Entrepreneurs: How Angel Investors Pick Winners with Sandy Wollman + Others

Episode Transcript

Speaker 1 (00:00):
The following is a paid podcast. iHeartRadio's hosting of this
podcast constitutes neither an endorsement of the products offered or
the ideas expressed.

Speaker 2 (00:09):
Most angel groups around the country share their toys in
the sandbox.

Speaker 3 (00:13):
You can just harvest energy from your computer.

Speaker 4 (00:16):
How can I recreate this level of fun?

Speaker 5 (00:21):
I'm Richard Gearhart.

Speaker 6 (00:22):
And I'm Elizabeth Gearhart. You've just heard some snippets from
our show. Do you want to know more about starting
your business?

Speaker 7 (00:28):
Stay tuned, ramping.

Speaker 1 (00:31):
Up your business? The time is near. You've given it hard,
now get it in gear. It's Passage to Profit with
Richard and Elizabeth Gearhart.

Speaker 5 (00:41):
I'm Richard Gearhart, founder of Gearhart Law, a full service
intellectual property law firm specializing in patents, trademarks, and copyrights.

Speaker 6 (00:49):
And I'm Elizabeth Gearhart, not an attorney, but I do
marketing for Gearhart Law. And I am the founder of
gear Media Studios, a full service podcast studio.

Speaker 5 (00:57):
Welcome to Passage to Profit, the Road to Entrepreneurship, where
we talk with entrepreneurs and celebrities who tell their stories
about their business journey and also share helpful insights about
the successes that they've had. We have a very special guest,
Sandy Wollman. I've known him for a long time and
he is an investor extraordinaire. He's the co founder of

(01:17):
the Westchester Angels and he's also a board member at
the Angel Capital Association and leader of their national syndication
task for so looking forward to talking with him about investment.

Speaker 6 (01:31):
Then we have two amazing presenters. Samaanu is an assistant
professor at the Department of Biomedical Engineering at Rutgers. Oh
my gosh, the stuff he is working on will blow
you away. It's so cutting edge and I'm going to
let him explain it, but it's really cool. And then
we have Stephanie Kohller and she's the founder of Jerseys
and Dresses. She's so much fun. It's a charitable fund

(01:54):
whose mission is to IMpower and uplift diverse communities by
fostering inclusion unity through literacy and education, youth sports, and
small business initiatives.

Speaker 5 (02:03):
And that's a lot.

Speaker 6 (02:04):
Go to her website. It's really cool.

Speaker 5 (02:06):
Yeah, I can't wait.

Speaker 6 (02:07):
And later on we'll hear from our friend Alisia Morrissey,
a great jazz singer, and we've got Secrets of the
entrepreneurial mind.

Speaker 5 (02:15):
But before we get to our distinguished guests, it's time
for your new business journey. Two and five Americans have
started a business or are thinking about starting a business,
and so we like to ask our panel a question
that would be relevant to them. So this week's question
is how do you craft a career for ultimate freedom?
So we're going to start with our guests. Sandy, Welcome

(02:37):
to the show.

Speaker 2 (02:37):
Thank you, Richard. It's a pleasure to be here. Thank
you for having me. It's not an easy question to answer.
I guess my gut answer would be to find something
you're passionate about, because when you find something you're passionate about,
it's not work. You look forward to going to work
every day. Not easy to do to make a career
out of a passion, but if you're lucky enough to

(02:59):
do that, well on your way.

Speaker 5 (03:01):
So now you what is your career for ultimate freedom
going to look like?

Speaker 3 (03:05):
I totally agree with Sandy and my ultimate freedom, I
think is what I'm doing every day aligned with my interest.
It's also not a easy way to just realize that
kind of the ultimated freedom. I also try a lot
of different career pasts, including you know that's working in
a company. Now I'm a professor, and I mean drawing

(03:26):
my academic freedom.

Speaker 5 (03:27):
That's great. Steph, welcome to the show. Thank you for
joining us, and tell us what is your path to
ultimate freedom.

Speaker 4 (03:35):
I say, along with what Sandy said, doing things that
fit your passion. But one of the things that enabled
me to have more freedom in my entrepreneurial journey was
to move where it's warm, where we can play all year.
I have the freedom to do those things that aren't

(03:55):
based on seasonal So we live where it's warm, we
get to do all of our passion projects, but also
get to have the freedom to do things year round.

Speaker 8 (04:06):
That we couldn't do when we lived in the northeast.

Speaker 6 (04:09):
Elizabeth, I don't know that you can ever get ultimate freedom,
because I'm thinking that right now because it's the end
of the month that I have to pay all the bills.
It's like you always have to worry about something. You
always have to worry about your money, the stock market crashing,
you always have to worry about something. So I'm not
sure you can get ultimate freedom.

Speaker 5 (04:28):
I guess the takeaway is maybe ultimate freedom is elusive,
but if we follow the advice of our guests here
will definitely be able to find some sense of personal freedom.
Thank you very much, And now it is time for
our very distinguished guest, Sandy Wollman. He is the co
founder of the Westchester Angels. I've known these guys and
girls for a long time and he's also on the

(04:50):
board of the Angel Capital Association, which I don't even
know what that is, but it sounds pretty important, and
he's the driving force behind syndication. So welcome again. I
guess when we talk about angel investing, maybe you could
talk a little bit about what that is for our
audience who's not familiar with it.

Speaker 2 (05:10):
So angel investors, if there's a startup that is looking
to scale to exit, that's suitable ground for an angel investment.
Angels are typically the first group of investors that a
startup will contact, after friends and family. We take the
most risk, we have the most fun help building these startups.

(05:30):
Most angel groups around the country share their toys in
a sandbox and that's what makes it so much fun.
And my role at the Angel Capital Association, which is
the umbrella organization over the entire angel space. Syndication works
for angel groups because we all share our toys willingly.
We share deal flow. We share due diligence efforts, not

(05:53):
necessarily the same for our cousins upstairs, the vcs and
the pees. It's a fascinating space. We keep learning. I'm
hitting almost sixty seven years old and I still keep
learning about business and that's what makes it so much fun.

Speaker 6 (06:08):
You talked about vulture venture capitalists, the.

Speaker 2 (06:12):
Vultures, Well, sometimes it's a fine line.

Speaker 6 (06:16):
And also private equity. What makes angels different? Do you
take a piece of somebody's company or do you just
want to return on the investment.

Speaker 2 (06:23):
No, and that's a good question, thank you, Elizabeth. Angels
prefer to invest. There's three different methods, three different methods
that are used for Angel investing. The most preferred is
an equity investment, where we would invest X amount of
dollars at a valuation of whatever that happens to be.

(06:43):
There's convertible notes with a little more variables, and that
really pushes the valuation down the road. And then there's
a new document that is flooding the entire Angel space
called a safe document was created by our friends of
y Combinator in California. It's a less expensive way for
startups to get funding from Angel groups, highly controversial, not

(07:07):
a lot of rights sometimes for angels, but that's all
part of the fun.

Speaker 5 (07:11):
Angel investments are pretty tricky, and I recently saw a
statistic that said ninety percent of angel backed startups fail.
So why do people keep doing this? I mean, what
does I mean? You're like kind of like betting right,
You're putting money into startup companies and you don't know
what's going to happen.

Speaker 2 (07:30):
It's one hundred percent right. On average across the country,
two out of every three angels investments are going to fail.
Some fail sooner, some fail later, but two out of
every three are going to fail. There's two different angles
on angel investing. The first one is angel investors should
create a well diversified portfolio of investments where two thirds

(07:50):
are going to fail. A handful are going to give
you a small return either one to two, three, four x.
We're all looking for that fifty to one hundred banger.
And that's true for our friends upstairs in the VC world.
You know the lines between vcs and pees and angels,
that's getting blurred. We see vcs down in our space,

(08:12):
in the angel space, we also see angels participating in
later rounds of investment.

Speaker 5 (08:18):
So what experience did you have in your business career
that made you want to be an angel investor.

Speaker 2 (08:25):
I've had a lot of business experience. I've experienced the good,
the bad, and the very very ugly in a very
notorious industry, the garment center in the seventies, eighties and nineties.
I learned a lot of things about running a business
through failure. You we did our business really really well.
Our business suffered from poor legal and accounting advice. So

(08:48):
from there I started a nonprofit years after that experience
to help small business owners not make some of the
same mistakes I made in business, and that led we
actually started to find startup ups, businesses that were suitable
for angel investing, and that's how the Westchester Angels started.

Speaker 6 (09:05):
It looked like one of your websites, you're teaching other
people how to be angel investors. Is that right?

Speaker 2 (09:10):
Yeah? A lot of Angel groups we provide education. The
Angel Capital Association provides really fantastic education for Angel investors.
Some angel groups provide their own education. Where we're tiptoeing
into that by providing a lot of education and when
we on board a new member. Going back to the risk,
we have three requirements. It's a small fee. Our management

(09:32):
is not compensated. We spend our time to help startup succeed.
You have to fill out our three page document and
then we have what's called the PLT test, which is
a very sophisticated test based on AI No. It's called
the pizza lunch tests. You take you out for lunch,
and we do that for a couple of reasons. Number one,
we want to make sure our new members understand the

(09:55):
riskiness of these investments. In order to become a member
of any Angel, you have to be an accredited investor.
You have to meet some financial requirements as an SEC rule,
not our rule. And we also want to find out
about the background of our members so we could tap
on the shoulder when we're in due diligence with a
startup that is in their area of expertise.

Speaker 5 (10:17):
That's really great. Do you remember your first angel investment?

Speaker 2 (10:20):
Oh? God, do.

Speaker 9 (10:24):
So?

Speaker 5 (10:25):
How did you feel though when you made that investment?
You must have been Were you optimistic? Were you oblivious?

Speaker 10 (10:31):
What you know?

Speaker 2 (10:32):
We were pretty terrible when we started. My partner and I,
Jeff Lair, started the Westchester Angels not knowing anything and
we treated ourselves like a startup. We were in a
tremendous learning mode, and I started to invite myself to
angel group meetings in New York City, a robust space
of one hundred accelerators incubators here on the island of

(10:55):
Manhattan alone, a lot of really terrific angel groups.

Speaker 5 (10:59):
So accelerate are what they're companies that kind of house
or support startups.

Speaker 2 (11:05):
So the lines between what an accelerator and incubator are
getting blurred. But basically these are organizations that help startups,
that educate startups so they can go Some make investments
as well, But they're educational groups that are organized either
with mentorship based or education based education for startups so

(11:30):
they can learn, so they can navigate growing a company
and dealing with funding professionally.

Speaker 6 (11:38):
Is it hard to get into an incubator or an accelerator?

Speaker 2 (11:40):
It depends. Some of the incubators they have a ten
percent acceptance rate. We support Element forty six in Westchester.
We give back to our community. Element forty six has
tremendously grown in the past couple of years, and the
startups are getting better and better because they're learning.

Speaker 6 (11:58):
Is there one really important factor that you look for
if you're going to approve somebody to come into your
incubator or accelerator.

Speaker 2 (12:06):
Well, for incubators and accelerators, they have their own requirements
for startups. Some are based strictly in certain industries. And
that's what makes New York such a mecca for startups
is there's colleges, you know, NYU City College, they all
have incubators. They're all helping startups become educated so they

(12:29):
can navigate the difficult road that they're going to have ahead.

Speaker 6 (12:32):
So would you suggest if somebody has a startup to
go through the list of incubators and find the best
match and approach them first.

Speaker 2 (12:39):
Especially if you're a young startup, a young founder out
of college, maybe without a lot of business experience. You
need to get educated.

Speaker 5 (12:47):
I couldn't agree more. I mean, I think it's very
important to get.

Speaker 2 (12:51):
And the founders that are successful usually know what they're
good at, and they know what they're not good at,
and they surround themselves professionals in the areas that they're
not good at. Especially if you're coming maybe from the
medical community or the scientific community. You may have a
great idea. It may solve a lot of problems out there,

(13:11):
which is typically what angels invest in. But it doesn't
mean you're going to get funded. You have to surround
yourself with people in the areas that you're weak in.

Speaker 5 (13:19):
I think that's great advice and having that self awareness
is really really important. Let me ask you about your
first exit. Now, by exit means that you invested in
a company. They were successful, somebody bought them. Tell me
about that.

Speaker 2 (13:34):
Well, our first exit opportunity was in a company called Okerlus.
And what do they do? They scan documents? How boring
can you get? Not?

Speaker 5 (13:44):
Did they use AI?

Speaker 2 (13:46):
Well, they were pioneers in AI years back. They started
in the medicaid space and during our due diligence, they
pivoted to the small business lending space. So if you're
a small business lender and you want to loan or
a line of credit, you have to upload your Chase
Bank account, your tax returns. These are all standardized documents.

(14:07):
It goes to their back office outside of New Delhi,
which we actually did due diligence on their back office
in New Delhi. I did a lot of business in India.
I had my friends check them out and they use
a combination of AI and manual elbow grease to return
all the financials to the small business lender, and it

(14:27):
saves them forty five minutes to an hour for each application.
That's a lot of money for small business lenders, and
especially if you're considering five or ten thousand applications a month.
And now they've pivoted into the massive mortgage industry. It's
the same documents. So a couple of years back, a
PE farm invested a ton of.

Speaker 5 (14:47):
Money in them, a PE firm being.

Speaker 2 (14:49):
A private equity firm at a really high valuation, and
they wanted to clean up the cap table or the
investors that have invested previously, so they gave our investors
in opportunity to exit at an eighteen and a half
banger in two or three years, two and a half years.

Speaker 5 (15:06):
So that's eighteen multiple of eighteen times their investment.

Speaker 2 (15:09):
Right, So if you invested ten grand, you get one
hundred and one hundred and eighty five back. Not a
bad day at the office.

Speaker 5 (15:16):
So if you want ultimate freedom in your career, I.

Speaker 6 (15:20):
I just want to point one thing out every single
show now that Richard and I do. We talk about
artificial intelligence or AI and what we're finding and what
you just really elegantly pointed out is it doesn't replace you.
It just makes you so much more productive. It puts
you miles ahead of the next guy doing the same

(15:42):
thing you're doing because you're using AI to get you
three quarters of the way to the finish line. Right.

Speaker 2 (15:48):
AI is infiltrating the angel investment space from the inside
out and from the outside in. Every other startup that
angels are looking at now has an AI platform to
solve some sort of problem. And in addition, Angel groups
are tiptoeing into using AI for due diligence efforts. The

(16:08):
concern is if you engage inn AI platform, is this
information confidential and secure? Because we're dealing with confidential information
startups and we want to we want to maintain that.

Speaker 5 (16:21):
Put it into the training rules of chat GPT and
everybody can see it. I always worry about that, of course,
for intellectual property. I mean, we don't put any of
that stuff our clients molecules. If they have a new
molecule that they're trying to protect and you put it
into chat GPT, somebody else is looking for something similar,

(16:42):
it's going to pop right up right. So exactly, you
have to be very very careful with.

Speaker 2 (16:47):
That AI is the next big thing. Personally, it scares
the heck out of me because I don't know if
I'm talking to a human being or a bunch of software.
You know. That's why we insist startups pitched to us
in person, so we could shake your hand and look
you in the eye and get a good vibe from
you as compared to getting zoomed in. But we do
keep an open mind.

Speaker 5 (17:08):
So what happens when the investor becomes a headache.

Speaker 2 (17:13):
Well, only my beautician knows about my gray hairs, and
she keeps that confidential. You know. It's interesting. We do
a lot of due diligence compensate for the risk that's
involved should they make it through the process, and every
so often we invest in a stinker. We've had that experience,
and sometimes you can do all the due diligence in

(17:35):
the world and still have challenges with the founders. Primarily,
angel groups will invest in strong teams that are solving
a problem. We'd rather invest in a strong an A
plus team with a B plus or a B product
or platform as compared to a great platform with a
not a good team. But yes, we've experienced the good

(17:58):
the bad and the ugly. We've had startups do some
very bad things with the investment dollars.

Speaker 5 (18:05):
Oh give me an example.

Speaker 2 (18:06):
Oh, well, we invested in a company and we need
not mention names, know, but they were solving a problem
in the aerospace industry. And we invested in one of
our sister partner angel groups to six nine months of
due diligence on it, and they were really solving a problem.

(18:27):
Was a husband and wife team, which, all due respect here.

Speaker 5 (18:30):
I think your hearts. I mean, I think I may
have seen this deal.

Speaker 2 (18:33):
But ahead all due respect, you know, a married couple
leading a startup adds more risk to an already risky investment.
If the marriage fails, what happens to the startup? You know?
So that's always a lot of fun.

Speaker 5 (18:46):
But I don't know if we ever thought of that. Yeah.

Speaker 2 (18:49):
Well, the first thing I asked a husband and wife
team that's a startup, I asked them, have you lost
your mind? It's hard to say, really, come on, you know,
I mean, yeah, I can imagine the conversation at the
Christmas table anyway, But they turned out they went silent
after we gave them money. The round was a lot

(19:10):
of money. With different angel groups. They went silent. We
found out they did some bad things with the money,
and we turned it over to our attorneys.

Speaker 6 (19:19):
Can you say anything they did with it or is
that confidential?

Speaker 2 (19:22):
They did do anything they should have They lied. I
mean when you talk about horrible lies about the wife
being in a car accident having cancer, that was untrue.
They were just bad people, and out of one hundred investments,
you're going to run into one or two crooks, even
though if you do strong due diligence, that's part of

(19:44):
the risk of the investment here, you know.

Speaker 5 (19:46):
But that's I mean, that's a wonderful business lesson, though,
is that there are some things that you just cannot
foresee and all of the planning in the world doesn't
shield you from these crazy results.

Speaker 3 (19:59):
Right.

Speaker 5 (20:00):
That's horrible.

Speaker 2 (20:00):
Yeah, And you know, Richard, we've had this conversation before.
I don't care if you're in a lifestyle business or
business that you're scaling to exit. It's about dealing with jerks.
You know, you're going to hire somebody, one bad apple
can stink up the whole company. You got to get
rid of that person. You want to scale your business
to the point where you don't have to deal with

(20:21):
customers that are jerks. And for the Angel investment community,
we have a no jerk rule. If you can't join
our group because you won't pass the PLT test. And
if my nose doesn't smell the sting, somebody else will.
And that's really the unofficial rule of building the businesses.
Jeff Bezos didn't scale Amazon by himself. He surrounded himself

(20:44):
with professionals that were good in areas that he was
weak in, and he got rid of the jerks right away.
And you know all these really successful startups that are
starting from you know, the kitchen table. This sometimes the
unofficial lesson and about business is dealing with jerks.

Speaker 5 (21:02):
Well, that's a good note to leve on. We have
to take a commercial break, but we'll be right backward
with Sandy Woolman on Passage to Profit. This is Richard
and Elizabeth Gerhart. Stay tuned. We have intellectual property news
coming up, and then after that the highly esteemed Secrets
of the entrepreneurial Mind. You don't want to miss that,
so we'll be back right after this.

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Speaker 11 (23:24):
Back to Passage to profit.

Speaker 5 (23:26):
Once again Richard And.

Speaker 6 (23:27):
Elizabeth geerhart our special Guest Today, sandy wollman who has
been talking about. Angel investing and we're going to talk
a little bit More with sandy now before we get
to intellectual property in. The NEWS and i have a Question.
FOR sandy i think it would be so cool to be,
an investor because you see all the new stuff coming
all these companies that are starting that are going to

(23:48):
be products of. The future is there anything really impressive
that is coming down the pike coming through.

Speaker 2 (23:55):
Your, organization well, you know we primarily invest in startups.
Solving problems, you know we have a bunch of portfolio
companies that are really doing, really well that are. Solving
problems this is a really exciting company that we invested in.
Last year we've made several different investments as. A group
it's a Company, called lollywear and it really exemplifies the

(24:19):
type of startups that angels. Look for So what lollywear
does is they're trying to replace plastic with derivatives of
seaweed plus their. Secret sauce but they're not selling just
the straws or the nice forks. And spoons they're selling
pellets and it goes into existing extrusion or a machinery

(24:40):
that produces the straws and a nice forks, and spoons and.
It disappears it's a beautiful it's a. Beautiful startup a
lot of history to, the startup but those are the
types of problems. That investors angel investors want to encounter
to due diligence solving real.

Speaker 5 (24:59):
World Problems, sandy wollman co founder Of The. Westchester angels
i've known these guys and girls for a, long time
and he's also on the board Of The Angel. Capital
association where can people?

Speaker 2 (25:10):
Find YOU usually i am not only the, managing Director
but i'm the director of worrying For The. Westchester angels i'm.
The worrier my partner is a director Of. Positive thinking
we have one director who is the director Of Startup.
Homeland security when there's, a problem we send him in
to fix. The problems and we have two voices. Of
reason but if you need to, contact me it's. REALLY

(25:32):
simple i try and respond to All emails sandy sa
N d Y At westchester angels plural. Dot com if
you're a listener To the Passage of profit or any
other organization that here's just just say you listened On
a Passage to Profit and i'd be happy to try
and answer every EMAIL that.

Speaker 5 (25:52):
I get oh, That's great so may you be inundated
with new. PROJECT proposals i look forward to.

Speaker 6 (26:00):
That problem Passage to profit Wrote to Entrepreneurship with Richard And,
elizabeth gearhart.

Speaker 5 (26:05):
So now it's time for my favorite segment of, the
show intellectual. Property news, of Course because i'm an intellectual, Property, lawyer,
elizabeth well.

Speaker 6 (26:15):
Should you get copyright if you USE generative ai to make?
Your content should you get the copyright to?

Speaker 12 (26:23):
That?

Speaker 11 (26:23):
Content, Yeah absolutely Well The copyright, office said look at
if there is not a human element to, the content
then you don't get a copyright.

Speaker 5 (26:34):
On it this is. Great news we really are very
happy about. This development they did sort, of manipulate kind
of left themselves a little back door saying that if
the instructions you put in are, creative enough then you
might be able to get a copyright. ON that i
don't even know what, that means, but anyway people who

(26:55):
are regular listeners of the show know how we feel
it's important to protect the creators and. The innovators and
WHILE chat gpt is a, wonderful thing people should not
get excessive legal rights. In it that's how.

Speaker 6 (27:08):
WE agree i think you're not coming up with it all.
By yourself you're coming up with it maybe by putting
different pieces together that other, people did but it's not
really an original work.

Speaker 5 (27:17):
Of, yours well there we want they're relying on other
people to other people's work to.

Speaker 6 (27:22):
Jump off people will argue that while scientific research, DOES that,
i mean the next step in scientific research is based
on all the PREVIOUS research i. WENT before i mean
there's a lot of. Different arguments so the problem is
the creators are the ones who end up not getting paid,
for anything and a bunch of other people are making
a lot of money, off. This right so that's really
where what it comes.

Speaker 5 (27:40):
Down, to, YEAH well i think we should ask our panel. Their,
opinion steph we wanted to ask you what do you
think about this issue of COPYRIGHT and ai and ownership
and all of. THOSE things i.

Speaker 8 (27:54):
Think it is.

Speaker 4 (27:54):
A web as we get deeper, into it more is
going to evolve with the rights and the ownership.

Speaker 3 (28:02):
Of it so now you in, MY opinion i think
the major case is that if you didn't put your,
unique insight your unique instructions TO the ai LIKE, the
chgbt and you shouldn't get. A copyright that's.

Speaker 12 (28:16):
Really, Good.

Speaker 2 (28:17):
Thinking sandy the patents that, are issued, utility patents provisional
patents are, you know holding your place. In, line okay
we get it may not help the startup because usually
they don't have the financial arm and power to push
back if somebody's encroaching upon. Their, invention however it's crucial
for a takeover or a pe firm to buy them

(28:38):
or an exit because the larger companies will have the
arms and the legs to protect.

Speaker 5 (28:43):
THAT space i guess the takeaway is that getting copyright
protection maybe possible if you put in some thought. Into,
It personally i'm a little. Bit skeptical i'm not sure
how this is actually going to end up, being enforced but,
you know it is just part of the. Evolving debate in,
any case we need to take a, break now and
so you're Listening to Passage to Profit with Richard And.

(29:05):
Elizabeth gerhart we'll be back right. After this stay Tuned
for secrets Of The entrepreneurial mind coming up.

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Speaker 1 (31:10):
Twenty two Passage to profit Continues with Richard And elizabeth gearhart.

Speaker 5 (31:15):
Our Special Guest, Sandy wollman angel investor extraordinaiy and he
really is. An angel i've known this guy for, a,
While so but speaking of, intellectual property we just finished
with our intellectual. Property segment if you have an idea
or invention that you want, to protect contact us At Gear.
Heart law we work with entrepreneurs worldwide to help them

(31:36):
through the entire process of, obtaining patents trademark, saying copyrights
even WHETHER they're ai generator, or not will do. Our
best you can learn more about patents by going to
our website learn more about patents, dot com or you
can also go to learn more about Trademarks dot com
either place you can download a paper or you can
book a consultation with A Gear heart law Attorney and

(31:58):
Passage to profits and nation syndicated RADIO show i heard
in thirty eight markets ACROSS. The us our podcast has
ranked in the global top three percent, of podcasts and
we've also been recently selected By Feed spot podcasters database
as a top ten entrepreneurial. Interview podcast so how? About

(32:18):
that so now it is Time For elizabeth gerhart to
give us an update on.

Speaker 6 (32:24):
Her, Projects yes so for the, Last year RICHARD and
i have been working on this, podcast studio getting it
ready to. Runt out and we had our grand opening
two nights ago and it. Was great the, mayor came
we had the ribbon, cutting stuff the place full of
people and there are a lot of people interested in a.
Podcast studio we have video and we. Have audio and
now the real work BEGINS because i have a list

(32:47):
OF people i need to. Call back and We Had
antonio tameyo who's been on the show taking people's names
and numbers to get back to them about renting. The
studio and, She's, said elizabeth you have to call these.
People tomorrow i'm going. To there i'm going to call.
Them all i've contacted, a few but it's pretty Exciting
and i'm pretty happy. About it and there is. A
lot it's real hot property right now and that has,

(33:09):
gone well and now it is TIME for i love
this part the. Medical minute i'm going to go into.
That now So From Memorial sloan kettering on their website mskcc,
dot org this is. So cool immunotherapy could, replace surgery
enabling patients to retain their organs and enhance their quality.
Of life this is actually a drug they're. Giving them

(33:32):
they're calling. It immunotherapy.

Speaker 5 (33:34):
Oh okay so it's.

Speaker 6 (33:35):
A phase two trial and they are treating rectal cancer
patients with the immunotherapy dos dar lamob drug d S
t a R l I m. Ab drug what blows.
Me away they experienced a complete, clinical response means their
tumors disappeared just from taking, a drug and they're looking
at it for.

Speaker 12 (33:54):
Other.

Speaker 6 (33:54):
Cancers now it goes. By gemparently IT'S a p one
inhibitor and it's. JUST amazing, i mean if you could
just take a drug and have your tumor, go away
not have to, have surgery and not have to have
radiation not have to. Have chemo. So exciting so we'll
see where. This, goes yeah BUT now i want to
move on to our, next presenter who is Doing Just

(34:17):
star trek. STYLE stuff i don't know what to say
with medical Smell new he is a Professor at rutgers
and he is In The Biomedical, engineering university and he
has his own little lab and his own assistance and
his own people working. For him there. ENERGY harvesting i

(34:37):
had not heard about THAT before i saw what you.
Were doing that is. So cool can you please explain everything? You're?

Speaker 3 (34:42):
Doing, YEAH sure I think i might research a major
d focusing on the. Two parts the first part is
on focusing on the verbal electronics and the second part
is focusing on the. Energy harvesting so what is. Verbal
electronics you'll just give you. An Example The, apple watch
that's a PRODUCT that i previously, worked on is just
an example of. VERABLE electrons i think now the veriable

(35:04):
electronics field is emerging because major of. The house you.
KNOW that i still remember that one logo For The
apple watch is the future of the house is on.
Your wrist so that IS something i really think about
because the verable electronics that can continuously, you know that
monitor your, physiological conditions that can give you some insights.

(35:25):
About yourself that's something that if you didn't do, it
continuously you may not even know. About it so that's
WHY veriables i think will be the future of.

Speaker 5 (35:34):
THE health, i mean just to expand on what you
said a little, BIT there, i mean there's lots of different,
medical tests but they're not, necessarily, continuous right they only
identify your health at a particular point. In time and
really to understand your, health completely you need that, continuous,
Monitoring right and that's where wearables really can come in

(35:57):
and be.

Speaker 3 (35:57):
Very, important yes just give, it example like an. Atrial,
fibrillation right your heart has, atrial fibrillation but. Not always
you know that if you don't merit, it continuously it's
very easy for you to miss the signature of the.
Atrial fibriation so that's the value that wearables. Can add
and the second part of my research is about. Energy

(36:18):
hersting just also give you an example of the energy
hearsting is a solar cell in that you have every.
Every day but here for, The specifically i'm developing energy
hearting technologies for. The virobles so, for example like The biomechanical, anergie,
hersting like how is the energy from, your walking from
your running to generate electricities to power? Those Variables another so.

Speaker 5 (36:41):
Wait, A minute So if i'm gonna wear, A wearable
i have.

Speaker 3 (36:43):
To run you don't need, to run but just during,
your walking that's the batteries.

Speaker 5 (36:49):
Can handle what if you're? SEDENTARY though, i mean do
you have to take into account different lifestyles when you're
working on? These, technologies yes.

Speaker 3 (36:56):
Of course so if you are just like you don't
like to walk, or wrong even you just sit at,
the table we are also developing the technologies that is
harvesting the power line. Green noise you. Know that, oh
yeah you were telling me.

Speaker 5 (37:09):
About, that, yeah, wow okay.

Speaker 3 (37:11):
So that's why even you, sit here you can just
harvest the energy from your computer that is able to
generate electricity to part Those.

Speaker 2 (37:19):
Of wow, YOU know i just try and generate electricity
with the wifey, every couples.

Speaker 5 (37:29):
You know BUT but i want the lazy. Man's version, You.

Speaker 2 (37:33):
Know simea has a really, Good idea but have you
done any patent research to see what's currently? Out there
because you want to make sure you're working on something
that's new. And novel and you know Question, for richard
if you're a, young inventor you could do a, patent
search but it's not going to be nearly as thorough
as hiring a firm Like Your.

Speaker 5 (37:55):
Heart, law well we we always recommend that you at least. Look,
FIRST yeah I mean i remember one time somebody came
into my office and they had a consumer product that
was a particular kind, of CHAIR and i, was, like somebody's,
you know probably. Patented this before we went over to,
my computer we did a search and there it Was,
on amazon and, you know they were going to pay for,

(38:16):
a search but it turned out that it was already on. The,
Market right so do a little research first before you come,
see me unless you know you want to spend money
on a patent search and you know you don't want
to take. The Time but sandy makes a great point
that it's really important to look before.

Speaker 2 (38:33):
You, leave exactly you want to make sure you're spending
time on something that somebody else hasn't.

Speaker 3 (38:38):
Already, done yeah, of course you know that when we
choosing the, research topics we also want to always want to.

Speaker 6 (38:44):
Be, innovative right as, a professor you wouldn't publish a
paper on technology that's already. Been published so you are
constantly looking at your industry and looking at your field
and really trying to break through and find SOMETHING that
i just find. This fascinating how do you if you're,
sitting there how does your device harvests the energy from? The,

(39:05):
computer yes.

Speaker 3 (39:07):
Because the Computer, is indeed also you have this power.
Line grid you know that it's a sixty hertz electromagnetic
wave that is all over your. Whole house, you.

Speaker 15 (39:17):
Know then you're able to develop some kind of smart
clothing that is able to couple those kind of sixty herds,
you know that electron magnetic wave that by those kinds of.

Speaker 3 (39:29):
The clouds then you are able to generate electricity by.

Speaker 5 (39:32):
Doing THIS why i can't sleep at Night because i'm
covered by sixty?

Speaker 6 (39:36):
Herts, maybe so what kind of applications do you have?

Speaker 2 (39:42):
So?

Speaker 3 (39:42):
Far yes so for the verbal technologies, related applications you
know that our team is currently developing some kind of
motion sensors to help to monitor the rehab status for
the spinal or called injury traumatic brain injury and also
parking this disease patients to monitor their rehab status because

(40:02):
their rehab is linked to their you know. That gate
and for the, other applications we are also designing some
electro cardiogram you know that continuous sensors to monitor in the,
slip apnia specifically for the In That new knights that
The Premature new nights that the babies that are. Born
early their lung hasn't been fully, developed yet so we

(40:23):
are trying to develop in some technologies to detect, the
apnia which is very common in those kinds. Of patients
so is your.

Speaker 5 (40:31):
Goal simply to create, these technologies but what about commercializing
them because they seem like really amazing and. Socially useful
do you have any plans?

Speaker 3 (40:42):
For that, of, course yeah that's the Reason why i'm
also currently a co founder of a. Startup company this
is also some technologies that we have developed for the,
robody hand but for the other you know that verable
technology and errand rehearting technology we are really recently working on,
right now and my plan is definitely that once we

(41:03):
got the patent got, IT published i think we will
work you know that the way some kind of Investor,
like sandy.

Speaker 5 (41:11):
The guys, right here you know and he's like nodding
his head everything, You Say so sandy pony up.

Speaker 2 (41:17):
All good but you, KNOW me i was ahead of
the curve because we spoke before when we. First met and,
you know if you're a, medical practice if you're, a
doctor or you're an inventor, or scientist that's one. Skill
set running a business is a very different, skill set
and he understands the need to surround himself with business

(41:38):
professionals that can help him scale. His business once he
gets to, that point he's way ahead of. The, Curve, yeah.

Speaker 6 (41:45):
Samya what is your vision for this company for?

Speaker 3 (41:48):
THESE devices i think for the vision of, the company
the first, thing is, of course your device needs TO be.
Fda approved that is the first important, that milestone you
know that the photose kind of medical device company right
ONCE this. Fda improved, the second, you know the milestone
for those kind of startups is to generate your. First
revenue this is also very, very important and then the

(42:11):
next day is to scale. It up. You KNOW so
i do want to create technologies that can really, you
know that work for a group of the patients that
can rely on those kinds of technology to significantly improve.

Speaker 10 (42:24):
Their lives.

Speaker 5 (42:24):
That's great and then in terms of manufacturing. IS there,
i mean it's one thing to create, the technology it's
another thing to, make it and then it's another thing
to make it at. Commercial, scale right what are some
of the challenges that you faced for? Those, things yes you.

Speaker 3 (42:38):
KNOW that i previously worked For The apple, watch TEAM
so i have worked with the, manufacturing companies you know
That at china to manufacturing those kinds Of The apple
watch and testing of those kinds Of The apple watch
during the you know that the prebuil is not the real,
you know. Mass production, you know we do have a
lot of, the problems like the failure analysis that we

(43:00):
need to. Go through so you really need to do
design very you know that complicated test stations to test
every aspect or your medical devices to make sure it
can you know that a work as, you expected and
then you also need to deal with the failures that
can maybe only happens maybe five devices during the one

(43:22):
thousand devices that you build that once with those kind
of stuff that, the experience you do all of this
failure analysis and finally you get a recipe that can
finally make those mass.

Speaker 5 (43:33):
Production, WORK yeah, i mean Because you're you're not just, telling,
Time right you're measuring vital things and if it goes
wrong then that could have.

Speaker 16 (43:41):
Serious, consequences yes, of course so the so that's the
reason that for the all the, counteroverable devices we are
only giving you a, device like, for example the atrial,
fibrillation detection you know that features In The.

Speaker 3 (43:56):
Apple watch if they detected something you know that that
makes you caught, your attention they will ask you to
take a look, at it take an appointment with. Your
doctor you know that you really need some real medical
devices to help you further diagnosis of. Your situation but
you can definitely not only rely on the, wearable devices
but they can really catch some early signs for you

(44:19):
for your. Further diagnosis.

Speaker 6 (44:21):
So sameya how does this fit In? With rutgers is
your company completely Separate? From wrutgers do they expect a piece?
OF it, i mean how does that all?

Speaker 3 (44:28):
FIT together I think ruggers have their you, know that their,
patent office and they are also have some their tech
advance you know that department to help, the professors you,
know that with their ideas to grow up with their.
Startup Companies so ruggers do have a very detailed policy
on those kinds. Of aspects so because you know that
the patents is of course holding By both ruggers. And

(44:52):
myself but then typically if you want to go for
a startup Company that ruggers may just get some licensing
fees from the patents that you developed once you're of Professor.

Speaker 6 (45:03):
At ruggers so that's a win Win. For rgers.

Speaker 3 (45:07):
So, smart yeah and The even ruggers have some kind
of seat fundings for letting the professors to develop their
own start.

Speaker 5 (45:15):
That's great so getting back To The, APPLE watch i
know that they. KEEP evolving i don't know when the
last model that you, worked on but how many different
functions are actually packed Into An. Apple watch it seems
like there's tons of technology and lots of different things
that they.

Speaker 3 (45:32):
Can, do yes of course you know. That definitely you.
Know that that's why you know that they are currently
major selling point for is for their house. MONITORING capability
i just want to you know that point out two
killer applications that are still not In The. Apple watch
why is the continuous blood pressure monitoring and the second
thing is a non invasive continuous blood. Glucas monitoring you

(45:56):
know that there are two killer applications that most of the,
you know the smart, watch Companies including apples and all,
of them they are working you know, that towards but
currently no one still have.

Speaker 17 (46:08):
Commercial solutions but it seems to me it's pretty amazing
that just to watch sitting on your wrist can measure,
vital signs check optics based on that physical characteristics of. A,
person right it's amazing how far the technology.

Speaker 6 (46:23):
Has come ONE thing i love about what you're doing
IS so i have a watch that does, all THAT
but i have to charge it all. The, Time right
so if you can have a charge while it's sitting
there on, your wrist that's super, powerful really because then
you don't have to take it off and charge and
lose a day.

Speaker 3 (46:39):
Charging, it yes that's also why you Know that i'm
also trying to work in on those energy. Heartsting technologies
it's just because of my own problem to Charge my.
Apple watch.

Speaker 5 (46:52):
Necessity is the better.

Speaker 3 (46:53):
Of invention yeah That currently i'm using my own watch
to monitor, my SLEEP then i don't have time to.
Charge It so i'm just, thinking about, you know how
about using some other in that energy source that that
could be abundant everywhere from the starting from your every
day living to charge, that right the energy, is indeed

(47:13):
they're just you need ways to convert them and the
final ways to just charge.

Speaker 6 (47:17):
YOUR well i think. That's brilliant. Smell new thank you
so much has been. So enlightening how do people? FIND
you i think the people can find me through my.
Email address so my email ADDRESS IS S I M
I a l DOT and i you my first, name
dot last name.

Speaker 3 (47:35):
At rugg GIRLS dot A. D u so if you have,
any questions feel free to send me an EMAIL and
i will try my best to.

Speaker 6 (47:41):
Answer them and if you want, to invest.

Speaker 5 (47:45):
He's got to Start up Passage to Profit With richard analysts.

Speaker 6 (47:50):
Their, heart well now we Are Onto stephanie Color with
Jerseys and dresses dot or what a. Fun WEBSITE and
i watched a little bit. Your podcast you are. So
engaging please tell us everything. You're doing.

Speaker 4 (48:04):
Thank you Jerseys and dresses is a charitable fund based
Out Of Hilton huat island and it started and was
inspired by my work with raising money For The Eagles
autism foundation Up. In philadelphia The, football, eagles.

Speaker 8 (48:20):
Right The Football.

Speaker 4 (48:23):
Philadelphia eagles their big nonprofit Is The Eagles. Autism foundation
one of my dear friends who is also. An entrepreneur
she has a cake pop company and she is a
sponsor For the eagles And The Eagles. Autism FOUNDATION so
i was Up In Sea isle city helping her hand

(48:43):
out cake POPS and i got a call, that said
you need. To come we were At The beer olympics
For The new Heights, podcast FUN and i get a call,
that said drop the, cake pops come to the dock
and chug a Beer With.

Speaker 8 (48:58):
Jason, kelsey okay wouldn't.

Speaker 5 (49:00):
Do that let.

Speaker 12 (49:00):
Me go.

Speaker 6 (49:01):
Let's, go now let's call you non football people. Out
there Who Is. Jason, Kelcey Well.

Speaker 4 (49:06):
Jason kelsey is a retired center For, the Eagles The.
Philadelphia eagles he just retired. Last year he has a
hit podcast with His Brother, travis kelsey who y'all. May
know his Wife Is. Kylie kelcey and this, was like
are you?

Speaker 8 (49:21):
Kidding, me like. Let's go we had so much fun.

Speaker 4 (49:26):
That day it was about, the FUN and i, was
like HOW can i recreate this level of Fun On?
Hilton HEAD so I obviously i can Come. TO philadelphia
i can do these Things With mary Ellen's cake pops
And The Eagles.

Speaker 8 (49:42):
Autism FOUNDATION but.

Speaker 4 (49:44):
I needed more of this in my life on a,
regular BASIS so i started jerseys. And dresses the whole
thing started as an idea for a. Single event we
were gonna have a celebration of Football On. Hilton Head
hilton head is a. Melting pot We've got, Steelers fans,
Dallas fans. Bills fans so in, MY mind i see

(50:06):
this jerseys and. Dresses tailgate the guys, wear jerseys the girls,
wear dresses and we had to class it up a.
Little bit so we had it at a private car
Museum on hiltonhead and it was a. Tailgate party and
that was our. First fundraiser how did?

Speaker 8 (50:22):
That go it was. A hit we had so. Much
fun we, had fun. You know we did regional food
stations FOR key.

Speaker 4 (50:31):
Nfl cities we had, cheese steaks we had Wings, For
buffalo we had all these different. Food stations we brought
in Musicians from nashville to play. For us we had
a beer pong tournament Next to Maserati's.

Speaker 8 (50:45):
AND ferraris, i mean it was just a really.

Speaker 4 (50:49):
Fun night and then that kind, of grew as many,
things do from this one event to this charitable fund.

Speaker 8 (50:57):
That we can now, do event and, you know we can.

Speaker 4 (51:01):
SCALE it i have a team of INTERNS that i
hired this summer that are going to work with me
on scaling it to, other cities to bringing fundraisers to
maybe minor league. BASEBALL Stadiums a Jerseys and, dresses night
the photo opportunities when you got these guys in their
jerseys and these women in their. Sparkly dresses, you know it's.

Speaker 8 (51:22):
Very instagrammable so.

Speaker 5 (51:24):
How do you go about organizing one of? These events
how do you get the? Word out how do you
put this out there so that people know about it
and want to.

Speaker 4 (51:34):
Sign up we did heavy social media For the Jerseys and.

Speaker 8 (51:38):
DRESSES tailgate, i went.

Speaker 5 (51:40):
So was that advertising or was that you just had
a lot of people posting?

Speaker 8 (51:45):
About it we, were advertising. YOU know i created.

Speaker 4 (51:49):
THE event i created, the flyers, the posters we hung
them up All over hilton.

Speaker 8 (51:52):
Had like old school.

Speaker 4 (51:54):
GRASSROOTS marketing i was invited to go up and go
on a local morning talk show Out, Of Charleston, south
carolina and we Talked about Jerseys and. Dresses there so
it WAS really i called, a couple, You Know key
island people where we are and.

Speaker 8 (52:12):
Just flat, out, said like will you?

Speaker 4 (52:13):
Support me, will you, you know purchase a table for
ten and bring your friends to this inaugural event and
see what we. Can do AND everybody, i asked from sponsors,
to attendees, to guests, the musicians everybody.

Speaker 8 (52:28):
Said yes, you know the FIRST.

Speaker 4 (52:30):
Companies i reached out to on the island as far
as will you be, a sponsor they all. Said YES
and i think that's because they know me and they
know that for the past, Sixteen years i've been giving
back to the island in lots of, other ways so
NEVER have i had an. ACTUAL ask i was always
the one. Giving giving i've. Never asked AND when i finally,

(52:54):
did ask they all, said yes and we pulled off
a phenomenal event that, we support did three local organizations
And The Eagles.

Speaker 8 (53:03):
Autism foundation i'll wait in.

Speaker 5 (53:05):
A car.

Speaker 2 (53:09):
Just let me know when. You're done i'll. Be fine
i'll get something. To drink it'll. Be fine but, you
know it's a really inspiring story of giving back and
getting the kudos for. Giving back and that's what. You
described what a. Great story thank you. For sharing it's.

Speaker 6 (53:25):
All relationships are you a member of any chambers OF commerce.

Speaker 4 (53:28):
I am i'm a member Of The hilton head And
Bluffed in Chamber of commerce Down In, south carolina and
they have, you know they do.

Speaker 8 (53:36):
A lot i'm a. New member.

Speaker 4 (53:37):
My organization we just Started in december of twenty, twenty
four so we are. Brand new. We started i'm actually
organized underneath a. Community foundation So The community foundation Of
The low country is the five OH one c three
that manages, my fund and they are experts at what

(53:58):
they do and they take a lot of the pressure
to know the law, of nonprofits the accounting. Of nonprofits
they really are dialed in on that STUFF that i
don't Know that so partnering With The community foundation has
been invaluable.

Speaker 5 (54:16):
To me so what are your?

Speaker 4 (54:18):
Future, plans oh all kinds, of plans it sounds, Like
it so tell. Us more we want to really start
doing some jerseys and dresses fundraising anywhere that wants to
do a. Unique fundraiser people have been doing, fundraisers forever
and there's themes that, people have, you know There's casino

(54:39):
nights or the twenties night and and this jerseys and
dresses theme is really unique and it's really fun because
a lot of times the guys don't really like to.

Speaker 8 (54:50):
Get, dressed up but the. Girls do so now we.

Speaker 10 (54:54):
Got, guys stereotpes guys and jeans and a jersey and
there why for their significant others and, you know a
sparkly gown and it's, you know the juxtaposition of that jerseys,
and dresses.

Speaker 4 (55:08):
You know the beer pug and, the maseratis it's it
all just kind of comes together to create a really really.

Speaker 8 (55:14):
Unique event it sounds.

Speaker 6 (55:16):
Like, fun well and you have started. A podcast i
have started.

Speaker 8 (55:20):
A podcast we're new in. THAT sector i watched some.

Speaker 6 (55:23):
OF it i think you're so ENGAGING and i would
strongly urge you to continue. With that, and then of
course you know that that is your a rich source
for your, social media. Right, correct yeah so there are.
Some programs there's One called TAJA dot ai haven't tried
yet that will pull twenty seven pieces of social content
out of a long.

Speaker 3 (55:41):
Form.

Speaker 6 (55:42):
Video, wow yeah so you do it once INTO that,
i know so that, here again sorry to SAY that
ai is making it so much easier to do, the,
marketing right, but yeah you can really get the. Word
OUT and i love that you're doing video because video
inspires trust and people see you in. Trust YOU but
i think what you're doing. Is fabulous what are your other?

(56:03):
Marketing plans sounds like you've got it pretty well.

Speaker 4 (56:06):
Nailed down, but well this team of INTERNS that i
have found, and hired we've got they're all female sports
management or sports marketing majors in Colleges from scranton Down
to University Of. South carolina they are going to be
reaching out to grow and call on minor league, baseball

(56:29):
stadiums the summer, recreational organizations, sports bars all kinds of
places to introduce the concept Of a Jersey's and. Dresses fundraiser,
we will, of course, you know share the proceeds with
the organization that's close to the venue's heart and then
keep a little bit to keep our. Programming going so

(56:49):
we do a lot in our Community With Sandalwood food
pantry to feed those that can't necessarily, you know come
up with enough food in the pantry for their. Love
ones and another Organization Called visitation home which ties back
to my egos autism work and it is a structured
day program for adults. With disabilities so we do a

(57:11):
lot of work trying to support. OUR community i want
to support all. THE communities i don't want it to
just be Hilt, in head because there's so much that
we can offer to other communities and.

Speaker 6 (57:24):
Help everybody have you trademarked? YOUR brand i have.

Speaker 4 (57:27):
Two trademarks in the process. Right now Jerseys and dresses
is one. Of them and then as far as, the event,
you know because this is essentially a, Big garage we've
trying to trademark the biggest.

Speaker 8 (57:40):
Garage PARTY so i can.

Speaker 6 (57:42):
See how that kind of fundraiser could really help businesses
that maybe want to do something charitable to get some
positive recognition in, their community but don't have any idea
what to do or how to. Do it and you
bring it.

Speaker 4 (57:56):
TO them i bring it, to THEM and i also
bring the opportunity for other small businesses to.

Speaker 8 (58:05):
Be involved in things they may not be able to be.

Speaker 4 (58:08):
Involved IN and i, think about, you know THE small
hvac guy that might want to put his logo on
the back of the soccer, league shirts but he might
not have the two.

Speaker 8 (58:19):
Hundred and fifty dollars to.

Speaker 4 (58:20):
Do, that well they could Come to Jerseys and dresses
and we could sponsor that as a grant and help
the small businesses get out in different ways while they're
still helping.

Speaker 8 (58:32):
The, community oh.

Speaker 5 (58:33):
That's great that's really any support From The Eagles, Autism.

Speaker 4 (58:37):
Founder i've gotten a lot of support From The Eagles.
Autism foundation that team. Is amazing we Planned A super
bowl victory float In Our Saint Patrick's stay parade and
they sent us all kinds of stuff to hand out
to the people on the. Parade route they have always

(58:57):
been extremely helpful in.

Speaker 8 (58:59):
Helping us so.

Speaker 5 (59:01):
You're also, an entrepreneur so you're not a full. Time,
fundraiser no this is my.

Speaker 8 (59:06):
Side passion so.

Speaker 5 (59:08):
How does working as an entrepreneur and a business differ
from doing these kinds of events that.

Speaker 8 (59:16):
YOU'RE describing i don't think it's all. THAT different i
mean the list of, you know tasks to.

Speaker 4 (59:23):
Be completed to do a project through working in real
estate or my marketing company versus the tasks of lists
to plan this event or these events that, we've done
all comes down to the same set. Of tasks it's,
you know put your team, in place secure. Your venue

(59:43):
it doesn't matter If if i'm talking about a real
estate client Or if i'm talking about a, nonprofit event they're.

Speaker 8 (59:51):
Very, SIMILAR yeah, I.

Speaker 5 (59:52):
Mean i've heard that lots of times running a nonprofit
is not really that much different than running, a, business right,
a business.

Speaker 2 (01:00:00):
You know different accounting and, you know but it's running,
a business, all right and you're Always looking you're only
as good as the next rays that you have to support,
your foundation especially if you. Have employees it's.

Speaker 4 (01:00:13):
A business we are all, volunteer based and our next
big event is going to be Our annual Day, of
giving which will be on the, summer solstice so it's
the longest day of.

Speaker 8 (01:00:25):
The year we get the, most time the, most money
and what data Is, That friday.

Speaker 6 (01:00:30):
June, twentieth okay so are you doing an event? For
that is that? Completely online that's?

Speaker 8 (01:00:36):
All?

Speaker 4 (01:00:36):
Digital Okay that Day of giving? Is, Digital okay so
we all be getting an email?

Speaker 2 (01:00:41):
For.

Speaker 8 (01:00:41):
Me, okay hey.

Speaker 6 (01:00:43):
Email marketing is one of. The best how do people
find you and find?

Speaker 4 (01:00:47):
Your foundation they can go To jerseysan dresses. Dot org
they could send me an Email at steph S t
E p H at jerseysanddresses. Dot org and We're, On, facebook, instagram, TikTok,
YouTube LinkedIn.

Speaker 8 (01:01:01):
We're.

Speaker 6 (01:01:02):
Everywhere great thank, you listeners you are listening To the
Passage To profit Show With Richard. Elizabeth gearhart our special
guest today Has Been, sandy wollman an angel investor who
has just given us, incredible information and two people with
incredible companies and projects. On here it's just been a really.
Fun show but don't go, away yet because we're going
to Be doing secrets Of The entrepreneurial mind when we.

Speaker 12 (01:01:23):
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Speaker 9 (01:02:07):
Eight hundred two six two nineteen, twenty six eight hundred
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Twenty Six it's Passage.

Speaker 5 (01:02:23):
To Profit alicia morrissey is our programming Director at Passage,
to profit and she's also a fantastic. Jazz vocalist you
can scroll to the bottom Of the passage profitshow dot
com website and check out.

Speaker 6 (01:02:37):
Her album and now it is Time for secrets of
the Entrepreneurial. Mind sandy we are starting. With you what's,
your deep dark.

Speaker 2 (01:02:48):
Entrepreneurial secret that's a tough question, to broadcast. YOU know
i think the real key or the secret to being
a successful entrepreneur is being honest. With yourself what are
you really, good at what do you? Stink at and
really be honest, about that and surround yourself with the
people that have skills and areas that. YOU'RE lacking i
think that's really the secret and the key to running a.

(01:03:11):
Successful business whether it's a, gas station, a Deli a
fortune five, hundred company, or startup it's all. The same
the vibe always starts at the top of, any organization
and the really good leaders are honest about.

Speaker 3 (01:03:24):
Their abilities well, you okay based on, MY experience i
want to share a point is that innovation always comes
from something that. Is unexpected this is SOMETHING that i
based on my. OWN experience i just want to share
some of my. Personal stories one of THE innovations i
made during My postc you Know that, i'm working you,

(01:03:44):
know that very hard to just solving a technology. Bottomneck
Here but i'm using, you KNOW everything i searched from,
the literature you, know that but it. Didn't work but,
one day you, KNOW that i fabricate, some simples you,
know that but based on the design from, the literature
it didn't meet. The specs so it's indeed some kinds of.
Failed samples but at, That time i'm, Thinking, about okay

(01:04:07):
this sample is, already there was, Already there so how
about we just, tested them, you KNOW so i didn't
throw them AWAY and. I tested it really thaves my
Bottleneck and i'm just dig a little bit into why
those kind of unexpected results is solving. The PROBLEM and
i discovered some new unit phenomena that you know that

(01:04:29):
really shines my post. Doc work so you just try
to be open minded and then your career can really
make some Real innoationous what great story.

Speaker 5 (01:04:39):
Screwing up as, Its Benefests.

Speaker 6 (01:04:42):
Stephanie coller what is?

Speaker 4 (01:04:43):
Your secret my secret would be when opportunity presents itself to,
say yes you may not know what's going. To happen
so my very first BUSINESS that i started with selling.
Wedding invitations like back when you had the big book
books before, digital anything you'd take your big. Books IN

(01:05:03):
and i went to sell one of my good friends her.
Wedding invitations she worked with. HER father, i said is your?
Dad here, she, said yeah we went to see. Your
dad they were vendor REPS. To QVC so i have
this big book of paper in front of me and
he says, to me we're getting ready to put a
set of all occasion greeting CARDS on qvc and we

(01:05:24):
need somebody with a background.

Speaker 8 (01:05:25):
In paper do you want to GO? On, qvc sure let's.

Speaker 4 (01:05:28):
Do it and that led to eight years of selling
gifts and NOVELTIES on qvc and ALL because i started
my wedding. Invitation company and when someone said do you
WANT to i, Said yes so you cannot ignore opportunities
that present themselves to.

Speaker 8 (01:05:48):
You out, of fear out.

Speaker 4 (01:05:50):
Of hesitation if there's, an opportunity you say yes and
you figure it.

Speaker 8 (01:05:55):
Out afterwards i'm.

Speaker 5 (01:05:57):
Going to go, and say just, you know know. Your
numbers if you're, in business fight to make sure that
you understand what's, coming in what's, going out where it's
going in. YOUR business i think too many entrepreneurs don't
really understand the basics of what, you know like a
profit and, loss statement, pretty basic a, balance sheet and

(01:06:17):
then even cash flow if you can get. To it
but at least understanding you know what's coming in and.
Going out and it sounds, pretty basic but. It IS
and i would say a lot of online education courses
for entrepreneurs are not so well attended when it comes
to the. Finance part some people just really avoid it and.

(01:06:38):
YOU can't i.

Speaker 2 (01:06:39):
Would say another piece OF advice i would give to
startups in, any business have really good accounts and attorneys to.
ADVISE you i can't tell you how at the end
of the day you could have the. Greatest idea it
really is about. The money at the end of. The
day we're in business to make money surround yourself with
really professional accountants that can, help you because if you're
not in charge of, your numbers the business is. Running

(01:07:00):
you you're not running. Your business and last piece, of
advice this is from Our friend confucius back in, the
day your. Old friend if you don't change, your path
you might wind up where. You're going so pivots. Are
good if it, doesn't, work here go to door.

Speaker 8 (01:07:14):
Number three but open. That, door, open, open.

Speaker 2 (01:07:19):
Open open, every door because the gold is behind the forty.

Speaker 5 (01:07:22):
Seventh DOOR so i do this.

Speaker 6 (01:07:25):
Every week i'm going to get down in the weeds
a little bit. This week first, of All to, sandy's point,
you know you cannot do everything for your, company yourself
so you do have to. Hire experts so Your heart
law has a marketing agency and they're pretty good and
they send us. This article and this is kind of
a SECRET because i don't know if everybody knows. It
yet it blew. Me away google has changed their algorithms

(01:07:48):
again for when people are searching for, your website and
most businesses have a website, right well they're. Favoring video
and what this article said is if you do you
just have text on, your website like even if you're
putting a new blog on there, every week it is
not going to rank your. Website higher so you have
to have, rich media which, is, video polls and it

(01:08:12):
doesn't have to be on. Your website so it's looking,
at YouTube it's Looking, at instagram. Different places you have
to be on the internet somewhere with video or quizzes
or polls or picture carousels or something. Like that so
talk to your marketing company.

Speaker 5 (01:08:27):
About, it great and so that's it for us. This
week Passage to profit is a nationally syndicated radio show
appearing in thirty eight markets Across The. United states, In
addition Passage to profit has also been recently selected By
Feed spot podcasters database as a top ten entrepreneur. Interview
podcast thank you to the P too, p team Our

(01:08:49):
Producer noah fleischman and our Program Coordinator alisia morrissey and
our Studio Assistant. Brissy cabbasari look for our podcast tomorrow
anywhere you get. Your podcast our podcast is ranked in
the top three. Percent globally you can also find Us, On,
facebook instagram x and on our. YouTube channel, and remember
while the information on this program is believed to, be

(01:09:12):
correct never take a legal step without checking with your legal.
Professional First gearheart law is here for, your patent trademark and.
Copyright needs you can find us at gearheartlaw dot com
and contact us for. Free consultation take, Care everybody thanks,
for listening and we'll be back.

Speaker 1 (01:09:27):
Next week the proceeding was a. Paid podcast iHeartRadio's hosting
of this podcast constitutes neither an endorsement of the products
offered or the ideas expressed