Biological Prospects Exports Equithrive with KSBDC Assistance
Science, not business, comes naturally to Pat Lawless, founder of Biological Prospects , a high-tech company that produces a line of nutraceutical supplements for the equine industry. Uncertain how to market his novel product on an international scale, Lawless contacted Gordon Garrett, associate director with the KSBDC.
Together Garrett and Lawless reviewed his product offerings and drew up a plan so he could quickly and cost effectively take “ Equithrive ” to the international equine market. “Basically, Gordon advised me to outsource everything we can. For example, manufacturers know a lot more about manufacturing a product than I do.”
By utilizing the market prowess of five large distributors, Lawless was able to move Equithrive across international boundaries in a fraction of the time it would have taken him to build and train his own sales force.
“I have implemented a similar model with numerous KSBDC clients,” Garrett said. “It takes a lot less money to get these businesses off the ground if we piggyback on the relationships distributors have already formed with retailers.”
For Biological Prospects, that partnership means moving their product to an international market in a matter of months vs. years. Today the company exports products through five major distributors, all with highly-trained sales forces that have established relationships with veterinarians across the globe. To-date, five percent of Lawless’ product is exported to Australia and Canada and Europe.
“The SBDC has been a tremendously valuable resource. I don’t know what I would have done without Gordon’s assistance. He has guided me through every step of this process.”
– Pat Lawless
LEXINGTON, Ky., (Feb. 14, 2017) – Kentucky Small Business Development Center is seeking nominations for the 2017 Pacesetter Awards. The recognition program was created to honor high performing, second-stage businesses that are changing Kentucky’s economic landscape. The deadline to submit nominations is March 15.
KSBDC encourages small businesses that meet the following minimum qualifications to apply:
· Privately held
· In business for three or more years
· Employ six or more full-time employees, including the owner
· Annual sales meet or exceed $500,000
· Located and headquartered in Kentucky
·Demonstrate the intent and capacity to grow evidenced by the judging criteria.
Pacesetters will be selected based on two or more of the following criteria:
· Growth in the number of employees
·Increase in sales and/or unit volume
· Innovativeness of the product or service
·Response to adversity
·Employee engagement and commitment
·Contributions by the nominee to aid community-oriented projects
Pacesetters will be recognized at the Kentucky Celebrates Small Business event held at the Capitol rotunda in Frankfort during the first week of May. Each honoree will receive an award inscribed with the business’s name and a promotional video for their own use that highlights the business. In addition, KSBDC will send a customized press release announcing the award to local media and trade associations. Honorees are given the rights to use the Kentucky Pacesetter logo and event photographs in promoting their business.
Anyone may submit nominations, including third parties associated with an eligible second-stage business. A business may self-nominate by completing the required form. Winners will be notified by March 27. Full nomination requirements and the application are online at https://www.ksbdc.org/kentucky-pacesetters1 .
The Kentucky Small Business Development Center, part of the University of Kentucky College of Agriculture, Food and Environment, is a network of 12 offices located throughout the state. The center helps existing and start-up businesses succeed by offering high quality, in-depth and hands-on services. KSBDC is a partner program with the U.S. Small Business Administration. More information on KSBDC services can be found on their website, http://www.ksbdc.org/ .
Writer: Roberta Meisel, 859-257-0104
UK College of Agriculture, Food and Environment, through its land-grant mission, reaches across the commonwealth with teaching, research and extension to enhance the lives of Kentuckians.