Co-working spaces also bring the like-minded creators together, and some, such as The LAB Miami, provide maker gatherings and workshops. Some like MADE at the Citidel also include maker spaces. A new co-warehousing space in Miami’s Little River area for product entrepreneurs and artists is in the works by Pipeline Workspaces that will include co-working spaces and conference areas, storage space for products, shared shipping and logistics support and a coffee shop.
Developing the business: Locally, incubators and accelerators provide mentoring services and important connections for product entrepreneurs, and engineering shops will provide services to develop your prototype. In addition, agencies such as SCORE (score.miamidade.org and broward.score.org), HBIF (Hispanic Business Initiative of Florida) and the Florida Small Business Development Centers, including a relatively new center at Florida International University (SBDC.FIU.EDU), as well as university programs provide mentoring and workshops on various aspects of building a business. A fashion startup incubator, a project spearheaded by the Beacon Council and Macy’s, is expected to open in the next year.
Tech Runway , the Boca Raton entrepreneurship center and accelerator open to the community, as well as FAU students, is getting ready to welcome its third class of startups. The accelerator offers a 12-week program, where the companies are matched with teams of mentors and given workspace and $25,000 in grant funding. Tech Runway is industry-agnostic, so product companies mix with tech companies. When its space is complete, it also will include a maker space, said its director, Kimberly Gramm. In Miami, EcoTech Visions is a specialized incubator for green product manufacturers (see sidebar).
Businesses at least two years old with at least four employees and $150,000 or more in annual revenue can apply to Goldman Sachs 10,000 Small Businesses at Miami Dade College. The free program provides 12 weeks of intense classroom instruction through a curriculum developed by Babson College, mentorship, networking and ongoing support even after program is over, said executive director John Hall. Applications are now open for the program’s seventh cohort; more than 120 entrepreneurs have graduated so far from the program that launched locally about 18 months ago. The Small Business Administration offers a free seven-month program for qualifying businesses called Emerging Leaders.
In addition, a number of businesses provide engineering services catering to startups and investors. Blue Ring Technologies is one example of a one-stop-shop for all kinds of services under one roof. Founder Jay Prendes developed the Davie company when he had trouble finding services to manufacture his own product several years ago. Today, its clients include independent inventors to large companies, and it can help with design, prototyping and small-batch manufacturing.
Protecting the business: The Institute for Commercialization of Public Research recently launched the Florida Patent Pro Bono Program in partnership with the U.S. Patent and Trademark Office. The program links qualified inventors and small businesses with volunteer patent agents and attorneys who provide pro bono legal assistance on specific aspects of the patent process.
If accepted into the Florida Patent Pro Bono Program, www.florida-institute.com/FloBono, applicants may expect exposure to intellectual property experts, support in certain aspects of the patent application process and partnership opportunities to enhance business development. The legal services would be free; the inventors would still need to pay the patent filing fees but could qualify for steep discounts.
Show me the money: Venture capital and angel-funding dollars typically go to high-growth technology startups, and consumer product startups often have to think outside that box. Consumer products often play well on Kickstarter and other crowdfunding platforms.
Companies making coffee makers, boating accessories, toys, educational products, food and fashions have all appeared in recent crowdfunding campaigns. Several South Florida consumer product makers have excelled recently on Kickstarter and Indigogo, including BeatBuddy, a musician’s foot pedal machine for drum sounds, and Kabaccha Shoes, a men’s line with colorful soles.
Currently, 136 Miami-area products and projects are vying for funders on Kickstarter. Still, crowdfunding campaigns require time and strategic planning and aren’t for everyone. Kickstarter’s success rate is just 37 percent.
Other avenues open to consumer-product entrepreneurs: friends and family investments, loans, government grants and loan programs including Miami Bayside Foundation, and pitch contests, such as the upcoming Thrive Seminar with Daymond John on Thursday.
Maker spaces such as Moonlighter Miami provide a community center for innovative and creative people to come together, with the tools they need for their projects.