As the saying goes, from failure comes success ”“ and for Neil Rosen and Manish Chowdhary, the saying certainly holds true. Both were able to emerge from the ashes of their failing businesses with stronger and more profitable business models.
Embracing the scary side of entrepreneurship, Rosen and Chowdhary were the keynote speakers Oct. 11 for a “Tales from the Crypt” networking event in Bridgeport.
“Tales from the Crypt” was the third entrepreneurial networking event held by University of Bridgeport Innovators Series, which is aimed at bringing together entrepreneurs to spur new businesses and innovation. The next event, which will discuss pitches and elevator speeches, will be held Nov. 14 at the Arnold Bernhard Center”™s Art Gallery in Bridgeport.
“The economy as we know it has changed,” said Mary-Jane Foster, UB vice president of university relations, explaining why the series was founded earlier this year.
“There are doors opening around innovation,” she said. “The more you engage, the more likely you are to create it.”
Admitting his business has had some failures in the past, Rosen said the key to a successful enterprise is taking risks, which are “always financial.”
About 10 years ago, Rosen founded eWayDirect as a self-funded email marketing company and was off to a great start. The business was profitable and had great long-term growth ahead of itself. However, the Southport-based company wasn”™t the only business to see opportunity in email marketing. In just one year, the market became flooded with competition. The company”™s revenue dropped 30 percent in a year and went from 12 competitors to more than 1,000 ”“ many of which were well-funded venture capital projects with $1 million budgets.
With big budgets, companies are able to take more risks, Rosen said. Taking risks means more opportunities, which is why Rosen was prepared to spend money looking for alternative business paths.
Though his company”™s product had originally been successful, Rosen had always budgeted for explorative side projects ”“ and one of them ultimately saved the company. It was a service to help companies build better email customer lists, so that the email marketing service was more effective. The service rejuvenated the business and opened a door into the marketplace again.
Similarly, Chowdhary, CEO of GoECart, said his company has had many bumps along the road. Forming GoECart out of his University of Bridgeport dorm room 12 years ago, the company started out building computer systems for college students and today it helps businesses effectively sell their products online.
Chowdhary”™s biggest piece of advice is to not jump into a new business venture. Take the time to thoughtfully plan it out. Make sure there is a demand for the product before you even make it, he said.
“It”™s much harder to fix something than start it,” Chowdhary said. “With money comes customers. It”™s harder to reinvent when you have people depending on you.”
