The town of Wake Forest is all about leveraging the resources within our community to grow businesses. With the new Wake Forest Founders Program officially announced last month, WFBIP sat down with the Program Manager, Clark Rinehart, and the Loading Dock’s Chief Strategy Officer and Wake Forest Founder’s Program Consultant, Velvet Nelson, to discuss more on this new cohort launching in February of 2023:
WFBIP: Thank you for taking the time to sit down and discuss the new Wake Forest Founders program. First, can you give us some details on your role in this program and tell us what you are working on now in preparation for the first meeting in February?
Clark: As Program Manager, I regularly connect with the cohort members and ensure they have the direct support they need while in our program. It takes a village to grow a successful business, even in a thriving region like the Triangle. We are currently working on getting our thought leader and mentorship support lined up.
Velvet: Jason Cannon, President of the WFBIP, asked me how we could bring more early-stage entrepreneurs and businesses into Wake Forest. As we were brainstorming, the idea of an entrepreneur program was born. I have experience building entrepreneur programs, so I told him I would happily help design the program if he could find someone to execute it. As a consultant for the program, I am working with Jason, Spencer [Warren, also with WFBIP], and Clark on how we can build off of the entrepreneur program to make sure attendees feel welcome at The Loading Dock. Everyone participating in the program will have a place here at LDWF, and we want to ensure we provide them with the resources and events they need to connect with others in the space.
WFBIP: Velvet, you bring a wealth of knowledge to Wake Forest Founders, as you previously founded a successful cohort, UNC-Chapel Hill’s Launch Program. How will this program differ from others in the area?
Velvet: Every cohort is different based on the needs of the founders. We always leave room to add sessions and educational content around what we see the founders need once immersed in the program. Every entrepreneur program I've been a part of usually has the same fundamental educational components that make it successful. The differences come into play when we bring on entrepreneurs and mentors. We will strive to create a diverse mixture of businesses and people who can come together to create a strong economic impact in Wake Forest.
WFBIP: You mentioned the educational components. Can you elaborate a bit more on what cohort members can expect to learn in the curriculum?
Velvet: There will be a strong focus on building a core business model--understanding the market, financials, creating a vision/mission for your company, pitching your company, and much more.
Clark: Yes, adding to Velvet's words, we will work on the business model canvas. This includes professional goal setting, refining how members talk about their business, understanding their customers, knowing if and when to raise money and how to best prepare for it, and strategies around sales and marketing, among other important topics.
WFBIP: Clark, you mentioned that you’re currently working on getting thought-leader and mentorship support lined up. Are there any definitive names you can drop?
Clark: While we have some exciting leaders in the entrepreneurial space we’re talking with who are excited to be a part of the program, I can’t definitively name any of them just yet. However, I will say that the mentorship from our team and mentor matching directly from the Wake Forest and Wake County ecosystems will be of the greatest value to the cohort members.
WFBIP: What are you both most excited about in launching this new program?
Clark: I’m particularly excited about meeting local founders and helping them achieve their professional goals. Being a founder and a part of a start-up company can be scary and lonely, so I count it as a privilege to grow alongside friends.
Velvet: Definitely the people. Helping others start businesses is what gets me going in the morning. It's such a high to start helping an early-stage entrepreneur and then watch them grow something into a viable business where they can pay themselves. I like to think that I've been a small part of that journey.
WFBIP: Speaking of the people, who are you hoping this program reaches? Rather, who would benefit most from applying to this opportunity?
Velvet: If you are an early-stage entrepreneur who has been wondering how to get your business off the ground, then this program is really for you. You will gain fundamental knowledge to help you avoid hurdles that most entrepreneurs face.
WFBIP: We discussed what cohort members could expect to learn in the curriculum. Can you elaborate more on what they can expect from this program? As in, what’s the level of commitment look like for those who are thinking about applying?
Clark: Cohort members can expect to be encouraged and challenged about their business plan and strategy for growth in a supportive environment. There will be work outside our normal meetups, trainings, and pitch scrubs. However, it will all align with helping them achieve their primary business goals in 2023 and beyond. I envision cohort members investing 15 hours per week as a team throughout the program.
Velvet: Someone participating in this program should be fully focused on creating a business or at least working on a plan to be entirely focused on their business in the next 6-12 months. Participants should expect to spend at least 1-2 hours a day doing something within the program, whether it be meeting with mentors or participating in an educational program.
WFBIP: I know applications are now open on the Founder’s webpage. When selecting your cohort, what would you say you are looking for most in applicants?
Clark: We are looking for passionate founders and teams seeking vital startup resources to scale their ventures. From my perspective, the early stages of growing a business are fueled by passion, so we want to hear about the “why” that keeps the founder driven as they chase this dream.
Velvet: Most importantly, I always like to see a solid founder with a good team or plans to build a good team around him or her. I also want to see that the founder understands their business problem and customers. Anyone can build a business, but it takes a significant amount of customer discovery to understand if someone is willing to buy what you're selling.
WFBIP: You both are mentors in the entrepreneurial space. As such, tell us your best entrepreneurial advice.
Clark: My best entrepreneurial advice is to start somewhere and build something that matters for the public good. So often, I find that perfection gets in the way of greatness in my life as a founder. Sometimes just finding the courage to be an entrepreneur and start something, even just formally filing the business, is half of the battle. I believe it’s also wise to keep steady work — contract, part-time, or full-time depending on your needs — as you start a venture. Lastly, I have found that money tends to follow passion. My encouragement would be to start something that deeply matters to the greater community and directly impacts their lives.
Velvet: Don't think you can grow a business on your own. The best entrepreneurs spend endless hours learning from others and seeking advice from the right mentors. Entrepreneurship is very collaborative, and 99% of the time, someone has encountered the same problem you're facing. Why not surround yourself with a good support team to help you solve your business barriers?
WFBIP: Lastly, what would you say to anyone on the fence about applying?
Clark: Please reach out and ask questions and then apply! There’s really no risk, only potential reward. We want this to be open and available to Wake Forest companies! You can learn more about the program on the Founder webpage or contact me directly at crinehart@wakeforestnc.gov.
Velvet: Yes, reach out and have a conversation with Clark! We also invite you to stop by The Loading Dock in Wake Forest to see what we have to offer. You'll find a supportive, inclusive community who's really excited to meet you!
