Entrepreneurship : In The News

Ryan Wertman, a Philadelphia lawyer who started his own practice that serves small businesses, is among those profiled by BBC in its look at Americans who leave good jobs to do their own thing.

Unwilling to put their careers in the hands of others, some Americans are quitting good jobs to start their own businesses - despite the high unemployment rate. In the first in a new series about creating jobs, the spotlight is on this surprising trend.

Ryan Wertman was one of the lucky ones.

A 2007 law school graduate, he had landed a job with a corporate firm in Philadelphia. At a time when unemployment numbers remained high, he was making good money, earning solid benefits, and on track for a partner position.

Then the economy crashed, and everything changed.

He wasn't fired, or downsized, or otherwise forced to start his own shop. Instead, disillusioned with corporate culture, he left his cushy job to start out on his own practice - a one-man firm offering legal services to other small businesses.

Original source: Ryan Wertman
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The owner of Hybrid Cycles on East Gay St., West Chester, has added another line of electric bicycles and reports that sales are up 80 percent, reports the Daily Local.

At Hybrid Cycles, President Gary DiVincenzo said sales of electric bikes -- he sells four lines altogether -- are up 80 percent so far this year. Even so, electric bikes are in their infancy in the U.S. compared to the rest of the world, and the East Coast is about two years behind the trend compared to the West Coast, DiVincenzo said.

"There were 20 million (electric bikes) sold in China last year, 1 million in Europe and 125,000 in the U.S.," said DiVincenzo, a former pharmaceutical industry worker who spent 10 years doing custom woodworking before starting Hybrid Cycles.

Original source: Daily Local
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The Energy Cooperative wants to increase awareness of bioheat through a video contest, according to Biodiesel Magazine.

The Energy Cooperative, a Philadelphia-based member-owned nonprofit, has launched an initiative to encourage the use of Bioheat. To kick off the Clean Heat initiative, The Energy Co-op is holding a Clean Heat video contest. Members of the group submitted videos of their experiences using Bioheat. The Energy Co-op will use these videos as a way to promote the use of the biodiesel-blended heating oil, as well as create more awareness of the renewable heating fuel. The contest is scheduled to conclude on Oct. 20.

Source: Biodiesel Magazine
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Renmatix, a company that creates biofuel from sugar, is setting up shop in King of Prussia, according to BusinessWeek.

Gov. Tom Corbett traveled to suburban Philadelphia on Tuesday to welcome a biomass energy company that plans to move its headquarters from Georgia and create 150 jobs over the next three years as it tries to develop ways to turn products such as wood and waste into fuel.

Venture capitalist John Doerr moderated a discussion of alternative energy inside the warehouse building that Renmatix -- which has another facility in Kennesaw, Ga. -- will be calling home.

The company is developing ways to access the fermentable sugars that are the foundation of biofuels. The effort, along with other alternative energy efforts, are all part of helping the country become less dependent on foreign oil, Doerr said.

Source: BusinessWeek
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Local restaurants are getting a reputation for farm fresh ingredients, according to OffManhattan.

To taste the freshest produce in the region, you can shop one of the city’s many farmers market, haul your selections back home, and crack open a cookbook. Or you can take the effortless route, and settle into one of the top farm-to-table restaurants in Philadelphia.

Uniquely positioned between ‘Jersey Fresh’ territory and Amish Country, Philly offers its chefs an impressive variety of local, seasonal ingredients from which to craft their award-winning menus. And diners will be excited to know that much of this produce makes its way from farm to plate just one day after harvesting. Yes, the peppery radishes and buttery greens in your appetizer salad may have been plucked from the dirt just hours ago.

Source: OffManhattan
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A Huntingdon Valley online bookseller with a socially conscious focus, Education By Inclusion recently gave a $40,000 scholarship to a Camden, NJ resident, according to The Chestnut Hill Local.

Who would have thought that reselling books and electronics could be such a lucrative business and result in scholarship money for needy students?  Flourtown resident Chetan Bagga, a Columbia University graduate, ran the numbers and started Education by Inclusion (EBI) about a year ago.

The home page of their web site offers this comment to customers. "We are a socially conscious online bookstore with a simple promise -- everything you buy contributes to a deserving student’s education. This year, you’ve made over 100,000 purchases toward scholarships. We sincerely thank you! Let’s keep the momentum going."

Source: The Chestnut Hill Local
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Despite challenges in court and changes in management, enterprise software giant SAP remains at the top of its game, according to The Globe and Mail.

It’s been a tumultuous two years for German technology giant SAP AG. Its CEO was dismissed in the face of poor numbers, and two new co-CEOS were appointed. It was ordered to pay $1.3-billion (U.S.) in penalties after an SAP unit stole trade secrets from rival Oracle Inc. But now things are breaking SAP’s way. A U.S. judge last week rejected the damages as ‘grossly excessive’ and recommended Oracle get $272-million – or seek a fresh trial. And 39-year old SAP – with annual revenue more than €12-billion ($16.8-billion) – is still on top of the enterprise-software world. At the centre of the whirlwind is co-CEO Bill McDermott, a rangy hoops-shooting U.S. marketer who operates out of suburban Philadelphia. He was interviewed the day before the judge’s decision.

Source: The Globe and Mail (Canada)
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TechCrunch takes a closer look at startup accelerator DreamIt Ventures' current crop of companies.

The current class includes students and alumni from the Wharton School of the University of Pennsylvania, Princeton, Duke, Stanford, Harvard, Yale, Columbia and MIT. Startup founders have past work experience at Google, Yahoo, Intel, Goldman Sachs and J.P. Morgan.

Five of the companies were selected together by DreamIt and Comcast Ventures, the venture capital affiliate of Comcast Corporation, as part of its Minority Entrepreneur Accelerator Program (MEAP). This program provides an extra $350,000 on top of the funding DreamIt offers for minority-led startups. The current group includes owners who are African-American, Asian, Hispanic and Indian.

Original source: TechCrunch
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King of Prussia based NextDocs raises $10.3 million to provide Microsoft SharePoint to life sciences, according to TechCrunch.

NextDocs, a company that sells Microsoft SharePoint based software for the life sciences industry, has raised $10.3 million in a Series A financing from OpenView Venture Partners.

NextDocs helps life sciences companies of leverage SharePoint-based document and management software.The company actually customizes SharePoint for companies in the pharmaceuticals, medical device and biotech industries. NextDocs actually has over 100 customers across the life sciences industry (including five of the ten largest pharmaceutical companies in the U.S.).

Source: TechCrunch
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With 18 companies, the Philadelphia metro area ranked fifth on the recently released Inc. 500 list of America's fastest growing companies. The Philadelphia region placed nearly 150 companies among Inc.'s 5,000 fastest-growing companies. Flying Kite parent company Issue Media Group made the list for the second consecutive year, rating as the 25th-fastest growing media company in the country.

Here's Greater Philadelphia's fastest in the top 500 (percent growth, revenue in parentheses):

24 - re2g (7,493%, $10.6 million) PA
48 - Leadnomics (3,932%, $5.8 million) PA
67 - NextDocs (3,213%, $9.8 million) PA
123 - Petplan (2,207%, $18.7 million) PA
150 - Optimal Strategix Group (1,878%, $6.5 million) PA
151 - Free For All (1,871%, $2.5 million) NJ
182 - Magic Hat Consulting (1,669%, $3.4 million) PA
214 - Aromatic Fusion (1,455%, $5.3 million) PA
238 - Decision Distribution (1,335%, $34.5 million) PA
272 - Ohana Companies (1,187%, $8.4 million) DE

Original source: Inc. 500
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The Community College Times writes about how the Green Jobs Academy at Bucks County Community College teaches students to convert gas cars to electric.

Imagine a car that can run for 44 miles on $1.20 worth of electricity.

That recently happened at the Green Jobs Academy at Bucks County Community College (Pennsylvania) when 10 participants converted a 1990 Mazda Miata into a fully electric battery-powered car.

Source: Community College Times
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Former New Jersey state CTO Adel Ebeid moves into the newly created post of Chief Innovation Officer of the City of Philadelphia, according to Technically Philly.

Described as "the perfect immigrant story" by the city's Managing Director Rich Negrin, Ebeid, who was born in Egypt but raised in Jersey City after losing as a teenager his father to cancer, rose through the ranks of New Jersey state government to become among the only cabinet level leaders that fiery Governor Chris Christie kept on. Now, after 'flatly' turning down the offer, the soft spoken and succinct Ebeid is preparing to move his wife and new daughter to a city he admits he doesn't know well to help inject innovation into the City of Philadelphia.

Source: Technically Philly
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Expanding south, the Brooklyn-born Barcade concept comes to Philadelphia next month, according to Inc. Magazine in this profile of its founders

As a kid, Paul Kermizian was younger than most everyone else at the local arcade. He got pushed aside. He had to wait in line.

Not anymore. Today he can play whenever he wants�and he doesn't even have to keep a pocketful of quarters. Kermizian, now 36, is the owner of Barcade, a hybrid craft beer bar and�yep, you called it�video arcade. With four partners, his longtime friends Jon Miller, Scott Beard, Kevin Beard, and Pete Langway, he launched the bar in two locations: Williamsburg, Brooklyn, and Jersey City. And their retro empire is growing: a third Barcade is scheduled to open next month in Philadelphia.

Source: Inc. Magazine
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The Associated Press checks in on Philly-based online kids' bookstore Monkeyreader donates 5 percent of profits to childhood literacy.

Once upon a time, there was a bookstore. One day, the bookstore went away and reopened online with a new name and a mission to combat childhood illiteracy.

The rest of the story of year-old e-tailer MonkeyReader.com is still being written but its founders hope the ending will be happy�and successful.

"We're beginning, we're growing, we have a lot of great ideas," co-founder David Lenett of the venture, a successor of the Discovery Bookshop, a popular Philadelphia children's bookstore that closed in the 1990s and became an online storefront that evolved into the more interactive MonkeyReader site. 

Source: The Associated Press
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Teen networking site myYearbook is expected to stay in New Hope after being sold for $100 million to Latino social network Quepasa, according to Forbes.

An unknown person once said that high school is the mouse race to prepare you for the rat race. For the next generation of million dollar milennials, that race is off to an early start.

It was a simple and irresistibly practical idea from siblings Catherine and David Cook. In 2005, the 15- and 16-year-old duo decided to trade the paper version of the regular high school yearbook for the digital one. myYearbook was born, a social networking website that the brother and sister team worked with throughout high school. The founder of the site would be Geoff Cook, the other sibling to Catherine and David, who would work to hire over 100 employees with the company. myYearbook exploded in popularity and in just six years it could proudly boast $17 million raised in financing, over 20 million members, 1.2 billion monthly page views, and $20 million in revenue as reported by both MSNBC and Business Insider.

Source: Forbes

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