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DINGMAN CENTER NEWS
September, 2004
Welcome to the first
edition of the Dingman Center for
Entrepreneurship Newsletter for the
2004-2005 Academic year.
The Dingman Center for
Entrepreneurship at the Robert H. Smith
School of Business sits at the cross
roads of the thought leadership of our
world class faculty and the market
responsiveness of our students and
extended community. Our charge is to
leverage these assets to develop an
active and involved regional
entrepreneurial community.
The Mission of the Center is focused
in the following 3 areas:
1. Supporting regional
entrepreneurship
2. Incubating student run businesses
3. Facilitating entrepreneurial
activities at the University of Maryland
Through collaboration with the A.
James Clark School of Engineering, the
Dingman Center works to centralize
entrepreneurial activities within the
University of Maryland campus.
Additionally, the Dingman Center
incubates student run businesses at both
the graduate and undergraduate level,
maintains a Mentor Program to provide
regional entrepreneurs with support from
seasoned executives, and operates the
Capital Access Network (CAN) to match
new ventures with angel investors.
DINGMAN CENTER EVENTS
The Dingman Center also hosts a
variety of events for the regional
entrepreneurial community.
Dingman Day Lunch
Networking lunch for Smith students
interested in entrepreneurship sponsored
by board members and corporations. Event
is held every other Friday in the
Executive Dining Hall. By invitation
only.
Friday, Oct 15
12.30 - 2.30 p.m.
Smith School of Business
Speakers: Charlie Heller, Beacon Global
and Steve Roth, JAAM Consulting
Friday, Nov 19
12.30 - 2.30 p.m.
Smith School of Business
Speakers: S. Tien Wong, Opus8 and Paresh
Shah, Forges Advisors
Back-2-Basics
Students, venture capitalists,
entrepreneurs are invited to discuss
selected issues and their practical
applicability in entrepreneurship with
faculty and guest speakers. Topics
discussed include Demand Generation and
Making Decisions with Imperfect
Information.
Thursday, Sept 23
8 - 10 a.m.
Smith School of Business
Topic: Human Resources Management.
Guests: Jeff Kudisch, Ian Williamson,
Charles Olson, Shawn Dolley (www.visionchain.com)
Thursday, Nov 11
8 - 10 a.m.
Smith School of Business
Topic: Demand Generation Guests: Joe
Bailey, John Daus
Speaker Series
Prominent entrepreneurs share their
experiences and challenges with the
audience. Students, faculty and
community are invited to attend.
Thursday, Oct 14
12.30 - 2 p.m.
Smith School of Business
Speaker: Seth Goldman, Honest Tea
Wednesday, Nov 10
5 - 7 p.m.
Smith School of Business
Speaker: Mark Walsh, Ruxton Associates
Dingman Book Review
Monthly event for students, faculty and
community interested in reading and
discussing a book on Entrepreneurship.
The Robert H. Smith School of
Business is committed to the spirit and
practice of entrepreneurship. The
faculty and administration embrace a
continuous process of curriculum
innovation. Current courses offered
include: New Venture Creation, Strategic
Growth for Emerging Companies and New
Venture Financing.
The Dingman Center also
houses the Graduate Entrepreneurship
Club as well as the Smith Store, a
student run operation, selling Smith
branded items.
DINGMAN CENTER NEWS
OCTOBER 2004
In this month's issue:
A Dingman Scholar Venture: Shop DC
Inside the Center: Mentor Program
Upcoming Dingman Events: Dingman Book
Review, New Markets Growth Fund Speaker
Series, Tech Visionary Panel, Dingman
Day Lunch, Back-2-Basics
Partner Events: MTECH Boot Camp,
Technite and more
Miss an Event? Read Our Summaries of
Past Events
Pitch Dingman: Let Us Help You With Your
Business Idea
A DINGMAN CENTER VENTURE
SHOP DC: A VENTURE BY ZOEY RAWLINS
Through the Dingman Center, Zoey is
working on a venture called SHOP D.C.
that will offer fashionable women
visiting Washington, D.C. an experience
tailored to their unique interests. SHOP
D.C. will feature DC's most fashionable
districts (Georgetown, DuPont Circle,
Connecticut Avenue) and use the
historical context of these areas as a
backdrop. The company will cater to the
women who want to enjoy a fashionable,
city atmosphere while vacationing or
visiting the Nation's Capital on
business.
Zoey is utilizing the resources
available at the Dingman Center to
explore the feasibility of her business
idea. She benefits from the expert
guidance offered from the Dingman
Center's Entrepreneurs-in-Residence, who
have a combined 40 years of
entrepreneurial experience, and Dingman
Center Managing Director Asher Epstein.
She will present her business idea to
and receive feedback from peers and
seasoned entrepreneurs at the Dingman
Day Lunch on October 15.
Zoey has more than seven years
experience in the publishing/media
industry and a love for the fashionable
city life. Inspired to create this
publication after viewing other
entrepreneurs who started magazines
around Washington, D.C. and the metro
area, Zoey thought: "If I don't do this
now, I'll just wind up working for them
in a few years anyway."
INSIDE THE CENTER: THE MENTOR
PROGRAM
The Mentor Program offers
entrepreneurs an opportunity to receive
expert guidance from one or more of the
Dingman Center's mentors. This group
represents a broad range of skills and
technical backgrounds with one common
attribute: experience. Mentors are
accomplished senior managers with
expertise in aerospace, biotechnology,
electronics, finance, food services,
franchising, law, manufacturing,
software, telecommunications and other
fields.
Mentors are presidents, CEOs, managing
partners and business founders,
attorneys, accountants, and consultants.
The size of the mentor corps and their
breadth of experience allow us to tailor
our mentor selections to the needs,
business maturity, and industry of each
entrepreneur. Mentors have traveled the
path from start-up to success and are
eager to share their experiences with
early-stage entrepreneurs.
If you are interested in becoming a
mentor, please contact us at
301-405-9545 or e-mail us at mentor@rhsmith.umd.edu.
DINGMAN CENTER EVENTS
DINGMAN BOOK REVIEW
Built to Last: Successful Habits of
Visionary Companies
James C. Collins and Jerry I. Porras
took eighteen truly exceptional and
long-lasting companies and studied each
in direct comparison to one of its top
competitors. They examined the companies
from their very beginnings to the
present day -- as start-ups, as midsize
companies, and as large corporations.
Throughout, the authors asked: "What
makes the truly exceptional companies
different from the comparison companies
and what were the common practices these
enduringly great companies followed
throughout their history?"
Filled with hundreds of specific
examples and organized into a coherent
framework of practical concepts that can
be applied by managers and entrepreneurs
at all levels, Built to Last provides a
master blueprint for building
organizations that will prosper long
into the 21st century and beyond.
Come and join us for a discussion of
this fascinating book on
entrepreneurship. Pizza and soda will be
provided. Please RSVP to Carol Cron
atccron@rhsmith.umd.edu .
Thursday, October 7, 12:30-1:45 p.m.
VMH 1202
Guest: Asher Epstein
NEW MARKETS GROWTH FUND SPEAKER
SERIES
Speaker series hosted by the New Markets
Growth Fund. Students, faculty and
community are invited to hear from
industry experts about their first-hand
experience.
Tuesday, October 12, 12:30-1:20 p.m.
VMH 1505
Topic: Social Responsibility
Guest: Wayne Silby, Founder, Calvert
Group
BACK-2-BASICS
What is demand? How do you know that
there will be demand for your product?
How can you forecast future demands?
Come and discuss these issues that are
relevant for every entrepreneur
regardless of their industry.
Thursday, November 11; 8-10 a.m.
Executive Dining Room, Van Munching Hall
Topic: Demand Generation
Guests: Joe Bailey, Smith Assistant
Professor, and John Daus
RSVP to Carol Cron at ccron@rhsmith.umd.edu
PARTNER EVENTS
The Maryland Technology Development
Corporation and Toucan Capital
Corporation Hosts
Innovations in Drug Discovery, Delivery
and Diagnostics for Neurodegenerative
and Psychiatric Diseases
Featuring National Institutes of
Health technologies from:
National Institute of Neurological
Diseases and Stroke, National Institute
of Drug Abuse, National Institute on
Aging, National Institute of Dental and
Craniofacial Research, and the National
Institute of Mental Health
National Institutes of Health (NIH)
Technology Partnering Showcase
Thursday, October 7, 2004; 8:00 a.m. –
1:30 p.m.
Cost: $40 per person
MTECH BOOT CAMP
Fourth Annual MTECH Technology Startup
Boot Camp
An intensive, day-long workshop about
how to turn an innovative product idea
into a successful technology-based
company--taught by leading professionals
in the venture capitalist, legal, and
entrepreneurship service communities.
Visit http://www.venturecatalyst.umd.edu/Boot_Camp/2004/
for more information.
Friday, October 22, 2004; 8:30 a.m. -
4:00 p.m.
Grand Ballroom, Stamp Student Union,
University of Maryland
Who it's for: Faculty and students from
local universities. Interested members
of the community are also welcome to
attend.
TECHNITE 2004
TechNite is Greater Baltimore's premiere
night out for the business and
technology communities so expect to see
everyone there.
The nearly 1,000 attendees come not
only from the high energy start-up
companies that are filling our region,
but also the Fortune 500 businesses and
others who understand that technology is
shaping our futures.
Sponsored by: Greater Baltimore
Technology Council
November 4, 2004, 5:30 p.m.
Baltimore Convention Center
One West Pratt Street
Baltimore, MD
EVENT SUMMARY: HOT MOMMAS: THE NEW
RULES FOR HAVING IT ALL (9/15/04)
On September 15, 2004, The Dingman
Center for Entrepreneurship and Graduate
Women in Business hosted a panel of
women entrepreneurs entitled “Hot
Mommas: The New Rules for Having it
All.” The panel consisted of women
entrepreneurs and business owners
Rebecca Fair, Ellyn McKay, and Lita
Miller, with moderator Kathy Korman
Frey. Kathy Korman Frey is currently
researching “Hot Mommas” -- educated
women who start successful businesses
and balance high-powered careers and
family life.
Kathy Korman Frey developed the
concept of Hot Mommas after researching
profiles of successful women and finding
a key success factor and a key
opportunity. Mentoring was been shown to
be the largest factor for success, so
the Hot Mommas group allows for
connections between businesswomen to
pursue mentor relationships. There is
also an opportunity to create new ways
of work to encourage more women to
pursue business careers. Currently only
30% of graduates from top 20 business
schools are women, compared to 44%
graduating from medical and law school.
Clearly business is lacking some appeal
for women. The Hot Mommas approach seeks
to redefine the rules of business to
encourage more women to pursue business
and entrepreneurial careers.
Panelists were asked questions about
their decision to start a business, keys
to success in work and family life, and
how to build a successful business. A
main theme that emerged from the panel
was that you must define success for
yourself. The panelists stressed that it
is important to spend time thinking
about how you define success and not to
let others define it for you. Once you
have defined success, the panelists also
offered some tips on achieving success.
These tips included: having good help in
your work and family life, doing what
you are passionate about, being
flexible, and taking care of yourself.
In applying their individual
definitions of being successful in
careers and family, the panelists found
it necessary to redefine the business
model to accommodate their goals. Each
has started her own business to be able
to define her own way of doing business.
Kathy Korman Frey's company, Vision
Forward, hires consultants that have
vast industry and business experience,
but are looking for more flexibility
than a traditional consulting firm
offers. Other panelists have taken their
work expertise and translated it into
successful consulting careers. Their
advice on taking the leap into starting
a business is to look for mentors, love
what you do, develop a solid financial
foundation, and work your network.
They also provided some strategies
for finding good business opportunities
by taking advantage of corporate and
government favor of women-owned
businesses. Government agencies are
particularly looking for technology
vendors that are women-owned. Large
corporations look for diverse suppliers,
and some seek out women owned
businesses. Ellen McKay recommended that
women look at what companies' needs are
and find a niche.
The Hot Mommas also recommended some
reading for those interested in
entrepreneurship and balancing work and
family life:
Inc.Your Dreams by Rebecca Maddox
Fierce Conversations by Susan Scott
Our Wildest Dreams by Joline Godfrey
The E-Myth by Michael Gerber
PITCH DINGMAN
Do you have a business idea that you
think would work but you don't know how
to get started? Come and Pitch Dingman
with your idea.
Fridays 11:00a.m.-12:00p.m. in the
Dingman Center
Dingman Scholars will give you
feedback on your ideas and you can
compete for $50-$1500 of funding to get
things started.
DINGMAN CENTER NEWS
NOVEMBER 2004
In this month's issue:
The Smith Store: A Dingman Scholar
Venture
Inside the Center: Capital Access
Network
Upcoming Dingman Events: Dingman Speaker
Series, Back-2-Basics
Partner Events: Greater Baltimore
Technology Council's Technite
Miss an Event? Read Our Summaries of
Past Events: Dingman Speaker Series,
October 14, Dingman Day Lunch, October
15
Pitch Dingman: Let Us Help You With Your
Business Idea
A DINGMAN CENTER VENTURE: THE
SMITH STORE
The Smith Store is a Dingman project
headed by Dingman Scholar Kara Holzer.
Started in 2001, The Smith Store plays
an important role for the School in
promoting the Smith community. Already,
The Smith Store has more than tripled
revenues from last year.
The Smith Store's new website,
www.thesmithstore.com, includes an
expanded selection of attractive
merchandise featuring the Robert H.
Smith School of Business logo and great
new products from Smith School student
and staff entrepreneurs. MBA volunteers
worked with Kara and the Dingman Center
on three main initiatives to expand The
Smith Store.
New Website and Merchandise. The new
Smith Store website offers an expanded
selection of apparel, including polo
shirts for men and women, baseball caps,
t-shirts, sweatshirts and golf
windshirts. Other items include
portfolios, letter openers, and car
decals. Unique and attractive Terp
jewelry is available from Dayna Designs,
a company started by MBA student Dana
Lande. Many pieces are sterling silver
with turtles and Maryland colors
incorporated into the design. Also
available is Testudo the GradTM, a
stuffed Terrapin with graduation hat and
diploma, created by Carol Cron, the
Dingman Center Program and Event
Manager. Testudo the GradTM is a perfect
graduation gift, at an affordable price,
for your favorite grad. Personalized
diplomas with name and year of
graduation make it a great holiday gift
for alumni. The website is
professionally managed by a web services
firm to offer easy ordering and quick
shipments. The new website is a
convenient way for current students,
faculty, staff and alumni to order Smith
merchandise.
Expanded Partnerships. The Smith
Store also reaches out to departments
within the school to partner on
merchandise orders. For example, the
Office of Career Management recently
partnered with The Smith Store on a
large order of portfolios to distribute
to 1st year MBA students.
Increased Student Awareness. Smith
Store volunteer and graphic designer,
Ivan Cayabyab, creates marketing
materials and coordinates Smith Store
sales in the Van Munching Hall atrium
twice a month to increase student
awareness of The Smith Store.
All proceeds support further development
of The Smith Store and entrepreneurship
activities at Smith. Please visit The
Smith Store website at
www.thesmithstore.com.
INSIDE THE CENTER: CAPITAL ACCESS
NETWORK
The Capital Access Network (CAN)
enables entrepreneurs of start-up
companies established in the District of
Columbia, Maryland, Virginia, and
Delaware to connect with active,
accredited private equity investors in
the greater Washington, DC metropolitan
area. Every month, investors in the
Capital Access Network receive an email
containing executive summaries from the
region's most promising businesses. To
be eligible for the program, a business
must meet the following criteria:
- Funding request: $50,000 - $1.5M
- Company location in DC, VA, MD
- Established corporate structure
- Dedicated management (i.e., is
evidenced by either initial sales made
or personal investment in the company,
or full time employment with the
venture)
Additionally, we also consider the
strength of the management team, clear
customer value proposition, and a clear
sales strategy in evaluating each plan,
although these latter factors are not
required.
Entrepreneurs: To submit a business
summary, please email Maya Rao at mrao@rhsmith.umd.edu
for an application form and a business
summary template.
Investors: If you are an accredited
angel investor and would like to be
added to our distribution list, please
contact Maya Rao mrao@rhsmith.umd.edu.
DINGMAN CENTER EVENTS: DINGMAN
SPEAKER SERIES
"What Consumer Marketers Can Learn
about the 2004 Presidential Campaign"
Speaker: Mark Walsh, Owner, Ruxton
Associates
Wednesday, November 10; 5-7 p.m.
Tyser Auditorium, 1212 Van Munching Hall
5:00 - 5:30 p.m. Networking and light
refreshments
5:30 - 6:30 p.m. Mark Walsh
6:30 - 7:00 p.m. Networking and
refreshments
RSVP to Carol Cron at ccron@rhsmith.umd.edu
Mark Walsh, Ruxton Associates. Mark
previously was the chief executive
officer of Progress Media, and its
subsidiary, Air America. Mark has served
at the Democratic National Committee (DNC)
as their Chief Technology Advisor. He
was the head of Internet operations and
strategy for John Kerry for President in
mid-2003. He created and ran AOL
Enterprise, the B2B (business to
business) division of AOL. In mid 1997,
he joined VerticalNet Inc. (VERT) as the
CEO, taking the company public in early
1999. It was the first publicly traded
B2B Internet company. He became chairman
in late 2000.
BACK-2-BASICS
How is demand created? How can you
stimulate demand? What products and
services will be needed in the future?
Come and discuss how entrepreneurs can
position themselves to be at the
crossroads of future demands with a
seasoned panel of practitioners and
researchers. The panel will focus on how
opportunities are identified and how to
capitalize on them.
Thursday, November 11
8:00 - 9:30 a.m. Panel Discussion
9:30 - 10:00 a.m. Networking
Topic: Demand Generation
Executive Dining Room
2517 Van Munching Hall
Panelists:
Prof. Joe Bailey, Director of Center for
Electronic Markets, Smith School of
Business
Mr. John Daus, spent 13 years doing
sales and marketing at Microsoft
Mr. Jeffrey Cohen, Founder, Sutton Place
Gourmet
Mr. Ted Muendel, CEO, Stanton Chase
International
RSVP to Carol Cron at ccron@rhsmith.umd.edu
PARTNER EVENTS
The Jewish MBA Association
WINE EDUCATION @ SMITH
Do you know the five grapes used in
the red wines of Bordeaux? How are
bubbles created in champagne? What is "terroir"?
And should you care? Learn the answers
to these questions, and others.
Jordan Lichman, former winery
manager, culinary instructor,
professional chef, and current Smith MBA
student will lead the group in a
discussion and tasting designed for the
interested novice or casually
experienced wine drinker. $25.00 per
person. Reserve now. The group is
limited to 44 people.
Tuesday, November 16, 2004
6:00 - 8:00 p.m.
Hillel House (across from Van Munching
Hall)
University of Maryland College Park
Contact Jordan Lichman for more
information. jlichman2006@rhsmith.umd.edu
.
The Greater Baltimore Technology
Council Presents TECHNITE 2004
TechNite is Greater Baltimore's premiere
night out for the business and
technology communities, so expect to see
everyone there.
The nearly 1,000 attendees come not
only from the high energy start-up
companies that are filling our region,
but also from the Fortune 500 businesses
and others who understand that
technology is shaping our future.
November 4, 2004, 5:30 p.m.
Baltimore Convention Center
One West Pratt Street
Baltimore, MD
http://www.gbtechcouncil.org/technite2004/home.html
EVENT SUMMARIES: SETH GOLDMAN,
HONEST TEA
On October 14, 2004 The Dingman Center
hosted Seth Goldman of Honest Tea for a
luncheon and presentation on the
company. The event gave students and
school administrators a flavor of what
it is like to take a business idea
driven by one person's desire for a new
product through the multiple stages of
funding and execution to become a
multi-million dollar brand.
Key Takeaways
Most entrepreneurs get stuck on the fact
that they have a great idea but become
overwhelmed by the obstacles in their
way. Seth Goldman, a graduate of the
YALE Business School, built Honest Tea
with no prior experience in the beverage
market, only with the idea of a creating
a beverage that wasn't too sweet and
wasn't water. With a friend – who then
became his business partner – and a few
gallons of their home-brewed tea, Seth
went to his local Whole Foods market to
try to sell the beverage locally. Whole
Foods liked the drink so much they
ordered 15,000 units. This is a case
where necessity is the mother of
invention!
Since 1989 Honest Tea has steadily
been making inroads into the bottled tea
market by clearly differentiating itself
from the competition, namely Snapple, by
remaining less sweet, made from organic
ingredients and by preserving high
ethical standards for how Honest Tea is
made. Customer adoption has been high,
and the tea is now widely distributed
through the country, mostly through
coffee houses, supermarkets and
specialty foods stores. Honest Tea has
received critical praise in the media,
sponsorships from major companies such
as Ford and has a devoted following of
core customers which grows every year.
Over the years, Honest Tea did modify
their formula somewhat to fit more with
main stream tastes (they call it “Just a
Tad Sweet”) and introduced a new plastic
bottle to further differentiate itself
from Snapple and ease distributors
concerns of carrying two similar
products. Honest Tea also had to fight
its way out of the organic niche.
Frequently the beverage could be found
only in the specialty isles of a
supermarket which were passed over by
main stream customers.
Honest Tea is the fastest growing
bottled organic tea company in the world
today. Harvard Business School has
documented the rise of the company and
the many obstacles Seth overcame on his
journey to market in a business case for
MBA students. Honest Tea's headquarters
are located in Bethesda, MD, a suburb of
Washington, DC.
DINGMAN DAY LUNCH
On October 15, 2004, the Dingman Center
of Entrepreneurship hosted a networking
event for MBA students interested in
entrepreneurship. The event consisted of
talks given by Dr. Charles Heller,
Entrepreneur in Residence, and Zoey
Rawlins, Dingman Scholar and 2nd year
MBA student.
Dr. Charles Heller talked about his
journey as an entrepreneur. He started
by talking about the first breakthrough
in his life that arrived with
‘Timesharing' on mainframe computers.
Recognizing the opportunity, he started
Bay Tech, a company that was
unsuccessful, but left him with some
important lessons such as being prepared
to do any job, no matter how small, as
an entrepreneur.
An important takeaway was the
importance of acting upon seeing an
opportunity, as Dr. Heller did upon his
visit to Man Tech. He realized the value
of automation for the company and
started Inter Cad Corp. to cater to this
market that became profitable within 14
months. He spoke about the need to
diversify or get out of a market upon
seeing signs of change. He did exactly
this when he sold his interests in Inter
Cad Corp. after failing to secure
funding to help prepare the company for
the emerging PC market.
Dr. Heller talked about his efforts
as a part of the University of Maryland
where he launched the ERC program (now
known as MTech), MIPS (Maryland
Industrial Partnerships Program), and
managed the Dingman Center of
Entrepreneurship. He concluded by
providing some key success factors for
entrepreneurs such as, being able to put
together a strong management team &
board of directors, being able to raise
money, being able to persist and
persevere.
The ‘Shop DC' presentation by Zoey
Rawlins was focused on presenting the
idea and getting feedback from the
audience. The new idea was for a
publication that marries the ‘shopping
magazine' with the ‘tour guide'. Aimed
at affluent women travelers to
Washington, DC, this magazine would aim
to serve hotel concierges, guests and
area businesses. Zoey presented fact
based material that covered customer &
market trends, target market, Porter's
analysis, critical success factors and
the positioning strategy. This was
followed by a Q & A session that saw
great participation from guests, staff
and students. This presentation
showcased the work being done by the
Dingman scholars and promoted these
ideas to potential volunteers.
PITCH DINGMAN
Do you have a business idea that you
think would work but you don't know how
to get started? Come and Pitch Dingman
with your idea.
Fridays 11:00a.m.-12:00p.m. in the
Dingman Center
Dingman Scholars will give you
feedback on your ideas and you can
compete for $50-$1500 of funding to get
things started.
DINGMAN CENTER NEWS
DECEMBER, 2004
Smith Spirit Day, a.k.a. Dingman
Holiday Happy Hour and Holiday Shopping
Bonanza
Event Summary -- Dingman Day Lunch --
November 19
Co-Sponsored Events
-- MIT Enterprise Forum
(Baltimore-Washington) (Tuesday,
December 14)
-- The Art of Telling Your Story
(Friday, December 17)
New Graphic Identity for The Smith
School (and new look for the Dingman
Newsletter)
Contribution of Services by Mailer
Mailer
The Dingman Center -- Who We Are
SMITH SPIRIT DAY
a.k.a. Dingman Holiday Happy Hour and
Holiday Shopping Bonanza
Well over 200 people gathered on the
third floor of Van Munching to kick off
the holidays on Thursday, December 2.
Some came to shop at The Smith Store.
Some came to sample the food. But most
came to sample the free beer. FREE BEER?
That's right! Hook & Ladder beer was
available for guests to have a
complimentary sample (or two or three).
The evening was a resounding success,
with sales at The Smith Store exceeding
$1,100 in two hours, and more than 100
(empty) pint glasses that sold for $5.00
each.
The event was sponsored by the
Dingman Center for Entrepreneurship as a
showcase for some of their businesses
that have been started by Dingman
Scholars -- both current and former.
Matt Fleischer, a current Dingman
Scholar and CEO of Hook & Ladder beer,
was very pleased with the success of the
evening. He received very favorable
comments on the taste and flavor of his
beer, winner of a Gold Medal at the
Great American Beer Festival in 2001.
Dominic Crapuchettes, a former
Dingman Scholar, has created the board
game Cluzzle. What's a Cluzzle? Here's
the answer, according to the game's
website: 1. a clay puzzle; 2. a person
so bad at sculpting they might actually
be good at this award winning game.
Winner of the 2004 Creative Toy
Awards'Preferred Choice Award, Cluzzle
has been picked up for sale by
ToysRUs.com. Crapuchettes expects the
game to be very successful and
anticipates it will be on the store
shelves of Toys R Us for next year's
holiday season. For more information,
visit the Cluzzle website:
http://m1e.net/c?34515161-VRb6tnPslW89E%40761164-WS8FI5YqDQlro
Part-time MBA student Dana Lande was
on hand with her beautiful jewelry from
Dayna Designs. It includes a line of
Terp jewelry, featuring black and red
stones interspersed with sterling silver
turtles on a sterling bracelet or
necklace.
The Smith Store not only has Smith
mugs and mousepads with the new graphic
design, but also Smith polo shirts, hats
and outwear in a variety of colors and
sizes. Testudo the Grad is also
available at The Smith Store for
graduates or alumni, and can be
personalized with the graduate's name
and year of graduation.
EVENT SUMMARY: DINGMAN DAY LUNCH
On November 19, 2004, the Dingman
Center hosted the second Dingman Day
Lunch for a group of invited MBA
students, UG students and others
interested in entrepreneurship. The
event consisted of talks given by Paresh
Shah, Principal, Forge Advisors, S. Tien
Wong, CEO, Opus 8 and Matt Fleischer,
Dingman Scholar and 2nd year MBA
student.
Mr. Shah started his talk by
highlighting the "risk vs. reward"
aspect of entrepreneurship. He mentioned
that the biggest rewards for becoming an
entrepreneur are the ability to control
your own destiny and to be your own
boss. Mr. Shah started his first
company, Tribeca Designs, while he was
still at Harvard Graduate School of
Business. He sold that company for a
couple of million dollars upon
graduation and went on to start seven
more companies after that.
Mr. Shah is currently a principal at
Forge Advisors where he is able to apply
all of his experience to management
consulting. He considers the job his
ideal space and is often hired by firms
to scout for new business growth ideas.
He had a list of 10 items to convince
students to start their business ASAP:
- You learn faster
- You fail faster
- The stakes are lower
- There is no defined "career path"
anymore
- It will help your career in most cases
- There really are no serious risks
- You have several financing options
- Youth has its benefits (support from
parents, friends, etc.)
- Pinball Theory (the sooner you fail,
the sooner the new game starts)
- You may actually succeed, so why wait?
Mr. S. Tien Wong, CEO of OPUS 8
maintained "hard work" as one of the
central elements of his talk. He grew up
observing his hard working immigrant
parents run a restaurant business. Mr.
Wong credits his parents' success to
"attention to detail" and "hard work."
He mentioned that being an entrepreneur
means long hours spent on the job and
that achieving work-life balance can be
difficult. Mr. Wong's first forays into
the world of entrepreneurship led him to
a successful real estate business till
the crash in the late eighties. He later
started a company that provided call
center help and received his first
contract within three months. Mr. Wong
had these key learnings to share with
the attendees:
- Get going, don't waste time
- Be aggressive
- Hire great people, as the returns are
many times the investment
- Involve Human Resources to harvest
talent; mimicking the GE model helps
- Use passion, execution and energy to
rate people
- Aim at surviving the first 4-5 years,
it gets much better after that
- Never under capitalize your company
- Have the cash in the bank and pay
yourself, too
- A CEO should focus on selling and
customer satisfaction -- not raising
money
Matt Fleischer presented his
business, Hook & Ladder Beer, which has
already received $10,000 funding from
the Dingman Center and another $10,000
from a private investor. His
presentation showcased the work being
done by the Dingman scholars and
promoted these ideas to potential
volunteers. After an overview of Hook &
Ladder, Matt talked in detail about the
market opportunity, trends, proof of
concept, market strategy, management,
financials, exit scenarios, valuation,
risks, testimonials, and next steps. The
presentation was well-received by the
audience. There was a lot of
participation during the Q&A session.
Most questions were related to the
marketing aspect of the project. The
visiting entrepreneurs suggested some
key points to improve the channel
distribution strategy and the market
size.
CO-SPONSORED EVENTS: MIT
ENTERPRISE FORUM
Tuesday, December 14, 6:30 to 9:00 p.m.
George Mason University Law Center, 3301
N. Fairfax Drive, Arlington, Virginia
The MIT Enterprise Forum for
Baltimore-Washington will hold their
Annual Holiday Gala and 2005 Kickoff on
Tuesday, December 14 from 6:30 to 9:00
p.m. at the George Mason University Law
Center. In addition to a buffet dinner
and networking, items on the evening's
program are talks on "Hostage
Negotiations and Entrepreneurship: More
Similar Than You Think" and "Evolving
Technologies and Business
Opportunities".
THE ART OF TELLING YOUR STORY
Friday, December 17, 1:00 to 6:00 p.m.
University of Maryland, College Park,
Room 1103 Technology Advancement Program
Building
This is a dynamic half-day workshop
on how to present to investors,
corporate partners, and customers. Past
participants have made significant
improvements in their pitch, business
strategy, and negotiating tactics,
helping them raise over $450 million and
do dozens of partnering deals.
In this workshop you get to practice
and receive personal coaching on
attracting customers, investors, and
corporate partners, as well as gain new
insights about your business strategy,
funding realities, team issues,
corporate partnering, sales techniques,
market positioning, and negotiating
deals. In addition, the special Q&A
session with investors, attorneys,
corporate partners, and new venture
experts has been a bonus highlight. The
workshop offers a safe environment with
unique learning experiences to address
the key questions and challenges you are
facing in your business today.
We look forward to your company
making valuable business and technical
contacts, and learning powerful new ways
to "tell your story" to win investors,
corporate partners, and customers.
This event is co-hosted by: Maryland
Technology Enterprise Institute.
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