Launch NY Newsletter – May 2018

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Buffalo Bommerangers Bringing Fine Wine to Everyone

OpenBottle, a mobile application company, is using their patented reserve-a-glass technology to let restaurants make bottles of high-end wine available for customers to pre-purchase by the glass. Restaurants are able to move an expensive bottle from its inventory, while the consumer enjoys a glass of high-quality wine at a fraction of the price of a full bottle. Co-founders Dan Roycroft and Scott Steffan, who recently returned to Buffalo, were inspired to launch their own business by the recent boom in the Buffalo startup scene. “The Launch NY program has been so helpful to OpenBottle on our startup journey. Having the one-on-one guidance from our experienced Entrepreneur-in-Residence, Al Culliton, to help navigate through our launch and fund raising phase has been critical. Resources like this are priceless,” states co-founder, Dan Roycroft. Read more about OpenBottle in UpstartNY.org.

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Q4. What does it mean to be a high-growth food company?

• George Zheng (@qgzheng & @EmpireMedicinal) – If you have a vision that requires venture capital (VC) money, then be ready to show fast sales growth. No matter what your position is, it comes down to sales, and velocity of sales.
• Eric Gricus (@Eric80027) – A high-growth food company is challenging thing to accomplish. Step one is customers, customers, customers.
• Ande Lyons (@AndeLyons) – It means you scale your business nationally, into all channels of distribution, and have the capability to meet high volume orders.

Q5. How are food startups able to disrupt the industry?

• Mike Annunziata (@nunzi46 & @fartherfarms) – Food startups disrupt the industry with their fresh take on current trends and their agility in adapting to consumer needs and preferences. The latter becomes harder to maintain as a company grows, but innovation should be in a startup’s DNA.
• Michele Liddle (@perfectgranola) – Brands are able to disrupt the market because people are losing trust in the big brands. People are searching for healthy and clean labels. Consumers can really get behind new brands that are innovative and serve a greater purpose than just profits.
• George Zheng (@qgzheng & @EmpireMedicinal) – Traditional consumer packaged goods (CPGs) are in decline; 1) Heavy marketing & not enough R&D, 2) succumbed to Goliath syndrome and unable to innovate = losing touch w/ customers. The next decade is a golden era for food/CPG startups. 21^st century customers will have different needs than previous

Mike is an experienced and successful senior executive with diversified experience. Mike has been the President and CEO of six different companies including both publicly traded and privately owned businesses, including Niagara Mohawk, Rochester Gas & Electric, and medical device manufacturer BioSpherix. Mike’s industry experience includes telecommunications/utilities, medical devices, real estate, and consumer goods. He has an extensive background in creating new markets and companies, gaining market share in highly competitive environments, building effective customer and employee relationships, mergers and acquisitions, and implementing processes for change and growth.