Wiring up our startup. 'Good bones' create great bodies of work.

No startup will succeed without continuously building better internal structures - aka 'good bones'.

Without good bones, you've got no body of work.

Our startup was funded in mid February.

I'm proud to say we were selling - live fire in front of customers - in under a month.

Selling is most critical.  However, the heavy lifting for the launch of any startup is behind the scenes.

Wiring up your professional relationships as wisely and quickly as possible is essential.

The key components of good startup structure (good bones) are:

1. Data management - How do you capture, retrieve, and manipulate data?  Is it scalable?
2. Accounting - Who is your CPA?
3. Insurance - Who are your insurance pros? What are your underlying coverages?  Umbrellas?
4. Banking - Who is your community banker?
5. Legal - Who is your lawyer?

I proud to say we've wired in some wonderful new partners.  Pictured is our community banker, Dale Hatfield, at our community banking partner, Farmers Savings Bank.

My startup report:  within about 6 weeks:

1. Our database is now living in the cloud and working on all local devices - firing on all cylinders.
2. We've moved our accounting into a great small business CPA firm.
3. We've got comprehensive insurance coverage including extensive umbrellas.
4. We're proud to partner with a leading regional bank that supports rural business.
5. We've got the right lawyers in the right places for the specific tasks at hand.

When I started writing this blog almost 9 years ago, one of the very first posts I wrote was 'Good Bones'.  I've been through startup and small business fights for decades and the 'Good Bones' list is universal.  I've linked to the original post below.  It's more relevant than ever.

Without good bones, you've got no body of work.  Thanks to our great new business partners!


Good Bones , April 2005

Anyone interested in locally prepared, regionally grown foods and ingredients...

We’ll be exhibiting at the Midwest Foodservice Expo in Milwaukee next week. Anyone interested in locally prepared, regionally grown foods and ingredients should stop by or get in touch. The 2014 growing season is almost here. If your business plan calls for more year-round local and regional foods, we can make your plan work.

Warren Buffet - "I have not, however, made my last mistake..."

Warren Buffet continues to blaze new trails with his proven business model.  (1)  "I have not, however, made my last mistake..." and,  (2)  "..invest ... as you would in a farm."

Growth comes from trying many experiments and from keeping the core mission front and center.  Some experiments don't pan out but the mission thrives.

The Washington Post reported on Warren Buffet's 2014 annual letter and predictions for the economy. 

"Investors eagerly await Warren Buffett’s letter to Berkshire Hathaway Inc. shareholders each year for its plain-spoken insight into the billionaire’s financial strategy and economic predictions. Buffett had plenty of good news to discuss Saturday..."

I love the way Mr. Buffet talks about investing using the model of building a farm:  “So ignore the chatter, keep your costs minimal, and invest in stocks as you would in a farm.”

My favorite takeaway from Mr. Buffet's annual letter is this:  "I have not, however, made my last mistake ......   Not everything works out as planned.”

"Buffet Speaks:   Highlights from his annual letter".   March 1, 2014

Martha's Pimento Cheese - Martha rocks!

Martha's Pimento Cheese is a gift to the world and a vacation to the South for those of us in Wisconsin.

My friend Martha is a fearless entrepreneur with delicious, award winning products you should know. 

Martha’s Pimento Cheese took first place, the Blue Ribbon, and Martha’s Pimento Cheese with Jalapeños took second place, the Red Ribbon, in the 2013 American Cheese Society competition.  

Making scrambled eggs with Martha's Pimento with Jalapenos has been a wonderful way to survive this winter.

Congratulations Martha on all your accolades and thanks for your leadership role developing artisan foods in Wisconsin and beyond.  Forward!

Learn More about Martha's Pimento Cheese at Mighty Fine Food

Innovation Kitchens - Celebrating our new startup!

I'm helping launch the best startup of my life - Innovation Kitchens.

Innovation Kitchens is being built to help develop and grow the artisan food industry. This is a time of great opportunity.

Our company helps create great jobs and opens new markets for regional and specialty foods.

The photo is with friends at the Wisconsin Innovation Kitchen.  We're not only co-workers, but I get to share in their wonderful annual party as the bingo caller.  It's a highlight of my year and this was a great way to celebrate the launch of our new business!

I'll report news of Innovation Kitchens here.  We're not just starting a very cool new business.  I also think we have a good shot at helping launch a big new market.

Innovation Kitchens will be a highlight of my career.  Forward.

The Top Ten Food Trends for 2014 - Consumers and retailers

Our Innovation Kitchen model supports something directly connected with every one of the top 10 food trends for 2014.

The Top Ten Food Trends for 2014 is an ongoing survey published by Facts, Figures and the Future.

The complete article is linked below.

I've taken descriptions from each trend to directly highlight something our Innovation Kitchen model supplies to that trend.

Top Ten Food Trends for 2014

1. The Emergence of the “IndieWoman”: ...look for more brands to offer more semi-homemade meals that use fresh, high-quality ingredients.

2. Better for You Snacking: ... healthier on-the-go offerings.

3. Brands Reach Consumers Locally Through Cause Initiatives: ... brands will find greater purpose in serving the larger community.

4. Click to Cook: ...the ability to select a recipe, order ingredients and check-out directly from mobile devices.

5. Supermarkets--The New Culinary Schools: ... “community cooking centers” where shoppers can collaborate and learn from each other.

6. The Retailer Becomes the Brand: ... shop at a particular retailer because it has good store brand products.   ... consumers will see more private label brands creating new unique products.

7. Rise and Shine--The New Way to Start Your Day: ... convenient breakfast options.

8. Packaging Evolves to Share More with Consumers: ... Using a mobile device, shoppers will learn more about an ingredient or health claim by simply focusing the device on the label to tell where the ingredients come from, who prepared the food, the company’s history...

9. Millenials Make the Supermarket Social:  Next up: “click to buy” for consumers looking to purchase ingredients for a recipe on Pinterest and have them delivered to their homes.

10. International Restaurant Flavors At Home: look for all shoppers to be eating more international inspired foods.

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We see these trends emerging every week in the work we do.  Farms and buyers are in a great position to supply this significant new demand.

Our Innovation Kitchen network can create high quality regional ingredients that serve every one of these top food trends for 2014.



Top Ten Food Trends for 2014.  Facts, Figures and the Future.  December. 2013

Congratulations new University of Wisconsin System President Dr. Ray Cross.

Congratulations new University of Wisconsin System President Dr. Ray Cross.

Ray was selected by the UW Board of Regents yesterday and will soon take charge of the operation of all 4 year and 2 year campuses as well as the UW Extension and Colleges.

In addition to a distinguished academic career, Ray has been an engineer and small business owner in the past.

Importantly, Ray has direct, hands-on experience in the kind of work we are doing in regional food systems.  I had a good long discussion with Ray about our Innovation Kitchen work when he visited us in Iowa County (photo).   I also had the opportunity to talk about how to deploy our Innovation Kitchen business model with Ray later on at his UW office.

Ray will have big agenda items to deal with as UW System President, but I'm confident we have a knowledgeable, empathetic leader in place who knows the value of effective regional food systems to our state and our region.

Congratulations Ray!

"Kale, Kale Everywhere, but Only Cheetos to Eat"

 A new article in the Atlantic discusses how difficult it is for everyone - including farmers living and working in the heart of our growing regions - to make use of farm products directly.

Smart, nimble commercial food processing kitchens can take nutritious, regional foods and make them ready for quick meals for busy people.

End users shouldn't be made to choose between Cheetos and a bushel of dusty kale or unwashed carrots.

Regional commercial kitchens can make these products 'table ready' and put a big dent in this dumb dichotomy.


Innovation Kitchens

 Kale, Kale Everywhere, but Only Cheetos to Eat  The Atlantic, Jan. 8, 2014 

"Why Immigrants Should Invest In The Coming Midwestern Food Renaissance"

Rich Schell is an Illinois attorney and a very good writer on the subject of food and agriculture businesses.

Rich just posted a new piece to his blog, Schell Acres titled, "Why Immigrants Should Invest In The Coming Midwestern Food Renaissance".

A core of his idea is that there are four vital pieces for any entrepreneurial venture:  Founder/mission, Marketing, Making, and Money

Along with our Innovation Kitchen work, Rich brings in some very well known names in the world of entrepreneurship and enterprise into his piece:  Peter Drucker ("The man who invented management" - Businessweek), Ernesto Sirolli (The Sirolli Institute),  Paul Ray (Cultural Creatives) and Jenny Kassan, (Cutting Edge Capital).

Good company!  What I'm most proud of are the good words Rich shares about our work (emphasis added):

"Marketing:  Niche markets and a lot of them made possible by the fragmentation of the mass market in food and agriculture and the rise of the internet and foodies."

"Making:   Wholistic, Bio Based Organizations that are nimble, quick and niched like Rick Terrien's Innovation Kitchen that allows for the "Democratization of Food"-- small runs of batch products that are still FDA compliant. The internet makes it possible to fragment the mass market into a million pieces, and put the pieces and products together in new and profitable niches that have a margin, and that people buy to be different and not the same as everyone else."

This is exactly the path we're taking with our work at Innovation Kitchens.  We've been able to set up the pathways and maps that allow small farms, food businesses and entrepreneurs to create profitable niche food lines and new brands.  Both farms and consumers benefit and it's making some great jobs for people with disabilities along the way.

Thanks to Rich for the good words!

Why Immigrants Should Invest In The Coming Midwestern Food Renaissance

My entrepreneur loan fund hits 50 countries

I have a small personal loan fund that I run through KIVA.org

It allows me to loan small amounts of money to entrepreneurs all over the world.

KIVA lets me join financial forces with other small lenders to fund loans of our choosing.

This is called a revolving loan fund.  The monies just keep coming back as repayments and made available for lending once again.  I've put in just over $400 and thanks to KIVA I've been able to loan out more than $1,500.  I have a 100% repayment rate from the entrepreneurs receiving these loans.

I just made a loan to the 50th country in my portfolio. What a fun way to end the year.

I'm grateful to KIVA for making this possible!

Kiva

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My KIVA list of countries I've made loans to.  These entrepreneurs all over the world inspire me!

Albania

Armenia

Azerbaijan

Benin

Burkina Faso

Burundi

Bolivia

Cambodia

Chile

Columbia

Congo

Costa Rica

Dominican Republic

Ecuador

El Salvador

Georgia

Ghana

Honduras

Indonesia

India

Iraq

Jordan

Kenya

Kyrgyzstan

Lebanon

Liberia

Mali

Mexico

Mongolia

Mozambique

Nicaragua

Pakistan

Palestine

Paraguay

Peru

Philippines

Rwanda

Samoa

Senegal

Sierra Leone

Suriname

Tajikistan

Tanzania

Timor-Leste

Togo

Uganda

Ukraine

United States

Viet Nam

Yemen