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Entrepreneur USA 11-12-2023

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Entrepreneur USA 11-12-2023

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waqif.khan
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}. TACs Sic ee ice) prueviinis CPCS ater i: e Hee seat: Was » recy as SXPONENTIAL PAA YOUR PORTFOLIO WITH THE Fafa) aad IN BOUTIQUE FITNESS Own an Xponential Studio. SemL-Absenteo Executive Model 2,850+ 5,800+ 49 21 Sjteme nat Harness 9 GLOBAL STUDIOS OPEN _GLOBALLICENSESSOLO «US STATES. COUNTRIES Recurring Revenue Model Exceptional Franchisee Support from the Minute Agreement Signed Resources & Network to we Ensure Continued Growth and expert support every step of he way. & Support MT) @ ROE fi swe »¥ ieee SXPONENTIAL | xponential.com/franchising XPOF LISTED NYSE be PT ey xT ixr4 Cen ‘Al Questions ene Seeks Penne au Las a Retail Minus Sor See Isalready here Pe a eer rT Ce) Comer , 4 €a ely — Pa a ad pooxir ‘TheGeiselLibrary atthe University of California San Diego, one of the ‘schools on our Top Schools forEntroprenours ist PUBLISHER’S NOTE 8 InMemory of My Dad Peter Shea built Entrepreneur into what itis. Here's how. BUSINESS UNUSUAL 11 Side Hustle Schoo! “Morgan DeBaun turned her side hustle into a big media ‘company called Blavity. Here's her advie on how to gpl. by micoue tare 16 The Best'Bad’ Things Have people sid you're too outgo- ing? Or to shy? Or too demand: ing? Here's why your "worst ‘traits might really be your bes. 18 Therapy Helped Him Be a Better Leader ‘To grow his company, he first needed to understand himself, oy ANOREW BLACKBION 22 The Best Ad Ever? ‘We used the lates scientific researc to create a fake ad ‘What do you think? 2 F ENTREPRENEUR COM # November-December 2023, 24 The Best Tech for Work Five new gadgets to help you improve your workflow and boost productivity Seer eer Doyo ke losing you wor the Induction place confct? He's much f tester way to approach thet, Ea al SPECIAL REPORT 83 The 100 Top Schools, for Entrepreneurs (Our annual ranking, produced in partnership with ‘The Princeton Review. Are You Living a CEO's Life of Climb? Take your business to new heights with an elite team of peers The hardest climb is not Denali, K2 or Everest. The hardest climb is the mental climb, the internal struggle. It lies deep within you as a CEO or business owner. And to break new ground, you have to show up big every day — especially when the headwinds are strong and uncertainty lies around Cxcnmesien TEETER Sage eee ee ote aR kes Ce aC tough decisions. It calls for a relentless drive to push forward past every challenge and obstacle. It means you lift as you rise to elevate everyone around you along the way. eee eee As the world’ largest CEO peer advisory and executive coaching organization, Vistage has helped guide high achievers along their leadership journey for 65 years — brave leaders running small and midsize businesses against all odds. They climb with a trusted team of peers and an accomplished PMCs eRe Reece eae een] aeRO ne ed Prt huceen Nena it ean uit sc coa Kecuse nt Re eee eT aeons ee oe Rm es ee VISTAGE JOIN THE CLIMB OTE eT Ree) FRANCHISE What Was Missing How a traveling real estate broker sw able ‘opportunity-in pizza? Mental Health as Franchise? How Elie Mental Health is creating new market yoane sTorreRs How He Does $11 jon In Sales Secrets of atop franchise. yam Looking for Growth? ‘Why these franchise catego ries could be super profitable. yam ue The Top 10 Franchise Categories of 2024 Our prediction for the hottest Industries next year, and the ‘brands you can buy in them, Top Franchises for Veterans ‘Our list of the most ‘welcoming brands, CLOSER What Inspires Me How my mentor helped me ‘ring more humanity to work, PITCH OURINVESTORS TOBE ON ENTREPRENEUR ELEVATOR PITCH ‘We weleome founders who have scalable products or services th areready forinvestment and who havea specifi plan for how that investment can help them grow: November-December 2023 oi weet eee eae eerie cree 47 ENTREPRENEUR COM # November-December 2023, eee What makes us the top dog in franchising?.. Se a CS oon y ~ a a - LM et ors ae ’ ee Here’s why you should join the pack leader: 52.7M 5120B+ 3% 30+ Average Unit petindustry** —_royaltyfee,thelowest_ —_years pet store Volume’ that’s growing in our category expertise “ Having a pet franchise in our portfolio has been very rewarding. Not only fun, but with the strong unit economics, it’s a great financial investment. ”” Johnny & Cole Weber Plus Multi-Unit Franchi PUL Peay iran a EDITORIAL ‘ManAoINGEDITOR Monica Im SPECIAL PROJECTS EDITOR Tracy Stapp Herold ‘COPY CHIEF Jessica Levy RESEARCH Ande Carter, Ere White ‘SPECIAL PROJECTS COORDINATOR Jordan Hall TWTERN Andrew Robinson ‘CONTRIBUTINGEDITOR Liz Brody ‘CONTRIBUTING WRITERS Mario Armstrong, Andrew Blackmon, Amy Chambers, Kim Kavi, ‘Nicole Lapin, Viren Lu, Thomas Meki Martine Paris, Gleb Tsipursky, Sl Vag ‘Sally Joy Wot ENTREPRENEUR.COM [exEOUTIVE EDITOR Britany Robins DEPUTY DIGITAL EDITOR Melissa Malamut ‘SENIOR DIITAL CONTENT DIRECTOR Jessica Thomas ENTREPRENEUR STUDIO DIRECTOR Lirad Case DIRECTOR OF EDITORIAL SUBSORIPTIONS Coline Olney SEMIORBUSIESS EDITOR Carl Stffers [50ITOR, CONTRIBUTOR NETWORK Mara Bley SUBSCRIPTIONS EOITOR Mark Klekas ‘ConTenT STRATEGY eD1TOR Samantha Silverman ‘SEUORNEWS WRITER Emily Rell FEATURES WAITER. Amanda Breen [NEWS WRITER Madeline Garfinkle ASSOOIATE crTORS, CONTRIBUTOR NETWORK (chelsea Brown, Kara Metntyre, Micah Zimmerman VIDEO INTERN Jake Shaw RESEARCH TERNS Brianna Hayden, Jenifer Natale GREEN ENTREPRENEUR DITOR N CHIEF Jonathan Small, PRODUCT TEAM [ADOPERATIONS OIREOTOR Michael Frazier AD OPERATIONS COORDINATOR Daniel Beljals ‘MEF TECHNOLOGY OFFICER Jake Huson \P.oPERATIONS Shannon Humphries JECT MANAGERS June Nuno2, Julianne Page SENIOR ENOINEERS Jace Poirier Pinto, Geoff Winner ENGINEERS Angel Cool Gongora, Michael Fach, bel Troer FRONT-END ENGINEERS. Lorena Brito, John Himmelman ‘QUALITYASSURANCE TECHNICIAN fesse Lape ‘ART DIRECTOR Christan Zamorano SSEMORDESIONER Jays Bie ‘ORAPHHC DESIONERS. Andrew Chang, Isaac Contreras DIGIALMEDIA BESIGNER Monica Dipres DIOMAL PHOTO EDITOR Karis Doerner 1.51 Egan 01,1 hoe by Eagan Ma 2 {Entopronear wi se ansing Pale song moe neers rt Sean tty ex hee ees. ig ee a 81 S22 Eonar ‘Mera ees soda metus wa em ope ase Entrepreneur eorronmener Jason Feifer CREATIVE DIREOTOR Paul Sciecalabrisotto DEPUTY EDITOR Frances Dodds ‘Pworo onecTOR Judith Pucket-Rinela BUSINESS. 20 Ryan Shea PRESIDENT Bill haw CHIEF OPERATING OFFICER Michael Le Di ASSOCIATE PUBLISHER/ MARKETING icy Gekehyan VP.SPe01aL pnovEOTS Dan ova PRODUCTION COORDINATOR Mackenzie Truman NATIVE CONTENT jason Fell SENIOR INTEDRATEO MARKETING MANAGER "Wendy Narez| INTEGRATED MARKETING ASSOCIATE ‘Ashleigh Dennis MARKETING SVPANNOVATION Deepa Sal PRODUCT MARKETING MANAGER Arma Mitra [MARKETING COORDINATOR Ciris Desrosiers ‘SENIOR MARKETING MANAOER Hilary Kelley ‘SeUOR DIGITAL ACCOUNT MANAGER jillian Swisher DIITAL ACOOUNT MANAGER Michell Gaudy BUSINESS DEVELOPMENT ‘VP, BUSINESS DEVELOPMENT Charles Musell ‘OM, CONTENT SYNOIGATION Matt Goldstein BUSINESS DEVELOPMENT ASSOCIATE Michelle aga ENTREPRENEUR BOOKS [VP NTREPRENEUR BOOKS. Sean Stain ‘SOCIAL MEDIA SOCIAL Sana Al Kenna MeCay customer service controprenaurcam/customerservice susseribetentrepreneurcom Pars international Corp. (212) 21-8895, Errepreneurteprintscom tnvroproneur Media inc. 2 Bxcoutve Crete, Suite 150,Ivine. CA2B14 (GA9) 251-2325 fox (840) 752-1180 ENTREPRENEUR.COM Priteain ne USA GST Fle 120677027 ENTREPRENEUR MEDIA NATIONAL ADVERTISING SALES OFFICES SUR NATIONALALES Brian Speranzini NATIONAL PRINT SALES James Clauss Rik Paribelo| ‘ACCOUNT DIRECTOR Krissy Cielo cexoo MDWEST DIRECTOR STRATEOIC PARTNERSHIPS. ‘Steven Neva ‘MOWEST OIREOTOR OF SALES. Dave Woodruff SOUTHERN ADVERTISING DIRECTOR Kelly Hedger Losanoetes WEST COASTAOVERTISING DIRECTOR Mike Lindsay ‘GREEN ENTREPRENEUR & ENTREPRENEUR, "NATIONAL ACCOUNT IRECTOR Hilary Kelley FRANCHISE AND ‘BUSINESS OPPORTUNITIES L.FRANCHIE SALES Bren Davis DIRECTOR, FRANOMISE SALES Cassidy Ford Direct Action Meda, ‘om Emerson (800) 988-4650 ‘ADVERTISING PRODUCTION MANAGER ‘Mona Rikin EXECUTIVE STAFF ‘Onainman Peter). shea ‘Fo Chris Damore DIRECTOR OF FINANCE Tim Miler mance suPPoRT Jennifer Herbert ‘CORPORATE COUNSEL Ronald. Young {LEGAL ASSISTANT Cheyenne Young ‘onsen bray Ee soe nna teat iret cramer Eee enn ‘Sle iors Wenropreneurl boar incatonh anode pean prise ass ny potatos Dou sesiee arpa es ing os sc 5 / ENTREPRENEUR COM # November-December 2023, Take your career in an exhilarating new direction with Mathnasium, and discover the power of math in children’s lives. With a modest investment, you'll be part of a successful franchise brand in a rapidly growing multibillion-dollar industry. And Mathnasium needs franchisees like you who are ready to meet the demand for math tutoring, ‘+ No math expertise necessary. Just a desire to succeed _* Demand for after-school math is booming. # Over 1,100 centers. We're one of the world's fastest. Global market for tutoring has surpassed $100 billion* growing franchises + Excellent territories are still available. Give us a call, + Low-cost entry. Under $150k sid ove totally Sate Pee Visit us i to learn more or call & 888-763-2604 franchising.mathnasium.com *Global Industry Analysts, Inc. This information is not intendes USA and some countries, the regulate the offer Unfess and unt + to sell, or the solicitation of an offer to buy, a franchise. It's fr information purposes only. nt inchise can only be made through the delivery ofa franchise di ument and these states ichises: CA, H IL, IN, MD, Ml, MN, NY, ND, OR, Rl, SD, VA, WA, and ‘offer youa franchise with appiicable pre-sale registration and disclosure requirements county. 8. a M HNASIUM: CO ALCL Leaming Center your state Publisher’s Note/ in Memory of Peter Shea My dad, the man who transformed this magazine, left an incredible mark ‘ou wouldn’tbe reading this magazine today iit weren't for Peter Shea, He'smy dad. And decades before Ifo Towed in his footsteps and became the CEO of Entrepreneur Media, he was ‘the one that saw its potential, ‘bought this company, and saved. itfrom bankruptcy. He passed away on September 21,2023, and Pd like to takea moment tomemorialize him here, and toshare what made him sucha ‘consummate entrepreneur Peter Shea took an uncon: ventional path. He began working at a car wash at age 12 Then he painted houses, participated in selfdefense schools, ran a restaurant, and ‘even becamean undercover narcotics cop. But his entre: preneurial path really began i the world of office supplies. He was workingas a sales: man forthe ofice suppliers AB. Dick and Itek, and saw an ‘opportunity to create anew kind of coated paper sorter ‘That led him to build his fist ‘company, Gradeo Systems, and hetraveled the world selling his technotogy. By the late "70s, and early "80s, Gradeo was the largest worldwide original ‘equipment manufacturer of sorters. His technology was integrated into Xerox and most ‘other major copiers He eventually sold his take inGradco and ventured into restaurants and real estate. In 1983, he joined two partner purchasing the Stained Glass Overlay franchise-and once again traveled the world, adding 450 franchisees. Peter had advertised Stained Glass Overlay ina small publica tion called Entrepreneur, and it worked so well that he and two partners bought the magazine out of bankruptcy. They brought ina new teamand fresh ideas My mom, Lynda, sold the ads. Their vision worked. In 91, the Los Angeles Times ran this head: line: “After the magazine's death was widely predicted, circula tion rose 82% between 1987-90." (They also called my dad “a ‘man with polished manners and Johnny Carson looks.") The magazine you hold in your hands today carries the legacy of that work. He believed that a magazine shouldn't just help someone starta business, but guide them through its growth too. Our equal dedication to the franchise industry is rooted in Peter's own franchising sue cess. ile eventually sold his business to a Canadian company.) He took a failing magazine and transformed icinto a full-fledged media brand, whose magazines, books, and digital products have helped millions of aspir- ing business owners become entrepreneurs themselves Peter wasa funlovingand 8 / ENTREPRENEUR COM # November-December 2023, adventurous man, and he was often engaged in sports. He enjoyed skiing, golfing, water skling, hunting, hiking, and cear racing. In the mid 1980s, Peter began racing vintage cea, which led him to become amember ofthe storied Team Lotus. n true Peter style, he ultimately formed his own team-"Team Entrepreneur" toracein the Trans Am Series, which took him across North America for roughly 15 events per year. Even with his many pursults, family and friends always topped Peter's list. He cher ished my mom, whom he was ‘married to for 54 years, and his sons-both of whom absorbed his entrepreneurial spirit. 1 assumed the CEO role here from my dad, and my brother, Justin, has built many restau rant concepts Asmy mom has said: Peter's strength, warmth, love, and vi sion were ever present. His loss ‘creates an enormous vold. AS ‘we've reflected on the impact hhe made, a friend recently told us, *Peter was.a remarkable per: son who helped so many other people experience success, That's one of the many ‘ways that, at Entrepreneur, we continue to honor his legacy. He was the very definition ofan entrepreneur, and by saving and growing this brand, he defined the role of “entrepreneur” for ‘generation of others. We'll continue that important work, always with him in mind, re Ryan Shea CeDor Entrepreneur Media [Boome] sondeccunt Girls Who Code has an ambitious mission—one that involves getting computers and other gear to school-age girls around the world. ‘When Dr. Tarika Barrett speaks, her knowledge of and passion for what she does is immediately apparent. And for good reason. As CEO of Girls Who Code, she oversees a group of individuals who share a common mission: To close the gender gap in tech. Specifically, they're aiming to achieve gender parity in new entry-level tech jobs by 2030. ‘Today, women make up only 26% of computing jobs, and the numbers are even worse for Black and Latinx women, who hold only 5.3% of computing jobs,” Barrett explains. “Half of the ‘women in tech say they lack female role models, and a third say they have unequal growth opportunities compared to male colleagues. Girls Who Code's “Clubs” offer school-aged students free access to teachers and role models, as well as peers with shared interests—to learn hard skills in computer science while finding inspiration and support for their passion. In addition to the afterschool Clubs, they offer Summer Programs as well as, programs for college and career development. Partnering with ‘school districts, library networks, and afterschool programs, Girls Who Code has more than 6,300 programs for kids in grades 3 to 12 all over the world. ‘When more women seek out tech jobs, they become creators and changemakers—they can advocate for tach that keeps our needs, safety, and interests in mind," Barrett says. “The same goes for all underrepresented groups in tech. The future of tech depends on a tech workforce that is representative of the diverse world we live in. Realizing efficiency at scale. With such an admirable objective, Girls Who Code leans on, reliable partners to help make sure that every student and. program leader has what they need to succeed. That means everything, right down to snacks and office supplies. That's where Amazon Business comes in. Since 2015, using Amazon Business's familiar and intuitive purchasing system has enabled Girls Who Code to save time and money helping teachers and SC m tern a Ge Nery SUL ie es ee nee Re Te Ero li) facilitators clear their supply wish lists and successfully run their Clubs, ‘We have been able to improve the tech fulfillment support. to students by having the ability to ship all around the US. effectively, in a short time frame. We also appreciate the responsive 24-hour customer service to troubleshoot issues ina timely manner and provide technology at a competitive price to the organization,” Barrett says. Through Business Prime and Amazon Business's Analytics reporting, organizations like Girls Who Code can research, create, save, and download reporting on their purchasing behavior, allowing them to make smart decisions based on their specific needs. “We have found the Business Analytics page and reporting functionality to be helpful for expense reconciliation and tracking,” Barrett says. Giving extra when it counts. Earlier this year, Amazon Business and Girls Who Code realized a way to strengthen their relationship while providing for students. Tapping into generous donations and grants across the organization, Amazon Business fulfilled a $100,000 IT order for the Girls Who Code Summer Programs. Girls Who Code turned to Amazon Business to help accomplish three things: Gain the ability to order hardware as needed (instead of in bulk), the ability to make returns (in case a student dropped the program), and the ability to ship worldwide, As a result, Amazon Business provided and shipped approximately 255 laptops and headsets to the homes of each participating student this year. They also disbursed nearly $16,000 in gift card incentives to more than 600 Summer Programs students, ‘Thanks to Amazon Business, we accomplished our objectives and hope to continue refining different aspects of these processes next year,” Barrett says. amazon business —— i 2 E Business/Unusual When It’s Time to —e al In le? De e Morgan DeBaun ha by NICOLE LAPIN November-December 2023 # ENTREPRENEUR.COM #11 B/. Q8A > FULL-TIME HUSTLE Morgan DeBaun left herjob and createa company that ‘employs 150 others, ant to grow a side hustle into something bigger? Morgan DeBaun knows something about that. Back in 2014, she was working fall time at Intuit when she started a side hus- tle, Itwas called Blavitya media company for a Black audience. “It wasn't an immediate, ‘OK, I'm going to quit my job to pursue this,” she says. She had bills to pay, afterall. But she started plotting her way forward, and eventually went all in, Today, Blavity is very much her fulltime job-along with employing 150 others. DeBaun has, raised $12 million, the company’s website says it reaches 250 million millennials and Gen Zers each month through its multiple websites and projects, and now it also develops technology tohelp companies recruit diverse employees. Here, DeBaum lays out her path from side hustle to full hustle-and why you should think differently about what makes you “wealthy.” 12. ENTREPRENEUR COM ¥ November-December 2023, You started Blavity while Intuit. Was there a catalyst to pursue Blavity Tewasa few things. Istarted Blwvity with frends from col lege. We launched a minimum viable product in July 2014, and it was doing OK. Like, people were reading things, ‘watching things on the site. ‘Then Mike Brown was killed a couple weeks later, and ‘that’s when I decided there is a unique place for me in this space, and thisis something I'm really passionate about. So that was the be of saying, “OK, now [need 10 build a pathway to quit my job: But did not quitimmediately. [waited a couple more months, and then I took on a consulting sig so that I could pay the bills. ¥'m assuming you walked ‘away froma nice salary. Te wasn't quite six figures 1 years ago, butthe equivalent fs figures today. milestones that you would recommend someone reach ‘before they commit to their business ful time? ‘There are different phases of commitment My 91-5 job prevented me from growing the business, because I could only work on itfor so many hours. So [got aside hustle with the consult ing gig. That gave me more flexibility. Icould batch my ‘work-only working couple hours a week, or 10 hours a day for one day a week-which gave me more time to work on Blavity as my main hustle. kept that up fr three years hile [was building Blavity, even after I had raised our int tial round of funding, because 1 ‘wanted to make sure that every penny we were making in the business was going back into the business and not paying my cost of living and my bills. ‘So you essentially bought ‘more time to make Blavity ‘work, while it earned you nothing? ‘Yup. Negative dollars. ‘money, did investors know you had a consulting gig? Oh, absolutely not. I didn’t even tell my employees. There would Just bea time block on my cal endar where it was ike, I don't now where she went. didn't want people to feel like I wasn't committed to Blavty. Did they ever find out? old them after the fact. It took probably two years. You talka lot about the difference between a wealthy versus rich mindset. Gan you unpack that? Yeah. A lot of people have mate- rialstc things as their goa. ‘They want tobe rich. But what [really want people to under: stand-and what has been crit ical to my suecess-is valuing ‘your time over everything. ‘A wealthy mindsets, “I know that 'm the moneymaker. My brains the moneymaker. So [should protect my time, my peace, and my health as my primary source of wealth gener ation." That means making deci sions lke, instead of walking ALOT OF PEOPLE HAVE MATE! What financial advice do you have for entrepreneurs who want to turn their side hustle Intoa full-time hustle? Don't commingle your funds. Have a separate bank account for your side hustles. Itwill give you more visibility into how you're doing. Write out your budget for the next three-to-ix months. Make sure you have enough savings and build an “if this, then thae” plan. Like, “I'm notable 10 replace my salary with my side hustle within the next thre ‘months, then what am I going to do?” Because then once you Ihave that plan ifithappens, ‘you're not emotionally para- lyzed and you canact. ‘Many people don't open busi- ness bank accounts when they start aside hustle. They ko0p ital in their personal account. Did you start with separate accounts? | didn’t for the first two years, and ifyou feel like you can con tinue to grow it ata slow pace, then do that. Fits not broke, dont try tofixit. [think alot oftimes, people try tosolvea problem that maybe isnt there. Here's another scenario: have anidea for a side hustle. How do! knowifithas legs? ‘Are you making money? you're not making money, ita hobby. ‘The next question is, how ‘much did you spend on this side hustle? Ifyou're making. $10,000 a month, but you're spending $10,000 amonth, ‘you're treading water. Ineed you tobe moving forward with your side hustle. Do you suggest testing your side hustle? Ido. Testing issmart. Youcan rrun Facebook advertising, You ‘can create landing page before the product isshipped. Do a wait list. There areal types of ways to IALISTIC THINGS AS THEIR GOAL, THEY WANT TO BE RICH. BUT WHAT | REALLY WANT PEOPLE TO UNDERSTAND—AND WHAT HAS BEEN CRITICAL TO MY SUCCESS —IS VALUING YOUR TIME OVER EVERYTHING. late at night where you're going tobe stressed out, youtake the Uber. Maybe you bout a first clas light on the way to a big meeting because you wantto be refreshed, so you can ose the deal for your business. Wsalot of diferent choices. But the whole point is, vou must value yourself asthe asset that isthe Key to unlocking your fll potential And you can always get more money. Youcan’t get more time, Never ever, ever, ever, ever and I learned from my mistake. ‘My taxes werea mess. And T did't get the tax benefits from having a business. Let's run through afew side-hustle scenarios. fell ‘merch on Etsy,and|'mnot sureifitcan become some- thing bigger, what do! do? Ityoualso have a day job, then the first question is: Is this going toreplace your income, or is this, creating supplemental income? you're making a profit, and ifiysnot caking up all your time, test without putting to much of your money on the line. Do you have a money tip that helps with financial anxiety? Never be dependent on what somebody else will or will not sive you. Invest in your skill: sets, and in your core capabil: ites, so you ean always make ‘sure you have an income, Nicole Lapin is the founder of. Money News Network. Find Nicole’ podcast Money Rehab wherever you get podcasts November-December 2023 / ENTREPRENEUR.COM # 13 MosT Fundable companies’ Congratulations to the 2023 Pepperdine Graziadio Business Schools Most Fundable Companies presented by the Singleton Foundation for Financial Literacy & Entrepreneurship. Inour sixth year, more than 3000, early-stage US startups from across al 50 states vied for space on thelist All17 winners are worthy of serious investor consideration based on several variables, including finoncial projections, market opportunity, intellectual property, competitive advantage, and team-management expertise. Serving 0s a free resource for startups looking to source capital and accelerate innovation across industries and communities, our program educates founders on investor dilgence and provides critical business assessments, [At Pepperdine Graziacio, we believe that developing purpose-criven leadersinvolves connecting early-stage ‘companies with the resources needed to positively impact the business market. Supporting aspiring entrepreneursis at the core of Graziadio’ mission, and our Most Fundable ‘Companies assessment provides voluable insights on how businesses will appear to top investors~driving beneficial ‘outcomes for all stakeholders, OUR METHODOLOGY Allstortup submissions generate objective, personalized feedback through our scoring system toimprove readiness for funding. Approximately 100 companies proceed to the semifinals, completing a more in-depth ualitative assessment to further refine and verify scores During the final stages, a review panelinterviews cond selects the winners, View all semifinalists ot bschoolpepperdine.edu/mfc-lst. FEATURED SPONSORS SINGLETON GRAZIADIO FOUNDATION sal rin, Yad GOO + “rdoriament of ony partculr prodictor teres Incuding but ot ite oar Tonelli imenioovang EARN A DEGREE FOR ENTREPRENEURS AT Pepperdine Graziadio PEPPE PLATINUM GoLD SILVER BRONZE Company AGED DIAGNOSTICS rere Cearvia WAllSides: @ FRANKLIN UF JUNCTION MAKING SPACE Nuvi3x Pharma a SeeMedX ALYVE datasafeguard ice O powcr is READY. SET. FOOD! YREMOTEL YME™ NOVUSON ‘ieang he Wyo Sater Surgerien % OneFul Location Bethesda, MD Lombard, IL San Francisco, CA Son Francisco, CA Atlanta, GA Los Angeles, CA Tueson, AZ Socramento,CA Denver, CO Sonta Clara, CA ‘Chesterfield, MO ‘Sherman Ooks, CA Chute Vista, CA Bothell, WA Durham, NC ‘Smyrna, GA Manhattan Beach, CA Founder(s) About AGED Diagnosticsis developing the first accurate blood test for fatty liver disease Roche Zayas to.cidin early detection, intervention, and improved outcomes. \Velqar’ leads the drone delivery revolution with our secure, fully automated, end- yan Walsh to-end solution. Powered by Al-enabied, agnostic software, offering customization and scaling for advanced capabilities, Michael Kokesh, Dr. Avie Herskowitz, Dr. Thile Bayrhofe, John Callaghan ViCardia's GP-S31is a frstin-class treatment for acute heart failure, the cardiovascular epidemic ofthe ZF century. GP-53] improves healthspan to achieve eptimal lifespan John Gable, Joan Blades, ott MeDonall AllSides combats « global crisis of crecbilty by addressing media bias. misinformation, ‘and social divides, reviving news media, schools workplaces, organizations. and democratic societies worldwide. Franklin Junction iso unified eCommerce technology platform for restaurants that Rishi Nigam ‘llows them to unlock high-margin incremental revenue inless than 30days. ‘Making Space iso talent acquisition and learning experience platform that Keely Cat-Wells offers accessible education, prequalfes talent, and helps companies access underrepresented talent with data-driven profiles. Evan Unger, Jennifer Johnson Hypoxia, lack of oxygen, causes death and morbidity. Following simple IV injection, NanO2™ safely restores oxygen levels. NuvOx Pharma has advanced clinical trials leveraging non-dilutive funding, Deborah Simpson, Dr.Kevin Ferguson, Dr.Mare OGriofa YWonne Bokelman, Matteo Mantovani, John Winslow ‘SeeMedX's technology can detect heart failure 72 hours in advance. We replace dangerous and expensive surgeries with a safe five-minute noninvasive scan, Alyye Megicafs pioneering technologies are transforming musculoskeletal care and rehabilitation using advanced sensors, proprietary algorithms, and biofeedback, revolutionizing treatment for optimal motion and outcomes. Sudhir Sahu Date Safeguard helps enterprises meet data privacy compliance and prevent synthetic fraud financial losses. Har Srinivasan, Nicole Mwesigwo. Cover has created the bestlife insurance buying experience by designing the fastest e-opp in the morket powered by Al and algorithmic underwriting, Danie! Zakowski, Katie Marks-Cogan, Andrew Leitner Ready. Set. Food! has created a patented guided system 10 make it easy to follow food allergy prevention medical guidelines and give babies the best chance at a lite free fram food allergies. Bill Reed, Steve Doolitl, Tony Stewart RemotelyMe solves a59T workforce problem with generative Al, visual neuroscience, and a ChatGPT Linkedin app. RemotelyMe has a seasoned team, Customers, revenue, ond blue-chip CXO board advisors. Stuart Mitchell Novuson is clearing the way for safer surgeries with the world’ first Direct Therapeutic Ultrasound surgical instruments for minimally invasive, robotic, and other surgical specialties, Edison Hudson, Danny Bornes ‘OneFul Healths patented robotics make personalized ‘polypills' combining trom three to seven FDA-approved pharmaceuticals into a single capsule or packet ‘matching @ doctor’ prescriptions, optimized to your genomics. Joime Sarabio, Dr. Vivek Rajagopal, Yen Liao (Opus Medical Therapies aims to develop a safe, simple, and novel transcatheter mitral and tricuspid valve replacement system, More Conneely, Patrick Whitfield, Simon Whitington \WedFunis a fashion-and beauty-Ied wedding planning platform and WedF un streaming channel uniquely combined inthe same app by the team that built MTV. BA... What Are You ‘Too Much’ Of? Everyone is told they're “too much" of something— whether it’s too outgoing, too shy, too demanding, or something else. Maybe you've tried to tone it down. But these six leaders each found that their "too much was exactly what their business needed. 16 / ENTREPRENEUR.COM 4 November-Decomber 2023 1/"Tm too urgent” “Itend tobe Mrs, Urgent; maybe stemming trom thelimmigrant sense that youve got to make itor go home [te the Czech Republic} That time is money’ urgency has rendered my manago- ial style intense, and definitely uncool inthe era of ping-pong table startups. Buti’ also unlocked doors. always working to make it reductive and nota fie di, but rather have itthan oseit” JANA BOBOSIKOVA, cofounder and CEO, Kiki 20"Pm too ADHD? “Ihave ADHD, ike many others. often means spensing time on less-crtcal tasks, while puling my inner 4-year-ldkicking and sereaming to focus on more important tasks. But our company Principles: ways work on the most important thing This allows me to evaluate, let goof things I dont want tobe doing and shift tasksif something becomes more important.t's essentially et- mmiseion tbe everywhere at once,make impact, ang move on™ JUSTIN MAXWELL cofounder and chief experience officer, Smith 3/ “rm too obsessive” “When | was. kd. was tle had unhealthy obsessions! went through a dog-oving phase and covered every inch of my bacroom with dog photos, memorized every breed, and talked about them nonstop. was embarrassed and sad when fiends and family got annoyed witn me. But now Isee this quality has enabled our proc- Uuct to exit Michetn-qualy sustainable meals at home. t's taken ight years but stil feel ike Fm jst scratching the surface” JULIE NOUYEN, founder and CEO, Methodology 47 “rm too introverted.” “Thraughout my childhood, was told was ta shy andl soft-spoken | always wished | could be the first to speak my mind in school But as we've built Tend, Ive realized my strength in smaller groups and intimate settings is invaluable. My favorite part of my workis connecting directly with customers. The brand originated with my personal struggle stomaching prenatal, and being an introvert keeps me connected to our core value of empathetic listening: HANNAH VARAWIN, cofounder, Tend 51 “'m too patient.” “Tye always been very patient Inthe earliest days of rib, flt| needed tobe less patient, especialy with stakeholders crucial to us getting to market But over tme,|ve found patience aneces- sityn startup fe Creating a product involves lts of trial and error Assembling a high-performing team doesnt happen overnight. Raising funds from investors can bea lang grueling process.ané {gaining market traction often takes a while. Overall patience is essential to learning and adapting instead of giving un TAYLOR GRANT, cofounder and CEO, Tin! 8/“rmtoo social” “Growing up nearly every report card read, Jula's too social She reeds to learn whan ts tima to socialize’ Now Irealize this s my s0oret weapon. make a point to get to know everyone,and my network has helped my company become one ofthe fastest-grow~ ing nits market. Networking is about relationships rootedin mutval benefit andi you need something, chances are, Tve gota guy’ JULIA ROSINUS, co-owner and head of marketing, GoHyate #1 ah) 17. Mil iv Uae FRANCHISE eniereRins HEALTHCARE BRAND ee eee Oe acc) eae eyes ach BE 500 #EEYZICAL 1 lesa a BE a0 Therapy Made Hima Better Leader A cofounder of The Black Tux shares how, to grow his company, he needed to understand himself first. by ANDREW BLACKMON una company of 400 people. k's only possible because ofa decision made soon after we launched-even though ithad nothing to do with business: [decided to seeatherapist. Thadn’tset out © bean entrepreneur; was an English ‘major in college, busy reading Dostoevsky and philosophy. ‘Then [rented tuxedo to get ‘married, and it was an atrocious process. There must bea better ‘vay, I thought. My groomsman, Patrick Coyne (who had the same experience), agreed, and we cofounded The Black Tux 2013 with the plan to rent wellfttng, high-quality suits and tuxes online-which turned ‘out to be operationally compli- cated and immediately popular. By age 28, Iwas leading a fast-growing business and fee ing very outmatched. People needed me to make decisions ‘quickly, and at times I found it hhard to rise to the occasion. I realized that, to grow this com: pany at such a rapid pace, 1 needed to grow too. One day | asked an employee how he was so calm and centered, and he gave me the phone number of a therapist. 'd never seen one but decided to try 18 / ENTREPRENEUR. My psychologists name is br. Thuy Bui, and she helped ‘me understand how my past ‘was impacting my leadership. For example, Ihad a strict upbringing, Therapy showed. ‘me how I'd internalized some of those ideas in an unhealthy way that had led me to doubt ‘my own intuition and interests, I didn’t trust my own internal ‘compass. wasn’t sure of my own voice. Once I became an entre: preneut, itall hit me hard and fast. Before therapy, I didn't know how to rely on my gut or how to look to myself to make important decisions without delay. My internal confusion also meant that I often was too fearful to tell people when they did something wrong or when | needed more out of them. This impacted their performance. Irealized I needed to shift in order to create more trust, ‘within the organization, ‘My relationship in therapy gave me the courage to listen to my own voice, enabling me to ‘make decisions and communi cate directly. twas powerful forum for me to discover my potential, and Inow enjoy fuller version of myself feel free to be more curious, and to do everything to the best of my IM # Novermber-Decomber 2023, FINDING His. INNER FOUNDER ‘while bitsing his startup, [Andrew Blackmon discovered his true voice, ability without having to con trol the outcome. ‘Tis process also helped ‘me tun The Black Tux into a thriving, profitable com pany, along the way raising $70 million, opening five of ‘our own stores plus 30 more with Nordstrom, navigating through the challenging times ‘of COVID, designing our own, Tine of men’s tailored clothing, and acquiring a wedding-band company called Marke. truly don’t think I would have been able to grow like this without Dr. Bui We often grow up with the expectation that we have to be acertain way. Irtakes a lot of courage to examine that, and to make decisions more aligned with who we want tobe. think that fora lot of founders, starting a company isan attempt to try to work ‘hat out. Entrepreneurship, like therapy, pushes us into new, uncomfortable zones ‘where we must keep growing and learning more about our- selves. For me, that has been the greatest and most unex: pected opportunity of al Entrepreneur Franchise | 7) tag pen } FeN a a Bey oe nN Rood motos on using venture ela yc) Rolly startup’s success With recent valuation resets, we've had many conversations with founders regarding the role of venture debt especially in the Series A phase and beyond. Every Series A situation is different, with a multitude of variables, but there are good rules of thumb to follow to help you use debt as an effective financial tool, especially in an Uncertain market. With decades of experience providing venture debt, there aren't many scenarios we haven't experienced first-hand the last, 40 years. With that kind of deep experience comes a unique perspective on how venture debt can be used to propel a startup’ success. From what we've seen, the most accomplished startups follow these seven tips when taking on debt: 1. Make sure the debt extends your runway ~ that it doesn't serve as your only source of runway. 2. Ask yourself if the debt is really needed ~ be thoughtful, be prudent. Just because a lender offers debt financing doesn't, mean it the right tool forthe job. 3. Think of it as a tri-party Work collaboratively with your management team, your investors and the lender ~ more transparency may help you quickly find mutually agreeable terms. This includes the deal initiation, but also throughout the life of the partnership. 4. Perform as much or more due diligence on your source of capital as they do on you ~ choosing the right lender is crucial, Critical to your diligence is understanding how a lender reacts in an adverse scenario. ‘Some questions to ask yourself include: + Are they known as a patient lender? + Is their credit framework approved by regulatory bodies? + How have they reacted in down cycles? Have they ever been tested by such a cycle? 5. Model out your worst-case scenarios ~ expect the best, yes... bt plan for the worst, especially when it comes to your ability to service the debt. 6. If you're getting close to cash flow breakeven, ‘compare venture debt to other financing options ~ venture debt can be more costly compared to other debt solutions. 7. Use a lawyer experienced in venture debt ~ inexperience in the nuances of acquiring this form of debt can delay the loan closing, creating added costs and unnecessary distraction for the entrepreneur or finance team While these tips are good guidance, there may be other factors, influencing your decision to take on venture debt. Our view: its better to find a lender that understands your business and the natural cycles of the innovation economy. It may make all the difference when unexpected things happen (and they will). When the venture capital is readily available, we tend to see more competition and new entrants offering venture debt. Consider if your chosen provider has worked through the up- and-down liquidity conditions that are a natural part of life in the innovation economy. it may be advantageous to choose a lender that has the eredit appetite and a proven track record of working through challenges that many VC-backed companies face. As advantageous as debt can be to fueling growth, it's important to be cautious about taking on too much. A more prudent, patient approach is preferable. Consider avoiding taking on too much debt. Like with all the decisions you have to make for your business, partnership matters. Silicon Valley Bank To learn more about financing options for startups, visit svb.com. ~~ Silicon Valley Bank can help your runways lead toliftoff.__ SVB has decades of experience dedicated to delivering, specialized lending and financial solutions to founders, investors and executives. We id : A Division of First Citizens Bank Bo ecscins The Best Ad You've Ever Seen? OK. it's probably not. We just made it up. But the elements of this silly ad have real-world consequences— because they're all based on research about how marketing works. Try one in your next ad. by THOMAS MCKINLAY 7 21 Wop Cats cuture Go Oe radon’ or nobody norease Ye W 9 27 mut cols 41 scent cg Don't ust show one of your ‘with a discount S/Stovingtsmaess | 6 ek youra! Tocwaccnmres | semmecronse oT ‘cronomaytotes” | soimovesttetea:h ae eee eaa| || ovesseess cree ita HERE ARE THE STUDIES THAT INFORMED THE AD ABOV! For more detail, vstarihicom. 4 Crz,RE, Loonhart 1M, Pezzut"Sacond peeon pronouns enhance consume invaWoment and brand attitude” Journal of ‘eracive Marketing, 20172 PezeT, Leonhard, JM."What's nat ke? Negationsin brand messages increase consumer engagement” Journal ofthe Academy of Marketing Scince, 2022 3/ Vanerger, N lmrak C. Seva. Product enttatwity: How te presence of product epscate increases percevod an actual product ‘ffeacy” Journal of Consumer Researah 2020. SokolovaT.Seenivasen.S, Thomas. M.“The Left-Dg Bas: When and Why Are Canaumers Penny Wiee and Pound Foolish?" Journal of Markting Research 2020. Woolly K, Kupr.D iu, “Does Company Size Shape Product Quay lnerences? Larger Companies Make Bet ter High-Tech Product, but Smaller Companies Make GetarLow-Tech Products Journal of Marketing Revearon 2022. 6Y a, YaneX Jiang "The Pet Expacure Effect Exporing the Diferenta impact of Cogs Versus Cats on Consumer Mindset” Jounal of Marketing, 2022 22 J ENTREPRENEUR.COM # November-Decomber 2023, A UY ASN Ts HERE’S WHY THEY KEEP COMING BACK FOR MORE fh { | <2 <)> Martin Fontela William Hodge Myles McNeal “As one of the largest and most flexible “Buddy's supports unreal, honestly. come | ‘With only five employees needed to run the players in the RTO space, Buddy's empowered from the restaurant industry wth no RTO | business, Buds streamlined madel allows ‘our operating group to confidently expand to | experience, so the teams dedicated guidance scale rapidly without being held back 60+ stores in under ten years.” for success fuels my desire for growt! by staffing shortages et ae Ree ot $1,467,253 $437,295 sa HEAR MORE FROM OUR FRANCHISE OWNERS BY VISITING # BUDDYSFRANCHISING.COM ration reacts hag Grass So nd erage rae a Fa ft 2 ‘Seed aber mtr yo ten fc 2 Foca ioe Dour eon oration ANEW ANONSEES ESUUS MA DIFERFROM THE REPRSENTED PATORUAE. 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WHEN YOURE SEEKING TO CHALLENGE THE STATUS QUO, YOU MUST BE RELENTLESS. PERSISTENT. BOLD. TENACIOUS. HERE AT THE UNIVERSITY OF CINCINNATI, WE INVEST IN THE EXPLORERS, THE PIONEERS AND THE INNOVATORS, WHO ARE DRIVEN TO REDEFINE WHAT'S NEXT FOR ALL OF US. innovation.uc.edu (J CINCINNATI University a INNOVATION CINCINNATI. DISTRICT What's Your Problem? TELLUS AT HELPME@IENTREPRENEUR.COM Are You a Fighter? Workplace conflicts don't always feel good. But that doesn't mean they're bad, Here's how to manage them better. by AMY CHAMBERS bad. My formerboss, Donnie some shared goals for the Peaks, used to say, “You might debate, and then establish be the smartest person inthe some rules for how the engage: room, butyou're not smarter ment will go. Here's one of | ‘than the room." The best ideas my personal favorites: Forbid ‘come from a group that col: interruptions, and restrict each Taborates, not from group: person's argument toa certain think where everyone readily timeframe (ike, say, four min: acquiesces and agrees. That utes of speaking). This prevents. naturally leads to confliet-and those who are more outspoken conflict can help us devise bet- from stealing the show, tet, more thorough solutions, During the discussion, you because we're testing our ideas should carefully observe your- against others’. self and notice your emotions. Conflictsalsodon'thaveto Ifyou feel yourself getting end with winnersand losers. frustrated or angry-or if you Infact, many conflicts can be notice anyone else in the group resolved with both sides feel- __overheating-ask everyone to ing that they've won. How? takea short break. That way, Well, consider this: Conflict you can all emotionally reset often occurs because mult and come back to the table ple people disagree on how mare levelheadead, (oreach a shared objective Finally, ifyou fee! like you're which means you and your getting the short end of the colleagues all want the same stick, say so. You don’t have thing, right? You all want that to swallow an outcome you, project to succeed or the com- despise. Tell the group that pany to thrive. By debating yousstill have concerns about how toget there, everyone can the proposed resolution. Ifoth- contribute to the outcome, ers care about you, that should J always seem to lose in workplace ‘You said that you “lose in be reason enough to spend conflicts. How can | win more? workplace conflicts” Here's more time discussing. JULIO, HOUSTON, TX ‘my guess: In reality, you just Sometimes the group will don’t feel heard in workplace choose your idea. Sometimes conflicts. We can fix that. itwon't. That's how these ‘Startby preparing privately things go. But even if someone YOUSAYYOU'RE bad at resol you think about conflict. What before the conic. You'llbe else's idea ends up on top, that Ing conflicts. Before we address if i's nota zero-sumgame at learerandmoreiinfluential i’ doesn’t mean you've lost. If that, Iet'sback up and ask: What all? Whatif “conflict” simply you've written down your most their idea isthe right one, and exactly iscontliet...0 you? meansthere’s morethan one important points, as well as ithelps you all sueceed, then Everyone defines conflict dif’ idea on the table~and someone how you plan to express your. you've all won. ferently. Maybeit'sa disagree: else is advocating for their idea __selfin the moment. Then, when, ‘ment. Ora fight. Orwhenever as passionately as you advocate it comes time to discuss (or Amy Chambers isan people raise their voices. for yours? debate) with your colleagues, executive and life coach and Whatever your answer, fd When you think of t this set some ground rules, author of 7 VIRTUES. encourage you to reframehow way, coniictisn’tnecessarily Ask the group to agreeon _of Exceptional Leaders. 26 J ENTREPRENEUR.COM # November 5 2023, Iusteation # FEDERICO GASTALD Scooters Coffee is a veleranfriendly franchise that’s been serving specially coffee ‘and smiles since 1998. Now with over 670 locations nationwide, we invite driven, customer-service oriented entrepreneurs to join our rapidly growing brand. Those who share our core values of integrity, love, humility, and courage, make for strong franchisees. We've found that military veterans embody all these values, which is why we're proud members of the International Franchise Association's (FA’s) VetFran Program and are also current collaborators with SkillBridge, a , program organized by the Department of Defense, in order to bring more veterans info our growing industry. ‘Asa thankyou for your service, we're honored to offer veteran franchise partners 2 $20,000 credit towards their first year of product. To learn more about our franchise opportunity, be sure to contact us at ownascooters.com. Thermador® Innovating the Induction Era THERMADOR AND TODAY'S INDUCTION COOKING MOVEMENT Boar: Mina Lee Senior Product iarketng Manoger From introducing the frst buitn wall overs tobringing "Pro™ Ranges into the home in the 1940s and 1950s, Thermador has eared its reputation for innovating the way we cack. Nowhere is that ‘more evident than in their industry-leading collection of induction cooking products We tuned to Thermador Senior Produ Manager Mina Lee to share more about this {growing segment inthe cooking world, ‘Thermador is the first name in induction technology, and that success is further proof of the brand's commitment to ‘exceptional cooking experiences. Can you elaborate on that for us? Innovation has always been in our DNA, ‘and always will be. Thermador was founded Cover 100 years ago with a passion to create pproducts that define the hame and make ‘cooking more enjoyable. That de is clear in everything we offer today— ‘especially our groundbreaking Inch Innovation Collection. Qur passion i deliver breakthrough products to our tech-savvy cients. With induction, we can provide even more ways to elevate their culinary cra What do you think puts Thermador induction in the leadership category? We set out to make the best ranges in the industry worthy of the Thermador name. We pushed boundaries to make it possible, ‘And because consumers have diverse needs, our Collection offers a breadth of options from our Freedom, Liberty, and Heritage cooktops to the exciting new induction ranges we launched this summer. NDUSTRY Pe ee For anyone not familiar with induction, what are the main benefits? ‘There's so much For starters, its powerfully precise. You have pinpoint temperature control with fewer cold spots, whic king—and faster boiling. Less heat is lost in the cooking process, making induction more energy efficient, and with ts sleek, smooth surface, cleanup is easy. Induction has been a popular choice in the restaurant industry for many years, and is now being embraced in the home. Thermador is helping drive that by designing with the needs of our consumer atthe forefront, ‘while delivering the competitive edge we're known for love about induction ‘an mean fast and even What are some other induction features unique to Thermador? There are quite 3 few induction innovations that only Thermador offers. Our flexible cooking zones accommodate multiple pots and pans as well as teppanyaki pans up 10 Té:inches long, HeatShife allows you to change power levels by simply moving the pot, perfect for going from a sauté to a simmer, MoveMede is another intuitive feature that takes your power setting with you when you move cookware across the surface. PanBoost* accurately heats and holds oil temperatures. And CookSmart* includes five preset fryn consistent results, Purposeful features lke these make Thermador Induction 50 wonderful for those who love to cook and entertain. levels for ‘Thermador is known for gas range performance. Hew would you help translate the power of induction for thoze more familiar with gas? Consumers gravitate to gas products for many reasons, The Thermador Star Burner is 2 high-performance and beautifully designed shape. And in the same way we've invested in creating the best gas products on the market, we've raised the bar for induction as well, With 23 US patents, our induction advancements provide unparalleled performance and cooking flexibility {As a luxury brand well known for design and craftsmanship, what does induction bring to the tabl From a design standpoint, our induction cooktops make a sophisticated statement in any kitchen. They're absolutely stunning, especially ifyou have an eye for minimalist fr European design. The cooking surface is tone piece of mirrored glass, soit beautifully intagrates into a seamless look with your kitchen countertops, ‘What's next for Thermador and induction? fm beyond excited not only about our all-new Pro Harmony? Induction Ranges, but about ‘our entire induction collection. It offers the most advanced induction Unmatched true convection oven, allowing Us to build on the Thermador performance legacy: With 30-inch and 36.inch range models now available, consumers will now have rnon-gas options from Thermador. They're \WiFi- enabled, so you can control and monitor temperatures via the Home Connect” app. And with this por more product options that full the needs of wnology—and who res with an lia expansion, we have even people who love new ta love to cook. How would you sum up Thermador induction at this moment? It’s innovation atts finest, People know us for exceptional cooking experiences. Now with our Induction Innovation Collection, we've created anather way to deliver that. It's the next chapter in our legacy of leadership in the home. Thermador™ NO ONE ELSE Moves Like This INTRODUCING THE ALL-NEW PRO HARMONY: INDUCTION RANGE a ye THE INDUCTION INNOVATION COLLECTION tery THERMADOR. COM/|NDUCTION-RANGES (022 Home pee Carpeting eee PTE EE PE PRE OF lo) - ft -ipee Ws image Yet rT [3] ce Renee ies cao A Ee em en Ce eee oie sees Ci eet ies a Deer ae ese Genie mn the result of promots written by Create eres ene D is) Cire eee Cen Reese eeu ee ee ete Ge eae et meee on ey Because that's the thing about Cece much change is coming, or how mind-blowing our new technologies Cee ee sees Reage SE acu Cree ene tg Ue) Suey (ioe ae eens Tureen incon cD Cay Toes Corer craerecmeeay ene aa eee ee entrepreneurship is always human eeu eet cote Create a better future together. ee eT YOUR BIGGEST MSS AUT Ma A IER=s1 <-eMtal 0-240] -1 Bes What do entrepreneurs most enach re noun ietyd en etig eect etd DCU eee ee ere ney entrepreneurs have been racing to seize mar et opportunities. But as ChatGPT quickly gets smarter, new questions and possibilities emerge. How do you stay ontop oft all-or even begin? Here's how leading investors, founders, thought leaders, and tech luminar- Jes break it down, in eight simple questions. 1 Where do I start? ‘Nomatter what industry you're in, there's probably a generative Al tool specitically crafted for your operations-so these are the first resources you should seek out, advises Anna Barber, partner at MI3, a VC firm that invests in early-stage tech start ups. If you have a large team of developers, you can experiment with the textto-code assistant Gthtub Copilot, Designers should be testing tools like Midjourney, which cre- ates images from text prompts, and cre- ators should be trying storytelling aids like ‘Tome or Hyper Write. For searching large sets of complex data, Humata, an MIS port folio company, is powerful and easy toset up, Barber says. These tools help startups speed to market and do more with less ‘Next, think about how Al mightenhance your product, whether you're atelehealth platform adding chatbot features that ‘match patients to therapists or a legal firm, that could use Alto search volumes of cases. “In te future, every software prod ‘uct will incorporate AL” says Barber. But A features need to be evaluated and pri- oritized like anything else on your product roadmap-not simply added as an after- thought. Ideally, you should be building AI into what you are already doing, 2/ What are the best ways to recruit Altalent? Competition is fierce. LinkedIn has seen a significant rise in demand for Abrelated Jobs in the past year, with a2t-times Increase in global English language job postings that mention GPT or ChatGPT. Andn the past five years, i's seen a near tripling in the number of Linkedin mem: bers who have “Head of Al" job titles. ‘Tofind the right talent for your com: pany, networking s key. Surround your- self with people you want to hire, and then. beta test what its lke to work with them by teaming up ata hackathon, says Chappy Asel, cofounder of GenAl Collective, a com: ‘munity of thousands of developers in the ‘San Francisco Bay Area. Many universities sponsor these types of events, or you might find alocal collective of Aland data science professionals who meet regularly you're in Silicon Valley, you can also scope out Altalent at hacker houses, where cohorts of founders live and grow thelr startups together in dormlike settings. AGL House, for example, is set in a sprawh ing multimilion-dollar mansion where it hosts networking events featuring speak: cers ranging from Google cofounder Sergey Brin and Open Al's Andrej Karpathy to pop star Grimes. “We have multiple startups Taunching from our hackathons," says AGL House founder Rocky Yu. And if you're spe- cifically looking fora business partner, Y Combinator (the accelerator that launched. pena hasa free online Startup School that offers founder matchmaking, 3/ Can ChatGPT boost my sales? ‘Most people think of ChatGPT asa tool for external communications: Itwrites some mar keting copy, yourefineits work, and then you share that with your customers. ButChatGPT ceanalso help you refine ideas intemaly, says Conor Grennan, head of generative AL and dean of students at NYU Stern School of Business-especiallyifyou engage itn roleplay. ‘Ask ChatGPT to bea difficult customer ‘who pushes back on every pitch,” he says. “’sagreat way for your sales teams to learn, hhow to have hard conversations. Youcan then ask how you could have been more persuasive” Or tll the bot about your prod: ‘uct and prompt itto create different pitches to radically different kinds of clients, and ask who else you might ty to sell to ‘Another helpful exercise: After telling CChatGP about your product, target auc cence, and sales strategy, ask it to actlike a “consultant” to poke holes in that plan. After itanswers, have it switch roles and create solutions for all the problems it just brought, up. Next, ask to poke holes in those solu tions. As you keep going, says Grennan, CChatGPT will hone its responses until you're able to get atthe heart of the issue and the best solutions fort. 34 / ENTREPRENEUR.COM # November-Decomber 2023, 4/ Should Luse a tool like Chat6PT, or build my own model? Right now, there's no perfect answer. “Startups training their own models are ‘guning the highest valuations, even for those focusing on niche use cases like legal and customer support,” says Brendan Burke, senior emerging technology analyst at PitchBook. "But this strategy can incur high cloud costs and violate privacy agreements ‘made with customers for their data, and can berrisky without significant VC funding: On the other hand, using offthe-shelf models can alsobe pricey and require extensive customization. Ifyou're build ing astartup with ALatits center, Burke says thatthe best approach might be to build an MVP of your product that uses a publicly available tool ike ChatGPT and cloud resources available at platforms like Snowflake and Databricks. Then tell, the story about your greater ambitions. “Investors are willing to fund plans for new ‘model training if unique data is available and the costs are well-understood,” he says. Keep in mind that even the available options have issues, Currently, more thana dozen bestselling authors, including George RR, Martin and John Grisham, ae suing penal inaclass-acton lawsuit fr allegedly training its AI models on these authors’ works without permission, “We often debate, do we build our own model? Ordo we go with another model and use the data that we have totrain on top oft” says Marissa Mayer, for ‘mer CEO of Yahoo and now cofounder of the consumer apps startup Sunshine. She's hedg Ing her bets-bullding smaller models for cer tain datasets while using larger public models forothers. “You protect yourself both ways,” shesays. 5/ Can! beat the tech giants with my Al product? Yes, according to FPY Ventures cofounder and managing partner Pegah Ebrahimi “Artificial imtelligence,” she says, “can level the playing field” With the proliferation of powerful new Al applications and infrastructure tools, barriers to making products have never been lower: With the ability to incorporate AA directly into tech stacks and workflows, startups can outdo enterprises when it comes to execution. “The question today isn't, ‘Are youan Al company?” but, “How are you using Alto make your product indispensable?” says Ebrahimi. Some of the most successful companies that took advantage of the mobile wave were those that couldn't have thrived or even existed before cell phones, like Uber. Think of using AI inthe same way. ‘To prevent getting “Sherlocked” by a giant tech player introducing feature that re ders yours irrelevant, GenAl Collective's Asel says one way isto niche down. For example, take construction management and build a ‘competitive moat with market specific data like zoning laws, localized cast estimates, blueprints, permits, and project schedules unique datasets that, when fed into your Al model, will significantly enhance its pre dictions and decisions specific to construc: tion tasks. That way, the model will become smarter and more valuable as i's used, Whatever you do, Ebrahimi urges found: ers to make bold bets and imagine revolu tionary improvements that weren't possible before. To beat large companies that tend tomove more cautiously, i's eritical tobe agile and iterate quickly. “You have less t0 Jose by trying things out,” she says, “so use itto your advantage.” 6/ What kinds of Al startups are venture capitalists looking to fund? Despite the AI hype, VC cash is not as free flowing as it was two years ago-and ‘with a rush of new Al startups coming into the space, is getting harder to secure func: ing. The key to beating the odds, say several VGs, is your data “The billion-dollar question is, ‘Where are the oats?" says John Cowl, part, ner at Costanoa, who leads investments in applied machine learning and deep tech. ‘The answer for him s proprietary access to data that no one else has or can repli: cate. SignalFire's CEO Chris Farmer agrees, saying they're “looking to fund AI startups building up defensibility through unique datasets that competitors and Openl lack Both VCs add they want to see AI prod: ucts that improve with interaction: “Did user accept the recommendation from the Al system? Did they take a next-step action, or bounce out?” says Cowgill, ‘Smart Al entrepreneurs are thinking about how to leverage this metadata to make their application smarter with each new user they acquire.” Another way to get attention from top investors isto buildin a space that hasn't Hn Atrelated innovation yet, like supply chain, manufacturing, and big cor porate functions like aecounting and legal, suggests Radhika Malik, partner at Dell ‘Technologies Capital. "Then you want to show that you have some unique under- standing of the problems that can be solved ‘with AI in that specific space,” she says ‘7/ Once Ihave a product, how: Hand my first customers? Almay sound exciting, but i's not always an easy sell-especially to large enterprise cients That'sbecause Al touches so many depart ‘ments, and will often involve dealing with IT, security, legal, productline, compliance, and data and analytics. Budgetary authority for that isnot often clear, says Avivah Litan, a dis tinguished VP analyst at Gartner Research ‘Typically, the buyer i the chief information officer or cet information security officer, bt you should ask around to find the right person. Aswith any sale, make sure your eleva ‘or pitch hasan easy-to-understand value proposition that solves a problem that your potential client is facing and explains why your solution is better than the competition. Ideally, says Litan, “finda customer with a ‘well-known brand name and work with them to fine-tune your product and service." (This may seem obvious, but many startups don’t think about it.) Once you get your first few big clients, the rest will come. “And make your prospects pay for proof of concepts. Don't give away your product," Litan says. 8/DoIneed tojump in now, before it’s too late? That depends on the business you're i. Here's what Thomas Tll suggests; he'san carly tage tech investor and chairman ofthe US. Innovative Technology Fund. “A thought, experiment you need to runs, How much would carey competitor was able omple- November-December 2023 # EN ‘ment [an Alsolution), and what impact would ithaveon my business?” he says. “If your answer is, would severely hinder or put me ‘out of business, then Lwould think very ser- ‘ously about it” If Al can significantly impact your bus ness, then many investors and founders say ‘you have litle time to waste. “I'm still amazed hhow little founders know about the range of Al tools that exist right now that could uniock value in their company” says Matt Higgins, cofounder of RSE Ventures and an execu: tive fellow at Harvard Business School. “This, isn't some distant, theoretical, speculative tech. Startups are the ones that have the mos tagain because Al enables. fledging com. pany to bridge skill and resource gaps.” He points tall kinds of things Alcan pull off for a fraction of what it would cost even.a year ago-business plans, financial modeling, logo creation, content creation, chatbots, and ‘on and on. “Don't wat tobe spoon-fed Al innovation,” Higgins warns. “By the time it becomes conventional wisdom, your compe tition will have eaten you live: Marissa Mayer agrees yout can't afford to siton this. “Al probably going to be the sreatest inflection point in our lifetime, potentially bigger than the internet. And ‘you can either decide to participate init She says, “or there's question of how relevant you get to bein the long run.” Hl Martine Parisis aSiticon Valley-based tech reporter REPRENEUR.COM # 35

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