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South Launches Minority Business Accelerator

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Posted on April 10, 2017

Marketing and Communications

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For 28 years, Anthony Richardson has worked tirelessly to grow his landscaping and construction company, Best Price Services, into a one-stop shop for residential and commercial clients across the Mobile area.

From new construction and grass cutting to demolition and flipping houses, his versatility and work ethic have allowed Richardson to provide a comfortable living for his wife and four children. His desire, however, to reorganize his holdings and 鈥渨ork smarter鈥� culminated recently with his front-row seat in the Minority Business Accelerator program, made possible by a $25,000 PNC Bank grant and spearheaded by the University of South Alabama along with a consortium of community partners.

鈥淚t鈥檚 an amazing opportunity to help take my business to the next level, and I鈥檓 hoping it will help me think about things in new ways that better serve my clients and help my bottom line,鈥� said Richardson.

Dr. Michael Chambers, South鈥檚 assistant vice president for research innovation, said the program represents a broad group of stakeholders, including the Mobile Area Chamber of Commerce, Innovation PortAL, The Exchange 202 and the Alabama Small Business Development Center.

Only five of 17 applicants were selected for participation in the accelerator, and Chambers said the intensive, eight-week program features instruction intended to help these homegrown companies better understand customers鈥� needs and pivot accordingly.

鈥淥ur plan is to give those who complete a stipend of $1,500 each to do something that advances their business. Maybe it鈥檚 building a prototype. Maybe it鈥檚 identifying an untapped customer base. The idea is to move them forward and encourage innovation,鈥� he said.

The program will conclude with a pitch session, and Chambers said the winner will receive one year鈥檚 membership in downtown Mobile鈥檚 premier co-working space, The Exchange 202.

In addition to Richardson鈥檚 Best Price Services, Minority Business Accelerator participants include:

• Elegant Knights Limo-Party Bus, owned by Mary Taylor
• Shotgun BBQ, owned by Edward & Angela Pedersen
• Gaines Plumbing, owned by Jermaine Gaines
• Greg's Barber, owned by Gregory Morris

How it works

Chambers, himself a serial entrepreneur, told participants during the April 4 introductory class that listening and responding to customers鈥� evolving needs pays higher dividends than sticking blindly to even the most well-researched business plan because, quite simply, things change.

鈥淚鈥檝e been on both sides of the table, as a business owner and as an investor,鈥� said Chambers, who founded and served as president and chief executive officer of Swift Biotech after selling InnoRx Pharmaceuticals, an ocular drug-delivery company, to SurModics in 2005.

The mistake many entrepreneurs make, he said, is drafting a fantastic 50-page business plan 鈥渢hat nobody reads,鈥� when all potential investors want is a one-page summary explaining who they are, what they do and how much funding they need.

鈥淭he bottom line is we will help these budding businesses explore their customer base, craft their value proposition and then put it into actionable terms to help them grow their businesses,鈥� he said, noting each of the five MBA participants currently report annual revenue of $400,000 or less.

Building a better network

Richardson, who also launched a car dealership four months ago dealing exclusively in high-end imports, is hopeful the MBA鈥檚 customer-discovery phase will help him restructure Best Price Services鈥� focus.

While the grass-cutting services account for the lion鈥檚 share of his annual revenue and have resulted in three contracts with the city of Mobile, Richardson said the work is seasonal, leaving a four-month winter lull that forced him to diversify his offerings.

鈥淚鈥檓 hoping this class will give me some insight into how to restructure my business in ways that lead to new contracts,鈥� said Richardson, 48.

鈥淭he great thing about this setup is we can all help each other along the way. We鈥檙e really in this together, and that takes a lot of pressure off right from the beginning,鈥� Richardson said, adding, 鈥淚鈥檝e been doing this for 28 years, and I鈥檓 still working on it every single day. I think I鈥檓 most excited about getting out there and figuring out exactly what the customer needs instead of me guessing.鈥�

Mary Taylor spent a career in the military, in transportation and administration, before launching Elegant Knights Limo-Party Bus in Mobile. 鈥淚 want to reach more customers and that includes retail and contract customers,鈥� Taylor said.

Above all, she would like to leverage her military transportation expertise to land government contracts.

鈥淭he first (MBA) class actually blew my mind,鈥� she said. 鈥淚t鈥檚 like I鈥檓 starting all over without starting at the beginning, and this is giving me an opportunity to launch my business from within my business.鈥�

'Life changes'

In addition to Chambers, the MBA program鈥檚 teaching team includes Todd Greer, chief catalyst for The Exchange 202; Thomas Nelson with USA鈥檚 Mitchell College of Business and the Melton Center for Entrepreneurship and Innovation; Mel Washington, South Alabama regional manager for the Alabama Small Business Development Centers; and Innovation PortAL Executive Director Hayley Van Antwerp.

In his overview class April 4, Greer told MBA participants that stagnation simply cannot exist in their vocabulary if they want to see their ventures succeed.

鈥淟ife changes, so sometimes we have to change the plan,鈥� Greer said. 鈥淭he value proposition is a simple thing, but it only matters if it hits the customer, and that is why you have to ask the right questions. What is it you offer that is different, that has value? It comes down to understanding who your customer is, what they need, what pain are they experiencing and what they hope to gain. What we鈥檙e going to do is discover who your customer is and then validate it.鈥�

Chamber said the Minority Business Accelerator program fits with the University鈥檚 core values of education and community outreach. Leveraging expertise from the University and its partners to help small businesses develop feeds job expansion and a growing regional economy.

鈥淓very business in existence was small once, and helping small businesses survive and thrive is critical to a healthy economy and South鈥檚 commitment to creating a healthy entrepreneurial ecosystem,鈥� he said, adding, 鈥淎 lot of success in business is not making mistakes. Programs like the Minority Business Accelerator don鈥檛 eliminate mistakes, but they certainly help you identify 鈥� and with any luck 鈥� avoid them wherever you can.鈥�

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