Are budgets tight at your company? Many places they are. Whether you're a Fortune company or a bootstrapped entrepreneur, chances are you have a list of things that you need and are holding off on purchasing something you need to grow your business.
ScaleWell, a new quarterly grant given by entrepreneurs for entrepreneurs, aims to change the way companies look at what it takes to gain traction for one's business. By giving away $1000 per quarter (no strings attached) to one company, ScaleWell is encouraging companies to look at ways to grow by funding their experience. According to the ScaleWell web site, it's a way to enable the recipient to answer questions like "How many customers I acquire for $1000?" or "How much closer to profitability can I get by investing this small amount?"
Moreover, the buzz ScaleWell is generating in the Chicago business community, the region KeyLimeTie calls home, can serve to inspire you no matter your role--whether you are a solo entrepreneur or an executive at a large company. Take a fresh look at the how you can grow or improve by investing a small, finite amount of money to fund an action or make a purchase that will gain you traction. Once you're done, measure the results. Whether this particular experiment succeeds or fails, you're learning along the way and taking positive steps forward.
ScaleWell was founded by Andy Angelos, Ziad Hussain, and Sean Corbett--each entrepreneurs looking to scale their own businesses while helping others do the same. ScaleWell is funded by Trustees; Trustees each donate $100 and volunteer to advise the grant recipient. Trustees decide on the award recipient from applications received each quarter.
KeyLimeTie came to support ScaleWell through CIO Peter Morano. Internally, Pete has been instrumental in applying similar ideas through the KeyLimeTie Labs innovation group, and saw this as an opportunity to lend support to another business in the larger community.
How could you scale your business by investing $1000? You don't have to be a ScaleWell recipient to do this. The budget constraint makes it realistic to think and act this way. With $1000, here are some of the things you could do to scale:
- Video camera to take videos and share online to attract more customers.
- Purchase costly software or hardware that would enable you to do more, or increase efficiency.
- Invest in a graphic design for your company or product that improves your presentation and allows you to sell more.
- Build enhancements to your web site, or purchase hosting for a new web site for a year.
- Hire a C-Level consultant to work with you on strategic alignment within your company or group.
- Sponsor an event that will gain you exposure and put you on the map in a market or a community.
How will you scale your business well? KeyLimeTie wants to know. Leave a comment below!
Update: The first ScaleWell grant was given to Michael Una for his business, Unatronics, that sells handmade electronic musical instruments. He will use the grant money to develop additional products he can sell.
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