For Immediate Release
March 11, 2016
Philadelphia Business Owners Join PA Treasury and “Shark Tank” Winner at Small Business Initiative Event
After Successful Launch, Next Event Scheduled for May 19 at Lehigh
Harrisburg – Approximately 80 entrepreneurs and small business owners attended the Pennsylvania Treasury’s inaugural Small Business Initiative event at Drexel University’s LeBow College of Business today to network with peers and hear leading business experts discuss a variety of challenges that confront small businesses. Following the event, Treasurer Timothy Reese announced that the next workshop would be held May 19 at Lehigh University’s College of Business and Economics.
“As an entrepreneur, I know first-hand how difficult it can be for successful business to grow. The Small Business Initiative provides the knowledge and connections to help address the issues business owners face. This is important because when small business does well, all of Pennsylvania does well.”
Timothy A. Reese, State Treasurer
Gregory Coleman, co-founder and chief operating officer of Nexercise, Inc., who recently scored the largest tech startup funding in the history of the ABC television show, “Shark Tank,” was the keynote speaker. He discussed his experiences growing a small business and provided attendees with practical advice on how to position a business for growth.
“You have to stay focused on what you do better than anyone else, because you don’t have the time and resources that the giants have,” said Coleman. “If you don’t, you won’t ever become a giant.”
The event included several workshops on topics such as health and insurance, corporate structure and governance, finance and revenue, procurement, and legal and intellectual property. The workshops were conducted by leading businesses across the state including Ernst and Young, United Healthcare, Morgan Lewis and NewSpring. Stephen Mullin, president and principal at Econsult Solutions, Inc. kicked off the event with a discussion on the economic impact of small business and what they need to do to grow.
“There are two fundamental points for being a successful business: Make sure you know what your demand is and reduce the cost of doing business,” said Mullin.
The SBI is aimed at small business owners who have been in business a minimum of three years with gross revenues exceeding $250,000 for the prior two years and who provide a product or service with expansion plans within the next six to 12 months. In addition to today’s event and the May 19 event at Lehigh, events are also planned this year in Pittsburgh and York, PA.
“The energy at today’s event was inspiring. I am already looking forward to the next event at Lehigh," said Reese.
To learn more about Pennsylvania Treasury’s Small Business Initiative, visit http://www.patreasury.gov/sbi.
Media contact: Scott Sloat 717.695.1789 or firstname.lastname@example.org
The Pennsylvania Treasury is an independent department of state government led by the state treasurer, who is elected every four years. The department's primary duty is to safeguard and manage the state's public funds. It invests state money to generate income on behalf of the citizens of Pennsylvania, reviews and processes payments for state government agencies, and serves as custodian of more than $100 billion in state funds. Key Treasury programs include Unclaimed Property, PA 529 College Savings Program and the Board of Finance and Revenue.