FoodCrunch 2015: Innovation You Can Taste

Sorry for the hiatus.  I am back with more start-up news.

The Food & Agribusiness Institute at Santa Clara University and Beta Gamma Sigma, international business honor society, hosted FoodCrunch: Innovation You Can Taste on April 30^th.  The event brought together two of the most important elements of Silicon Valley—technology and food.  Over the course of the evening, participants heard from four top executives in the industry and enjoyed a sampling fair with local vendors of innovative sustainable food products.  

Roger Royse of AgTech Incubator moderated the panel that included:

Dan Zigmond, VP of Hampton Creek

Kate Danaher, Lending Manager at RSF Finance

Harvindar Singh, local forager at Whole Foods Market

Eric Quick, CEO of Froovie

The panel was incredibly informative with great advice for any entrepreneur.  Here are some of the highlights:

Starting up

• EQ: Bootstrap as long as you can.  You will learn about your own resiliency.
• DZ: “The cost of failure has never been lower.”
• EQ: Don’t start a company just to sell it.

Knowledge

• KD: Investors and lenders want to know if you understand your clients, know your numbers, understand what your goals are, and how you are going to get there. 
• HS: Know your industry and do your homework.
• EQ: Free samples are free feedback.  Use it.

People matter:

• EQ: You want to listen to the people who will tell you that the product isn’t right yet.
• EQ: “Surround yourself with great advisors who will bring you forward.”
• HS: When he initially meets an entrepreneur, he doesn’t look at the product primarily, but observes the people first.  He wants to build a relationship.
• KD: Relationships are huge.
• KD: Stakeholders matter.
• DZ: In food you must win over customers one at a time. 

The product

• HS: Local markets are saturated so you need to be different, unique, not available on the market.   To do so, you need to be innovative and takes risks, stand out, and don’t be a me too product. 
• HS: To stand out, pay attention to your packaging.

Lessons from Crowdfunding

Kevin McMahon gave a talk at Santa Clara University last month (Sept 29^th) about starting his non-profit firm Art Heroes (art-heroes.org).  The timing was amazing because just 2 hours earlier, Kevin had successfully finished a crowdfunding campaign.  Art Heroes raised $23,000 on RocketHub and the lessons from his experience were fresh in his mind.  He made some terrific points that I wanted to share here.

Successful crowdfunding depends on the following:

1.       Know your story, tell your story – Run your story by your intended audience before launching your campaign.  It is easy to forget that each industry uses lingo that not everyone knows.  Make sure that your campaign is accessible to everyone. 

2.       Big donors up front – Get commitment from people who believe in you before you launch your campaign.  No one likes to be the first person on the dance floor and this goes for the crowdfunding campaign as well.  Network before you launch.

3.       All hands on deck – Just like starting a company, running a crowdfunding campaign alone is not easy.  Thus, if you can get others to co-sponsor it, you share the responsibility. 

4.       Thoughtful incentives – How many t-shirts can one person use?  Ask your audience about what they would like for rewards in return for their support.  And, no, 100 t-shirts is not a good way to start. 

5.       Social media madness – Use everything, all the time.  Before you launch, learn the basics of every social media platform.  Get on twitter, snapchat, Instagram… be everywhere. 

6.       Sharing is free – Even if your friends can’t support you monetarily, they can sharing your campaign for free.  Your network sharing your campaign with their network grows your audience exponentially. 

http://www.rockethub.com/projects/47080-art-heroes-connecting-creatives-with-causes

Entrepreneurship at Santa Clara University - really

Yes, you can be entrepreneurial in a large (old) organization.  Santa Clara University (SCU) has developed a Master’s of Science in Entrepreneurship with an emphasis in Global Innovation (MSE-GI).  This isn’t the first time that SCU’s Leavey School of Business has been entrepreneurial.  In 2010, the school launched CAPE, an entrepreneurship education program for non-matriculating students.  The fifth cohort started this summer with 50 participants.  In 2013, the Master’s of Science in Finance and Master’s of Science in Entrepreneurship started.  The MSE-GI is an overhaul of last year’s MSE; however, this time the program is focused in both scope and market.

The MSE-GI program is a 12-month, full-time post baccalaureate degree program for international students in Silicon Valley. The program integrates course work and internships to equip students with business skills and practical experiences necessary for successful careers in a range of organizations from start-ups to established market leaders. International students will be immersed in the business landscape, culture, and network of Silicon Valley and study under prominent Silicon Valley scholars, gain experience with local firms and network with business leaders. Additionally, students will gain the skills and contacts to enable them to lead entrepreneurial projects and intrapreneurial opportunities.

SCU was founded in 1851 in the heart of Silicon Valley. The university now has over 8000 students across undergraduate and graduate degree programs. 

The first cohort will begin in June of 2015. 

You read it here first.

The website will be up in a couple of weeks.     

http://www.scu.edu/business/