Love anything that celebrates the fashion and design industry in Raleigh! We at EntreDot are launching http://www.rediiraleigh.org on May 23 to help creatives monetize their passions. Please send people our way!
Monthly Archives: May 2012
Want to Check Out Posh Raleigh?
(Reblogged from http://www.rediiraleigh.org):
Raleigh is a hotbed of fashion activity. Did you know that North Carolina State University (NCSU) has one of the best textile colleges in the world? Not to be outdone, NCSU’s College of Design has programs that help students become fashion designers. Both of these institutions graduate dozens and dozens of innovative fashion design professionals every year. Wow, what a resource we have to create some of the most highly educated and creative fashion design entrepreneurs.
You can meet many of these creative people in all the fashion venues around town, from downtown Raleigh, to Cameron Village, Crabtree Valley Mall, Triangle Town Center, North Hills and many other shopping centers. Next time you are in one of these places, take a look around and you will see them dispersed throughout these retail centers.
It is possible that you don’t know of all the fashion events that occur in our area. NCSU is the most current with its international fashion event held at the University, where some of the most influential fashion professionals are meeting and showing the latest fashion trends. Watch the blogs and news outlets for events like FashionSpark, Triangle Fashion Week, and Redress Raleigh. Look for the advertising of fashion events occurring throughout downtown Raleigh at restaurants and other venues. Hmmm, seems to be a fashion happening place.
Have you ever visited Cotton, Inc, Spoonflower or TC2 where new innovations in fashion as well as wonderful supportive resources that support the fashion community exist? Some of these are new, but others have been in town for over 30 years. Did you know that?
These and many other fashion facts are what EntreDot® found when it did its research to justify putting a fashion innovation center in downtown Raleigh. We found that Raleigh indeed has a fashion district but it just doesn’t look like the one in New York or Los Angeles. Of course it is much smaller. However, it is substantial, innovative and enthusiastic, but spread out all over town. That’s the way it is and probably always will be. So, we need to do some special things to tie it all together as a community, make it obvious that we are a fashion destination and celebrate the fact.
This is where REDii comes in. REDii is the first fashion design innovation center, and part of Innovate Raleigh’s innovation center concept. This will be one of many innovation centers supporting many industries that will be emerging throughout Raleigh. REDii will start the buzz about the fashion community in Raleigh, with much more to come.
Would you like to explore what REDii will be about? Come out to Solas on May 23 for a big Launch Party event. You are now invited; here’s the link–http://rediilaunchpartyfashion.eventbrite.com/
A Very Nichey Girl
It’s an old adage, but a true one, that “you can’t be all things to all people” without losing a strong connection to someone specific. In the world of marketing professional services, those who choose not to build an intentional, focused relationship with clients in a niche market segment do so to their own detriment.
Responding to a Jolt
Sally was employed by an AmLaw Top 100 firm about 10-15 years ago when the large firms were targeting vertical markets. Her firm had targeted the CPA industry and Sally, with prior stints inside CPA firms, was eager to help develop the market. When her firm shifted priorities from the niche, she had a decision to make.
Instead of trying to take firm clients with her, Sally opened her own firm, to focus on regional accounting firms in the area where she had attended law school. This strategic choice was effective for two reasons:
- It avoided even the appearance of trying to compete with her former firm, and
- It gave her an entree’ to a target group of profitable prospects not being pursued by others
Learning Competitive Advantage
For several years she continued to develop and deliver specialized services offerings tailored to CPA firms, such as partner compensation consulting, strategic planning, partner retreats, organizational restructuring and profit enhancement. By the 5 year anniversary of being in business for herself, Sally had identified the need to build a team around her with scalable infrastructure that would allow her to focus on client service rather than firm management. She joined a regional law firm with about $7 million in gross revenue and six partners that had begin to see the revenue and profit benefits of pursuing highly specialized niche practices.
For the past decade, Sally has led the firm’s niche practice for CPAs and seen the firm grow to over twice the size it was when she joined. By getting to know finance executives, CPAs, firms and the industry, she has been able to create a value-added service that goes well beyond compliance into unique complementary offerings. By choosing to specialize and establish herself as a subject matter expert, she has enjoyed great success.
Not content to only be a service provider, Sally has taken on the coveted roles of a.) trusted advisor and b.) referral source. Some say she “knows every CPA in town.” Her strong relationships have been maximized to win considerable business for her firm. While others attend chamber and other networking meetings, she introduces CPAs she knows to firm partners according to their industries and areas of specialty. Her efforts have developed into a solid channel of business development and referrals for her partners and clients.
Value Proposition
The highly specific niche has permitted the firm to win against many of the area’s most respected law firms that offer the usual corporate business and estate services. Certainly, the firm can–and does–provide these at the highest level. But Sally and her colleagues have positioned themselves beautifully – a focused, reputable law firm that can provide the usual suite of legal services and, significantly, knows the industry and its unique challenges and nuances, offering the experience and expertise to help the client become more successful.
Ultimately, specialization is offering a value proposition rather than a reduced-price commodity. Under Sally’s leadership, her firm has added a tremendous value to traditional legal services by customizing their offerings to keenly understood market segments.
5 Ways ‘treps Maximize Mentor Feedback
Asking a mentor for feedback is a critical step in turning an idea into a successful business. Noted members of the Young Entrepreneur Council share how they feel ‘treps should make the best use of mentors below–
Draft a Summary
Entrepreneurs’ ideas are often most easily “felt” through passion and an intuitive belief that great potential awaits. When expressed verbally, however, the vision can be easily misunderstood. Avoid this by taking some time to write a concise, one-page Executive Summary that you can share with mentors you respect. This will ensure they understand your idea and offer relevant and quality feedback.
Time Is Valuable
If you’re in a mentoring relationship with someone who is also an entrepreneur, there is one thing that you both know is ridiculously valuable: time. Regardless of whether your next business venture is the greatest or worst idea you’ve ever had, keep the call focused to keep mentors in your life. Have an agenda and stick to it. You can make small talk later. Time is money; spend it wisely.
No Hesitation
While preparation is important in pitching a business idea to anyone, the best tip for asking a mentor for feedback is not to hesitate about it. Your mentors are there for you to bounce ideas off. Most mentors are thrilled when you come to them with questions or feedback solicitations, so don’t pause in engaging them in your project. They — and you — will be glad if you don’t wait.
One Small Step
They’re busy and smart, so treat them as such. Don’t ask for a long term commitment up front and don’t waste their time. Start with a short email with options you’ve thought of to a problem you are facing. Ask them to simply reply with which option they think is the best. Implement, thank them, and show them how their advice got you results.
Ask For Specific Feedback
If you’ve chosen the right mentor, they have a wide body of expertise and experiences to draw on. Too many entrepreneurs present a lot of information to mentors and then ask something akin to, “What do you think about all this?” That gets nowhere. Better to have structured information and ask for specific feedback: “Is this key assumption realistic?” or “Is this an appropriate place to start?”
Charlie Gilkey, Productive Flourishing
How to Maximize an Incubator Experience
In yesterday’s VentureBeat post, entitled “15 Entrepreneurs Give Tips on Getting the Most Out of an Incubator or Accelerator,” the following insights were offered:
Do your research to find the right fit
You should do your homework on any accelerator you’re considering. What do they offer? What are some of their success stories? What happens to companies that don’t succeed? How often do their teams get funded? Depending on the accelerator you join, you’ll get very different answers to those questions. Make sure to not only talk to the accelerator but also past companies, both successful and not.
Jason Evanish (@Evanish), Greenhorn Connect
Don’t be a perfectionist and accept the guidance
I think these groups are really important to early-stage startup attempts — the mentorship, community, and exposure they offer far outweigh any equity you might share with them in return. Don’t get caught up in trying to build something perfect; focus your efforts on customer development and proving your assumptions, so they can help you move that learning into a solid first product.
Derek Shanahan (@dshanahan ), Foodtree
Accomplish something on your own first
After having a detailed discussion with TechStars graduate and Contently.com co-founder Shane Snow, my takeaway was to have built an impressive resume of personal accomplishments to show you’re capable of actually building a real business. Incubators and accelerators want to train entrepreneurs, but they need to make sure you’re coachable and have actual potential to become a real star.
Danny Wong (@blanklabel), Blank Label Group
Be prepared to immerse yourself and go all in
You need to dedicate your time into this — it’s an endeavor that requires focus 24/7. Also, look at the opportunity as a time to find the right co-founder, strategic partners, and to be honest and upfront with the organizers about what you need. The more you give, the more you get!
Ash Kumra (@AshKumra ), DesiYou
Prove that you are committed
Demonstrate commitment and focus on results; incubators and accelerators invest in people and teams more than markets. It’s important to have a disruptive idea, but the drive and capabilities of the team are much more correlated to success than the size of the market or details of the business plan. They want to see a smart, dedicated team that is passionate about executing.
John Harthorne (@jharthorne), MassChallenge
Don’t settle for any incubator, find the best
If you are thinking of applying to an incubator or accelerator, be sure to find the best. Even if you have to give up a larger portion of your company, it will be worth it for the amount of growth it will help you with in comparison to a lesser organization. Also, look for synergy and people whom you work well with — you want to feel welcomed into your new home.
Louis Lautman (@louislautman), Young Entrepreneur Society
Make sure your goals match up
All incubators and accelerators are not created equal. Some incubators focus on landing funding, others focus more on helping you build a revenue-generating firm. Make sure your goals align with that of your program.
Doreen Bloch (@DoreenBloch), Poshly Inc.
Reach out to alums
Before applying to an accelerator program, I would talk to alums of the program to make sure they had a good experience. It also might help if you could get some time to validate your idea for a business before jumping into one of these programs. Make sure the “proof of concept” even makes sense.
Patrick Curtis (@WallStreetOasis ), WallStreetOasis.com
Perfect your pitch
Many incubators are looking for the entrepreneur to make some type of pitch, so it’s important to practice, practice, practice. The more excited that you can make them about your concept, the higher likelihood that you will get accepted to the accelerator.
Lawrence Watkins (@lawrencewatkins), Great Black Speakers
Paint a picture of success
When creating your pitch, keep in mind that you want to convince the judges that your startup is truly going places. It’s going to be so successful that they will want to attach their name to get behind it. Show them that you’re going to be successful no matter what, so it’s in their best interest to have you affiliated with their program.
Stephanie Kaplan (@stephaniekaplan), Her Campus Media
Tell a great story
Remember, people are investing in you more than your idea. Businesses are fluid in the startup stage. Which means your personality and background is what really counts. While pedigree or experience matter, your curiosity, obsession and commitment matter more. Character trumps credentials. What’s the riddle you’re trying to solve? How have you overcome failure? Make them believe in you.
Michael Margolis (@getstoried), Get Storied
Master the art of explaining your idea clearly
Good entrepreneurs know a lot about their business and their market. But can you communicate this expertise in a way that resonates with decision-makers in the incubator and accelerator programs? Start by reading “The Art of the Start” by Guy Kawasaki and learn the “business of business communication” in the startup phase.
Kent Healy (@Kent_Healy), The Uncommon Life
Timing is everything
Think about what you aim to get out of the incubator or accelerator program in mind. People tend to assume that these are great kickstarters, and they can be, but it all depends on timing. Joining one at the wrong stage of your cycle can be feedback overload, or slow your growth in other ways. Sometimes you need to collect input and test your idea, and sometimes you just need to build.
Caroline Ghosn (@carolineghosn ), The Levo League
Don’t join on your first venture
Entrepreneurs are going to make mistakes and get things wrong more often than not. I suggest getting as much accomplished in the real world before applying for incubation. The more you can do before you need the help, the better your terms will be and the more serious they will take your application.
Lucas Sommer (@audimated), Audimated
There’s life after an accelerator
These are great opportunities, but your business must happen with or without them. It’s easy to get caught up in the excitement and the aspiration of being accepted to a “prestigious program” — after all, it’s validation that you’re on to something! But if things don’t work out, the show must go on. Your goal is to create a company, so don’t lose sight of the bigger picture.
hippotential 