The preliminary round of the Naturally Boulder Days 2009 Pitch Slam is over. A little different from last year, the budding food entrepreneurs had 90 seconds to pitch, followed by a few questions from the judges.
Though only 17 pitches were made (as opposed to 25 last year), the quality was high - many of them seemed to be more developed and refined than the 2008 crop. Having said that, I’m not sure the extra time in the spotlight was helpful, as many pitches spent a little too much time telling their story, rather than leading with their product & service.
Please let me know if any of my information is wrong (spelling is likely to be). “In their words” are the notes I tool during the pitch. “Judges” are the notes taken during the judges Q&A session. Sentences ending with a question mark are the judges questions, followed by the pitchers responses…everything has been paraphrased mostly in my own shorthand unless surrounded by quotes.
Here. We. Go.
Name, Company: James Lee, Sensia
In their words: Beverages. All naturaly mind body elixir, C factor - being available in the moment, 10 amino acids, partnered with person responsible for Kombucha. Citrus. Sport version on the way. allows you to be “Cool Calm and Connected to your Core”.
Judges: Calories per serving? 35. Initial launch? 1 product - others successful starts with only 1 SKU were Gatorade and Sobe. Where do you want to be in the store? Natural beverages section ideally. #1 ingredient? There isn’t one - they’re all important.
My thoughts: Why no samples for the judges?
Name, Company: Sean Hudson, Local and Organic Food Company (no name)
In their words: A distributor of local foods to restaurants. Reduce carbon footprint of our food service industry. Restaurants etc are looking for a one stop shop for local and organic food. Bridge gap from farm to table. Food from 150 mile radius. Distribution 100 miles.
Judges: Products are from farms, and/or organic, and…? Three tiers of pricing: 1) Local 2) local and naturally produced 3) Local and certified organic. What will your portfolio will look like in February? Get into microbrews/alcohol, bread, meats, flour. How are you delivering, refrigerating, etc? No frozen. Over 35 restaurants in Boulder that are sourcing local produce. How big is that market? 350-400 restaurants. First year goal: $850k in sales, 15% profit margin (or maybe 50%?), 10 restaurants.
My thoughts: I’m not totally aware of how acute the problem is, but it seems like there is a market. I just wonder how big it is, and how much would have to be captured to make it viable. There are other local products to sell in the produce off-season, but it seems like most of them will want you to help them solve the problem in the winter as well, rather than waiting to start buying your produce in the spring again.
Name, Company: Amy Mall, Whistle Limited
In their words: Make your own green cleaners using their custom designed bottles. With directions built into the bottles, and measurements. Just pour in what you have up to the line for each item. Recycled plastic made in US. Garden care, pet care, personal care.
Judges: Sell products too, or just bottles? Just bottles. Sprayers will last, unlike reusing windex bottles, etc. Price point? Not sure - $4-$5. (Large concern about price point amongst judges). Not all about price for her target customer.
My thoughts: I think it’s a neat idea. Doesn’t seem like she’ll be able to capture sales from people who already make their own cleaning solutions. Target audience seems like people who would make their own, but just need that extra nudge. Not convinced that is a huge market and/or you’re selling a product to get people to change their habits.
Name, Company: Michael Douglas, Miraclay?
In their words: “Chi in a bottle.” “When you break it down, it’s dirt that you can eat and consume.” Mineral complex that gives you extra energy and has a lot of other benefits (which are not FDA approved claims).
Judges: Target market? Humans. Anti-bacterial. Solves a problem that traditional medicine can’t. Sprinkle it on food? Put it in water? Any way you want except smoked or inhaled. Even put it in a neti pot. 2-3 capsules 2-3 times a day. You get more energy. Sleep less. Focus more. How many people in CO are using it right now? Religiously - 30-35. Where is this going to be in the store? At the register. Judge says - “this is a hand sell item” - you need educated people in the stores selling these. Michael says - “It will revolutionize the way americans feel”
My thoughts: Very hard sell. I’d need to be recommended this by a friend. Kind of nebulous “cure-all” type claims. I’m vaguely intrigued. Michael is a total character - part mad scientist, part old timey salesman. Would be interesting to meet.
Name, Company: Julie Novella, White Girl Salsa
In their words: Why the name - Close with a hispanic family who liked her salsa, and it stuck. 3 varieties. Zesty and different (because it’s green). Sold 5,000 jars in the first 4 months. Featured by 5280 and Best Dishes.
Judges: Judges suggested taking salsa out of the name, to stick with the White Girl for branding other foods. Online sales as a %? 5%. Mostly Friend to friend and farmers markets. Retailers approached her. Retail? $8 at farmers market and retailers up to $13. Will it go over well in other parts of the country? (namewise). She was worried, but no problems thus far.
My thoughts: Didn’t get to sample it so it’s hard to say. Great branding though and the fact that she’s sold so many in the first few months and been featured in major magazines is a hugely positive sign. You can buy White Girl Salsa online from Foodzie. (local food from a local startup!)
Name, Company: Nova Covington, Goddess Garden
In their words: Organic Sunscreen. Currently in Whole Foods, Pharmacas, etc. reordered every two weeks. No chemicals. Editors Pick two natural foods magazine.
Judges: Tell me about this? UV meter for children to wear…an educational product (comes with some of the products).
My thoughts: I’ve actually been using this lately (received it in the goodie bag at my tour of the new Whole Foods in Centennial, CO) and it is incredibly good at blocking the sun. Difficult to rub into areas with hair (so shave if you don’t want that faint clown look).
Name, Company: Pedro Gonzoles, New Planet Beer Company
In their words: Gluten Free beer
Judges: How do you compete with RedBridge? (budwiser gluten free) Competition trying to create dark beers, ours is lighter. We have a personal story and are focused on just gluten free. Would we notice the difference in taste? No. That’s what we’ve been aiming for. Ready to go with other flavors, but “we need help”. He got inspired at the pitch slam here last year.
My thoughts: Don’t drink and I’m not a celiac, but it certainly seems like the gluten free industry is poised to explode. He hard a hard time outlining the market size, and I’m surprised there were no cold samples for the judges!
Name, Company: Lori Nathy, Life is a Dish Gormet
In their words: Personal chef business. Consulting, and creating meals. Sells a suplement that you take a urinalysis for. Also sells Ionized water system (25% of japan houses use it).
Judges: What do you do exactly, it took too long to get to the product?
My thoughts: Sadly, the Q&A was spent debating what Lori should have been pitching. Note to entrepreneurs - don’t waste time defending your pitch. Just smile, nod, and use the time to get good feedback!
Name, Company: Lori Werick, Liscious Organics
In their words: Jam, bees, soap. “Pure for you, pure for our earth.” Part of Boulders Best Organics gift boxes. In 3 Sunflower stores, more on the way.
Judges: Lead item? Jams. Granola is the new line. Uses honey. 8 oz jar is $4.99. How big do you want to be? I’d love to be like a Sara Lee. “I’m eventually going to make it, it just takes time.”
My thoughts: Lori was a whirlwind of energy. I’ve had her jam, and it’s awesome. Need to be careful though - Luscious Organics has so much going on that it is hard to get across a clear, consistent pitch.
Name, Company: Michael O’keefe, Grow Green
In their words: We will put a local farmers market on supermarket shelves - year round. Farmers grow food using Hydroponics. Organic production immediately (no waiting for years).
Judges: Are you selling facilities? No. Turnkey system. Guaranteed contract to buy produce from the farmers. Payback is 5-16 years generally. Nutrient mix that no one else has.
My thoughts: Still a little confused as to what he’s selling, but clearly a business/numbers guy with aspirations to be HUGE.
Name, Company: Frank Price, Boulder Natural Vending
In their words: All natural and organic vending maching. Payment through honor system.
Judges: Do you see vending machines in your future? I absolutely want to go there, this is my bootstrap method (bamboo box with honor system payment box). 86% payout thus far. 10% of sales to charity picked by the people who host the box (and the charity slides up and down based on the payout rate to encourage more honesty).
My thoughts: I had one of these in my office all summer. It was fantastic. Good, natural products (Chocolove, Boulder Canyon Potato Chips, Larabars), mostly local. I loved the honor system payment because I didn’t have to mess around with exact change. Once I put a $10 bill in and just took my next few items for free! Simple idea that is definitely needed. Would be easy for a competitor to set up shop.
Name, Company: Niel Roar, Unknown (I couldn’t understand)
In their words: Insuline resistance is a huge problem. Natural solution - diet exercise, etc but the key is a behavior change. Food is an addiction. System. Sold online.
Judges: Is it a program or product? Nutraseutical? product and exercise and diet program. Differentiator? No magic pill, you need all three. But we’ve got proprietary neuroscience.
My thoughts: Not really sure what problem this is solving, and if the people who have the problem even know it.
Name, Company: Hank, Anilla
In their words: All natural cosmetics. First and only with therapeutic benefits. Acne. Eczema. Wrinkles. Pending patents. Poised to launch in Feb.
Judges: Competitors? No one uses homeopathic complexes in color skin care and cosmetics. Consumer educating? We are about healing. Distribution channels - retail, strong component in MLM & social networking.
My thoughts: If they really have pending patents and are the only ones using homeopathic stuff in skin care - then sounds good. I don’t use cosmetics, but often balk at using products that are killing two birds with one stone…for example - I don’t want moisturizer and sunblock at the same time - just one or the other. Maybe that’s just me?
Name, Company: Heather, Shiny Happy Yoga
In their words: Namaspray - yoga mat cleaner. All natural. Organic tee tree oil.
Judges: Heather - Starting to be some competitors. Judges - Get the trademark! (she already has it) Where would we find this in the store? Yoga stores. Pharmaca. How big is the market? Dunno. Pushing it as a gift.
My thoughts: Around $15 for a bottle. Seems pricey but the name is fantastic. Would definitely be a great gift item (especially given the name), but a hard sell otherwise.
Name, Company: Brad Rosini, Brad’s Fancy Sauce
In their words: Porcini cream sauce. Alfredo sauce. (and another flavor I missed) Best possible ingredients. Real food. natural. integrity. We need more besides wall of marinara.
Judges: Refrigerated? Yup. I won’t compromise on ingredients. 12 oz. for $6.99.
My thoughts: Interesting. I’m surprised that there aren’t a wider variety of pasta sauces in the supermarket. I’d never thought of this before. If it’s refrigerated though, I wonder if it will get in front of enough people. You have to know to look for it, and pasta sauce to me seems like one of those items you toss in your cart because you walked by, not because it was on your grocery list.
Name, Company: Mickey Shoit, Azantus
In their words: $5 million in sales. Krill oil. They have 30% of the market. $7-$14 million in sales by next year.
Judges: Why funding? Need money to launch some new products. 20-25% margin. New market created in last 5 years. I was the first to bring it to the US. Krill is only biomass that comes out of the ocean that is regulated. We take out less than 1% of the allowable amount.
My thoughts: I’m so sad that he never explained what krill oil is or why we would want it. I’m also surprised that the judges didn’t ask. The people around me in the audience didn’t know. 30% of the market is a huge chunk, could they really get that much bigger?
Name, Company: Justin Perkins, Olomomo nut company
In their words: sold 8,000 to roughly 5,000 customers in denver and boulder in the last year. Trying to expand - if we can get into 3k stores, $20mil business - 50% margin. Starting in Ozo Coffee shops tomorrow and full cycle bike shop. Want to solve the protein problem in coffee shops.
Judges: Capacity? Plenty of capacity now, but ;ooking to find a copacking facility when they get to scale.
My thoughts: LOVE these nuts, and I’ve written about them before. Good bribes for the judges. Seems to me like there is a place for someone to snatch as a nationwide, premium spiced nut.
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Thanks for the great recap - wish we could have been there. It’s always a good time watching entrepreneurs pitch!
Sad that I didn’t see you there! I’ll probably do a recap of last years…as a “where are they now?”
Great write up on NB Days, and thanks for tweeting Boulder Natural Vending as one of your picks from pitch slam. It was a lot of fun to participate and learn about all of the great upstarts around Boulder!