All monikers considered, it wasn’t luck that won Lucky-Oh Horchata $20,000 this week after competing in the Miller Lite Tap the Future business plan competition at Dallas City Performance Hall. To a panel of expert businesspeople, the Colorado-based beverage retailer’s business plan stood out.
“Shark Tank” investor Daymond John and three other business moguls selected Lucky-Oh from five companies to receive the $20,000 business development prize, and with a chance to compete in the final round of the national competition in September. The finals will take place in Chicago, where finalists will face off for a grand prize of $200,000.
In addition to Lucky-Oh, three Texas-based companies took the stage to present their business plans: Houston-based JuniorLevel, Brownsville-based El Patron Taco Truck, and Little Elm-based Driven Fitness LLC. Montana-based WO Design was also among the competitors.
“It’s really great to work with a brand that cares about the community and entrepreneurship,” said John. “That initial funding of $20,000 somebody will win—and hopefully they’ll go on to win $200,000—that makes or breaks companies. That’s at that early stage where you sometimes have to go out and take a loan and risk everything.”
Joining “The Shark” on the judging panel were Sulaiman Sanni and Ben Lamson, co-owners of WeDidIt, a tech company that assists in fundraising through web, mobile, and analytics. The two are also past recipients of a MillerCoors business grant. A guest judge also participating on the panel was Shelby Skrhak, director of digital content and social media at SUCCESS magazine.
Lucky-Oh was first of the five semifinalists to pitch their idea to the judges. The company sells a beverage-enhancing concentrate that creates instant horchata, a milky drink commonly comprised of rice, cinnamon, and vanilla and that is traditional to Mexican and Latin cultures. Each team was given five minutes to present—a timeframe that Lucky-Oh creators Joe Velasquez and Nick and Kristen Lang used to convince the panel that they had crafted the “fastest, healthiest, and most versatile” Horchata product.
In addition to the semifinalists, four entrepreneurs were randomly selected from the audience to give two-minute pitches for a chance at $500. Dallas realtor Dee Cox won the money for her startup, MOVE Dallas Realty, which plans to launch an incentive program to improve and sell homes in local neighborhoods.
This is the third year Miller Lite Tap the Future has provided the funding and resources necessary to help bring startups into fruition. The program has already visited Miami and Detroit and will wrap up its tour this month after visiting Philadelphia and Atlanta. In preparation for next year’s events, coordinators are already looking to add another city in Texas to the agenda, said Steve Canal, MillerCoors manager of community affairs.
For more information about the event or how to apply, visit Miller Lite Tap the Future’s website.
