Last year Peke Buo won the third place $2,000 prize at the Opportunity Quest competition through the Lassonde Entrepreneur Institute. Now, Peke Buo is scaling new heights with their prize money and learning experience. Not only has Opportunity Quest provided them with the financial support they need, but they have also received connections that have allowed them to expand their company.
Peke Buo is a more compact and efficient diaper bag. This small litter diaper bag has access to wipes, diaper disposal bags and a changing pad. With the prize money that they received last year ,they were able to hire professional seamstresses, build updated prototypes, get their product patented, and have a Kickstarter campaign that has grown to $13,000. Not only were they able to better their product with the prize money but they were able to network with many individuals that allowed them to market their product to many avenues.
With the help of the Lassonde Institute they showcased their product on KSL and KUTV which helped generate revenue. They have many new exciting plans in store for their company in the upcoming months. They are planning to launch a new campaign in October and will be airing on a television show similar to “Shark Tank.” This upcoming attention will allow their brand to be noticed by many different audiences.
What advice would they give to today’s OQ applicants?
Emrys Tate, the co-founder of Peke Buo, would like to tell this year’s Opportunity Quest participants to “Dance with your fear.” He says that “there are many struggles that a startup company faces every day. Peke Buo faced challenges such as where to manufacture the product, and how to market the product on a daily basis. But, if you are not excited about these new challenges than maybe you are doing something wrong.”
He also shares that the number one advice that he can give to a startup company is to “pitch, pitch, and pitch some more! At the end of the day, it really boils down to how well you understand your idea. You don’t need to have all the details figured out but you need to know what you know and know what you don’t know. Although the judges may seem intimidating they are just there to help you. They might ask tough questions, but at the end, this will benefit you because it will allow you to think deeply about your product and how you can better it.”
He adds: “Last but not least have fun! Know that this opportunity is just another steppingstone for your company and that after this experience it will just allow you and your company to grow to heights you’ve never imagined!”
Register for Opportunity Quest
Are you interested in Opportunity Quest? Do you you have a business, or an idea for a product/service? Opportunity Quest has $10,500 in cash prizes for the winners of this year’s executive summary competition. The deadline is Dec. 1. Apply today at lassonde.utah.edu/oq.
