Business Kentucky
Sept/Oct 2015 Volume 35 Number 1
Northern
Journal
Entrepreneurs Creating a Buzz for Biz in NKY
Startup Ecosystem Guide
Wealth Management
From L to R: Paul Carl, Karl Diebold, CFP®, David Lohre, AIF®, Anna Pfaehler, CFP®,
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In this issue
AROUND THE CHAMBER
Business Journal September/October 2015 4 From the President, Trey Grayson
19 Disinfecting For You, Inc. - Focus on Excellence Pays Off
5 Chamber Snapshots
21 UpTech Names New Director
6 From the Chair, David Heidrich 7 Get Connected at UPSTART 8 2015-2016 NKY Chamber Board of Directors 10 NKU Support for Entrepreneurial Ecosystem in NKY 12 TiER1: Scrappy Startup to National Leader 13 Bad Girl Ventures—Investing in Bold Women 14 Donna Salyers’ Fabulous Success Story 15 NKY Kitchen Incubator: Heart & Soul 16 bioLOGIC: Innovations That Improve Human Health
22 Connetic Brings “Angel Investors” to Local Businesses 22 Startup Lingo 101 24 Startup Ecosystem Guide 26 Understanding Independent Contractor Classification 27 Women’s Initiative Spotlight: Getting to Know Rhonda Whitaker 28
Emerging 30
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Member Milestones
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Upcoming Events
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Ribbon Cuttings MEMBER MILESTONES
On the cover: UPSTART A street party designed to inspire the entrepreneur in all of us.
Share Your Good News by Submitting Member Milestones to the Business Journal
The purpose of the UPSTART event is to connect entrepreneurs with local organizations who provide resources to startups.
Promotions, awards, appointments, and new positions are major milestones. All member organizations and their employees are invited to share announcements of their personal achievements in the Milestones column. Send Milestones to rgibeau@nkychamber.com
Periodicals Postage Paid at Covington, KY ISSN (0274-757X)
CEO/Publisher Trey Grayson
Northern Kentucky Business Journal is published bi-monthly by the Northern Kentucky Chamber of Commerce, Inc.,
Creative Director/Editorial Director Rena Gibeau rgibeau@nkychamber.com
300 Buttermilk Pike, Suite 330, P.O. Box 17416, Ft. Mitchell, KY 41017. Phone: 859-578-8800. Website: www.nkychamber.com.
Graphic Design Artboy Animation
The Business Journal is a benefit of membership and included in membership fees. Annual subscription rate for nonmembers is $24.
Director, Sponsor Investments Diana McGlade dmcglade@nkychamber.com
Periodicals Postage Paid USPS-548630 at Covington, KY.
Director, Member Investments Laura-Aurora (L-A) Stopa lastopa@nkychamber.com Chamber Communications Committee Shelly Whitehead, Emily Gresham-Wherle, Bill Powell, David Rhoad, Kelly Rose, Rachel Folz, Katie Scoville, Meredith Fossett, Shayna Crowley
September/October 2015
Postmaster: Please send address changes to the Northern Kentucky Chamber of Commerce, 300 Buttermilk Pike, Suite 330, P.O. Box 17416 , Ft. Mitchell, KY 41017-0416. Subscribers: Please send address changes by e-mail to info@nkychamber.com. © 2015, The Northern Kentucky Chamber of Commerce, Inc. and by the individual authors. All rights reserved.
NKY Chamber Business Journal
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Photo courtesy of Lead Magazine/ Wes Battoclette, photographer
PERSPECTIVE
Let’s Get To Work Trey Grayson, President & CEO, NKY Chamber of Commerce In the last Business Journal, which focused on the new myNKY plan, I wrote about how the Chamber is working on two aspects of the job-related goals of the plan—cultivating a more entrepreneurial environment and tackling the shortage of sufficient workforce for our advanced manufacturing sector. While this month’s Business Journal takes a deep dive into the topic of entrepreneurism in Northern Kentucky, I wanted to write some more about workforce, especially in light of a recent report from the Kentucky Chamber of Commerce that calls for the next Governor to overhaul our workforce training and development system. I applaud the report and endorse its recommendations. Some of the recommendations will require action by the next governor or a future General Assembly. But not all do; communities can act upon several on their own. Northern Kentuckians will be glad to know that all four of the report’s promising initiatives are already being successfully implemented in our region. One such promising initiative is utilizing a sector strategy to improve alignment between service providers and employer needs in that sector on a regional basis, rather than at the individual employer level. In simple terms, that means everyone works together. That is exactly what the Advanced Manufacturing Workforce Development
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Coalition is doing in Northern Kentucky for our advanced manufacturing sector. As I wrote in the last issue, the Coalition is a partnership of business, education, government and other interested nonprofits, including the Northern Kentucky Chamber, and it is using three other promising initiatives identified in the state Chamber report. One such is initiative is KY FAME, which stands for the Kentucky Federation for Advanced Manufacturing Education. Northern Kentucky recently started its own FAME chapter and has established an advanced manufacturing technician work/study program at Gateway Community and Technical College. The initial FAME class, which began in July, includes 26 students, sponsored by 12 employers, who will earn an Associate of Applied Science degree while working at their respective employers three days per week and attending class the other two days. The Coalition is working to use this FAME model to meet another in-demand position, the manufacturing technician/ enhanced operator position. This model could be used in the future to meet other in-demand positions, not just in the advanced manufacturing sector, but also in health care or information technology. Another promising initiative is to provide a sequence of academic and career/ technical courses, including dual credit
NKYChamber.com
courses, which ultimately lead to postsecondary degrees or industry credentials. This approach is called a career pathway. While we know we can do more in this area, we are off to a good start. For example, students in Boone County Schools can choose from one of seven designated career pathways, including Automotive Technology and Health Sciences, under agreements between the school system and Northern Kentucky University, Gateway and Thomas More College. Many of our region’s largest employers, such as Mazak Corporation, have used the third promising initiative, work and learn, also known as apprenticeship programs, to meet their workforce needs. Apprentices are full-time employees and earn a competitive wage with benefits as they learn “on the job.” Mazak’s four-year program is very competitive, with over 400 applying for its 10-15 new apprenticeships each year. Apprenticeship programs are more difficult for smaller employers to implement, which is what makes the NKY FAME initiative so exciting. In addition to these three initiatives, the Coalition is utilizing others, including developing and executing both shortand long-term marketing strategies. You may have seen some of these promotions using the tagline, “I Made It In NKY”. Already these efforts are gaining national attention, with a recent grant awarded by the US Chamber of Commerce to the Northern Kentucky Chamber, one of only seven nationally. By continuing to work collectively and strategically, we can meet our region’s workforce needs. Let’s get to work!
September/October 2015
AROUND THE CHAMBER
Chamber Snapshots NKITA and African Professionals Network (APNET) Happy Hour was held in June at Braxton Brewing Company in Covington. In July, Impact NKY, a Foundation of the NKY Chamber,
organized STEM Girls Day Out across seven local employer sites allowing students to explore a variety of careers within STEM based industries. Over 60 female students between grades 4-8 visited BioLOGIC/Bexion Pharmaceuticals, Data Intensity, Delta Air Lines, Duke Energy, General Cable, Toyota and St. Elizabeth Healthcare. Sponsor support included Cincinnati Children’s Hospital Medical Center, Duke Energy, Loftus Plastic Surgery Center and Toyota.
ERA Reds Event in July - NKY Chamber Board Members
Women’s Initiative Shore to Shore was held in July at Radisson Hotel Cincinnati Riverfront. Attendees brought donations for Brighton Center’s NKY Scholar House. Sheree Algood was the winner of the IMPACT raffle drawing. September/October 2015
NKY Chamber Business Journal
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CHAIR COLUMN
Working Together Toward an Economically Secure Northern Kentucky David Heidrich, CEO, Zalla Companies Chair, Northern Kentucky Chamber Fellow members, It is exciting to become chairperson of our Northern Kentucky Chamber of Commerce. I appreciate the confidence the Board of Directors has placed in me, and I hope we can work together to reinforce our strong and vibrant Chamber. Our Chamber’s strength is its large and engaged membership. As members, you are the Chamber’s investors—and the Board must be vigilant in delivering value to you. With 1,500 members, the reasons for belonging are diverse. But when asked, you’ve provided common themes that will guide my tenure. These include: •
Advocacy: The Chamber provides professional, active and consistent representation of commercial interests at the state and local level, together with regular interaction with our federal officials. Governing is not straightforward. Solutions are usually not found in clichéd positions. Suggestions that the answers are simple are shortsighted.
•
Leadership: Our community of nearly 400,000 people spans three counties, 35 cities, 18 school districts, and a ridiculous number of small taxing authorities. These serve our desire for local flavor and control, but often provide challenges to accomplishing bigger initiatives. For 46 years, the Chamber has served in a convener/leader capacity to advance community-wide conversations and interests.
•
Networking: Despite ever-emerging technologies, nothing replaces personal connections with other local folks. For many, the Chamber provides access to current and potential customers. Even if you do not have a local customer base, the relationships with professional and business service providers, human and financial capital resources, and local regulators is something that Twitter and Facebook cannot replace.
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Direct ROI: Finally, some members join simply for the financial benefits, including discounted pricing on business supplies, air travel, insurance, and more.
In each of these categories, the year ahead will require a focused, committed effort. I pledge my utmost. On the advocacy front, we see the polarizing malaise of Washington creeping into state and even local politics. When people are unable to come together on compromises the results are certain to disappoint. Either nothing happens or a zealous, one-
sided approach advances an agenda but does a disservice to the common good. For example, we can’t expect Kentucky to grow and prosper with overbearing EPA rules on coal and emissions. At the same time, proposals to eliminate the ability of the government to promulgate any regulations are not realistic, and clean air matters to us. The Chamber advocacy team will work to promote balance that creates healthy and vibrant economies and stronger communities. Solutions do not lie at either end of the ideological spectrum. There are big issues to wrestle with in our community. No one any longer denies the need for a new bridge, but how this gets funded, and how it relates to larger transportation infrastructure plans is stubbornly unresolved. We wrestle to eliminate disparities in primary and secondary education opportunities, while protecting and enhancing our higher education assets. We must align workforce training with job demand and career opportunity. We must effectively allocate capital for utility infrastructure to protect our advantage as a convenient and economical place to live. We need to heed changes in where people want to live and with what amenities, which could bode well for a rebirth of our urban places and for investment in parks, arts, cultural assets, and innovative transportation. These are tough issues. Without leadership, we will forever play catch-up. While we monitor and lobby government activities, facilitate thought and conversations on important issues, and inform community leaders, we will also deliver valuable professional and social activities that celebrate our hometown. Watch for new and enhanced events in the coming year. The Chamber is not just about business. The Chamber is about community. But no great community is possible without a robust, vibrant economy. It’s the engine that powers the energy necessary to pursue other aspirations. That is the foundation of our mission. I invite you to get more involved in your Chamber and your community. If you have thoughts to share, or want to know how to engage, please talk to a Chamber staff member, to our President Trey Grayson, or to me. Let’s have a great year. We’ll work together toward a vision of more economically secure Northern Kentucky where our transportation and infrastructure are first rate, our governance effective and efficient, our towns and neighborhoods the envy of every visitor, and our business climate welcoming to innovation and growth.
The Chamber is not just about business. The Chamber is about community. 6
NKYChamber.com
September/October 2015
Get Connected at UPSTART Don’t Miss The Street Party Linking Entrepreneurs to Local Resources On September 10, from 4:00-7:00 pm, the City of Covington will close Pike Street to launch UPSTART, a street party designed to inspire the entrepreneur in all of us. The purpose of the UPSTART event is to connect entrepreneurs with local organizations who provide resources to startups. This year we will also include UpLink, a startup job fair, and a creative component.
UPSTART 2015 SEPTEMBER 10 - 4-7 PM PIKE STREET, COVINGTON KY
Street artists of various artistic will stimulate creativity thanks to the BLDG. Special guest Geoff Hargadon will join us from Boston where he is an investment banker by day and street artist, “Cash for your Warhol” by night. His presentation and show is titled “Cash for your Startup”. UPSTART is presented by the Northern Kentucky Chamber, the NKY E-Zone, Skyward and Cintrifuse.
Big idEas for a HEaltHY small BusiNEss Expect wellness options that meet your needs Humana gives you the flexibility and support to help you make the right choices, and to help your employees get on a healthier path. After all, keeping your employees healthy is the first step to keeping your company healthy. Contact your agent or Chamber representative today to find out more!
KYHHV2QEN 0314
September/October 2015
NKY Chamber Business Journal
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2015-2016 NKY Chamber Board of Directors
David Heidrich
Robert Heil
Zalla Companies Stewart Iron Works
KLH Engineers, PSC
Chair of the Board
2015-2016 Executive Committee Wonda Winkler
Vice Chair: Women’s Initiative
Brighton Center, Inc.
James Parsons
Vice Chair: Advocacy
Taft, Stettinius & Hollister LLP
Chair-appointed Executive Committee Members
Chair-Elect
Dan Cahill
Vice Chair: Business Growth & International Trade
HORAN
B. Stephen Harper
Philip Schworer
Geralyn Isler
Harper Oil Products, Inc.
Frost Brown Todd, LLC
Business Benefits Insurance Solutions
John Nienaber
Cassandra Forrester
Heritage Bank
Fifth Third Bank
Mary Miller Jancoa Janitorial Services
Marianne Schmidt Hurtt PNC Bank
Mike Sipple, Jr. Centennial, Inc.
Immediate Past Chair
Treasurer
Vice Chair: Membership, Vice Chair: Leadership Communication, Events LNK Advisory Council
Secretary
Rhonda Whitaker
Vice Chair: Workforce
Duke Energy
Mark Exterkamp BB&T
Richard Field Post Glover Resistors, Inc.
Shannan Boyer Scooter Media Company LLC
Kevin Canafax Fidelity Investments
John Hawkins Pathfinder/MPI Consulting
Jean Loftus MD, FACS Loftus Plastic Surgery Center
Dustin DiChiara Chick-fil-A
Ryan Helwig Citi
Tom Prewitt Graydon Head
Guy van Rooyen The Salyers Group
Jamie Smith Business Courier
Richard Tiberi Fifth Third Bank
Tim Slaughter Castellini Group of Companies
Carri Chandler Toyota Motor Engineering & Manufacturing NA
Caroline Weltzer Viox & Viox, Inc.
Elected Members
Standing Members
Candace McGraw Cincinnati/Northern Kentucky International Airport
Brent Boden LEGACY BB&T
Dr. Terri Cox-Cruey Kenton County Board of Education, NKCES
One Year Appointments
Shelley Funke Frommeyer Waddell & Reed Financial Advisors
Matt Olliges Towne Properties
Ex-Officio Members
Paul Meier Municipal Government League City of Crestview Hills
Garren Colvin St. Elizabeth Healthcare
David Armstrong G. Edward Hughes Gateway Community Thomas More College and Technical College
Geoff Mearns Northern Kentucky University
Jay Becker BLDG
Jordan Huizenga Children, Inc.
Dave Hammond Inland Marine Service
David Russell The Waddington Group
Blair Schroeder Sibcy Cline Relocation Services
Lacy Starling Legion Logistics
Katrina Ward Huntington Bank
Gary Moore Judge-Executive Boone County
Steve Pendery Judge-Executive Campbell County
Kris Knochelmann Judge-Executive Kenton County
Fred Macke Colliers International
Eric Summe Daniel Tobergte meetNKY Tri-County Economic Northern Kentucky CVB Development Corp
William Scheyer Skyward
FEATURE
NKU Support for Entrepreneurial Ecosystem in NKY Rebecca Porterfield, Ph.D. Dean, Haile/US Bank College of Business Ralph V. Haile, Jr. Leadership Chair in Business Northern Kentucky University Headlines and news frequently center on the success and survival of small business activity. With entrepreneurial startups and small business growth contributing over 64 percent of new jobs and 44% of the total US payroll since 1995, small business equates to big economic contribution. The Haile/US Bank College of Business (HUSBCOB) at NKU considers support to the entrepreneurial ecosystem in Northern Kentucky paramount in both its educational programs and in direct support of the business community. The College’s focus on innovation and business engagement translates directly into traditional outreach and support like the SBDC as well as entrepreneurial development through its degree programs and its experiential learning projects partnering students and companies for tangible outcomes. But the Business College at NKU innovates well beyond traditional academic activities. Led by Dr. Rodney D’Souza, Director of the Center for Innovation and Entrepreneurship (CIE), our INKUBATOR program competitively identifies new business ideas through its 12-week accelerator program. Funded in part by The Haile US Bank endowment, aspiring student entrepreneurs get access to mentorship, funding, space, and networking. Graduates from the INKUBATOR have been supported with a total of $46,000 over the past three years to start their new venture creations. What has been the return on this investment – over $1.4 million dollars in seed funding to grow these new ideas that have resulted in 32 new jobs. Recently a new outreach program managed by the CIE, INKUBIZ, enhances fledgling businesses in such needs as brand identification, market outreach, and market research. The program assisted by a former P&G brand specialist Gary DeJesus aids business development through market outreach. Although good, moving to great requires thoughtful strategic initiatives to best support new innovative activities to grow out new ventures, to provide the correct support for business growth, and to meet the service and educational support to the ever-changing landscape of new business activity. The College constantly surveys the entrepreneurial ecosystem to develop, engage, and enlarge the scope of its outreach. Such questions as 1) how can we support commercialization of new products or service ideas across a large diverse campus such as NKU or other campuses that lack sufficient internal support, 2) how can we support budding scientists and engineers with the business acumen to develop new ventures based on their technical and scientific expertise, 3) how can we more effectively link new developing business ideas that might provide innovative shortcuts through digital and technological expertise to large corporations, 4) and most importantly how can we assist these new ventures in surviving traditional issues like undercapitalization, market ac10
cess, and rapid growth to ensure sustainability while contributing to local economic growth through jobs. These are just some of the questions that the College grapples with in considering outreach and support to new ventures, small businesses, and medium sized businesses in their quest for growth. Like our business counterparts the HUSBCOB works to provide nontraditional approaches to these opportunities. Partnering with fast growth companies, the College will soon launch a series of short sessions allowing small and growing business to learn from those “in the trenches”: • Breakout groups will allow these same businesses to share experiences to facilitate solving each other’s problems. INKUBATOR/INKUBIZ expansion will allow for more new ideas to be vetted and developed. • Student teams working on longer term projects and interns dedicated to project support should enlarge the small business work team without additional excessive expense. • Linking international partners with local small business assists in both supply chain management as well as provide potential expansion into new markets must be part of our vision. • Faculty expertise in facilitating companies’ innovations in people, processes, and products, and the implementation of these innovations is the future. Specialized and focused discussions and training for growing population segments of new entrepreneurs such as the growth in entrepreneurs from retirees, different ethnic backgrounds, and new immigrants must be supported and developed. Our SBDC is in a unique position under its leader Rebecca Volpe, to provide such support. Our Center for Economic Analysis and Development (CEAD) (Director Janet Harrah) is uniquely positioned to add insights into economic information related to industry competitiveness and economic indicators for site location. Bringing our Centers, faculty, and student support to bear on the challenges and most especially the opportunities for entrepreneurial growth in Northern Kentucky is our intentionality. Working in the rich entrepreneurial ecosytem that is most especially unique to Northern Kentucky, linking support systems together in a meaningful way, filling in short term and long terms gaps in this support system is the goal of our college. Preparing future business owners and leaders will support the economic growth and vitality of this already successful microcosm of activity. Shared education and insights will be beneficial to both participants and stakeholders. These are the exciting challenges that lay ahead for our College, our University, and our Community. Photo above: NKU students brainstorming solutions.
NKYChamber.com
September/October 2015
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FEATURE
TiER1: Scrappy Startup to National Leader By Rena Gibeau, Northern Kentucky Chamber Located in Covington’s RiverCenter with views of the Ohio River, TiER1 Performance Solution’s energetic team addresses problems that other companies face and helps larger organizations improve performance through corporate learning, strategic change, and organizational effectiveness. In 2002, when the company was founded, the surroundings weren’t quite so cushy. Greg Harmeyer, Kevin Moore, and Normand Desmarais combined their individual consulting businesses to form a new company called Total Learning Solutions, and won their first client while working out of someone’s dining room. When one large company denied them a contract because they were not a “tier one” supplier, they changed their company name to TiER1 Performance Solutions. Their first office space was in the NKY EZone, a part of the statewide Kentucky Innovation Network. Despite the fact that two of the three founders had successfully started their own companies in the past, they believed that by going through the incubator, they would enhance their chances of success. TiER1 founder Normand Desmarais stated, “The incubator experience is critical. When you are involved with an incubator, you make good connections, develop collaborations, and are exposed to new ideas and concepts. Incubators 12
provide tremendous support and are a conduit to finding resources.” The experience and knowledge base that the three founders drew from helped them develop products to meet a growing need for large companies—training tools. By marrying technology, education and creativity, TiER1 designs individual solutions for each client. Some of their first projects were for FedEx, Fidelity Investments, Rockwell Collins, and Wendy’s. With the creation of their first software learning platform in 2004, TiER1 went live to nearly 10,000 users. Not the traditional, boring training films—these were high quality, engaging and interactive visuals designed to keep the viewer’s interest. Since then, TiER1 has designed solutions for over 250 commercial, government and health industry clients. They partnered with Gateway Community and Technical College to secure funding for an on-line degree in instructional design. Needs in the health industry sparked the development of Xcelerated Learning Dynamics (XLD), launched by TiER1 in 2012 to transform healthcare education with role-based curriculum tailored for position specific needs. As TiER1 has grown and expanded, a key to their success is in the leadership’s focus to impact people, customers and community. TiER1 now has offices in Pittsburgh, Chicago, and Denver, and NKYChamber.com
out of the staff of 135, 70 work in the headquarters in Covington. TiER1 staff is made up of skilled consultants, creatives, instructional designers and technicians. A look at the news releases on their website speaks to their success, with a long list of accomplishments, including: • TiER1 Founders are finalists for EY Entrepreneur Of The Year 2015 • TiER1 wins six Brandon Hall Awards • Inc. 5000 list for 8 years in a row • NKY Chamber Emerging 30 List - 5 years • Cincinnati’s Best Places to Work - 3 years • U.S. Small Business Administration Kentucky Small Business of the Year • Two times US Chamber of Commerce Blue Ribbon Small Business Award • Two times Davey Award winner Despite their success and expansions to other cities, the founders have chosen to keep the headquarters in Northern Kentucky. Desmarais, a proud graduate of the Leadership Northern Kentucky Class of 2006, moved here from New England when his wife Lisa came to work for Fidelity. “We love it here,” says Desmarais, “It’s a great place to raise a family, it’s affordable, it’s easy to get around, and there’s a healthy work/life balance here.” Photo above l-r: TiER1 Founders Normand Desmarais, Greg Harmeyer, and Kevin Moore September/October 2015
FEATURE
Bad Girl Ventures—Investing in Bold Women Inspiring and Supporting Female Entrepreneurs Across the Region By Rena Gibeau, Northern Kentucky Chamber The growth of entrepreneurship among women means there is an increasing need for support for female-owned startups. Bad Girl Ventures is a non-profit incubator devoted to supporting women entrepreneurs and small business owners across all industries offering business education classes, connection and access to capital that is critical to startup success. Since its inception in 2010, Bad Girl Ventures has gown rapidly, first establishing offices in Cincinnati and Cleveland. In 2014, having 30 percent of their portfolio companies located in Northern Kentucky, the organization expanded to open an office in Covington. While the new location is being renovated, Bad Girl Ventures uses temporary office space in UpTech. We recently visited with Nancy Reed Aichholz, the new Executive Director of Bad Girl Ventures, in her Covington office. An entrepreneur herself, she outlined the critical role this organization plays in economic development for women-owned companies. “Bad Girl Ventures has assisted 610 women entrepreneurs and has awarded over $500,000 in loans. Over 80% of these Bad Girls we have assisted are still in business. A growing number of women are going into business for themselves, and we are going to continue to see a big jump in the number of women-owned startups in the next few years,” says Aichholz.
Aichholz is no stranger to the challenges that face startups. She founded her own pastry company, NanCakes, in 2010. September/October 2015
A June 2015 article by Fortune states that the recently published “2015 State of Women-Owned Businesses Report” commissioned by American Express Open shows that women-owned businesses grew by 74% between 1997 and 2015 in the U.S. That is a rate that is 1.5 times the national average. The study reports that African American women are the fastest growing group of entrepreneurs in the U.S., up 322% since 1997. As the number of women-owned startups increase, so will the need for education and support. Initially, the Bad Girl model meant that the ten companies accepted into the program would all be included in one class. This made it more difficult to meet the different needs of all. In 2015, Bad Girl Ventures developed a three-phased education program approach: Explore, Launch and Grow. Each phase addresses the most critical education, best practices and guidance needed to support the business as it moves from idea stage, to launch to growth stage. There is also an optional loan competition as part of the Launch phase. These classes are not just restricted to bad girls. Aichholz states, “We like bad boys, too. Our classes are open to the public for bad girls and bad guys alike. Male entrepreneurs can audit classes, but cannot compete for loans. We are looking for more applicants from Northern Kentucky, and are always open to those in the business community who are interested in becoming coaches and mentors for our programs.” In the Explore Phase, designed for firsttime entrepreneurs, or early stage business owners who have never written a business plan, the class meets once weekly for nine weeks. Each three hour class has an hour built in for coaching. Participants in the Explore Phase receive detailed training in legal business structure, startup and operating costs, credit issues, SWOT analysis, marketing and branding, accounting and how to pitch their business, complete with video taping to help them perfect their technique. NKY Chamber Business Journal
Nancy Reed Aichholz became Executive Director of Bad Girl Ventures in 2015. The Launch Phase is designed for entrepreneurs and potential business owners who have a well-vetted business idea and are planning to launch their business in less than a year or have launched their business in the past two years. This includes those seeking financing. There is an initial application and screening process. Applicants will be reviewed by a selection committee, and if the company is not ready for Launch it will be directed to the Explorer Phase. Graduates from the Explorer Phase are also accepted. The Launch Phase really digs into the details business owners need to master, and offers an optional loan competition. Grow Workshops, independent workshops designed to advance knowledge and skills of business owners, cover topics on current and unique business issues. Entrepreneurs who go through Bad Girl Ventures programs find inspiration from meeting other bad girls, interact with business leaders and potential funders from across the region, and attend alumni events. Once Bad Girl Ventures opens their new space on Pike Street in January 2016, opportunities for co-working space will be available. Bad Girl Ventures’ Board of Directors represent a variety of businesses and disciplines from across the region. “They are so generous with their time, and are the reason this organization is so successful,” states Aichholz. “We are excited about the future growth of Bad Girl Ventures.” 13
FEATURE
Donna Salyers’ Fabulous Success Story —From a Basement Startup to the Global Market Beginning in 1989 in the basement of her home, Donna Salyers has grown Fabulous-Furs into a multi-channel company operating through catalog, Internet, retail and wholesale. Though primarily a catalog, Fabulous-Furs are sold in fine boutiques, hotels and casinos throughout the country, as well as by retail giants Saks Fifth Avenue, Lord & Taylor, Yves Delorme and Neiman Marcus. Fabulous-Furs have appeared on The Tonight Show with Jay Leno, Today Show, Miss USA/ Universe, The View, CSI Las Vegas, Gossip Girl and many other TV shows. Donna has been profiled in People Magazine and twice in the Wall Street Journal and honored with the Northern Kentucky Chamber’s Image Maker Award. In addition to the Fabulous-Furs showroom, Donna expanded into the bridal market with Fabulous-Bridal, both in Covington. How did being a woman influence your experience in building your business? I would like to think being a woman was beside the point. Gender has nothing to do with merely being another driven entrepreneur. Do you think that same experience would happen if you were starting your business now? With ever-increasing regulations at every turn, it often feels as if the federal government discourages business startups. However, entrepreneurs, as always, continue to find ways to succeed. We are relentless. Your company has consistently produced a product that is a leader on the faux fur market. How do your faux furs look so real? What’s the technique? Thank you! We love, love, love being mistaken for animal fur! It continues to strengthen our belief that destroying animals for something as pointless as a fur coat is totally unnecessary! Fiber and faux fur development is a very exciting global process involving the technical expertise of many countries. It’s a testament to people coming together to create something fabulous. There’s lots to love on so many levels. At what point did you change your mindset from being an entrepreneur to realizing this was a stable business? How about never? We have 27 years behind us, and I’ve lived long enough to observe the demise of companies far larger than Fabulous-Furs in terms of size and history. I wake up every day assuming we’d better do something incredible to keep our number one spot and market edge. 14
How did you start to reach the masses/ celebrities? What sort of PR and marketing was used? So much of our growth has been serendipitous, or by default. There was no internet at our inception in 1989, but there was the Theatrical Source Book where my 1/10th page ad launched us into the world of television and movies. If you are a costume designer working on a budget, you will call Fabulous-Furs for gorgeous $599 coat before making a deal for a similar look with a furrier for $20,000. It’s always been a case of guerrilla marketing and great luck! As a syndicated newspaper columnist for 17 years, I faced weekly deadlines—the same as countless editors. If I can solve a problem with a beautiful coat for a last-minute photo shoot, it’s a great thing for all. We have a reputation for turning on a dime and shipping what we promise to meet those never-ending deadlines. It’s a great thing. What was the inspiration and business model behind the bridal store? My husband, Jim Salyers, started the Madison Event Center in the late 80’s, about the same time I started FabulousFurs. The Madison put us face-to-face with hundreds of brides each year, and they were often in tears over the drama surrounding bridal and maids gowns. It became obvious that the market needed Fabulous-Bridal, where brides could have a fairy tale experience doing their bridal shopping. We’ve distinguished ourselves by treating people well and delivering great products backed with outstanding customer service. NKYChamber.com
Oprah wrapped in a Fabulous-Fur for the December 2014 cover of O Magazine Why do you stay in Northern Kentucky? We love Northern Kentucky! We work alongside the most incredibly smart, resourceful, hard-working team ever! But there’s more than that! Location, affordable real estate, plus it’s beautiful here. It’s the heartland, filled with hospitality and benevolence. What advice would you give current or aspiring entrepreneurs? I’ve always believed in tenacity and optimism... just get up and keep going, no matter what happened yesterday. At the same time, I’m blessed with great health that’s enabled me to work long hours. So I’ll add—pray/strive for excellent health. What do you see in the current and evolving business environment—in this region—that’s encouraging for current/ aspiring entrepreneurs? We feel extremely optimistic! The economy is finally recovering and consumer confidence feels strong. Perhaps deteriorating economies in Europe and China are giving Washington a wake up call. There will never be a perfect time, so there’s no time like the present. Which local business people inspire you? There are many: Bill Butler, Matth Toebben, Ralph Drees, Chuck Scheper, Norm Desmaris... but inspiration is found in the unexpected. I’m deeply inspired by Adam and Rachel Caswell in their quest to adopt an orphan from Uganda. Talk about heart!
September/October 2015
FEATURE
Heart & Soul
Building business by going back to basics. By Kelly Rose, NKY Chamber Communication Committee, Development Coordinator, Welcome House For Rachel DesRochers, maker of Grateful Grahams and Director of the Northern Kentucky Incubator Kitchen (NKYIK), business isn’t always about the dollar signs. Building a business you truly believe in comes from something much bigger—your heart and soul. The NKYIK was created in 2013 when DesRochers saw the potential of the 5000 square feet of unused kitchen space at Senior Services of Northern Kentucky, and worked out an agreement with them to bring NKYIK to life there. “I believe in small businesses and knew I had something great with the Northern Kentucky Incubator Kitchen, not because I had a bunch of money lying around, but because it was something I was creating from my heart,” explains DesRochers. Back to basics is DesRochers mantra. “What I have seen is that people have something delicious to sell, but people also have a story,” says DesRochers. “Our grandmothers taught us this—it’s so basic, but true.” For the businesses at the NKYIK, it’s about the stories of each company coming to life through their products. It might sound easy to use your story to create a business, but it’s definitely not.
“It’s not easy [telling your story], this is the hardest job I have ever had, but it’s the most satisfying and rewarding. I can’t imagine doing anything else because I am making a difference in the world. I am sharing my story through food,” says DesRochers. The rationale behind the NKYIK is to provide a place where people can produce and bring to life their dreams of owning a small business. At the kitchen, not only do the business owners have a platform to physically make their products, but they also have the resources available to conceptualize a business model by implementing various public relations and marketing strategies. Currently, nine companies are working in the NKYIK. “The ultimate goal is empowerment of the people who come through these doors. We have all types of business owners that come through, some want to grow nationally, some just want to bake some pies that came from their grandma’s recipe book and sell them locally. Either way, we provide the motivation to help bring that to life,” boasts DesRochers. DesRochers, who founded Grateful Grahams, has found her success by literally putting herself and her graham crackers out there and showing up with her “A-Game.”
“I started Grateful Grahams with $1,000 and I had no money to start the Incubator Kitchen,” laughs DesRochers. “I sold my story and I remained consistent in my branding for over 3½ years before I saw success.” Now DesRochers’ Grahams are sold nationwide and were even given recognition from the domestic goddess herself, Martha Stewart. “My main rule is keep it simple, silly,” says DesRochers, “it’s something I talk about all the time. There is a beauty in keeping things simple.” Des Rochers tips for a start-up kitchen: • Shared space is OKAY! • Never leave your kitchen a mess. • Say “hello” to people coming through, always be friendly. • Be willing to ask any and every question. • Utlize your resources and community. Photo above, from left: Rachel DesRochers, Grateful Grahams; Mavis Linneman-Clark, Delish Dish/Made by Mavis; Stacy Dworak; Sarah Dwork, Babushka Perogies at Gorman Heritage Farm.
Do you think you are ready to start a food-based business? Before you do, you need to learn the regulations and requirements. Regulations governing home-based food businesses vary by state. In Kentucky, such businesses are typically prohibited.
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Determine method of sales; where’s your customer base: direct-to-customer, internet, wholesale.
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Consider packaging and labeling requirements.
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Consider renting space from existing commercial kitchen.
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A food safety training course may be necessary.
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Individual permits will need to be obtained.
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For help, contact the Northern Kentucky Health Department at 859-341-4151. We’re a great resource.
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September/October 2015
NKY Chamber Business Journal
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FEATURE FEATURE
bioLOGIC: Innovations That Improve Human Health By Rena Gibeau, Northern Kentucky Chamber It’s no secret—entrepreneurs and Covington go together like peanut butter and jelly. Yet when most of us think of entrepreneurs, we don’t make the connection between life sciences and Northern Kentucky startups. bioLOGIC, a life sciences incubator on Russell Street in Covington, is a place where ideas of improving human health are becoming reality. Dawn Denham, Interim Executive Director of bioLOGIC, says, “bioLOGIC provides place and space with the expertise to connect the dots for life science entrepreneurs.” In a building that once housed a livery stable and German beer hall, historical architecture meets high tech. The building now houses a blend of original elements with modern labs, offices and meeting space. How did a biotech incubator find its home in Covington? In 2006, Nigel Ferrey, CEO of SIDIS, the parent company of bioLOGIC, came to the Cincinnati area to
work with a startup with similar science to other companies he had led. He discovered this region was full of smart people, innovative technology and a wide variety of corporations, but seemed to lack support for entrepreneurs. For Ferrey and co-founder Ray Takigiku, this region was the ideal place to start a company that would help ideas become businesses. And the concept for bioLOGIC was born. As a home was sought for the incubator, they visited Northern Kentucky and met with community leaders. Ferrey said, “I was impressed by the welcoming atmosphere and the community leaders I met, and realized that there was great potential in Covington.” The potential of the Northern Kentucky location was enhanced because the state of Kentucky provides funding opportunities through the Kentucky Science & Technology Corporation, including Small Business Innovation Research (SBIR) funding, and offers matching grants. The decision was made and eventually the build-
The remodel of the former livery stable incorporates historic details with modern technology. 16
NKYChamber.com
ing on Russell Street was purchased and rehabbed. In 2009 bioLOGIC was ready to open its doors. Some of the first tenants included SIDIS Corp. offices. SIDIS is a global management and investment firm, focused on life sciences. The company owns the building on Russell Street and also has operating companies that include Molecular Diagnostic Laboratories (MDL) and Surgical Energetics. Surgical Energetics develops novel surgical products to repair tissue and MDL performs genetic testing on clinical specimens for research and diagnostic applications. Beginning this fall, MDL will offer BRCA 1 and BRCA 2 gene tests for inherited Ovarian and Breast Cancer. Another one of the early tenants at biolOGIC was Bexion Pharmaceuticals, a privately-held biotech company focused on the development and commercialization of innovative cures for cancer. Bexion has been awarded five SBIR grants from the National Cancer Institute including a SBIR Bridge Grant of $2.9M. Amelgo, a company in the bioLOGIC incubator, has received an SBIR award for dairy research as well. In September of 2013 bioLOGIC celebrated a vertical expansion of the 2nd and 3rd floors and now offers nearly 15,000 square feet of laboratory, office, and meeting space. Tenants have secure, 24/7 access to the office space and lab equipment critical for life science startup companies. Other facility features include building-wide WiFi, convenient parking and reception services during business hours. They offer tenant companies onsite grant strategist, fund raising advisers, PR, accounting, legal, and industry experts for mentoring and advising. September/October 2015
Applying to join the bioLOGIC incubator is a straightforward process, beginning with submitting information to the Executive Director, who then passes the project details on to the Board of Directors. Applicants are assessed based on the practical reality of the proposal and evaluation to ensure the science being
brought in will not conflict with others in the shared laboratory space. An example of a tenant who has gotten a boost from bioLOGIC is Robert Behan, who has developed the Bullseye Dropper. The dropper is a revolutionary eyedropper that delivers to the patient, a single eye drop at a time with great ease, and
GOODBYE HEALTHCARE
pinpoint accuracy. Behan had seen his father, who suffers from hand tremors, struggle with his eye drop medication, and realized there had to be a better delivery method. bioLOGIC provided the space he needed while he worked on his design concept and lots of great advisors along the way. Through trial and error he was able to create an arched bottle shaped like a small banana. The dropper touches the face above and below the eye socket, creating stability and delivering an accurate dose every time. It only requires one hand to use, and eliminates waste and inaccurate doses. Behan is now in the process of pursuing licensing the design to a pharmaceutical company. bioLOGIC is currently filing for 501c3 status, which will open up more opportunities for raising funds to help the businesses in residence grow. An initial Board of Directors has been formed who includes: Nigel M. Ferrey, SIDIS Corp; Mary Beth Privitera, University of Cincinnati; David Willbrand, Thompson Hine Law; Jay Becker, BLDG; Naashom Marx, Northern Kentucky Chamber of Commerce. As Nigel Ferrey says, “bioLOGIC is where you can bring that idea of somehow improving human health and we will help you turn it into a business!”
HELLO HEALTH+CARE
We’ve heard it from everyone. From doctors, from our employees, from you: It’s time to make healthcare less about process and more about people. So let’s do it.
LET’S CLOSE THE GAP BETWEEN PEOPLE AND CARE.
CloseTheGap.Humana.com
GCHHXBUEN 0115
September/October 2015
NKY Chamber Business Journal
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FEATURE
Disinfecting For You, Inc. Focus on Excellence Pays Off
By Rena Gibeau, Northern Kentucky Chamber Elizabeth Yellman always knew that she wanted to own her own business someday. She was patient, and she had a plan. She went about educating herself by seeking out positions that she felt would teach her things she would need to know in order to lead her own company to success. Her resume lists positions in HR, sales and management. Eventually she ended up working for a fire, wind and water restoration business. As she built this bank of skills, she also managed to go to college, getting a Bachelors in Applied Management with a Marketing Minor— all this while raising five children. When she had to leave the restoration business after chemicals from a jobsite made her ill, she felt that was the time to make the move to start her own business. Disinfecting For You was a sponsor for the Women’s Initiative Shore to Shore in July. Above, Yellman (l) and staff are shown above at their event booth.
CHIP REGENBOGEN Market President
She knew what she wanted to do. On April 1, 2013, her new venture, Disinfecting For You, was launched, initially focusing only on residential clients. She immediately joined the Northern Kentucky Chamber of Commerce, celebrating with a ribbon cutting. The early days were tough, starting with one other employee, and going for months without paying herself. By specializing in deep-cleaning services, and being a stickler for excellent customer service, the company’s reputation grew. Through referrals, Disinfecting For You gained clients and developed a faithful customer base. Yellman says, “If you want to launch your own company, it takes hard work and dedication. But to continue to grow, you must take care of your employees, and they will stay with you and help your company achieve success.”
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In January of 2015, a year and a half after the company’s launch, Disinfecting For You added corporate cleaning services to their offerings, and hired ten more staff. Yellman adds, “We are now doing a quarter million in business!” Yellman tried different types of marketing to promote her business from the beginning, learning early on that networking events, a company Facebook page, and referral discounts for existing customers were more effective than traditional advertising. Yellman added, “The Chamber membership was a must for my company because of all the opportunities to network and connect. We scraped together the money to join and attended events. By carefully choosing sponsorships, we are able to get our money back with new accounts. One client chose us because of our membership. The Chamber works!”
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Call Chip today for details! 859.334.9320 forchtbank.com ^The portion of closing costs paid by Forcht Bank may not be used towards the down payment and is intended to offset standard closing costs when closing a commercial real estate loan. Borrower will be required to fund at closing any taxes, property insurance, and prepaid interest, if applicable. Proof of flood insurance may also be required prior to closing. *Loan is subject to underwriting and credit approval. Maximum loan-to-value of 80% and 3% pre-payment penalty if paid within first 5 years. Requires automatic debit from a Forcht Bank checking account. Certain loan restrictions may apply. Rates are subject to change without notice. Offer not valid in conjunction with other promotional discount offers. Offer valid on applications submitted between 6/1/15 and 8/31/15. Member FDIC. Equal Housing Lender.
September/October 2015
NKY Chamber Business Journal
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FEATURE
UpTech Names New Program Director, Readies For Next Class By Shannan Boyer, Contributor
JB Woodruff
UpTech, the Covington-based business accelerator, is preparing to launch its next cohort of startups, and is doing so under the leadership of new Program Director, JB Woodruff. Woodruff, who also serves as the Comercialization Director for the Kentucky Innovation Network, assumed the position in July, replacing Amanda Greenwell. Greenwell directed the program for the first three classes of 22 companies, before joining the United Way of Greater Cincinnati. “When looking for someone to fill the role of Program Director, we felt very fortunatate to find someone with the caliber of start-up experience that JB brings to the position,” said Casey Barach, an UpTech founder and Director of the Kentucky Innovation Network office at Northern Kentucky. “He truly has the ability to take the program to the next level.” While new to the role of Program Director, Woodruff is no stranger to the startup world, or to UpTech. Prior to accepting the position, he served as Entrepreneurin-Residence with the 88mph accelerator in Nairobi, Kenya, and Cape Town, South Africa. Woodruff was also UpTech’s first Entrepreneur-in-Residence, a role that had him helping UpTech startups define milestones, audit their progress in the program, and providing lean startup education. He is also an entreprenuer himself, having helped launch two Cincinnati startups, Araytha and CampFinder.co, in 2013. “I caught the entrepreneurial bug a few years ago,” said Woodruff. “Through my September/October 2015
experiences with startups here in Cincinnati, as well as in Africa, I solidified my belief that everyone should have the opportunity to start their own business and be exposed to the principles that modern startups are using.” Woodruff is diving right into his new role, evaluating current programing and practices, and looking at ways to provide an even richer experience for the startups that go through the accelerator’s program. “As I began this role, one of the things I wanted to look at was how could we grow and enhance the experience for our startups,” said Woodruff. “Part of what I have been focusing on is evaluating our existing partnerships and looking at how we can strengthen them, as well as how can we adjust our current model to ensure that even after Demo Day our companies have the support they need to keep the momentum going.” Part of Woodruff’s plans included the hiring of a second staff person, Abby Ober, who was recently named Operations & Marketing Manager. Ober joined the UpTech team as a marketing intern in fall 2014 and during her time assisted with a variety of projects including helping UpTech launch UPLINK, its career fair linking creative and tech students with startup companies from the metro-Cincinnati area. Ober’s hire will allow Woodruff to focus on the hand-to-hand work with the companies, which is an UpTech priority. As Woodruff begins his new role with UpTech, he does so at an important time. NKY Chamber Business Journal
Among his first responsibilities? Helping identify UpTech’s fourth cohort of startups, which will begin the program in September. For the upcoming program, UpTech received applications from both inside and outside of the US, including from the countries of Spain, Thailand, Chile and Italy. Applications were narrowed down to 15-20 finalists, with the goal of selecting approximately seven companies to enter the six-month program. In its fourth round, UpTech Fund II will offer up to $50,000 of investment to each selected company. In addition to providing funding, UpTech will help its startups get market ready by providing each with access to myriad mentors, learning opportunities, and a dedicated team of professionals with backgrounds in accounting, banking, legal, and sales & marketing. Selected companies will be housed in UpTech’s Covington offices while in the program, and upon graducation will continue to receive support through a partnership with the Kentucky Innovation Network. “We are grateful for the immense support we receive from the community in Greater Cincinnati,” said Woodruff. “It is that support, and access to talent, that gives us the ability to surround the companies in the UpTech program with the tools they need to be successful. We’re looking forward to another great cohort.” To learn more about UpTech, and to meet the UpTech IV portfolio of companies, visit www.uptechideas.org. 21
FEATURE
Connetic Brings “Angel Investors” to Local Businesses By Rena Gibeau, Northern Kentucky Chamber High growth companies begin in many ways. The current trend is to start at an incubator or accelerator which provide assistance with resources, training and space. Upon “graduation” from the incubator/accelerator the company often sees tremendous opportunities. However, there is typically a need for at least one round of capital investment beyond friends and family. That is where Connetic Ventures comes in. Connetic Ventures is a firm in Covington that brings Angel Investors together with companies searching for equity. Connetic Ventures has attracted over 50 Angel Investors whose average age is younger than 50. Connetic has raised over $5 million in equity funds and are actively investing into companies here locally and nationally. How does an entrepreneur take advantage of this opportunity? If a company has
a proven track record, they can contact Connetic Ventures and apply. Any type of company can apply, regardless of industry or location. Upon review an entrepreneur may be asked to pitch the company at a weekly held pitch session for funds from Connetic directly. Vetted companies are then asked to present at a monthly held investors meeting where they have the opportunity to pitch their company and explain the investment proposal to individual Angels. These investments can range from $50,000 to over $100,000. The response is fast and immediate. If a company is not deemed ready for funding, Connetic and the Angel Investors will give feedback designed to help the company recognize any short falls and explain what steps are necessary to reapply at a later time. If the investors like a company and offer investment, there is a fast turnaround on paperwork and funds.
Brad Zapp and Meena Maddali, the founders of Connetic, make this all sound very simple. However, if it was not for their hard work and dedication to the startup community, this would not be possible. It was Brad, who saw the large opportunity after Governor Beshear signed the Angel Tax Credit bill in 2014. This tax credit program mitigates the risk of Angel Investment in Kentucky. Combined they bring more than a decade of experience and insight to a long list of industries. If you are an entrepreneur seeking capital or a wealthy individual interested in learning more about investing, reach out to Brad and Meena. The opportunity is endless! Photo Above: Meena Maddali and Brad Zapp, the founders of Connetic.
Startup Lingo 101 By Naashom Marx, Northern Kentucky Chamber Startup verbiage is an always evolving mind blowing language. Every industry, generation and culture adopts their own terminology and startups are no different. Although it is ever-changing, I hope this provides an insight to what the guy in a tshirt with flip flops is saying and that you might just want to pay attention to him. Accelerator (aka Incubator): Not part of a car as one might assume, but a center where start-ups are “incubated” through mentorship, space and sometimes cash. Accredited or Angel Investor: A rich individual potentially interested in investing in your company. By SEC definition “A natural person with income exceeding $200,000 in each of the two most recent years or joint income with spouse exceeding $300,000 for those years and a reasonable expectation of the same income 22
level in the current year; or A natural person who has individual net worth, or joint net worth with the person’s spouse, that exceeds $1 million at the time of the purchase, excluding the value of the primary residence of such person.” Acqui-hire: A strategy for acquiring talent pioneered by Google in the mid-2000s that happens when a bigger company thinks your team is good but your idea is hilariously bad. Also called a “signing bonus.” Acquisition: Taking ownership of another business. Frequently used in conjunction with the word merger, as in mergers and acquisitions. Advertorials/Advertainment: Paid content that is meant to look and feel like a real story or blog post. Readers are interested enough that they don’t care that they are being pitched. NKYChamber.com
Boot-Strapping: Using “friends and family” cash, or no cash, to get going. B-to-B = Business to Business: Your company sells things to other companies. B-to-C = Business to Consumer: Your company sells stuff to the masses. Burn Rate (aka Run Rate): How fast you are blowing through your cash. It’s not unusual for a start-up to lose large sums of money for several years before breaking even, or making a profit. Copyright: Copyright is a form of protection for published and unpublished literary, scientific and artistic works that have been fixed in a tangible or material form. Churn Rate: Customers lost subsequent to acquisition in a subscription-based business model. Because of churn rate, your growth might not look like you think it will. September/October 2015
Cliff: Applies to vesting schedules (shares given to employees over time). Cliffs are a way for the CEO to fire employees or let them leave without giving them stock within a limited period of time (usually 1 year). Cliffs are also used on CEOs by investors to make sure the CEO sticks around after getting the cash. Cottage Business: A nice business but not massively scalable. If you have one, you’re not a good fit for VC, but this does not mean you should not pursue your dream or that you will not be very successful. Deck (aka Pitch Deck): A 10-slide power point presentation that covers all aspects of your business in a concise and compelling way. There is a standard format and real artistry to making a good deck. Do your homework, get lots of feedback, and consider hiring a graphic designer to polish the final version. Disruptive Technology: Something that completely changes the way society does something (e.g. Uber/Lyft vs. Taxis; AirBnB vs. Hilton; Amazon vs. in-store shopping). Due Diligence: The inquiry process of obtaining sufficient and accurate disclosure of all material documents and other information which may influence the outcome of the transaction. Exit: Exits come in two different flavors for entrepreneurs: good and bad. Good exits happen when you’re “killing it,” your company hasn’t killed you yet, and another company comes along to buy yours. Bad exits are another way of saying you failed to disrupt much of anything besides your VC’s portfolio performance. Exit Strategy: How you will sell the company and make your investors lots of money. Who is going to buy you and why? Failure: A necessary evil that the Silicon Valley has recently put on a pedestal as something to be celebrated. First Mover Advantage: Not every startup is the first to market, but if you are, you want to point that out to investors. Be aware that this can be both a pro and con, as you may have to educate your market as you go, so the sales you make will cost more than they would in a market with clearly established demand. Freemium: You give the basic product away for free and then try to upsell features to your customers. This marketing ploy is often used in directory businesses. Gamify: Adding a game layer to a website or product experience that encourages people to use it with rewards of various kinds. People love games. Growth Hacking: A term to describe a September/October 2015
marketing technique that focuses on quickly finding scalable growth through non-traditional and inexpensive tactics such as the use of social media. Hockey Stick: The shape of the growth curve VCs want to see and believe on a graph. This means your start-up will have to double sales every year. Intellectual Property (IP): This can be a patent (costs $25k generally and takes time to obtain) or a secret sauce or formula like Coke. Not every start-up has IP. Intrapreneur: An intrapreneur is one who takes on entrepreneur-like ventures within a large corporate environment. Launch: To start a company or push a website live. This term can be replaced by the word “activate.” Lean Startup: The core mission of a lean start-up is to prove the business concept as quickly and cheaply as possible. Leverage: Use something, technology, partnerships, etc., to your advantage. Loss Leader Pricing: Selling something at a loss as a form of marketing expense to bring in customers you expect repeat business from. Low Hanging Fruit: The easiest thing your company can do to bring cash in the door. Often hard to identify, but crucial for start-up success. Market Penetration: How much of the potential market are you capturing and how quickly. Monetize: How you are making money or how you plan to make money. Minimum Viable Product (MVP): The bare-bones version of a product required to achieve proof of concept. Often used in the creation of new software that will be Beta tested, and later upgraded with extra features. Opium (OPM): “other people’s money,” is an incredibly addictive substance to entrepreneurs that’s rarely respected or missed until it dries up. Pivot: Change directions as a company. This is usually used to describe going after a different market segment or using an established technology for an entirely new purpose. Ramen Profitable: Profitable enough to cover costs and basic living expenses for everyone working at a startup. Serial Entrepreneur: Person who has many ideas and attempts to make them a reality. A good serial entrepreneur has at least a few failures but hopefully enough successes to invest into other entrepeneurs. The Space: Entrepreneurs like referring NKY Chamber Business Journal
to their company as being a player in a given space. Especially when they know they’re in a crowded market. Venture Capitalist (VC): Venture capitalists raise money from wealthy individuals and institutions and dump lots of said money into young companies in exchange for a cut of the company. SF / The Valley: A place that VC’s and tech luminaries talk up as the greatest place on Earth that you must move to if you’re from anywhere that isn’t SF or The Valley. UI/UX: A portmanteau of UI (“User Interface”) and UX (“User Experience”) often used by design-challenged entrepreneurs when referring to the aesthetics and usability of their product. Responsive Design: A site built for optimal viewing of a website across all devices. The other options are adaptive design and bad design. Runway: How long you have until the cash runs out and you must turn off the lights. Software As A Service (SaaS): You sell subscriptions to use your software. Scalable: Something that can grow to a huge size because the market and demand is big enough or because you will be able to move into different markets with your product via Pivoting or Iterating. Sweat Equity: Shares of your company given in exchange for work done. This is a good recruiting tool to help you attract passionate talent you can’t afford to pay at market rates. Term Sheet: A document that outlines what the Investors will get for what they put in including % ownership and voting rights. Traction: Proof that people are actually buying and using your stuff. Trademark: A form of legal protection for words, names, symbols, sounds, or colors that distinguish goods and services. Trademarks, unlike patents, can be renewed forever as long as they are being used in business. Valuation: What your company is being valued at. “Pre-money valuation” is the value before you take investors’ cash. “Post-money valuation” is that amount plus the investment put in. Value Prop: The feature(s) or elements that make your business or product uniquely attractive to consumers. Vaporware: A product you are selling but have not actually made (and may never make). It is a way to test market demand. Some people think it is sleazy, but it is very common. Sources: Forbes, TechCrunch, the ever so sacred and trusted Wikipedia 23
FEATURE
Startup Ecosystem Guide By Naashom Marx, Northern Kentucky Chamber Accelerators, Incubators and Makers Spaces ArtWorks CO.STARTERS is a nine-week business development program that helps aspiring and seasoned entrepreneurs examine assumptions and turn business ideas into action. http:// www.artworkscincinnati.org/creative-enterprise/costarters Bad Girl Ventures is an educational and micro-finance organization dedicated to inspiring and supporting women entrepreneurs in all the key elements of their business. http://www.badgirlventures.com bioLOGIC is a one stop shop for emerging life sciences companies, providing critical access to scientific and business expertise plus world class laboratory space. bioLOGIC helps turn ideas into companies that change the world. http://www.biologiccorp.com The Brandery is a seed stage startup accelerator ranked as one of the top programs in the United States. We run a 4-month program in Cincinnati, Ohio, focused on turning your great idea into a successful brand driven startup. http://www.brandery.org Cincinnati Public Library Makers Space provides customers of the Library access to 3D printers, audio and visual equipment, laser cutters and engravers, sewing machines, cameras and other hardware and software tools that they can use for free to create pretty much anything they can imagine. http://cincinnatilibrary.org/main/makerspace.html First Batch is a four-month accelerator that connects the manufacturing community with entrepreneurs to take an idea you hold in your head to a product you hold in your hand – and sell. http://www.firstbatch.org Hamilton County Development Center (HCDC) is a nationally recognized startup incubator in Southwest Ohio that helps entrepreneurs launch successful innovative businesses. http://www.hcdc.com/incubation MORTAR believes that neighborhood residents have the potential to create booming enterprises. http://wearemortar.com The Minority Business Accelerator’s (MBA) helps accelerate the development of sizable minority business enterprises and to strengthen and expand the regional minority entrepreneurial community. http://www.cincinnatichamber.com/Member_ Resources/Minority_Business_Accelerator/Minority_Business_Accelerator.aspx#.VcoVQDjbLrc The Northern Kentucky ezone works collaboratively with several organizations that provide funding assistance to fastgrowth, high-tech companies. The team works with you in assembling the necessary information, plans, and presentations to apply for these opportunities. http://www.northernkentuckyezone.com/funding.aspx 24
The Northern Kentucky Incubator Kitchen is a space for local foodies to help launch their food businesses. It allows for hourly kitchen space & mentoring services. https://www.facebook.com/nkyincubatorkitchen The NKY Makers Space provides an environment for the next generation of innovators and entrepreneurs to think, create and build. www.nkymaker.space OCEAN accelerates startup growth by focusing on the purpose that drives founder and their companies. http://oceanaccelerator.com The Rekindle Micro-Enterprise Development program is designed meet the needs of aspiring entrepreneurs and small business owners. www.rekindlenky.com UpTech is designed to attract and accelerate entrepreneurs who have the next big idea to make the world a better place. Our mission is to create an informatics industry in Northern Kentucky. They are especially well-suited to support entrepreneurs who benefit from our partnership with the NKU College of Informatics. http://www.uptechideas.org
Co-Working Braxton Brewery has beer, coffee and flexible meeting space in their taproom. http://www.braxtonbrewing.com Cintrifuse has enviable downtown location, ideal for small teams that have grown out of the corner coffee shop. Proximity to other entrepreneurs embeds startups with other startups allowing for collaborations and teams to form. http://www.cintrifuse.com Hamilton County Business Center (HCBC) CoWorks space offers aspiring entrepreneurs and early stage ventures the opportunity to have shared space in one of the Midwest’s premier business incubation programs – the Business Center. http://www.hcdc.com/incubation/coworks Hive13 aims to create a place where a diverse community of makers can collaborate and pursue creative projects. http:// www.hive13.org MOVE believes in balance and optimizing life to the fullest. Staying healthy and fit as a busy entrepreneur can be a challenge. With full access to their gym and functional fitness classes you build your business and keep yourself fit. http://movecoworking.com Platform 53 is conveniently located in Covington right off 71/75, minutes from downtown Cincinnati and surrounding areas. http://www.platform53.com
University Programs The Bearcat Launchpad is an opportunity for all undergraduate students to come together at the University of Cincinnati
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and work on interdisciplinary teams to turn an idea into a viable business concept. http://business.uc.edu/centers/entrepreneurship/students/clubs-programs/bearcat-launch-pad.html NKU INKUBATOR aims to increase the competitive advantage for NKU students by providing them with education, mentoring, financing, facilities, and other related resources necessary for a successful entrepreneurial startup process. http://cob.nku.edu/inkubator.html Small Business & Nonprofit Law Clinic at NKU provides legal services to entrepreneurs, small businesses, and nonprofit entities in the local community. http://chaselaw.nku.edu/clinical/ sbnlc.html The UC Technology Commercialization Accelerator provides seed funding, commercialization expertise and business connections to launch high-impact entrepreneurial initiatives. http://researchcompliance.uc.edu/UCTCA.aspx UC Research Institute (UCRI) serves to connect UC experts to industry partners, facilitate commercialization of research and enhance cooperative and experiential learning experiences for UC students. http://www.ucri.org X-LAB competition - a competition where driven entrepreneurs compete for the opportunity to have Xavier University faculty, students, and executive mentors help them get prepared to launch a business. http://www.xavier.edu/williams/xlab XU Center for Innovation (CFI) provides capabilities and resources to ignite, inspire, connect, and transform three distinct communities—Healthcare, Education, and Innovation—while simultaneously supporting both the local Connector Community and Xavier University. http://xavierinnovation.com
Equity Funds, Angel Groups & Loan Options Allos Ventures–Invests in early-stage companies, augmenting the capital provided by angel investors who have helped the companies reach a stage at which they are ready for their first institutional financing round. http://www.allosventures.com Blue Chip Venture Company – Blue Chip provides “last financing round” or “pre-exit” capital for early stage investors and venture-backed companies. http://bcvc.com CincyTech is a public-private seed-stage investor whose mission is to strengthen the regional economy by driving talent and capital into scalable technology-based companies in Southwest Ohio. http://cincytechusa.com Connetic Ventures invests in early stage companies that are raising a seed round and will also often participate with VCs and Angel syndicates for companies raising their first institutional round. http://connetic.ventures The Northern Kentucky Area Development District’s Small Business Lending Program is a publicly administered development capital fund. The program provides flexible and continuing source of financing capital for small business owners who are unable to obtain sufficient private financing for projects deemed of economic benefit to the area and its workforce.http://www.nkadd.org Queen City Angels is a group of experienced entrepreneurs, CEOs, and investors committed to helping the region’s entrepreneur ecosystem. http://www.qca.com September/October 2015
River Cities Capital Funds provides growth equity and business acumen to high-potential healthcare and IT companies. http://rccf.com Vine Street Ventures is a venture capital investment firm dedicated to investing in internet and mobile businesses. http://www.vinestventures.com
Associations, Government & Other Stakeholders Cintrifuse is the regional initiative to support and promote the innovation community of Greater Cincinnati including but not limited to startups, entrepreneurs, developers, designers, and innovators. Through strategic relationships, large corporations win by getting access to innovation; VCs win by increasing their deal flow and connections; and startups win as combination of all. http://www.cintrifuse.com Circuit provides education, networking opportunities, an online sales channel, advocacy to government, and access to early-stage capital for its members and the entire IT community in our region. https://www.thecircuit.net Governor’s School for Entrepreneurs the state of Kentucky and its partners recognized the need for teens to learn how to put their ideas into action. This summer long program is ideal for that creative or business minded high school student. http://kentuckygse.com Greater Cincinnati Venture Association was founded in 1985 to connect entrepreneurs and investors through monthly meetings. http://www.gcva.com Innov8 for Health is a community-based innovation program that identifies, incentivizes, and supports the creation and acceleration of innovative health solutions. http://innov8.innovationstation.io Kentucky Innovation Network is a network of business leaders and mentors that encourage relationships, grow companies new and existing, and create jobs. http://kyinnovation.com Ohio Third Frontier is a commitment by the State of Ohio to create new technology-based products, companies, industries and jobs. http://development.ohio.gov/bs_thirdfrontier Small Business Development Center (SBDC) of NKY adn Cincinnati provide comprehensive business management and education services. Free, confidential, in-depth, one-on-one counseling and low- or no-cost training. http://ksbdc.org/highland-heights and/or https://clients.ohiosbdc.ohio.gov/center.aspx?center=17052&subloc=1 SCORE is free and unlimited! SCORE provides you with expertise that will start you on the right path towards your business goals. https://www.score.org SQUARE1 is an entrepreneur education and business accelerator services company that provides resources to a broad range of individuals interested in turning ideas and research into business startups. http://startatsquare1.com UP Cincinnati supports new ventures, provides resources for entrepreneurs, and connects the community. UP Cincinnati is a part of a global movement dedicated to ensuring that anyone can experience entrepreneurship, no matter where they live. http://www.up.co/communities/usa/cincinnati Resources: NKY Chamber and Cintrifuse
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GUEST ARTICLE
Understanding Independent Contractor Classification By Charlie Vance, JD, PHR, CEO, Erigo Employer Solutions
From Startups to Large Corporations: Risks of Misclassifying an Employee as an Independent Contractor Include Potential Liabilities On July 15, 2015 the Department of Labor issued an Administrator’s Interpretation (“AI”) regarding the suspected increasing misclassification of employees as independent contractors. Citing “numerous complaints from workers alleging misclassification,” the AI lays out the Department’s current view that “most workers are employees” under the Fair Labor Standards Act (“FLSA”) regardless of how those workers are defined by the employer. The risks of misclassifying an employee as an independent contractor under the FLSA are significant and include potential liabilities for failure to meet federal or state minimum wage requirements, overtime standards, workers’ compensation requirements, and other employer requirements depending on which state the worker is in. Economics Reality Test To determine whether a worker is either an employee or an independent contractor under the FLSA, the DOL reiterates the broad six-factor “economic realities” test that has been adopted by the courts. Most significantly, the DOL goes on to emphasize to employers that the purpose of the “economic realities” test is to “determine whether the worker is economically dependent on the employer (and thus its employee) or is really in business for him or herself (and thus an independent contractor).”
The “economic realities” test is a multifactor approach in which “each factor is examined and analyzed in relation to one another, and no single factor is determinative.” Typically, the factors include: • the extent to which the work performed is an integral part of the employer’s business; • the worker’s opportunity for profit or loss depending on his or her managerial skill; • the extent of the relative investments of the employer and the worker; • whether the work performed requires special skills and initiative; • the permanency of the relationship; and • the degree of control exercised or retained by the employer. Additionally, the AI provides several brief examples of scenarios for each of the six factors that the DOL would view as indicative of an independent contractor relationship. For example, an independent contractor would independently schedule assignments, solicit work from other clients, advertise his or her services to other potential clients, and endeavor to reduce costs. He or she may invest in a vehicle not for personal use, rent his or her own space, hire a helper, or purchase material and equipment to provide the
service. An independent contractor might also negotiate the rates to charge for each job or task and independently determine what jobs to take on, the schedule for accomplishing the work, the sequence of work to be done, and when to order materials and the quantity of materials to order. Although the AI is merely the DOL’s opinion regarding the law on the independent contractor analysis and is not legally binding on courts, it is significant because courts have given substantial deference to an agency’s interpretation of a law that it administers. The bottom line is that the AI signifies that the Department will be highly scrutinous of any organization’s position that a worker is an independent contractor. It may also be a red flag to employers that the DOL will be aggressive in pursuing enforcement actions against organizations that regularly use an independent contractor workforce. In light of the DOL’s new guidance, it would be prudent for companies to review all of their independent contractor relationships with an experienced employment law attorney. The information provided in this article is for general informational purposes only and not intended to be legal advice. Nothing in this article is intended to substitute for the advice of an attorney. If you require legal advice, please consult with an attorney licensed in your jurisdiction.
The bottom line is that the AI signifies that the Department will be highly scrutinous of any organization’s position that a worker is an independent contractor. It may also be a red flag to employers that the DOL will be aggressive in pursuing enforcement actions against organizations that regularly use an independent contractor workforce. 26
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WOMEN’S INITIATIVE SPOTLIGHT
Getting to Know Rhonda Whitaker Manager, Northern Kentucky Area, Duke Energy
Should professional women be concerned about the political environment? Government affects our economy and thus the health of our communities, businesses and organizations. While government regulation is an important part of our capitalistic society, it can also cause a lot of unnecessary red tape when officials don’t understand or are not educated on the negative impacts of certain regulations. Those in business especially have a duty to ensure that our elected officials fully understand all aspects of changing regulations or implementing new regulations. Again, regulations are important, but too often it’s easy for others to suggest new regulations without fully understanding all of the ramifications. The same is true for imposing new taxes. We need officials in office who will fully vet all sides of an issue. Professional women should care about proposed policies and positions and understand how they can affect theirs organizations, their profession, their communities and ultimately their families. You have a lot of duties at Duke Energy. What do you most enjoy? The relationship management aspect because I really enjoy interacting with people with many diverse backgrounds. I’m fortunate to work with a wide array of individuals both internal and external to Duke Energy. Whether it’s collaborating with other leaders to improve the assets of our community or it’s solving an escalated customer or company matter, I truly thrive on solving problems and being a “connector,” “promoter,” and very often a “mediator” and “negotiator.” I also really enjoy working with all of the many different departments September/October 2015
within Duke Energy that have a multitude of interactions with our communities and our customers. That’s where I get involved with more operational aspects of our business that keeps my role ever-changing, challenging and very rewarding. I have a real passion for the energy industry and am blessed to have the role that I do for one of the industry leaders.
other strategic, aligned activities with workforce partners. When we truly begin to move the needle on filling the talent pipeline, then we will have had a true impact on a critical need for our community. And hopefully, we will have established a model for implementing such work to address the workforce needs of other key industry sectors in our region.
You are deeply involved in many organizations. What is the criteria you use to select where you will be involved? It must be a strategic fit with my role at Duke. The work I’m co-chairing for the Advanced Manufacturing Workforce Development Coalition (AMWDC) is a direct tie to Duke Energy’s support of economic development in our region. I just recently joined the NKY Workforce Investment Board, whose work is also tied to our region’s economic vitality, and also tied to the work of our AMWDC. My involvement on the Chamber board meets that same criteria. I also have to watch that I don’t over extend myself, which can be easy to do with so many outstanding organizations doing such outstanding work in NKY.
What’s the best advice you ever received? Probably to “never burn bridges.” How you treat others, and especially if negative, can always come back to haunt you. I think no matter how tough of a matter you ever encounter with someone, you should always be as respectful and professional as possible. My motto is “take the high road!”
Duke has a commitment to economic development. What is your dream economic development project? I wouldn’t have known this three years ago, but I can now confidently say it’s the work I’m doing with the AMWDC. First and foremost the team I get to work with is just tremendous! Every member is incredibly committed and engaged. We all care about helping to solve the talent pipeline issue that communities around the country are facing. We started with advanced manufacturing because of the data that already existed in NKY, the need conveyed by our manufacturing community, the significance of this sector to our economy and the continued projected growth for this sector. It’s very exciting to be a part of the incredible momentum that exists around this “collective impact” effort at present, which includes work with the U.S. Chamber Foundation, our marketing campaign launch, curriculum discussions with manufacturers on needed certifications for employees, and NKY Chamber Business Journal
What advice would you give a young professional who wants to climb the corporate ladder? Be patient and acquire as much experience in diverse areas of your company as possible. It will help you to build a great portfolio that your company will value. Success doesn’t happen overnight, and you will be a stronger leader as you take on new roles and interact with a diversity of individuals and situations. Be open to serving on task forces and committees, including those external to your company. It’s amazing what you can learn from others in such settings. And don’t be afraid of failure. It’s what you learn from it and how you handle it that others will be watching. Find a mentor/advisor that is truly interested in your growth, and who will be candid with you and will also be an advocate for you. And for women, especially, from one of the most recent bestselling books, don’t be afraid to “lean in” or “take a seat at the table,” but be confident not arrogant. Finally, no matter your profession, seek out a leadership program that fits your interest. We have several great ones in our region that have benefitted thousands of professionals. Take the time to explore these opportunities.
Women’s Initiative profiles are written by Laura Kroeger, Past Chair of the Women’s Initiative and President of Communications Project Partners. 27
BUSINESS
RECOGNIZING 2014 DESIGNEES Emerging 30 is comprised of local businesses making a significant economic impact on the community based on annual revenue growth. Winners receive public acknowledgement of their achievements and are encouraged to offer their guidance and advice to help other small businesses grow during special networking and training opportunities tailored specifically to Emerging 30 designees.
Bluegrass COMMERCIAL GROUP LLC
For more than 17 years Advantage Tent and Party Rental has been a quality provider of tent rentals, party rentals, wedding tents and related event products for the Cincinnati Northern Kentucky area. A proven track record of quality service has made Advantage the standard for tent rentals and quality events. Advantage follows a motto of “Complete Customer Service”. In speaking with Justin Williams, General Manager he indicates customer satisfaction is achieved through a constant high level of service, top of the line equipment, dedicated employees, innovative resources and high referral rates from our existing customers. Upon visiting their facility one is impressed with their creativity for unique product offerings. When asked what differentiates the Advantage approach Justin indicates their approach includes a visual layout for the customer that the customer can endorse, modify and change. This makes it very clear what the service will be and results in a satisfied customer. When asked how social media has helped the company prosper Justin says their 5 Star rating on Yelp, Wedding Wire and several other social media sites have been very important. Also the Company’s Facebook page and Pinterest page includes large photo galleries and there are lots of views on YouTube. Justin believes that social media is a significant plus to promoting the Advantage quality service. Justin further indicates that Advantage takes great pride in its reputation and strives to stay up to date with the latest in education, innovative techniques and products in the industry.
Alpha Omega, which is owned and managed by Seth Poston, is a multi-million dollar sales organization. Currently employing 28 people, Alpha began business in 2009. In 2013 they were a first time Emerging 30 honoree, and again in 2014. Alpha sells and services fire and rescue vehicles along with related firefighting and rescue equipment. Seth indicated that his biggest challenge in continuing the growth of his business is finding competent qualified personnel to fill his open positions. But he is convinced it is better to wait and hire the right person than to rush and hire out of desperation. Recently, Seth hired a new COO which has paid big dividends already. Seth and his team have continued to grow by providing “an expanded range of services to our clients that they were not able to enjoy previously. Clients enjoy pickup and delivery service, customized scheduling, and loan/lease vehicles.” In addition, Alpha started representing new manufacturers for warranty and repair services, including the nation’s top air-pack manufacturer (Scott Safety, a Tyco Company), and perform parts and service sales for one of the nation’s oldest fire truck manufacturers- Seagrave Fire Apparatus. Seth stated that the increased demand and reliance on emergency medical services of the aging baby-boomers will bolster their market position as the tri-state’s largest provider of emergency vehicle sales and maintenance. In managing Alpha’s rapid growth Seth offered up this advice, “You must be willing to work crazy hours, for challenging clients, with a lean staff. At the end of the day, if you think you’re sane, you’re crazy.”
Completing their sixth full year of operation and securing their second Emerging 30 Award, Ralph Dusing feels a quote he recently saw in the Cincinnati Business Courier summarizes his main key to success: “Stop worrying about the risk and focus on the opportunity”. When Ralph started Bluegrass Commercial Group, he recalls the bankers and copier rental companies who worried about loaning him money for such a venture in the economy of January 2009. “Stress was everywhere and you need to change how you deal with it to be successful”. Before starting on his own, Ralph had had over thirty years of building experience around the tristate, twenty years volunteering at the NKY Chamber, building houses for Habitat for Humanity and serving other non-profits. He has been able to capitalize on relationships to attract trusted clients that he knew would pay their bills, in turn, allowing him to develop a reputation with sub-contractors and suppliers as someone who pays on time. A lot of his customers are Chamber members who trust him so much they don’t seek other prices. He shares all cost information and asks them in turn to allow him reasonable profit. Bluegrass Commercial only has four employees, all of whom contribute to imminent growth plans for the next several years. A real challenge Ralph sees is that the number of skilled tradesmen and subcontractors has thinned out severely. He is confident though, that with the business he has in the pipeline, he will continue to challenge for the Emerging 30 award for the next several years.
Submitted by Alan Baker LGI CFO
Submitted by Scott J. Malof, CPA/PFS Malof & Associates CPAs, LLC
Submitted by Bob Whelan USI Insurance
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Promotions, Appointments, New Jobs & Awards:
Submit your Milestones by email to rgibeau@ nkychamber.com. Posts are limited to about 250 characters. Photos should be 300 dpi and of good quality. Submissions may be edited. Antonelli College Announces A2B Associate Degree to Bachelor Degree Transfer Program with National American University. Nationally-accredited Antonelli College has entered into an articulation agreement with regionally-accredited National American University for an Associate Degree to Bachelor Degree transfer program, named the A2B transfer credit program. The A2B transfer credit program will facilitate a block transfer of college credits earned from any of Antonelli College’s A.A.S or A.A.B programs towards one of four Bachelor of Science degree programs at National American University. Heiert Completes MCNA Certificate Chris Heiert, NetGain Senior Systems Engineer, has recently achieved his MCNA Certification to expand his expertise in the field of technology. NetGain has over 150 employees and 6 locations, it helps organizations with managed I.T. services by augmenting their I.T. departments. Gateway Named Top 25 Best Online College of 2015 Gateway Community and Technical College is named one of the 25 Best Online Colleges of 2015 by BestColleges.com. To identify the best online colleges in the United States, BestColleges.com reviewed data from Integrated Postsecondary Education Data System (IPEDS) to rank schools based on admissions, enrollment, retention, and graduation data. The highest ranking schools excelled in all four areas. All ranked schools offer at least three fully-online degree programs and are not-for-profit institutions. The cost of tuition was not a consideration because BestColleges.com determined the cost of a degree does not have a direct correlation to its quality. Retention and graduation were considered indicators of student satisfaction with the online program. Gateway has developed over 70 online courses taught by over 90 certified online facilitators. In fall 2014, there were over 2700 online course enrollments. September/October 2015
MEMBER MILESTONES
Member Milestones Ark Encounter Site Open to the Public As construction progresses on the lifesize Noah’s Ark in northern Kentucky (to open in 2016), tourists who are in the region to visit places like the Creation Museum of Answers in Genesis now have a second AiG attraction to see: the building of the 510-foot-long Ark in Williamstown, south of Cincinnati, at a theme park called Ark Encounter. Now that the dust from the massive excavation has settled and the lumber and timbers have arrived for the Ark, the general public will have the opportunity to visit the massive Ark Encounter construction site this summer in scenic northern Kentucky, at exit 154 off busy I-75. CASE District III Appoints Thomas More College’s Don Gorbandt to Board Don Gorbandt, Director of Principal Gifts at Thomas More College, has been elected to the Council for Advancement and Support of Education’s District III Board of Directors. Don has had various responsibilities over the years with CASE III including co–chairing the conference in 2002. He was also recently presented with the Beth K. Fields Service award by CASE Ky. for his years of dedication, leadership and service in higher education, the advancement profession and CASE Ky. His role on the Board is to serve as a liaison to the nine southern states that make up CASE District III. Prior to Thomas More College, Gorbandt was the Assistant Vice President for University Development at Northern Kentucky University. Stacy Appointed Superintendent of Beechwood Independent School District The Beechwood Independent School District Board of Education approved Dr. Mike S. Stacy for the Superintendent position and finalized a four-year contract. Dr. Stacy has served as the Chief Academic Officer for Woodford County Schools since July 2010. Prior to his work in the Woodford County School District, he served as a Principal, Assistant Principal, Athletic Director, Assistant DPP, Head NKY Chamber Business Journal
Coach and classroom social studies teacher, in multiple districts, at the elementary, middle, and high school levels. Gateway Recognizes Outstanding Workforce Partners Gateway Community and Technical College Workforce Solutions recognized exemplary partners for their contributions to Gateway at the Workforce Solutions Awards ceremony. Gateway Workforce Solutions and the Assessment Center partners with over 1200 companies, serving over 4,000 incumbent workers every year with customized short-term training and degree programs. The award for outstanding investment in Employee Development went to the Kellogg’s Snacks Florence Bakery. The Mazak Corporation was recognized for creatively investing in employee hiring, retention, and promotion. The award for long-term investment in employee training went to the Kenton County Airport Board. The Northern Kentucky Federation for Advanced Manufacturing Education (FAME) Chapter was recognized for initiating and successfully implementing an apprenticeship program in partnership with Gateway. Recognition for vision and commitment to strengthening the region’s logistics industry went to the founding members of the Northern Kentucky Logistics Consortium Amazon Fulfillment, DHL Express, FedEx Ground LeanCor Supply Chain Group and Legion Logistics, LLC Laura Lyons, President of ATech Training, was presented the Premier Workforce Partner Award. KLH Engineers Named One of the “Healthiest Companies in America” KLH Engineers received national recognition as one of the “Healthiest Companies in America” by Interactive Health, the country’s leading provider of health management solutions. KLH Engineers was one of 158 honorees from across the United States that is recognized for embracing the mission of implementing life-changing preventive health care in the workplace. This is the third year KLH has won the award. 29
MEMBER MILESTONES OKI Awards More Than $16 Million for Transportation Projects in NKY Ohio-Kentucky-Indiana Regional Council of Governments (OKI) Board President and Dearborn County (IN) Commissioner Kevin Lynch announced today more than $15 million will be distributed to 20 transportation projects in NKY. The funds were allocated through two federal programs: the Surface Transportation Program for Northern Kentucky (SNK) and the Transportation Alternative program (TA) for KY. More than $15 million in SNK funding was provided to 12 projects for roadway reconstruction, safety improvements and sidewalk construction in the NKY portion of the OKI region. The TA program provided more than $1 million for eight Kentucky projects. This funding will assist with a variety of pedestrian and bike projects. Gateway Offers New Supply Chain Management Program Gateway Community and Technical College announced a new Supply Chain Management Program to be offered fall 2015. The local logistics industry is in a state of perpetual growth, providing over 70,000 jobs in Greater Cincinnati and NKY
To fill these high-demand, high-wage jobs, Gateway Community and Technical College partnered with logistics industry leaders to design courses preparing students to earn certificates, such as Supply Chain Specialist, Logistics Quality Technician and Logistics Operations, as well as an Associate in Applied Science (AAS) degree, allowing entry into a logistics career at many points. St. Elizabeth Names New President/CEO Garren Colvin has been named the new President and Chief Executive Officer of St. Elizabeth Healthcare. He has been with St. Elizabeth for 32 years and is highly regarded within the organization, Diocese of Covington and Northern Kentucky community. Most recently, he served as Interim President and Chief Executive Officer. Colvin joined St. Elizabeth in May 1983 as a co-op student while in school at Thomas More College. Since then, he has served St. Elizabeth as Vice President of Finance, Senior Vice President and Chief Financial Officer, Executive Vice Presi-
dent and Chief Operating Officer and Interim President and Chief Executive Officer. He had a significant role in the merger of the former St. Luke Hospitals and St. Elizabeth in 2008. He also provided expertise during the consolidation of Patient First and Summit Medical Group into St. Elizabeth Physicians in 2010. Under his leadership and direction, St. Elizabeth has shown consistent and stable financial performance, earning two successive bond rating upgrades for St. Elizabeth to its current AA rating, just one rating below the highest available bond rating1. During his tenure, St. Elizabeth has been the recipient of many national accolades and industry recognition, including re-designation of its Magnet status, the Healthgrades Top 50 Hospital award for seven years, Truven (formerly Thompson Reuters) Top 100 hospitals for seven years, and “straight A’s” by the Leapfrog Group for all three of St. Elizabeth hospital campuses in 2014. Fives Joins Jules Verne Research Institute By becoming a member of France’s Jules Verne Research Institute, Fives joins other leaders in innovation to encourage the development of new production processes and products. The agreement
Join us in welcoming
Patricia Kirkwood Burgess back to Northern Kentucky.
“Trish” is returning to Northern Kentucky as a member of Frost Brown Todd, Florence, after practicing in the firm’s Lexington office for the past nine years. Trish is a native Northern Kentuckian and graduated from Notre Dame Academy, Thomas More College and the University of Cincinnati College of Law. As a trusted legal adviser to clients for over 20 years, she helps individuals and businesses navigate financial difficulties and legal issues to reach innovative, cost-effective and efficient solutions. Trish
Patricia Kirkwood Burgess 859.817.5905 pburgess@fbtlaw.com
emphasizes understanding all aspects of her clients’ businesses to focus not only on their legal issues, but also the practical implications of those issues on their businesses and lives. Trish will
be actively involved in Northern Kentucky through local community and professional organizations.
frostbrowntodd.com 7310 Turfway Road | Suite 210 | Florence | 859.817.5900 Indiana | Kentucky | Ohio | Tennessee | Virginia | West Virginia THIS IS AN ADVERTISEMENT. ©2015 Frost Brown Todd LLC. All rights reserved. Legal services may be performed by other attorneys in the firm.
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between Fives and the Jules Verne Institute meets the Group’s objective to adopt an “open innovation” approach by collaborating with other leaders (research, schools and businesses) in order to encourage the development of new technologies. A partnership was signed with CEA Tech at the end of 2014 to guide technological development programs in several areas (new materials, mobile robotics, thermal storage, etc.). Along with international development, innovation is one of Fives’ key strategic development areas; in 2014, Fives invested 33.1M€ in research & development and held, at the end of 2014, 1852 existing patents, including 53 applications filed during the year. Thomas More College Names Briggs VP Thomas More College has named Jeff Briggs Vice President of Finance and Operations. Briggs spent the past five years as controller for Xavier University. During that time, he served as the chief accountant. Thomas More College Considered Kentucky School with Highest ROI In a report released by PayScale, Thomas More College is the highest-ranking college in the state of Kentucky when it
September/October 2015
MEMBER MILESTONES comes to return on investment. The “College ROI Report: Best Value Colleges” puts TMC at the top of the list for the Bluegrass State with an ROI at $472,200. Dr. Teri VonHandorf Assumes Role as VP for Academic Affairs at Gateway Gateway Community and Technical College is pleased to announce Dr. Teri VonHandorf will begin her new role as Vice President for Academic Affairs. As Associate Provost for Academic Affairs, Dr. VonHandorf successfully led initiatives to redesign developmental education, improve the course scheduling process and expand dual credit opportunities. She oversees academic programming for the General Education, Developmental Education and Protective and Professional Services Divisions. Prior to this position, she served Gateway as the Division Chair of Interdisciplinary Studies and Assistant Professor of Developmental Mathematics. Carissa Schutzman Assumes Role as VP of Corporate College at Gateway Gateway Community and Technical College is pleased to announce Carissa Schutzman will begin her new role as Vice President of Corporate College. As dean of Workforce Solutions at Gateway, Ms. Schutzman worked with lo-
NKY Chamber Business Journal
cal businesses to create customized training for incumbent workers and helped develop a pipeline of employees for companies by marketing, recruiting and engaging potential employees and students. Ms. Schutzman’s position will replace the role of Vice President of Workforce Solutions previously held by Dr. Angie Taylor. James Younger Takes Over Business Affairs at Gateway Gateway Community and Technical College is pleased to announce James Younger will begin his role as Vice President for Administrative and Business Affairs. As Dean of Business Affairs, Mr. Younger planned and built consensus for the 35 million dollar Gateway budget. Younger and his team earned the Kentucky Community and Technical College System (KCTCS) Budget and Financial Planning Excellence Award in 2013, 2014, 2015 and the Budget Best Practice Award in 2013, 2014. Mr. Younger is filling the role previously held by Mike Baker, who will now oversee safety and facilities, including all capital construction projects, as Special Assistant to the President. U.S. Bank Names Mullinger Head of Commercial Banking in Cincinnati U.S. Bank has named veteran banker
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MEMBER MILESTONES Steve Mullinger head of its commercial banking division in Cincinnati and Northern Kentucky. In this role, Mullinger will lead a team of relationship managers serving middle market companies in the region. Mullinger was previously senior Vice President and relationship manager for U.S. Bank in Cincinnati, having joined the bank in 2010. He has more than two decades of commercial banking and corporate finance experience with an expertise in manufacturing, distribution and healthcare. HORAN Anniversary, New Hire Capital Advisors (HCA) celebrates its five-year anniversary during which the firm has experienced significant growth in assets under management. HCA, an independent SEC registered investment advisor, was established in 2010 to add depth of service and resources for HORAN’s existing wealth management business. HORAN Capital Advisors has increased its assets under management to $250 million in the past five years. It currently serves more than 100 family and institutional relationships. HCA is a key part of HORAN’s wealth management business that collectively advises and manages on nearly $1.5 billion of assets. Todd Poellein, CFA, has joined HCA as a Senior Portfolio Manager. Todd is responsible for meeting the investment and planning needs of some of HORAN Capital Advisors’ largest relationships. New CBC Board Members Named The following have been elected to fill two-year terms on the Covington Business Council Board of Directors: Peggy Casey/Rose Communications; Jim Parsons/Attorney Taft Stettinius & Hollister; Eric Summe/President & CEO, Northern Kentucky Convention & Visitors Bureau (Meet NKY); Tom Tilmes/VP, Senior Business Banking Officer, Republic Bank; Margaret van Gilse/VP Business Development, Bexion Pharmaceuticals; Guy van Rooyen/ CEO, Donna Salyers Fabulous-Furs. Heritage Bank Celebrates 25 years Founded in 1990, Heritage Bank is a locally owned and operated community bank with 17 locations in Boone, Kenton, Campbell, Grant and Pendleton counties. “We take great pride in offering friendly service delivered by people you know,” said H. Lytle Thomas, President & CEO. In addition to credit and deposit products, the bank also offers electronic banking, mobile app and Treasury Management services. 32
Robinson Elected to National Board of Trustees of the American Inns of Court Wm. T. (Bill) Robinson III, Member-inCharge of the Northern Kentucky offices of Frost Brown Todd LLC, has recently been elected to a four-year term on the national Board of Trustees of the American Inns of Court. Robinson is a past President of the American Bar Association (2011-12), a past ABA Treasurer (200508), currently Chair-Elect of the National Judicial College and serves on the Attorneys Committee of the National Center for State Courts. Talley Joins BDO USA
BDO USA, LLP, one of the nation’s leading accounting and consulting organizations, recently announced that Laurence Talley has joined the firm as a director. In this role, Mr. Talley is responsible for overseeing professionals and managing client and prospect relationships for the Risk Advisory Services practice in BDO’s Northeast Ohio offices in Cleveland, Solon and Akron. Skyward Salutes Award Skyward is proud to recognize Sharmili Reddy.with the first ever Skyward Salutes Award. This honor is presented to a young professional who has showcased tremendous tenacity and dedication to the continued success and elevation of the Northern Kentucky region. NKU Chase College of Law Launches Master of Legal Studies Degree Northern Kentucky University’s Chase College of Law will become the only law school in Greater Cincinnati and Kentucky to offer a Master of Legal Studies (M.L.S) degree. The program will begin this fall. Gateway Receives $1.1 Million Grant Gateway Community and Technical College received a federal grant providing over $1.1 million over a five-year period to serve students. The U.S. Department of Education Student Support Services (SSS) Program grant will serve Gateway’s growing population of low-income, firstgeneration college students and students with disabilities who are academically under-prepared for college. Currently, over 3,000 Gateway students are SSS eligible. Fives Hosts NKU Tech Campers Aiming to influence early career choices, NKYChamber.com
Fives Cincinnati recently hosted 19 students from 17 area high schools attending Northern Kentucky University’s Engineering Technology Camp. The students received a guided facility tour with explanations of Fives own manufacturing processes. They also received detailed descriptions of aerospace composites technology, layup systems and metal cutting systems being built by Fives for customers. Hands-on exposure to semi-finished aerospace components reinforced the experience. Beets Joins Scooter Media Scooter Media is pleased to announce the hiring of Angel Spyrou Beets. Angel joins the team in the role of Vice President of Client Services and will lead strategic planning for clients throughout the Greater Cincinnati area. Prior to joining Scooter Media, Angel worked for public relations and marketing agencies in Indianapolis, Chicago, and Cincinnati. Angel’s areas of expertise include strategic planning, event planning/ management, relationship building, and training. Estrella to Join Commonwealth Hotels Commonwealth Hotels, LLC welcomesDina Estrella to the Commonwealth Hotels team as Sales Manager at the Hampton Inn Cincinnati Airport South. Her role will allow her to utilize her years of expertise in the areas of Sales, Communications, Negotiations and Superior Customer Service within the business and leisure travel markets. Dina also manages all visiting groups. Coalition Welcomes New Director The Advanced Manufacturing Workforce Development Coalition (Coalition) is pleased to welcome Edward R. Ratterman as Director of the Coalition. Ratterman will be working collaboratively with business, education and community leaders to address the need for skilled workers in advanced manufacturing by improving the talent pipeline in NKY. Ratterman is working under contract with Partners for a Competitive Workforce, a regional backbone organization that facilitates workforce development activities in collaboration with many groups working in this field, including the Coalition. September/October 2015
UPCOMING EVENTS
annual dinner
SEPTEMBER
. . 9 17 15
9/9 Employer Solutions: HR Webinar - Employment Law Training for Supervisors
Presented by:
9/10 UPSTART 9/11 Your Chamber is a Gold Mine: Successful Referral & Personal Marketing Strategies 9/17 2015 Annual Dinner Presented by Fifth Third Bank 9/23 Bluegrass Politics & Sports with Matt Jones, KYSportsRadio 9/28 Women’s Initiative CONNECT Hour at Redondo Taqueria
Reserve your seat now for the biggest celebration of the year! 5:00pm to 8:30pm Northern Kentucky Convention Center
9/29 Eggs ‘N Issues: State of Northern Kentucky Address
OCTOBER 10/6 Eggs ‘N Issues: Ark Encounter 10/8 Getting the Most from Your Chamber Membership
Dunlevy Award Gary Beatrice Business Benefits Insurance Solutions
ImageMaker Award 2014-15 Thomas More College Women’s Basketball Team
Unity Award myNKY, a plan driven by Skyward
Devou Cup George and Ellen Rieveschl
10/8 Business After Hours 10/13 iPhone Videos for Your Business 10/14 Employer Solutions: HR Webinar - Exempt or NonExempt - A Key Compensation Decision 10/22 Emerging 30 Celebration Presented by Strauss Troy 10/22 Women’s Initiative Professional Series - “Learning to Love Change” 10/26 Women’s Initiative CONNECT Hour at Drakes
NOVEMBER
Walter L. Pieschel Award Dale J. Silver C-Forward, Inc
11/10 2016 Regional Economic Outlook 11/11 Employer Solutions: HR Webinar - Who Is An Independent Contractor and What If We Get It Wrong 11/16 Women’s Initiative CONNECT Hour at The Chart House
Presenting Sponsor
11/17 Social Media by the Book
DECEMBER 12/9 Employer Solutions: HR Webinar - Complying with the ADA 12/15 Eggs ‘N Issues: Common Core
Wine Sponsors DHL Express Stock Yards Bank & Trust Taft, Stettinius & Hollister LLP Turner Construction Company
Register Today At: http://bit.ly/2015NKYAnnualDinner
For details and registration visit: www.nkychamber.com/events
September/October 2015
NKY Chamber Business Journal
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RIBBON CUTTINGS
Welcome & Congratulations
Ribbon cuttings sponsored by:
Heritage Bank Operations 8199 Dream Street, Florence, KY (859) 342-0920 Lytle Thomas, President & CEO; Arnold Caddell, Chairman; Trey Grayson, NKY Chamber President City of Florence: Mayor Diane Whalen; Joni Nevitt, Assistant Vice President Ambassadors: Kevin Richardson and Mack Slocum
Expedia CruiseShip Centers 7561 Mall Road, Florence, KY (859) 208-0468
She’s All That Boutique 2508 Dixie Highway, Fort Mitchell, KY (859) 866-4911
The Highlander Event Center 90 Alexandria Pike, Ft. Thomas, KY (859) 708-2463 Drew Bartel, Mayor Eric Haas, Rob Robinson, Trey Grayson, Tom Lampe, Roy McAtee, and Barney Creevy
Trey Grayson, NKY Chamber President Ambassador: Kim Bradley Arrasmith City of Fort Mitchell: Vicki Boerger She’s All That Boutique l-r: Sarah Leonard, Stephanie Carrillo, Sarah Cox, Kelly Brake, Tara Furlough, Allyson Cook, Donna Roberson, Hannah Wilson, Tammy McCauley, Hayleigh Kesterman , Kim Barnes, and Stacie Wethington.
Mitchell Insurance Agency 2400 Chamber Center Drive, Suite 100 Fort Mitchell, KY 41017 (859) 795-3929
Tri-State Family Dentistry Burger King, Covington / GPS Hospitality 316 Philadelphia Street Covington, KY 41011 (859) 292-0720 Front row :Carmin Gianguzzo, Elmer Hammond, Mario Nocero, Dave Mazzella, Azucena DeSousa, Jerri Stephany Back row:John Helinski, Joe Waller. Republic Bank: Vickie Stulz and Laurie Harvey; Ambassadors: Ellen Barnett and Brian Ruschman
Ralph Chaffin, Matt Gardner and Kara Fields of Mitchell Insurance Agency Billy Aliff of Erie Insurance, Kentucky Branch; City of Ft. Mitchell: Sharmili Reddy Republic Bank: Vickie Stulz, Thomas Tilmes, and Laurie Harvey; Ambassadors: Kevin Richardson and Tabitha Marshall
Dr. Tiffany Schussler 2161 N. Bend Road, Suite A, Hebron, KY 41048 (859) 653-0525 Caroline McClurg, Sean Trickey, Sean Lang (with Patterson Dental), Debbie Marino, Kristy Strader, Connie Kratohvil, Dr. Tiffany Buller-Schussler, Dr. Jason A. Ford, Jennifer Brandt, Jackie Arteno, Chantelle Cooley, (all from Tri-State) Trey Grayson, and Jeff Loy. Vickie Stulz & Laurie Harvey with Republic Bank.
We want to help you promote and celebrate your ribbon cutting ceremony for your new facility, expansion, anniversary celebration or open house! We’ll bring our trademark giant blue scissors, a group of Chamber ambassadors, and a camera to capture the excitement of your special day. Call Ruth Eger at 859-578-6395 to schedule your FREE ribbon cutting today! 34
1st row: Ellen Barnett, Julita Contreras, Lorena Contreras, Larry Dettmer, Diane Whalen, Chris Dettmer, Katy Krieger, Karralea List. 2nd row: Gaby Contreras, Gary Winn, Mary Carol Story, Bill Arnold, Vicki Munro, Deanne Durbin, Simon Contreras, Roxanne Collins, Tracey Berry
NKYChamber.com
Brookdale Edgewood 2950 Turkeyfoot Road, Edgewood, KY 41017 (859) 426-1888 Tessa Anderson; Police Chief Kramer; Mayor Link; Katie Meyer; resident Cynthia White, resident Millard Martin; Cheri Cones; and Jane Young. Back row - Spencer Short; Julia Schweri ; Fred Hasenkamp; and Grace Hardy September/October 2015
CENTER FOR INNOVATION AND
ENTREPRENEURSHIP Jump start ideas. Make ideas real. Move ideas forward.
NKU’s Center for Innovation and Entrepreneurship ignites passions, fuels desires, and fans the spirit and culture of innovation and entrepreneurship across the campus and the region. Since our founding, our studentcentered transdisciplinary approach unites entrepreneurship programs across the classroom, across campus, and into the community. And our INKUBATOR program was recently ranked in the top 5 in the world. Ignite your spark // cie.nku.edu