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Business Growth in a Lean World
1. Growing In An Innovative
Intrapreneurial Mentorship
Lean World
Zack Miller, Founder of Hatch
2. 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
3. What is Hatch?
q Accelerator + Seed Fund + Campus
q 40+ Portfolio Companies
q 1000 Four
4. So What Are We Talking About Today?
Millennials
Innovation
Mentorship
Lean Business Environments
15. 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
16. ¨ But before it was Start Norfolk, it was small,
intimate, entrepreneurial meetups that evolved into
a larger affair.
17. Allow Momentum
¨ And the evolution of the innovation to happen.
¨ Example:
18. 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
19. 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.
20. 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.
21. 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
22. 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
23. 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
47. What is mentorship?
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
48. WWhhaat td doo y yoouu w waannt ty yoouurr t eteaamms ttoo lleeaarrnn??
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?