Month: October 2020

Baylor New Venture Competition Recognizes Oso Launch Students

kathy_carrBaylor New Venture Competition

 

Let’s say you started a business in high school. It’s a small, local business with modest success. But there’s a tug at your heart that maybe, just maybe, you can take that small business and make something big with it. But how? After high school, there’s college. How does one navigate the world on a much bigger scale as both a collegiate student and a business owner?

The Baylor Entrepreneurship department created a program called Oso Launch that is designed to help incoming freshmen students in such a predicament. It’s designed to help students accomplish big dreams with their small businesses.

Oso Launch provides this niche group of incoming freshmen students with a program that walks alongside the students and offers guidance, mentorship and networking throughout their four years at Baylor. With Oso Launch, students build an entrepreneurial foundation by completing unique challenges and assigned milestones all within a learning environment. One such milestone is participating in the Spring semester Baylor New Venture Competition (NVC) Oso Launch Elevator Pitch Competition.

This pitch competition gives students an opportunity to communicate their value proposition in a compelling and unique way. It helps them dig deep into their business and business goals. The Spring 2020 NVC was originally planned for late March, but in coordination with the closing of Baylor campus due to Covid-19 the in-person event was canceled. With a little behind-the-scenes work, the Oso Launch students were able to compete in the Elevator Pitch Competition virtually. A panel of expert judges assessed and evaluated the student pitches, and three Oso Launch students were recognized for compelling pitches that clearly articulated their products and accomplishments.

Congratulations to Layne McCalmont, Ellie Meinershagen and Kristina Ward. You did a great job. Sic ’em!

 

2020 Baylor New Venture Competition
Oso Launch Pitch Competition Winner Profiles


First Place Winner Layne McCalmont
Awarded $1,000 for Thrifted by Layne | online clothing resale | Instagram @thriftedbylayne
Layne McCalmont 2020 Oso Launch Pitch Competition

COVID-19 IMPACT ON THRIFTED BY LAYNE
Because of Covid-19, a lot of people were at home and they were using their phones more than ever. Sales for Thrifted by Layne actually increased during this time. Customers were buying more because it was so much easier and more convenient to order from a phone. Also since I was back in Round Rock after campus closed, I was able to arrange no-contact, porch pickup for my local Round Rock customers.  

LONG TERM GOALS
I am currently planning to build a business website so that I can transition to a full ecommerce site and I’m not limited to just Instagram.

THOUGHTS ON OSO LAUNCH
By participating in Oso Launch, I have had the opportunity to network with several different people within the Entrepreneurship department. They have given incredible feedback and suggestions about business plans, marketing techniques, and selling opportunities. I also can’t say enough about the relationships I’ve built with the other Oso Launch students. It’s truly an awesome support network! 

 

Second Place Winner Ellie Meinershagen
Awarded $500 for Acute Accents | jewelry | Instagram @acuteaccents
Ellie Meinershagen 2020 Oso Launch Pitch Competition

COVID-19 IMPACT ON ACUTE ACCENTS
During the Covid-19 closings and restrictions, consumers were doing a lot of online shopping. I realized that I needed to adjust my business model. My initial focus had always been an in-person approach, selling primarily at local Waco markets. I needed to shift to an online format that could support shoppers beyond my local community. I’m very thankful that I was able to transition my business into an online brand. Acute Accents has now sold over 600 pairs of earrings to customers in 40 U.S. states during the past year.

LONG TERM GOALS
I started Acute Accents during the summer before my freshman year at Baylor, fully expecting it to be a summer hobby. A year later and Acute Accents is going strong. I will definitely continue selling online, at local markets and wholesale. However, I really want  to build a brand that supports other local makers by including and selling their work as part of a cohesive flea-market. I want to take my business from exclusively handmade earrings to a collection of unique clothing, jewelry and home goods. 

THOUGHTS ON OSO LAUNCH
With the resources available through Oso Launch, I was able to transition from a summer hobby to an actual business. I view the assigned milestones as motivational goals that have helped me grow my business. I’m so thankful for all the individualized support and coaching that I’ve received with the Oso Launch program, and I’m looking forward to seeing what’s next.

 

Third Place Winner Kristina Ward
Awarded $250 for Oso Sweet | gourmet cookies on a stick
Kristina Ward 2020 Oso Launch Pitch Competition

COVID-19 IMPACT ON OSO SWEET
Oso Sweet was created as a home-kitchen, bakery business with an initial plan to provide a cookie delivery service to Baylor dorms. When Baylor campus closed with Covid-19, all dorm residents moved back home. That was a problem for Oso Sweet. While I wasn’t able to launch my business during the quarantine, I was able to brainstorm how to best launch Oso Sweet in the future.

LONG TERM GOALS
I decided to focus on my studies for my next three years at Baylor. I do believe in this company and feel it could thrive at the appropriate time. I’ll revisit the idea after graduation. For now, Oso Sweet is on the back burner.

THOUGHTS ON OSO LAUNCH
Networking and mentoring are the hidden jewels of Oso Launch. Not only was I able to connect with people in the Entrepreneurship department, but also local business owners. Meeting with these business owners gave me such a deep appreciation for Waco!

For more information on Baylor Entrepreneurship, please visit our website at baylor.edu/business/entrepreneurship/.

Danielle Young, Revival Eastside Eatery

kathy_carrBaylor Grad


“Work hard and be nice.“

-Danielle Young

What would you like for lunch? If you’re feeling a sandwich, maybe the Weight of Glory or the Technicolor Dreamcoat. Or maybe the Golden Calf burger, but then there’s the Eve salad…

Those who have been to Revival Eastside Eatery on Elm Avenue in Waco are familiar with this unique menu. Revival Eastside Eatery has been around for about sixteen months and has made a big splash with it’s not-so-typical menu names and delicious food.

One would think that successfully opening a restaurant with an outside-the-box menu in an up-and-coming neighborhood the owner would have to be born and bred an entrepreneur. One would sorely be mistaken.

Danielle Young opened Revival Eastside Eatery with her husband, Travis, in the summer of 2019. Originally from North Carolina, Danielle and Travis moved to Waco in 2011 so she could attend Baylor. She received both her master and doctoral degrees in clinical psychology from Baylor. After falling in love with the city, the two decided to make Waco their home. Danielle soon took a role as Clinical Research Coordinator at Baylor while also seeing patients as a clinical psychologist serving children. Opening a restaurant wasn’t even a blip on their radar. 

Well, it wasn’t until it was.

This self described risk averse, research loving psychologist was simply enjoying life in Waco. She likes to say that Waco just kind of sucks people in after a while.

On one fateful night in 2017 Danielle and Travis were driving around Waco trying to find a place to eat dinner. They wanted to support a local business, but they also wanted something a little on the healthier side. One thing led to another and someone actually uttered the famous last words . . .  How hard could it be to open a restaurant?

The consensus between the two was instead of complaining about the lack of restaurant variety, they instead should do something about it. Afterall, how hard could it be? Danielle and Travis spent the next eighteen months working on a business plan for a restaurant. They evaluated if it was feasible, the kind of costs involved, what the competition would look like and who the customers would be. How hard could it be? Very hard. But the two soon started to dream of what could be.

The dream… a restaurant with unique food that’s fresh, tasty and is Texas-sourced; a place that’s not too fancy and kind of casual; somewhere with exceptional service and reasonably priced menu items. The dream wasn’t novel by any means, but Danielle and Travis felt it was novel for Waco.

The next big, big thing for Danielle and Travis to consider was location. Where would be the best place for their novel-to-Waco eatery? Danielle looked at the development of downtown Waco and felt that it made sense to expand beyond downtown. Elm Avenue was the perfect spot. Lula Jane’s was already an established neighborhood favorite, but there was nothing on Elm like the dream. Elm was deep in history and rich in culture. To Danielle and Travis, Elm was perfect.

They soon agreed that 704 Elm Avenue would be home to the dream. This particular property had been vacant for about ten years. It was previously the Waco Community Baptist Church. As the demo work on the building began, locals immediately flocked to the property to share stories and memories of attending the old church. It became clear that this dream-inspired eatery would also be steeped in that deep Elm history and culture. And what better way to pay tribute than to call the restaurant Revival! More specifically, Revival Eastside Eatery to also acknowledge the up-and-coming East Waco neighborhood. 

Since the building was an old church, the two decided to completely lean into it with the menu. And this is where the Weight of Glory and Technicolor Dreamcoat sandwiches come into play. Other notable mentions are the Golden Calf burger and the Eve and Garden of Eating salads.

This novel-to-Waco eatery became a hit. Word spread and Revival soon became a hot spot for locals and out-of-town folks alike. The eatery even received a nod from Magnolia.

Remember that question… how hard can it be? In less than a year of opening the unthinkable happened. In March 2020, restaurants were in a mandatory shutdown due to Covid-19. From the onset, Danielle and Travis were committed to do what was necessary to keep all of their staff. To say there was an immediate pivot in day-to-day operations is the understatement of a lifetime. At the time of the shutdown, the eatery didn’t even have online ordering. Literally overnight, an online ordering system was developed and “curbside pickup” became the new norm.

With the mindset we’re all in this together, the next task at hand became how to help the community. Families were now at home together. Parents were both working at home as well as teaching their children at home. With that in mind, the idea of Family Meals came into play. Keeping it as easy as possible with an “order today and pick up tomorrow” concept. The benefits of Family Meals were two-fold, not only did this give families room to plan ahead but it also allowed for the eatery to prepare without a significant amount of food waste. The Family Meals soon became a huge hit and ultimately helped carry the restaurant when the dining room was closed.

After the eatery was able to open up the dining room again, Revival continued with Family Meals. While not near as many orders are placed, it’s still a popular menu item.

In effort to be socially conscientious, Revival also made some front-of-the-house adjustments. Instead of counter-service ordering, customers are now seated and ordering is done table side. QR codes are affixed to the tables so customers can view a touchless menu via scan. While the initial implementation of the table-side ordering with QR codes was for social distancing purposes, Danielle likes the process and actually looks for it to continue.

Throughout all of the unexpected ups and downs the past eight months have thrown at Danielle, she continues the day-to-day mindset of work hard and be nice. A mindset that definitely helped make a dream come true.

Q&A

Question submitted by Dr. Boris Nikolaev, Entrepreneurship Professor
The restaurant business is very competitive. Were you aware of the risks when you decided to open a business?

Yes, and people thought we were insane for opening a restaurant. We were aware of the failure rates and did our own research. We learned a few things along the way. We learned some of the common causes for failure are:

  1. Renting and not owning your own space — rent can go up and you have no control
  2. Location. Location. Location.
  3. Underestimating costs

Question submitted by Dr.Peter Klein, Entrepreneurship Department Chair
How have the city’s specific development efforts on Elm Avenue either helped or harmed your business?

With TIF (tax increment financing) the mindset is there are small grants that can help renovate buildings. We were able to get a little bit of money to help redo the facade work. The city took care of new sidewalks. Elm Avenue will be under construction for the next 18 months, so it will be good and bad. Great improvements, but folks will have a hard time getting to the restaurant.

Question submitted by Bradley Settles, student
How do you feel about the current direction of the East Waco development?

We’ve been in business for 16 months. The city is very mindful about development on Elm Avenue. City Center Waco also works with the community, being intentional about development and striving to put the community needs above businesses. 

Question submitted by Dr. Boris Nikolaev, Entrepreneurship Professor
What do you do that sets your business apart from other similar businesses?

We do a really good job of being hospitable and welcoming. We work hard to train our staff. Our customer service is great! We also don’t take ourselves too seriously. We have the mindset of whatever the customer wants, we will make it — a picky eater’s delight!

Question submitted by Gib Reynolds, Director 1845 Incubator
With turnover being so high in this industry, what do you do to take care of your staff?

We started July 2019 and still have four of an original staff of nine. We practice shared tips. With shared tips, our staff takes home somewhere between $16-$18 an hour depending on the day.

Our philosophy is everyone is working hard whether or not the customer sees it. We want to make sure our people are taken care of. The cool thing about being an owner and working on site you get to regularly see your staff and their needs. Loving employees well is something we do differently.

Question submitted by Dr. Boris Nikolaev, Entrepreneurship Professor
If you could do something different on your entrepreneurial journey what would it be?

When we first started we were looking at chefs and actually paid someone to create the  menu and recipe development. We very soon realized that we were investing a lot of money. Two weeks before the Revival grand opening we let the chef go because we didn’t have anything tangible. In the two weeks before opening I redesigned the entire menu. I reworked food costs and sought out Texas-sourced vendors. In hindsight, I would have believed more in myself from the get-go.

Even though Revival isn’t exactly what we thought it would be, we feel it’s even better now. It’s fun to watch what happens when you trust the process and absolutely trust yourself.

For additional outtakes from the interview with Danielle, please visit the Baylor Baugh Center YouTube page.

Outtake 1: https://bit.ly/3o7sGaI
Outtake 2: https://bit.ly/35cA6AD

For more information about the John F. Baugh Center for Entrepreneurship & Free Enterprise, please visit our website at baylor.edu/business/entrepreneur/.

 

Baylor Entrepreneurship Helps Student Business Owners Dream Big with Oso Launch

kathy_carrOso Launch

 

“You have to be burning with an idea, or a problem,
or a wrong that you want to right.
If you’re not passionate enough from the start,
you’ll never stick it out.“

-Steve Jobs

Dictionary.com defines an entrepreneur as a person who organizes and manages a business, usually with considerable initiative and risk. To take a leap of faith knowing that risks are unavoidable, substantial and even catastrophic requires a huge amount of passion.

But is passion enough? What if the rainy-day funds run dry or simply weren’t there to begin with? What if a speed bump becomes a bonafide road block? What if a big dream is overshadowed because of a lack of experience and know-how? 

The complexity of risks can be daunting to student business owners and could even change the direction of their journey. Without a doubt, student business owners have an abundance of passion. While that passion is important and absolutely necessary, the risks can be overwhelming when trying to juggle an entrepreneurial spirit with the demands of a collegiate student.

The Entrepreneurship department at Baylor University serves as a bridge-of-sort that helps students with dreams of owning a business become successful entrepreneurs in their own right. The Baylor Entrepreneurship department is dedicated to the study, teaching and practice of new business creation. With more than forty years of experience, the department is an academic leader, consistently ranking as a top-ten program nationwide. 

Realizing that incoming freshmen who aspire to be entrepreneurs are a captive audience for the next four years, it became evident that this was an untapped group that could benefit from the expertise of the Entrepreneurship department. Oso Launch was designed to provide this niche group of incoming freshmen with a program that could provide guidance, mentorship and networking for the next four years. Through Oso Launch, students not only build an entrepreneurial foundation with unique challenges in a learning environment, but they also have the opportunity to raise much-needed capital.

The program is now in its second year and has proven to be an engaging and fun platform for students to network with both peers and alumni who share a common interest in entrepreneurship. Eleven students were chosen to participate in the Fall 2020 Oso Launch freshman cohort. Each student will receive a Spring 2021 semester award of $500 upon completion of required program milestones.

The second-year, sophomore cohort is made up of twelve participants who have continued with the program. The Fall award will be up to $250 matched against capital raised during the semester. The Spring 2021 semester award will be up to $350 matched against capital raised, but is also dependent on the completion of required program milestones.

Three students from the sophomore cohort will be selected as pre-incubator participants. The 1846 Business Incubator was created with the purpose of helping student entrepreneurs develop feasible, sustainable and profitable businesses. The focus of the program is to work with early-stage student businesses through entrepreneurship programming and education, hands-on support from faculty, a network of mentors and office space in the incubator. The Fall award for pre-incubator participants will be up to $250 matched against capital raised during the semester. The Spring 2021 semester award will be up to $500 matched against capital raised. 

Shaun Limbers is the Associate Director for the Baugh Center and also oversees Oso Launch. He explains, “There really isn’t another program like Oso Launch that offers support for entrepreneurial students from the first day they step foot on campus; this is an exceptional program designed with exceptional students in mind.”  

With Oso Launch, Baylor Entrepreneurship helps student business owners turn passion and big dreams into the reality of successful entrepreneurship.

For more information on Baylor Entrepreneurship, please visit our website at baylor.edu/business/entrepreneurship/.