August 2020

HV Entrepreneurship is happening! That was the theme of a Facebook Live event held on July 30 in partnership with HVEDC, HV Startup Fund, Accel7, GCSEN Evergreen Accelerator, and HV Venture Hub. View a recording here. Several of the topics discussed are covered in more detail in the newsletter’s sections below.

In the Leaders’ column we will take a walk down memory lane to the early stirrings of the HV entrepreneur ecosystem back in 2014 and bring you up to date with an exciting new HV Entrepreneur Ecosystem Mapping Project.

 

Read full-length newsletter…

Entrepreneurs

Accel7 and Ulster County Economic Development Alliance (UCEDA) are proud to share our joint program Ulster RESPOND. Together, we are helping small businesses and entrepreneurs throughout the county respond to the 'new normal' of the COVID economy. The initiative taps A7's network of mentors to provide timely webinars with actionable steps to pivoting individual business models. 

Additionally, we’ve created a Slack chat community, newsletter and website to provide a lasting community for local business owners. The program also includes two-hour Industry Diagnostic sessions with 10-15 peer companies to share best practices and explore ways to survive and thrive in this challenging market. Businesses that have attended our webinars and diagnostics can apply to participate in a 1-2 hour Deep Dive Session with strategists to develop a business roadmap around one core challenge facing the business.

Our platform also offers a variety of free resources and we aspire to provide innovative ways in which to support these small businesses. 

Ulster County Small Business Stories

Crystal Wei, Executive Director of Mount Tremper Arts, www.MountTremperArts.org

"After four months of PAUSE and focusing on public safety and racial justice, the RESPOND webinar inspired us to see how we could also pivot our postponed live performance season, starting with asking our community members to work one-on-one with us.”

Lydia Willoughby, Founder & General Manager of Sassafras Mercantile, www.sassafrasmercantile.com

"The last three months motivated me to launch a subscription box service, where I send out monthly wellness care packages to customers. The care packages include a half ounce herbal tea, a half ounce custom herbal tea blend, and a one ounce herbal "potion" (usually medicinal alcohol or vinegar based). From the webinars, I took away that I will take steps toward actively engaging with customers and community.”

Clare Herbert, Founder of Do It Right Nutrition & Fitness, https://doitrightnutritionandfitness.com

"I started my fitness and nutrition coaching business in February 2020, I had previously been working as a trainer at a large gym; my goal is to open a small gym for women, especially those who find larger gyms and free weights intimidating. My original plan was to focus on nutrition coaching while still working at the gym but with the shutdown I have had to rethink a bit. I am moving forward with the nutrition coaching while also offering small group classes and virtual personal training via Zoom. The RESPOND webinars have been really helpful, I feel more confident pivoting knowing that it’s what most people are having to do at the moment. Getting reliable expert advice is incredibly helpful, it's helping me to focus my efforts in the right places to move my business forward.”

The programs described (and links below) are for Ulster County small businesses only.

Complete a Ulster County Business Survey

Register for the next webinar

Request to join the Ulster Respond Slack Channel

 

For more information, contact Danny Potocki, danny@accel7.org

Investors 

There is no downplaying the devastating human and economic impact that the coronavirus pandemic has caused, but there are opportunities even in difficult times, as Hudson Valley Startup Fund’s recent investment in Lessonbee demonstrates. 

Based in Mount Vernon, NY, Lessonbee is an online education platform that promotes health and lifelong learning for millions of students and professionals through its health education curricula. 

The firm’s lessons are built on research-based skill methodology and integrate well with tasks, homework, quizzes and reflections to achieve National Health Education Standards. Lessonbee’s learning management system platform also delivers a broad range of course materials from a range of trusted and vetted sources. 

Pre-COVID, Lessonbee was already gaining traction in the school market and, though the company has been affected by the pandemic, it has also seen increased interest in its products and platform as remote learning has become a requirement for more and more school systems across the US.

Realizing this, HVSF’s membership recognized that despite the overwhelmingly negative macroeconomic conditions, investment in Lessonbee provided an opportunity for strong returns and would provide the company the capital it needed to strengthen its position and broaden its reach. 

A willingness to forge ahead in economically uncertain times has proven historically to benefit the firms doing so as market conditions improve. Opportunities similar to Lessonbee exist in many verticals. Investors should remain open to strong candidates who have the ability to stay in front of their prospects and to provide value by offering creative, innovative solutions to new challenges. 

For more information about HVSF, please visit our website at www.hvstartupfund.com.

Entrepreneurs and investors seeking more information on the HV Startup Fund can contact Andrew Schulkind, Managing Member, at info@hvstartupfund.com. 

Leaders

The HV Venture Hub is a strategic community engagement initiative of the SUNY New Paltz School of Business. Formed in 2017, we have been busy connecting the fragmented HV entrepreneurial ecosystem, and creating opportunities for communication and collaboration across the ecosystem. It’s time for the next phase! Our vision is to be recognized as a leading entrepreneurial community including high growth startups and small businesses that can be a significant economic engine for the Hudson Valley over the next 10 years.

 A quick look back. 

 Our initial focus 4Q17-2Q20 has been on connecting the HV entrepreneur ecosystem and encouraging collaboration with an ethos of “Let’s help each other succeed!” Here are a few of our accomplishments:

  • Created a network of 130 “Leaders” who directly support HV entrepreneurs with initiatives, programs or offerings. 
  • Brought these Leaders together to get to know each other and to begin to collaborate, through a series of four Leader Forums in 2018-2019.
  • Hosted the 1st Annual Venturefest in October 2019 which brought together 300 people representing the broader HV entrepreneur ecosystem, including entrepreneurs, Leaders, investors, and service providers. 
  • Hosted an HV Entrepreneur Educators’ Forum which brought together higher education professors who teach entrepreneurship across 14 HV academic institutions. This began what we hope will be a regular process of sharing best practices. And it led to an effort to increase the collaborative support of the annual Mid-Hudson Regional Business Plan Competition.
  • Increased communications across the ecosystem by authoring this monthly newsletter since March 2019, which now reaches 2000 people. And we established the HV Venture Hub website for more enduring access to the newsletter content.

 And now a look ahead!

 While we will continue many of the initiatives described above, our focus over the next year will be on two significant initiatives.

  • HV Entrepreneur Ecosystem Mapping - in order to be recognized as a leading entrepreneurial community and economic driver for the HV region, we need a “data-rich” research based approach. We are launching our Ecosystem Mapping project which will roll out in phases:
    • Research Design Phase - carefully designing the taxonomies, data capture fields and longitudinal approach that will result in high value data, analytics and data visualization.
    • Data Collection Phase - building a robust and structured database
    • Analytics and Visualization Phase - providing leading edge tools that can leverage the data for insights and action.
    • Longitudinal Research Phase - conducting research on an ongoing basis to provide economic trends over time.
  • HV Entrepreneur Resource Hub - we will be building out and providing an index of resources that support HV entrepreneurs. This will include the Leaders mentioned above as well as Services Providers. It is intended to be a one stop shop for entrepreneurs to easily and quickly access valuable resources that can help them to succeed. This Resource Hub will be located on the HV Venture Hub website.

The HV Venture Hub at SUNY New Paltz School of Business is supported by:

Service Providers

What’s next? More like Where’s Next. We’re all rethinking our lives right now - changing jobs or careers, shifting work/life balances, pursuing new entrepreneurial interests (and what to do with the kids!). But where can you do it all? Poughkeepsie, N.Y. #PKGO 

My name is Don Minichino, a real estate agent with Houlihan Lawrence Commercial, where we’ve built a following around the Hudson Valley brand. I’m also co-chair of Hudson Valley Young Professionals and First Friday Poughkeepsie, a Sparrow’s Nest of the Hudson Valley runner-donor, and a founding mentor of the POK Food & Beverage Academy. I love the Hudson Valley, but I live and breathe Poughkeepsie. 

With many river cities and towns to explore, entrepreneurs and creatives come to Poughkeepsie for its unique culture, history… and future. It’s a city rich in entrepreneurship, dating back to the mid-1800s with Smith Brothers Cough Drops (still around!), Luckey Platt Department Store, Bardavon Opera House, and not to mention Scrabble was invented here. As a matter of fact, that’s how the Queen City of the Hudson Valley adopted the bee as a metaphor back then for the city’s buzzing scene. 

Today, the buzz is back.

I live in Mount Carmel (Little Italy), and start my day at one of two local favorites - Poughkeepsie Grind or Cafe 40 & Co. - where I spend at least an hour or two chatting and working. On nice days, I’ll take meetings at Waryas Park on the waterfront or meet up with friends for a bike or run on Walkway Over the Hudson.

The food and beverage scene is popping - Revel32, a cocktail bar and events venue, was born of a former Masonic Temple; Zeus Brewing just opened their rooftop bar; TRUTH Restaurant just launched; and several new spots are in the works, despite the pandemic.

Apartments and homes are plentiful and affordable - more than 1,000 units are either in planning, under construction, or recently moving in tenants. Mixed-use developments like 40Cannon feature chiche, rustic apartments over Cafe 40 and Co., 1915 Wine Cellar and King’s Court Brewing Company. And if waterfront living is your thing, check out Water Club and One Dutchess for stunning views and amenities. 

And soon, you’ll be able to catch a class at Firefly Yoga and grab a tasting at Laughing Gut Kombucha at the newly redeveloped Ridley Building (Fall 2020), or get your membership at the Beahive co-working space at the Academy Market (opening 2021). 

There’s more to come, so tune in to my Facebook and LinkedIn pages for what’s next, and where’s next. If homeownership or investment properties are in your plan, there are many low-deposit FHA and conventional loans that make achieving your dreams much easier than you think, and there’s also a good variety of office, studio and retail offerings Downtown and throughout the city. 

I’ll leave you with this inspiring #PKGO video I worked on. Stay healthy, stay motivated. :) 

Don Minichino

Houlihan Lawrence Commercial Real Estate

845.242.4381

dminichino@houlihanlawrence.com

Before Silicon Valley, The HV

By Donald J. Delaney

Create a Compelling Customer Experience

Turk Hospitality Rocking Horse Ranch

What one question keeps startup entrepreneurs up at 3 AM? If I build it, will they come? Creating a compelling customer experience is a time and data proven model.

Before the Silicon Valley, Hudson Valley entrepreneur visionaries drew their startup inspiration from the natural environment. From Thomas Cole founding the Hudson River School to the Smiley Brothers at Mohonk, or Peter Stern creating Storm King Art Center, we can add to this list Turk Hospitality, headed by Steve and Shelley Turk.

In the words of Robert Kennedy: “Some men see things as they are and ask why; I dream of things that never were and ask why not.” (Poughkeepsie, NY, 1964)

One strategy, 5X benefit

Every parent and grandparent knows firsthand about the power of a compelling user / customer experience. On a hot day, swimming and a cold ice cream cone create instant demand. No selling required. In an entrepreneurial startup a compelling customer experience produces a 5X effect.

  • Improves customer acquisition and LTV. Customers and consumers seek you out.
  • Creates a powerful differentiator and competitive advantage.
  • Customer acquisition costs decrease, and margins increase.
  • Transforms a ‘hustle’ business model, to more customer-centered and enjoyable.
  • Improves the valuation, funding and financing of the business.

Nobody does it better…



To paraphrase Carly Simon: nobody does is better than Rocking Horse Ranch and Turk Hospitality. The mere mention at the family dinner table of a weekend or even better, a week, at Rocking Horse Ranch sets off a tsunami of excitement. No selling required.

As a 10 year-old child in NYC, Toolie Turk was drawn to ice wagons, specifically horse drawn wagons. A seed was planted in Toolie’s young imagination- a seed that grew into a career, meeting his wife, Gloria, purchasing Friedman’s Shady Lawn Hotel in Highland, and a startup business.

The Turks improved on the ‘ride a horse ranch’ model, a new hospitality model- the family all-inclusive ranch resort.

Boomers in the Metro-New York market responded to a new irresistible offer – family fun. Build it and they’ll keep coming.

“We sell fun”. Steve Turk, CEO, and Toolie and Gloria’s son happily shared at a recent Community Foundation event. He spoke to the heart of a compelling customer experience, all-inclusive hospitality and horses.

What one action can you take today to create a compelling customer experience for your customers? And, 5X benefits to your business?

This Before the Silicon Valley, the Hudson Valley blog offers a 400-year narrative journey honoring the icons of entrepreneurship and their impact on invention, innovation, and commercialization in the Hudson Valley. 

Don Delaney

Contact welcome: Donald J. Delaney, HV Entrepreneurship Historian & Blog Writer for the HV Venture Hub at SUNY New Paltz. You can reach Don at don@dondelaney.com

 

© Donald J. Delaney 2020

Events

  • August 10 (Zoom): Hudson Valley Women in Business meeting on Taking Time to Realign your Business Mission, 1:00pm – 2:15pm
  • August 13 (online): Upstate Capital's monthly member networking, featuring a conversation with Jack Greco, Techstars. Contact info@upstatecapital.org for membership information.
  • September 10 (Potsdam/online): Upstate Capital event online to discuss succession planning; hear from executives who have raised outside capital and completed successful transitions from their companies. See our website for more details: https://www.upstatecapital.org
  • September 14 (Zoom): Hudson Valley Women in Business meeting on Subversive Chocolate and Pivoting Your Business, 1:00pm – 2:15pm
  • September 24 (Buffalo/online): The Private Equity and M&A deal-making community is coming together to hear the latest from active investors, and make connections to facilitate deal flow for PE and M&A professionals, and how to prepare for M&A as buyers and sellers at Upstate Capital's Private Equity Summit.

Comments? Email Tony DiMarco at dimarcoa@newpaltz.edu