business growth in a lean world
TRANSCRIPT
Zack Miller, Founder of Hatch
Growing In An Innovative Intrapreneurial Mentorship
Lean World
Who am I?
q Founder, Hatch q First Business at 10: Guy and a Rake q Self-Taught Management q Took 2-person company and grew to 11 FTE
& 700% growth, roughly 1.4 mm q Created Start Norfolk q Interim Chief Marketing Officer
What is Hatch?
q Accelerator + Seed Fund + Campus q 40+ Portfolio Companies q 1000 Four
So What Are We Talking About Today?
Innovation
Mentorship
Millennials
Lean Business Environments
But what do you want out of this?
To learn new ways to innovate in your company without breaking the bank, while
growing company culture.
GOAL:
Millennials
Typewriter
Think about who Millennials are
Only had cell phones
Everything is digital
Wired differently
Multitasking
Innovation
What is innovation?
¨ Solving problems, filling gaps, or creating something new. Its putting a new spin on something old. Expanding the old, in with the new.
¨ Example: PB&J and Bacon and Blue Cheese ¨ Example: J&A Racing ¨ Parklets in downtown Norfolk ¨ Email what you want in the subject line ¨ WWE. Championships ¨ Amusement Parks
¨ But before it was Start Norfolk, it was small, intimate, entrepreneurial meetups that evolved into a larger affair.
Allow Momentum
¨ And the evolution of the innovation to happen. ¨ Example:
Coffee Downtown: A Way to Get Rid of Coffee
¨ Once-a-week, no-agenda meetup with free coffee ¨ Original idea to simply get rid of coffee and meet new
people. ¨ Morning meetings hadn’t faired well in the past for us, so
we were willing to try it out. ¨ Trial period of 6 weeks created. ¨ Investigated similar meetups around the country
¤ Free parking + Free coffee = Highest Conversions
Results
¨ Meetups went well, average 10-15 attendees per week.
¨ Every Tuesday, 8-9am ¨ Zero money invested to
start. ¨ After the 6 weeks, we
decided to keep going until coffee ran out.
¨ Happened around 3 months. ¨ Invested in a new 12-cup
coffee maker and additional coffee.
Investment
¨ 5 Large Folgers Coffee containers + filters + $15 Machine = Grand total of $53
¨ With an average of 10 people per meetup and 32 meetups hosted since we started buying coffee products, each person cost us $0.165 each week.
¨ (32)(10)=320 ¨ $53/320=$0.165 per person ¨ For less than 17 cents a cup of joe, we were able to
convert these coffee drinkers into our customers.
Why should you launch an event?
¨ 1. High ROI ¨ 2. Brand Recognition/
Authority Status ¨ 3. Community Give
Back ¨ 4. Office Hours/Way
for you to have meeting without the hassle
How did we convert them?
¨ Added them to our events calendar email ¨ Those who asked about business, we would follow
up and share with them our events and programs ¨ Sponsorships
What are you currently doing in your company to innovate?
¨ It could be as simple as having the best “Customer Service” in the world
¨ That’s innovation
How Are You Executing?
Marketing Your Company By
Educating Your Community
Brainstorm 5 ways to be innovative in your company.
Project:
WHAT IS KEEPING YOU UP AT NIGHT?
1. Past/Present Entrepreneurs: People who have a skill that you desire.
2. Service Providers/Consultants 3. Advisors/Chamber of Commerce/Webinars/
Blogs 4. C-Level Executives
What is mentorship?
What do you want your team to learn? What do you want your teams to learn?
How can you teach them?
Lunch & Learns. Project tours internal or with other companies.
How do you incentivize outside mentors?
How do you incentivize internal mentors?
Mentor Speed Dating
¨ How do you connect?
Launching A Lean Business Environment
What Is Lean?
Are you sure you want to do this?
Social Media + Lean
Zack Miller Founder, Hatch mobile: +1 757-295-8635 twitter: @zackmiller84 linkedIN: www.linkedin.com/in/zackmiller84
What’s Coming Up Next?