology testing and licensing and is considering additional routes to market, including manufacturing in Delaware.  Dr. Surwade plans on using his winnings to purchase testing equipment that will speed up product commercialization by reducing the time and cost of testing from 10 days to 3 hours.

For the second time this year, the Emerging Enterprise Center, Delaware’s first small business incubator located at the New Castle County Chamber of Commerce, partnered with New Castle County Government, as well as multiple sponsors, to offer the prize package which included:

  • Cash prize of $10,000 from the New Castle County NCC Innovates Program
  • $2,000 business startup and bookkeeping package from SC Associates
  • $1,400 in IT services from Info Solutions
  • 6 month membership in the Emerging Enterprise Center Virtual Incubation Program (valued at $1,800)
  • New Castle County Chamber of Commerce Marketing Package (valued at $1,400)
  • One year membership in World Trade Center Delaware (valued at $395)
  • One year membership in New Castle County Chamber of Commerce (valued at $350)

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.  Three finalists were then selected to pitch before a live audience and a new panel of judges at the Emerging Enterprise Center Luncheon which was held at the Grand Opera House in Wilmington.  The three finalists included SAS Nanotechnologies, D150 Fueling and Smart Kidz Club.

The Grand Prize winner was selected based on a combined judge/audience vote (85%/15%).  The judges included former Swim with the Sharks winner Amira Idris (Thera-V), Dr. Daniel Young (Goldey Beacom College), Sam Waltz (Strategic Capital & Business Counsel) and Dr. Janet Reed (Potter Anderson Corroon, LLP).

Above: Dr. Sumedh Surwade from SAS Nanotechnologies accepts his award from New Castle County Executive Matt Meyer
Back left to right: Dr. Daniel Young (Goldey-Beacom College), Bob Chadwick (New Castle County Chamber of Commerce), Sam Waltz (Strategic Capital & Counsel), Dr. Janet Reed (Potter Anderson Corroon, LLP).
Front left to right: Amira Idris (Thera-V), Dora Cheatham (Emerging Enterprise Center), Matt Meyer (New Castle County Executive), Dr. Sumedh Surwade (SAS Nanotechnologies), Tamarra Morris (New Castle County Government).
Photos courtesy of Bob Horton, Creative Image Associates

 

 

 

 

 

 

Swim with the Sharks Pitch Competition Finalists Announced

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

A total of 12 companies pitched before the final three were chosen.  These three companies will compete for more than $16,000 in cash and services in front of a live audience on 28th September, to be held at the Grand Opera House on Market Street 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 SC Associates, Info Solutions and World Trade Center Delaware. The finalists include:

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 need 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.

SmartKidzClub, Inc. is an innovative, affordable EdTech platform that creates original, currently relevant and unique educational content that is designed to interact and engage with the large and growing majority of the new generation of children ages 1-11 that is using, and has access to mobile devices.

All 12 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 3 finalists will pitch before a live audience and a new panel of judges at the Swim with the Sharks Luncheon to be at the  Grand Opera House (Studio 1) in Market Street, Wilmington.  The winner will be selected based on a combined judge/audience vote (85%/15%).

All of the applicants – who have been invited to showcase their business at the event with a small table – included:

  • 360VR Technology
  • Body Wisdom Wellness
  • Craft Beverage Services
  • Culture Crush
  • Elev8 My Life
  • Mail Express Services
  • Mamaste Doula & Birth Services
  • My MedChoices
  • Vegan Healthy

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 42 businesses.  These businesses have generated over $62 million in revenue and employed 200 people while in the program.

Dora Cheatham Named Director of the New Castle County Economic Development Council

Bob Chadwick, President of the New Castle County Chamber of Commerce, today announced that he has appointed Dora Cheatham as Director of the of the New Castle County Economic Development Council. She succeeds Chadwick who served in the position for 11 years prior to becoming Chamber President last month.
Ms. Cheatham currently manages the Emerging Enterprise Center – a business incubator and flagship initiative of the Council – and will retain those duties as well as serving as the Council’s Director. Chadwick said, “Dora has done a phenomenal job running the Emerging Enterprise Center. She has boundless energy, tremendous knowledge, and a passion for driving business growth. I have enormous confidence in her abilities and I know she will do great work for the Council.”
The New Castle County Economic Development Council is a public/private partnership between the New Castle County Chamber of Commerce and New Castle County government that brings together industry and government leaders to foster responsible economic development and sustainable business growth in New Castle County, while supporting and promoting initiatives to improve quality of life. Current Council members include representatives from a number of industries including healthcare, science, manufacturing, banking, construction, and more.
Ms. Cheatham brings with her a background in international business development, innovation, and marketing, and hopes to be able leverage this experience in her new role.

Why Continuous Learning Matters

Written by Dora Cheatham, Program Manager, Emerging Enterprise Center

“It does not matter how slowly you go as long as you do not stop.”  Confucius

When I first entered the world of business more years ago than I care to remember, it was a very different place.  Word processors were just making an appearance and sending a fax was the ultimate in high speed communication, the internet barely existed, and Amazon wasn’t even a glimmer in Jeff Bezos’ eye.

Fast forward to 2018 and while the basic principles of business remain the same, the way we DO business is infinitely different. Technology has changed how we make decisions and embark on a strategic direction, how we execute on strategy, how we transact business, how we communicate. Equally, we have access to more informational and educational resources than ever before. For the small business owner today – more than ever – to ignore the need for continuous learning is to remain stagnant at best, fail at worst.

The Emerging Enterprise Center’s Business Growth Workshops hone in on business processes that every small business and entrepreneur needs while tying into the ever-evolving business environment.  Among these:

Marketing & Communication:  30 years ago, sales and marketing were almost synonymous and advertising represented the main thrust of the marketing and sales effort.  Today the world of sales and marketing couldn’t be more different, yet too often small business owners still believe that, as long as they market their product or business “customers will come”.  This couldn’t be further from the truth, so it is critical that new entrepreneurs as well as small business owners are clear in their own minds of the differences between strategic marketing, marketing communications, advertising, and sales so that they can develop and implement a sustainable business growth plan.

Selling Value:  Probably the toughest thing for first time – and sometimes serial – entrepreneurs to grasp, is the difference between selling a PRODUCT or SERVICE and selling VALUE.  Entrepreneurs and innovators, rightly, are passionate about their product and their passion is reflected when they speak about it.  What it can do, how it can do it, how it was developed, the features, the benefits.  The more clearly those features and benefits can be articulated into end user value, the less important price becomes as a part of the sales equation.  This translates into a more valuable business model that generates greater revenue.  To quote Warren Buffet:  “Price is what you pay, value is what you get.”    Are you clear about the value that you are providing to your customers?

Innovation: “Innovate or die” has become a 21st century mantra and rightly so.  Failure to innovate led to the slow demise of companies like Eastman Kodak, Blockbuster, Sears and, more recently, Toys ‘R’ Us.  In today’s world of rapid technological development, changing tastes and increasing competition, product life cycles are becoming shorter and shorter.  Businesses that fail to update are gradually squeezed out of the market.  Innovation doesn’t have to be disruptive – it can be gradual and incremental.  The key is to remain relevant!

Globalization:  Globalization can be a hotly contested topic but has nevertheless had a profound impact on business with increased competition, expanded markets, increased resources, technology transfer.  The increased ease with which business can be transacted internationally means that even the smallest of businesses can access customers and markets which in the past may have seemed unreachable, either directly or through strategic business alliances.

In the end, while ignorance – at times – can be bliss, when running a business, it can be fatal.  As a business owner, I’m all too aware of the fact that the first step to growing a business is the ability to acknowledge that “I don’t know what I don’t know.”  So I make sure I continue to learn.

For more information on the Emerging Enterprise Center’s Business Growth Workshops, contact Erica Crell at (302) 294-2063 or via email.

Calling all Nominations and Applications!

The New Castle County Chamber of Commerce and the Emerging Enterprise Center are looking for nominations for the David J. Freschman Entrepreneur of the Year Award. This award along with the Entrepreneurial Advocate of the Year Award and the NCC Innovates Sponsorship Award will be presented at the 1st Annual Delaware Entrepreneurial Summit on July 12, 2018. Please refer to the website for eligibility criteria and nominate a winner.
David J. Freschman
ENTREPRENEUR 
OF THE YEAR
The newly launched New Castle County Innovates Sponsorship Award is developed by the New Castle County Department of Economic Development. NCC Innovates is a program that identifies opportunities to specifically support economic development through entrepreneurship.
Through NCC Innovates, New Castle County will sponsor a 1 year membership to the Resident Incubator a the New Castle County Chamber of Commerce Emerging Enterprise Center.

Supporting local entrepreneurship and attracting new companies to New Castle County are key elements in the development of a strong innovation ecosystem. The Emerging Enterprise Center provides direct mentoring and
support for local startup companies.

The application review process and selection of a winner will be managed by the Emerging Enterprise Center Advisory Board. 

Specifically, the award covers, Office space (single office) at the Emerging
Enterprise Center, Wi-fi & telephone service (one VoIP per
employee-unlimited minutes), Mail service, Fax/photocopier, Beverage station/kitchen access, 24/7 access to facilities, Access to meeting and conference rooms, Business idea execution guidance & coaching with
one-on-one mentoring via the Growth Wheel®, Platform, Business Growth Workshops and Training, Business networking and connectivity, and a one year membership in the New Castle County Chamber of Commerce

 

The last award, the Entrepreneurial Advocate of the Year, will be chosen by an appointed New Castle County Chamber of Commerce Committee and the Emerging Enterprise Center Advisory Board. The New Castle County Chamber of Commerce would like to recognize a member of the Chamber that have exemplified the entrepreneurial spirit and supported the efforts of the NCC Chamber. This award is presented to someone that has participated in programs and activities that support early stage business, been active in supporting entrepreneurial activity for at least three years, demonstrated an active level of participation in the local  community, and is an active supporter/participant of the NCC Chamber.

The purpose of these awards is to not only recognize businesses and advocates successes right here in New Castle County but to pause for a moment and celebrate the entrepreneurial spirit.

Details Released for the 2018 Delaware Entrepreneurial Summit

The Emerging Enterprise Center and the DE Small Business Development Center announced that Chuck Nunan, serial entrepreneur and CEO and Founder of Harvest Ridge Winery will be the keynote speaker at the 1st Annual Delaware Entrepreneurial Summit to be held on July 12, 2018 at the DoubleTree by Hilton on Concord Pike.

“As someone who knows what it is to be an entrepreneur and start a business from scratch, Chuck is an ideal keynote for this event,” says Dora Cheatham, Director of the Emerging Enterprise Center.  Harvest Ridge Winery started with its first grape varieties planted in 2011.  These included

Chardonnay, Viognier, Malbec and Merlot.  Today there are 20 acres under cultivation.

Above: Chuck Nunan, Founder & CEO of Harvest Ridge Winery will be the keynote speaker at the 1st Annual Delaware Entrepreneurial Summit.

The Delaware Entrepreneurial Summit is a full day, high impact event that is aimed at bringing together entrepreneurs, resource providers and mentors with a goal to supporting entrepreneurs and accelerating business growth.  The day will include workshops geared towards both general entrepreneurs and tech/science-based entrepreneurs, a tabletop expo of resource providers to the entrepreneurial community, numerous networking opportunities, and an awards luncheon.  Among the awards will be the New Castle County Chamber of Commerce David J. Freschman Entrepreneur of the Year of Award and Entrepreneurial Advocate of the Year Award and the NCC Innovates Sponsorship Award which is offered through the newly launched NCC Innovates program developed by the New Castle County Department of Economic Development.

The event will also showcase a number of Delaware entrepreneurs that are in various stages of business growth.  Ms. Cheatham says, “Delaware has some terrific entrepreneurs and innovators.  We also have a huge amount of resources and intellectual capital available to entrepreneurs and innovators. The goal of this event is to bring everyone to the table to make things happen quicker and encourage business growth within the state.”

For more information on the event, and how to nominate or apply for awards visit www.EECincubator.com or contact Dora Cheatham or Erica Crell at the New Castle County Chamber of Commerce Emerging Enterprise Center.

Entrepreneur Profile – Scott Lascelles

Scott has over 22 years in consumer lending in various marketing, risk and analytic roles at companies such as American Express, JPMorgan Chase, Barclays and PNC. Most recently, Scott was working in the Fintech sector by making online lending easier for consumers.  Throughout his career, Scott—usually on the buying end of Lead Generation Companies— consistently felt that Lead Generation Companies did not understand consumer lending or the problems he was trying to solve, resulting in misaligned goals.  He founded PrimeRates to resolve this issue.

PrimeRates helps individuals prequalify with lender partners, ensuring that the rates individuals see are the rates they’re more likely to get.  A prime rate generally refers to the rate that a bank charges their best customers, usually big companies with deep pockets, but Scott believes that everyone deserves their best rate, their own prime rate, and that’s what PrimeRates strives to offer.

PrimeRates will launch with lead generation for personal loans and credit card—markets they know and understand extremely well—with a Phase 2 focus on Auto, Student Loan, and Small Business Loans.

 Scott gives advice to others wanting to start a business. He says, “leverage your network to develop your business plan, leverage resources like the EEC, and always ask for help, but make sure that you don’t compromise on your vision.” Scott says, “the EEC provides invaluable resources for small startups, they provide access to experienced business people, organizational workshops and simply advice as needed.”