URI_Research_Magazine_Momentum_Spring_2016_Melissa-McCarthy

Small Business is Big for Rhode Island’s Small Business Development Center written by Kara Watts ’17

counseling for entrepreneurs looking to start or grow their businesses. The RISBDC also conducts training programs, workshops, and seminars that cover popular subjects such as financial planning and market research for existing and prospective business owners. “Ideally, the entrepreneur will have the potential for growth in terms of employment, sales, and profitability,” says RISBDC Executive State Director, Edward Huttenhower. Huttenhower joined the center in September 2015, with an MBA from the University of Pittsburgh and more than 28 years of experience with

It is no secret that craft brewing is a booming industry, and Whaler’s Brewing Company of Wakefield, RI, is poised to be the next big player on that stage here in the smallest state. What began as a hobby for founders Andy Tran, Wesley Staschke and Josh Dunlap has grown into a unique and highly regarded microbrewery start- up business. Walk into the converted space in the old Palisades Mill in Peace Dale on any weekend and you will find a lively crowd enjoying samplings of their flagship ales and newest creations on tap. But the Whaler’s team faced the same challenge as other burgeoning start-ups: how to finance growth to meet booming customer demand. That’s when the owners came to the Rhode Island Small Business Development Center (RISBDC) at the University of Rhode Island (URI). Working with Southern Regional Director Josh Daly, Tran and Staschke were able to successfully understand and navigate the funding landscape, exploring various financing options before finding an investor and negotiating a deal. The RISBDC worked with the company through each step of the process, helping to develop and refine financial projections, translating financial jargon and investor-speak, and ultimately, giving the owners confidence that they have developed a strong foundation for growth. The investment the company secured enabled the owners to purchase new equipment that will enable them to increase their capacity by five times. “The RISBDC was an incredible resource for knowledge and guidance,” says Tran. Whaler’s Brewing Company’s success story is not unique for the RISBDC, whose mission is to aid local small business owners and entrepreneurs with the advice, services, and resources they need to succeed in the state. Services include no-cost, one-on-one business

state Small Business Development Centers in Maine, West Virginia and Pennsylvania. Huttenhower expresses confidence in the center’s focus on small business. “Small businesses are a critical part of every state’s economy and Rhode Island is no different,” he explains. “More than 95 percent of the businesses in the state are considered to be small businesses. National studies prove that when these businesses take advantage of the assistance available to them, such as the RISBDC, they’ll have a higher success rate compared to those that don’t.”

Edward Huttenhower Execut ive State Di rector RISBDC

Spring | 2016 Page 51