Category: Blog

Posted on

Entrepreneur Profile – Trevor Brown, DEact Medical Solutions

Trevor Brown founded DEact Medical Solutions in 2016 after completing his phD   thesis on  “The Development of a Chemical Reaction Packet to Destroy/Denature Pharmaceutical Waste.”

Trevor developed a proprietary, patent-pending technology that permanently renders medications ineffective and safe for disposal. The material, when combined with medications and water, forms a solidified gel-like substance that cannot be easily tampered with or leach into the environment.

Opioid abuse is sadly all too commonplace in the US.  Today, nearly 7 out of 10 prescription opioid abusers obtain their supply directly from a friend or family member. Proper disposal of unused or expired medications can prevent the onset of substance abuse y limiting the ease of availability. This patent pending drug disposal pouch neutralizes unused pharmaceuticals, including opioids. Currently, this is DEact’s only product offering which is being made available to a variety of markets including hospitals,  retail pharmacies, drug manufacturers, and many more.

Trevor acknowledges that being a young entrepreneur teaches him valuable lessons. Each failure has led to an incredible opportunity for an early stage of my company. “Every entrepreneur has to be able to accept failure to truly succeed,” says Trevor. DEact Medical Solutions has immediate plans for growth to forge partnerships across the many segments to immerse their flagship product into the market. From there, they plan to expand on their current offerings to penetrate institutional drug disposal.

Trevor says, “The EEC has provided a wide variety of support services that have continually helped push DEact forward. In addition, to the office space, the EEC has provided business coaching and unparalleled access to their community and members.”

Posted on

4 Key Steps to Entering New Markets

Written by Dora Cheatham, Program Manager, Emerging Enterprise Center

 

As we move closer and closer to 2016, everyone’s checking budget numbers and beginning to think about growth for the new year. Your boss just walked into your office and told you the company wants to take your top products into a new market. Somewhere along the line, someone had the idea that your heavy duty industrial cleaners can be sold into the retail consumer market; or your jan san disinfectants should be extended to the aviation industry (planes are dirty, right?)  How hard can it be?

The truth is, preparing to enter a new market does not need to be a tough process, but it does need to be thorough, and expectations need to be set at realistic levels before even beginning to look at the 4Ps (or 5Ps depending on your approach).

Here are 4 key considerations you should take into account as you look to taking your products into a new market.

Size of the market vs market potential – in order to assess the size of the market you need to have a thorough understanding of the specific application of your product. A product that is used several times a day in one type of market, may only be used once a day in a different market, which radically changes the size of the market. In addition, if the market leader holds 20% market share in the new market, then your total potential in the early stages of commercialization is likely to be just a small portion of that 20% share. Be realistic in your expectations.

Product attributes – Attributes and benefits of a product that are valued by one market are not necessarily valued in a different market. Make sure you have a clear understanding of what your new target market values as well as their specific needs, and ensure that the products you are offering are designed – and positioned – to meet those specific needs. In many cases, relabeling or repackaging a product may not be enough. The product itself may need to be re-engineered to accommodate the needs of your new market.

Regulatory environment – Different markets have different regulatory requirements – for example, a product that can be used to clean your kitchen or bathroom cannot be used to clean surfaces in an aircraft without meeting stringent aviation material safety requirements. Make sure you are fully aware of any industry, state and federal requirements necessary to market your product in an alternative market. Use a consultant if you have to. It’s cheaper than the alternative.

Sales cycle – make sure you understand the sales cycle and method of the market or industry you intend to enter and not just the sales channels. In some cases, the sales cycle can be relatively brief and straightforward, in other cases, the sales cycle could be long and require a consultative approach. This will greatly impact your marketing plan and materials.

Once you have a clear understanding of the market size and potential you can then start thinking about potential strategies. Here are just some alternatives used by different companies:

  • Focus on targeting non-users of the product rather than trying to switch customers from using an existing competitive product.
  • Focus on offering additional attributes not offered by any competitive products
  • Focus on attacking competitive products by offering superior products OR lower pricing.
  • If marketing dollars are available, focus on outspending competition in advertising and promotion, although according to literature, this approach only makes sense if the market leader is in a seriously weaker position and you can outspend the leader at 3:1.
  • Target efforts in a specific geographic area or an area not currently served by current competitors.

Then and only then should you start putting together your Marketing Mix or 5Ps. These are the decisions that surround the Product (performance, features, design, presentations, name, etc), Pricing (direct, distributor, geographical, etc), Promotion (PR, marketing collateral, advertising), Place (distribution channels), and People (tasks, sales, support). In other words, you have gained an understanding of the new market and its customers, you now need to ensure that you have the right products, that they are correctly positioned for that market and that your communications correctly reflect that positioning.

General Eisenhower once said “Plans are nothing, planning is everything.”The purpose of planning is to ensure that all the right questions are asked. Too often we “make it up as we go along” which may yield short term benefits, but more often than not can be harmful in the longer term, often resulting in unintended consequences and incurring unexpected costs. While planning does not necessarily eliminate all of these, it does provide a sense of direction and empowerment that permits effectiveness at all levels of the organization and optimizes strategy execution. In brief, planning x strategy x execution = success.

 

Posted on

Entrepreneurial Profile – James Jung, Roy Group, Inc.

Roy Group, Inc., led by James Jung, is a natural health/wellness and beauty company that works especially making their own raw material for eco-friendly water-based nail polish and other raw materials in partnership with the world’s largest original design manufacturer and the original equipment manufacturer in costmetics, Cosmax.

The Roy Group hopes to promote more natural health and beauty products that are conscious about what we are putting in and on our bodies. This growing natural health world has seen a demand for human and animal supplements that adheres to the required safety regulations. Natural health products can be used for a variety of reasons, such as preventing or treating an illness or condition, reducing health risks, or maintaining overall good health. Roy Group offers companies and consumers around the world who would want health supplements and natural beauty products at the lowest price anywhere online for them and their pets. They aim to also offer tips for those sick, trying to lose weight, or trying to improve their life through articles and advice. By offering an easy to use website and a high percentage of conversion through membership and pricing, the Roy Group hopes to provide its partners with repeat customers.

 

Roy Group, named in honor of James’ brother, who was born with a rare disability, is a recent start-up business that plans to use its profits to help other people with disabilities to get them more opportunities and a better quality of life. However, James mentions that his biggest challenge right now is that businesses see his young age and lack of experience and are reluctant to partner with him, but he has worked with these companies to show that he has the motivation and perseverance to succeed in providing them with great quality products and repeat customers.

 

“The EEC has had a great impact on my business. They offer a place for me to work on my business, advice anytime whenever I need guidance, and helpful seminars that I can attend not only to get knowledge on a topic but also make connections,” says James.

 

 

 

 

 

 

 

Posted on

Entrepreneur Profile: Q & A with Rishi Khan, Extreme Scale Solutions

Question: Tell us a little bit about your background and education.

Rishi Khan: I’ve been starting companies since I was in middle school. My first company was a lemonade stand  with my  brother and a friend. My dad financed the initial outlay but made us keep Excel spreadsheets of inventory, sales, P&L, and time spent. I think we broke even, but I learned a lot in the process. In high school I started a tutoring service and I also started two companies while in    college.

I have a BS in Computer Engineering from the University of Delaware and a PhD in Computational Biology from a joint  program between the University of Delaware and Thomas Jefferson University. After my PhD, I  started a company with one of my PhD advisors, Dr. James Schwaber, and spent one year as a post doctoral fellow building a proof of concept for a DNA sequencing device that would reduce the then technology cost 1000X.  After my post-doc I joined ET International as the VP of  Research and Development and led projects that brought $8M dollars to the firm over 5 years. I was a Principle Investigator on a number of Dept. of Energy  (DOE) and Dept. of Defense (DOD) high performance computing projects and built a strong network in that field.

Q:  How did the idea of Extreme Scale Solutions arise and develop?

RK:  When I struck out on my own in 2014, the original focus of Extreme Scale Solutions was on the marriage of High Performance Computing and Big  Data, a fusion predicted by Gartner and heavily funded by VCs and the US Government. We originally intended to focus on DOE and DOD Research but started on Enterprise Solutions following a contract from a large Fortune 100 bank. We standardized database configurations and automated for database provisioning reducing a 30 day process with 9 teams to a fully automated 30 minute process.

In 2015, leveraging that initial success, we were contracted by another Fortune 100 bank to build out “Database As a Service”. This included all steps to bring siloed processes from multiple lines of business together into a unified self-service portal for planning,  provisioning, and operations. After this contract, we built a platform, Nubrado, which shortens the journey for large enterprises to move to public cloud, or a private cloud-like environment from years to months.

Additionally, in 2017 we began working with Defense Advanced Research Projects Agency (DARPA) and Qualcomm on building next-generation computer architectures to speed up graph analytics by 1000X within the next five years. We believe these two tracks will converge as operational analytics becomes increasingly graph-oriented.

We often refer to our 3 pillars as R&D, software-as-a-service (SaaS) platform, and advisory services. Our R&D keeps us on the forefront of analytics and automation. Our SaaS platform provides planning, automation, and analytics support for large enterprise clouds. Our advisory services supplement our platform by helping companies define process and procedures to align their people with the platform.

Q: So what services, in a nutshell, do you offer companies today?

RK:  Today, we provide a platform that enables large enterprises to migrate from legacy bespoke silos to a public or private unified cloud environment. This involves planning (What do I need to buy? Where will all of the databases go? How will they be isolated? How will the share resources? What databases should I migrate first to minimize cost or risk?), automated migration, automated lifecycle management actions, and operational analytics.

 

Q:  What advice would you give to startups seeking to start a business in the world of IT/big data?

RK:  Work at a startup to gain experience, credibility, network, and a cash hoard on somebody else’s dime. Give yourself a one-year runway (either through bootstrap funding, grants, or VC funding) to see if you can start to make money. Exist in a network of other entrepreneurs such as the Emerging Enterprise Center, Small Business Development Center, and CEO Thinktank®. Fail fast and often, and stick with what sells.

Q:  What’s next for Extreme Scale?

Our major effort is to bring our platform, Nubrado, to alpha customers. We are currently engaging with Oracle on a number of potential customers in banking, insurance, telecom, and other fields. Our goal is to make it easy for large companies to manage massive database landscapes through standardization, automation, manage-many-as-one, management through measured metrics.

In addition, our research arm is focusing on extending work on graph analytic processors to machine learning and other problems that can benefit from software-defined reconfigurable hardware.

Posted on

Entrepreneur Profile: Reggie Ezeh, Data Value

Data Value, led by Reggie Ezeh, is a data management and analytics consulting firm.

Reggie has over 20 years’ experience in advanced analytics with Fortune 500 companies across the US and overseas. His experience spans Telecoms, Insurance (P&C, Auto, Health, etc.), Finance and Technology. He has managed local and global analytics projects in excess of $20 million dollars delivering top notch quantifiable value to the business in his previous positions.

Reggie saw a need in the market and a shortage of experienced professionals that can bridge the gap between analytics and business to provide strategic solutions. Having managed analytics, customer experience and marketing at local and global levels, Reggie has first-hand experience on how to transform an enterprise from a reactive, problem solving entity to a proactive and highly optimized one. And that is how Data Value was born.

 

Reggie does acknowledge that the greatest challenge is in helping potential clients – especially those who have never before focused on analytics – understand the profound impact that data can have on their business strategy. “Often times it’s an uphill task trying to sell fresh, insightful strategies backed by data to senior management who have not yet seen or understood the impact of data on today’s business playing field,” says Reggie. But he says that once senior management understands the value of analytics, Data Value is able to implement change that can be very impactful for a company. For example, a change to call center operations for one company led by Data Value resulted in a conversation rate increase from 1.5% to 3.5%!

Reggie plans to employ an intern in the Spring and a full time analyst by summer. When current projects can support it, he also plans to hire an 4-6 additional analysts, as well as local University interns to support clients. Reggie is also considering strategic partnerships with larger prime contractors for broader reach.

With the help of the Emerging Enterprise Center, Reggie now has good insight on how to plan his growth path.  Reggie says, “The EEC has also provided us with invaluable networking opportunities as well as beneficial seminars and workshops. Since joining EEC, we have made some great contacts that are sure be rewarding in the near future.”

Posted on

The (Internal) Marketing Plan: Bridging the Gap Between Product Development & Sales

Written by Dora Cheatham, Program Manager, Emerging Enterprise Center

 

How often has a new product been launched and the Sales Team been tasked with the “simple” directive to “go sell” it, armed with little more than a data sheet and price list? One year later, everyone wonders why the sales figures never quite match the numbers projected by Marketing.

An ideal product launch should not only focus on marketing the product to the customer, but also on “marketing” the product internally to assist the Sales Team optimize its sales efforts. Too often, focus is placed on selling to the customer, without effectively training the sales team in the nuances of a product that requires more than just the presentation of features and benefits.

As technologies develop and products become more complex, the more information the Sales Team has on the product, the better they will be able to answer questions knowledgeably and overcome obstacles when working with their customers. Similarly, data gathered by the Sales Team should be cycled back to Marketing to ensure that product is being received and is performing as expected, and any potential issues or improvements can immediately be fed back to the Product Development Team.

 

 

Remember that the sales team is on the front line, so a Marketing Plan or Commercialization Plan should include an element that arms the sales team with as many preemptive answers as possible so that he or she can present the company’s expertise effectively and deliver a consistent product message. So what should be included in this Plan?

Product Positioning

Make sure your sales team understands how and why your product is positioned the way it is. If the product was developed as the result of a recurring problem expressed by several customers, make sure the whole team is aware of it. Just because a customer hasn’t expressed the particular problem, doesn’t mean they haven’t experienced it! If it was developed as the result of a new technology that makes the customer’s job easier, make sure they know it.

If you want your sales team to sell on value rather than price, then you need to make sure they understand the intrinsic value of the product and its benefit to the customer, not just its features and price. What problem does it solve? Will it make the customer more effective? Will it save time or labor?

Target Market

Make sure everyone is on board with precisely which customer segment(s) constitutes the target market, and that the sales team understands the criteria on which the potential market size was developed. If the numbers were developed based on a specific application, and a particular customer ends up using the product differently (it has been known to happen), this is critical information that should be fed back to Marketing and Product Development for further evaluation. Was the original data based on a false premise (hopefully this is never the case), or is this a viable alternative application? If so, can this application be extended across the entire market in which case the potential market has just increased and the information should be distributed to the entire sales team!

Competitive Landscape

What competitive products is your sales team likely to come up against? How does the product perform against these products? How are competitive products used versus pricing? Having spent many years in the chemical industry, I have learned that one of the first things to check for is the dilution rates of chemicals: if a product costs $10.00/litre and needs to be diluted at 1:2, it is NOT cheaper than a $50.00/litre product that can be diluted at 1:12 and offers comparable performance!

Sales Tools

 

 

Don’t just send the sales team off with a data sheet and price list. Testimonials, value calculators, editable presentations, how-to’s and trial protocols (if applicable) all help the sales team present a professional, polished image of a company that understands its market and is working with their customer to help them make an informed purchase.

Product Availability

If the product or service you are offering has customization options, make sure your sales team is fully aware of the criteria for customization: options, minimums, lead times and other requirements. As Carla O’Dell once said, “If you don’t give people information, they’ll make something up to fill the void”, and too often it’s something along the lines of “Of course you can have that in 2 weeks!” This not only creates chaos for the Product Development and Operations teams but can set unrealistic expectations as far as the customer is concerned. Most customers would rather have a realistic 6 week lead time, than constantly be given reasons why an unrealistic 2 week lead time could not be met!

As a final note, while many companies focus on training upon recruitment, they fail to continue this training as products and markets evolve, yet studies have shown that proper training can boost a salesperson’s productivity by 20% and profit margins by much more!

Posted on

Emerging Enterprise Center by the Numbers

 

The EEC is a business incubator that helps startups and small businesses learn essential entrepreneurial and business skills, grow their business, and develop a long-term sustainable model. The key elements of the incubator program include: one-on-one mentoring, coupled with business growth workshops. These are used to provide guidance and context to entrepreneurs and small businesses alike.

Since its inception in 2008, the Emerging Enterprise Center has worked with 38 companies generating over $61 Million in revenue and created 179 full time jobs in the County while they were in the incubator.

The EEC has 20 workshops/seminars scheduled for 2018.

The EEC uses the Growth Wheel to help mentor its participants. It is a toolbox built by entrepreneurs for entrepreneurs. It is designed around the four challenge areas of business (Business Concept, Business Organization, Client Relations, and Business Operations).  It is a systematic approach to help entrepreneurs build their business through an action –oriented process that stays true to the way most entrepreneurs think and work. The EEC has a certified Growth Wheel mentor on staff. Click here to see the program guide for the workshops.

Contact us at 302-737-4343 or [email protected] for more information on how you can get involved in the Emerging Enterprise Center.

Posted on

How does Your Business Grow?

Written by Dora Cheatham, Program Manager, Emerging Enterprise Center

 

INNOVATE OR DIE has become a 21st century mantra, and rightly so. Today’s globe is smaller than ever, communications are instantaneous, competition is fierce and market expectations are high and ever-changing. Innovation is therefore a prerequisite for survival.

But what is this seeming “answer to all ills” that we call innovation? How do we make it succeed? And how do we do so while simultaneously meeting various business and ROI criteria that may be imposed upon us and are often at odds with a long term innovation strategy?

When we speak of innovation, many people immediately think of breakthrough developments that changed the course of the marketplace, industry or even history: the automobile, the telephone, the microchip, iTunes. However, innovation can be as simple as changing packaging, repositioning a product, or moving into an adjacent business space. Just yesterday, we saw the release of the 6th version of the iPhone together with the Apple watch: earth shattering? Maybe not, but people were standing in line for the new version of the phone and analysts are expecting a bullish next few months for Apple.

Some may think that this dilutes the concept of innovation, but a successful – and cost-effective – innovation strategy should incorporate a range of development projects that not only works towards breakthrough products and technologies, but also allocates resources to the improvement of existing products, the expansion of existing products into new markets, and the development of existing technologies into new products.

One of the best illustrations of this concept is Bansi Nagji and Geoff Tuff’s “Innovation Ambition Matrix”. Following a review of a number of high performing firms, Nagji and Tuff noted that on average, these firms allocated investments in similar ratios: 70% on the improvement of existing products or core, 20% on the expansion or existing products into new areas, 10% on breakthrough innovation. Their findings also showed that the return ratios were the direct inverse to the investment percentages. While breakthrough innovations yielded a greater return, core innovations required less time and money to develop, and as a rule were more readily accepted by the end user.

By understanding and defining innovation in terms of all of these elements – and not just breakthrough products – creating a growth strategy and implementing a new product development process that fits in with a firm’s core competences makes the entire concept of innovation, while no less daunting, certainly far more manageable and sustainable.

This also makes the concept of innovation far easier to disseminate throughout the organization so that it becomes a part of the organizational culture. When employees understand that innovation need not necessarily be limited to R&D or Engineering, they are more likely to contribute ideas that – while they may not lead to breakthrough products – could certainly lead to product improvements or cost reductions.

Redefining Profit Drivers

Additional routes to growth and innovation should also involve taking an objective view of your business model to clearly understand your profit drivers as they relate to your customers’ needs. This can prove a valuable tool and may lead to a reassessment of your market metrics and a redefinition of how you position your product and/or services and better align your offering to customer needs. We are seeing this more and more as businesses strive to offer insights and solutions rather than individual products.

 Free up Resources by Controlling Hidden Costs

While all of this is going on, there is one more important element that should be incorporated in the innovation process – and that is the regular and consistent review and maintenance of the existing product portfolio. Are the products still relevant and in demand? Are there any weak or inefficient products that could or should be repositioned, improved, or even removed to make way for newer products? Maintenance of inefficient products is a hidden cost and resource drain in many organizations. To allow innovation to function at its most effective, these resources should be freed up in order to be allocated to efforts that add greater long term value.

Strategy x Execution = Success

 

Of course – as with all strategies and my own personal mantra – it’s not just about the strategy but about the implementation and execution of that strategy. Often strategies fail – be they innovation, business, market or product strategies – not necessarily because the strategy itself is flawed but because the implementation and execution is flawed. As the entrepreneur Naveen Jain once said

“Success doesn’t necessarily come from breakthrough innovation but from flawless execution. A great strategy alone won’t win a game or battle; the win comes from basic blocking and tackling.”