In the life of business start-ups, the great idea is only the first small step. That is precisely the reason so many don't make it beyond that point.
The
entrepreneurs chosen to be part of the first class at
The Brandery know this very well, which is why they jumped at the chance to apply to this new non-profit Cincinnati accelerator, some of them even picking up and moving hundreds of miles to do so.
Vincent Chou and Pratap Sherquill, co-founders of
turboBOTZ, an on-line service that allows gamers to buy, sell and trade their video games, both eagerly left their Chicago homes to come to Cincinnati for the 12-week Brandery program after being selected as one of five finalists from among more than 70 applicants.
"We had very high expectations coming into this, and we've been blown away," says Chou of the first week of the program, which gives participants access to world class mentors from companies such as Procter & Gamble, Bridge Worldwide, and Nielsen Online Digital Strategic Services in the areas of branding, marketing and strategy. In addition, the businesses get $20,000 in seed money from
CincyTech plus office space at Longworth Hall.
In exchange, they give a 6 percent equity stake in their companies to The Brandery and agree to locate in the Greater Cincinnati area if they are not here already, a key component of the program.
Chou and his fellow classmates at The Brandery are well aware that the odds are stacked against new businesses going it alone out there, so they worked around their schedules as business graduate students at the University of Chicago and gladly made the move to Cincinnati.
Bryan Jowers, who relocated to Cincinnati from Houston for the program, says that learning at the feet of some of the greatest names in branding, like P&G, was well worth the trouble of coming to a new city.
"We were very familiar with accelerator programs," says Jowers, who with business partner Justin Stanislaw, is co-founder of
Giftiki, a web application that allows users to conveniently give small gifts to friends and family through the internet. "When we heard about The Brandery it was a no-brainer. The advice and support is invaluable."
Jowers says that while many accelerators focus on high tech companies, The Brandery is nurturing start-ups in consumer marketing ventures. This mission capitalizes on Cincinnati's strengths as a consumer marketing leader with names like P&G, Kroger and Macy's.
The five businesses taking part in The Brandery are aimed at the consumer marketplace and are using this experience to learn how to build their brand, a make-it or break-it proposition in today's business climate where consumers are bombarded with new products and services all the time.
Dave Knox, a co-founder of The Brandery who spent seven years as brand manager, digital innovations for P&G Productions, and is now vice president, chief marketing officer with
Rockfish Interactive, says he knew this accelerator concept fit a need. He also saw how Cincinnati could benefit by luring these young companies to stay here.
"Time and again we've seen that companies that break through the pack, it was in how they approached their brand," says Knox. "It's why Facebook flourished and MySpace struggled."
During the 12-week Brandery program, expert mentors will guide the budding young business owners in how to identify their customers' needs and wants and then hone their brand to meet those needs, says Knox.
For their part, the fledgling businesses will agree to stay here and grow their companies in our fair city, Knox adds.
"Getting businesses to move here is part of the goal," he says. "Hopefully this will lead to many more start-ups coming to town."
While living and working here may not have been part of the original plan for his business, Stanislaw of Giftiki says he is cautiously looking forward to the prospect now.
"We brought everything we own with us," he says of himself and business partner, Jowers, who had to check a map to find Cincinnati before coming from Texas. "Moving here was part of the game plan.
"We realize this city has a lot to offer," says Stanislaw, who had lived primarily in Florida and met Jowers while the two were both students at Baylor University in Waco, Texas. "The more I see the more I like. But I'll have to wait and reserve my final opinions until after I've gone through a winter here."
Stanislaw and the other five finalists will wrap up their 12-week program with Demo Day on Nov. 19 when they will present their concepts to venture capitalists and business executives in the hopes of getting early financial backing.
The final day will be a moment of truth for the group members as they find out how their ideas are received by the larger business world. Knowing the mentors of The Brandery are behind them is a definite confidence boost, they admit.
"It allows to you come in there with some instant credibility," says Stanislaw.
Take a look at the Brandery's first class in this week's Soapbox video.
Photography by Scott Beseler.
Pratap Sherquill and Vincent Chou Longworth HallGiftiki, Bryan Jowers and Justin StanislawDave Knox and J.B. KroppGiftikiWilson, lab friendly office