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LinkWorx, under the leadership of CEO Nigel Jay, sought to expand its reach by forging strategic alliances with South Korean IoT equipment manufacturers. However, the company faced several challenges. These included a lack of familiarity with the South Korean market, cultural and language barriers, and the need to position its LTE/5G connectivity solutions as a competitive advantage. Historically, end users in the U.S. have managed device connectivity, often resulting in deployment delays and dissatisfaction. For LinkWorx to succeed, it needed to demonstrate the value of its integrated "plug-and-play" connectivity solutions to South Korean manufacturers, allowing them to market internet-ready devices for the U.S. market without additional end-user setup.
"The SBDC South Korea Trade Mission significantly broadened our view of South Korea as a potential partner. To elaborate, we enlisted in the trade mission with an open mind and no expectations. What we discovered was a highly industrious population with a strong work ethic, technologically advanced society supported by tech incubators and accelerators, and a deeper understanding of the agencies, companies, and culture that drives industry growth, technology adoption, and domestic pride. We are convinced we need to include South Korea as a key component of our company growth strategy."
The 2024 OCIE SBDC Trade Mission to South Korea presented Nigel with a unique opportunity to address the challenges LinkWorx faced. The OCIE SBDC played a critical role by guiding LinkWorx through a comprehensive preparation process before the trade mission. The collaboration began with a detailed needs assessment and market research to identify potential South Korean partners. The SBDC team supported Nigel in creating a compelling capability statement and developing localized marketing materials tailored to South Korea's cultural expectations. Additionally, the OCIE SBDC provided access to critical resources such as the STEP Grant and U.S. Commercial Services. With clearly defined mission goals and robust preparation, LinkWorx was well-equipped to engage with South Korean partners confidently and effectively.
The 2024 OCIE SBDC trade mission to South Korea, spanning Seoul, Incheon, Busan, and Changwon, was instrumental in helping LinkWorx achieve its objectives. Through key meetings with organizations such as MK Media Group, Incheon Startup Park, and the Korea Industrial Complex Corporation, the mission facilitated introductions and collaboration opportunities that directly addressed LinkWorx's challenges. Networking sessions and business matchmaking activities further strengthened the company's ability to form strategic partnerships. By leveraging the groundwork laid by the OCIE SBDC, LinkWorx gained valuable insights into South Korea's innovation ecosystem and positioned itself to deliver integrated IoT solutions that meet the demands of this dynamic market.
Kevin McGrew and Johnny Ung, co-owners of The Hungry Dragon, a cafe and board game shop concept, faced significant challenges in launching their business. While they had a clear vision and enthusiasm for their unique venture, they struggled with developing a comprehensive business plan, creating accurate financial projections, and securing the necessary commercial loan to cover startup costs. Additionally, navigating the complexities of leasing a commercial space, making site improvements, and purchasing inventory presented hurdles that required specialized expertise and guidance.
"Since we opened our doors, it's been so rewarding to watch our community grow. Complete strangers are able to find each other and become fast friends over a game that they both enjoy because that's what games do — they bring us all together."
Consultants from across the OCIE SBDC collaborated to provide extensive technical assistance to address the challenges faced by Kevin and Johnny. With the guidance of consultants Hugo Loyola and Jay Alliis and additional support from the SBDC Finance Center, the team helped Kevin and Johnny refine their business plan and financial projections. They were also guided through the process of assembling a loan package, which included collaboration with finance experts Mike Pagani, Uriel Arguelles, and Craig Russom. These efforts culminated in securing a $271,000 commercial loan, including a $31,000 owner injection. The OCIE SBDC also connected them with Riverside County Workforce Development programs to support hiring and training new employees.
As a result of the OCIE SBDC's support, The Hungry Dragon successfully secured funding to move forward with its plans to open in Murrieta, California. The loan enabled them to finalize their commercial lease, make necessary site improvements, and stock inventory for their unique cafe and board game shop. The business created three new jobs and celebrated its official grand opening on August 2, 2024, with strong attendance from their growing community of patrons and the OCIE SBDC. Kevin and Johnny expressed high satisfaction with the SBDC's guidance, describing it as "excellent" and instrumental in turning their entrepreneurial vision into reality.
Priscilla Uriostegui, a licensed hairstylist with more than seven years of experience, aspired to open her own salon. While she had found the perfect location in San Bernardino for her business, she faced significant challenges in navigating the legal and regulatory requirements to establish her salon. From registering her business with the Secretary of State to obtaining the necessary permits, the process appeared complex and daunting.
"Estoy muy agradecida por todo su apoyo y guía a través de este proceso." ("I am very grateful for all their support and guidance through this process.")
With the guidance and support of OCIE SBDC Business Consultant Yadira Dominguez, Priscilla gained the knowledge and support needed to bring her vision to life. Through personalized one-on-one consulting sessions, Priscilla learned how to successfully navigate the business registration process. This included obtaining an Employer Identification Number (EIN), securing city licenses, and ensuring her location passed all inspections. The SBDC's step-by-step assistance empowered Priscilla to meet every requirement with confidence, making her dream a reality.
Thanks to the support of the OCIE SBDC, Priscilla opened J3 Beauty Style LLC, fulfilling her long-held dream of owning her own salon. Located in San Bernardino, her salon is poised to serve the local community with exceptional hair styling services. Priscilla credits the SBDC's guidance as instrumental to her success. As a proud Latina and woman business owner, Priscilla's journey exemplifies determination and the impact of effective small business support.
