Photos by Jasen Delgado / www.jasendelgado.com
By Nancy Dahlberg / ndahlberg@miamiherald.com / @ndahlberg
The American Entrepreneurship Award, a new contest for early-stage Miami-Dade entrepreneurs, used some celebrity magic to draw a standing room only audience to its launch event: Daymond John.
The Shark Tank star entertained and inspired the audience Thursday with his rags to riches story – he started making urban streetwear while working at Red Lobster. He opened FUBU in 1989 and had to close it three times over the next three years because he ran out of capital. But his passion, and FUBU’s many fans, powered him forward: Now it’s a $6 billion enterprise.
Today, of course, John, who is the author of the new book The Power of Broke, has invested in scores of companies through Shark Tank, rolling up his sleeves and working closely with the companies, including South Florida's Three Jerks Jerky and AquaVault. “The Sharks all feel we are a very small part of a very huge [entrepreneurial] movement,” said John, noting that Shark Tank is one of the top shows watched by kids 5-15 and one of the top shows parents watch with kids. “We’re a part of something that will help the next generation.”
John will be a celebrity judge for the AEA award, a new annual contest offered by Libra Group and Miami Dade College’s Idea Center. It’s is open for applications at www.americanaward.com until April 29. The winner receives up to $25,000, as well mentorship and support services. In addition, Miami Dade College students will also be eligible for a separate $2,500 MDC award.
At the American Entrepreneurship Award event, Daymond John shared this advice:
* Successful entrepreneurs take affordable next steps.
* Surround yourself with like-minded friends who won’t let you quit. Seek out mentors from among the successful business people you know.
* Responsibility must be taken, not given (advice from his mom).
* Success is all about tapping into a movement. It’s about the following you create with your own authentic voice. It’s not the money that will get you there (”Money just drives your problems in a limousine”). And it is all about the hustle.
* What separates the rock stars from the rest on Shark Tank? Proof of concept first and foremost, the companies already have proved customers want the product and they have some sales. Second, the founders have failed more times than they have succeeded; they are so excited about what they are doing, they would do it for free the rest of their life if they could. And third, the business must be scalable.