Finding a formula for growth
Beattie Sturgill, Emma Sturgill, and Prashant Singh can tell you all about the science of cytoskeletal proteins, but they learned that finding a formula for success in the world of small business is not so easy.
The three co-founders of PurSolutions started their bootstrapped venture in the complex life-science industry in 2015. Their focus was the manufacture of proteins used in cancer and disease research. Good science and good business, as the partners soon discovered, require different areas of expertise.
“In 2015 we went to see Betty Hoge, Director of the Central Virginia SBDC in Charlottesville,” Beattie says. “We needed help navigating the small business world.” In Betty Hoge, the PurSolutions partners found both a coach and a counselor. “We met one or two times a month,” Beattie recalls. “We would talk about problems we were having, and discuss solutions with Betty.”
Betty helped the partners navigate available resources, verify and refine their business model, and find ways to expand to new markets. “Being a small business with only three partners, we were extremely invested in our company, and that can cloud your vision,” Beattie notes. “We took our ideas and strategies to Betty and she would provide valuable insight. The SBDC provided a valuable third-party review of our business that helped us grow.”
Practical applications of these reviews were soon apparent. “For example, we had some hypothesis about some market trends we were seeing. So Betty had us do some customer outreach, and helped us to refine our hypothesis based on the data,” Beattie explains. The SBDC’s development tools were also helpful. “Tools like the Growth Wheel helped provide a forward looking review of our company,” Beattie says.
When PurSolutions applied for a NSF-SBIR grant, the SBDC was there to help. “Betty was definitely instrumental in helping us develop a strong application,” Beattie says. “She provided key facts and helpful feedback during our reviews with her.” The award rate for this grant is only 12% nationwide. “That we received that SBIR grant is a testament to the assistance and support provided to PurSolutions by the Central Virginia SBDC,” he adds.
The SBDC also advised the company on filing several patent and trademark applications and on expanding its workforce by employing talented professionals in multiple facets of the business. Future growth was also a topic at the SBDC meetings. “Company growth was the focus of almost every talk we had with Betty,” Beattie notes. “It was the heart of every meeting.”
After working with the SBDC for three years, Beattie and his partners are confirmed fans. “I tell other business associates about the SBDC,” he concludes. “Even if they’ve been in business for years, I still recommend a visit to the SBDC. It’s like having a checkup with your doctor — it’s a good business practice.”