While much of the news about the cannabis industry seems mixed-to-grim, we at CanopyBoulder are hearing more stories of success than failure. Many of our portfolio companies are thriving amidst the global pandemic. Below we are highlighting the story of Royal Supply, a packaging supply and solutions company serving the cannabis industry that is setting new sales and growth records. Royal Supply graduated from the recent Winter 2020 CanopyBoulder Accelerator cohort.
No industry is immune to the Coronavirus pandemic. In the cannabinoid industry, consumers are buying and most businesses are responding to this demand with health and safety in mind. Declared “essential businesses” by many state and local governments, customer demand generation, customer retention, order ahead, delivery tech and order tracking are a few of the ancillary businesses seeing sales inquiries spike.
In our work at Canopy, we interview hundreds of investors each year and answer thousands of questions about cananbis investing. Here are the top 10 questions we field and short versions of our answers.
95% of new businesses fail. A simple fact (WSJ paywall).
So if your dream business is more likely to be unsuccessful than make you money, why even try?
If only there was a way to increase your chances of success. One that surrounded you with expert mentors and advisors, introduced you to investors, and rapidly accelerated the development of your business.
The secret here is that this model exists and has quickly become the best place to launch a startup. It’s called a business accelerator, and CanopyBoulder is the first and leading business accelerator in the cannabis industry.
CanopyBoulder focuses on ancillary products and services startups in the cannabis industry including software, hardware, media, data, safety, grow-tech and other businesses that don’t “touch the plant”. There will be no grow operations, extraction businesses, manufacturers of edibles, nor dispensaries in our accelerator.
This year we are working with 20 startups, all selected from an open application. We invite them to Boulder for a 13-week business boot camp and surround them with expert advisors, mentors, and investors.
We will also give them $20,000 in seed capital, over $40,000 in business services, $1M in mentorship value, and produce a demo day where they can tell their story to an auditorium of investors and cannabis industry professionals.
New to the industry, but bringing a deep bag of tricks and professional experience? We can introduce you to the cannabis industry faster and more efficiently than anyone. The first month of our program focuses on immersion with mentors, industry leaders, customers and vendors. We get you away from your business plan and into the industry. Launch parties, Meetups, big company visits, mentor presentations, grow operation, MIP, and dispensary tours are just a few of the ways to rapidly raise your cannabis industry IQ.
Lacking an MBA, but working in the industry where you have uncovered a great opportunity, yet you lack the access to capital and the experience to start a new venture? We provide an environment in which to work that is both collaborative and competitive. You’ll work harder than you ever have before to do-more-faster than out on your own. Fair warning - it will be the hardest time of your life, but also the most rewarding.
Plus, we give you $20,000 in seed capital and access to legal, accounting, tax, finance experts who are part of our network.
What else do you need? You need to share a vision of creating the best in class businesses supporting the cannabis industry today. You must be intelligent, driven, inquisitive, hard working, and you must absolutely possess low ego and take advice, suggestion and expert guidance well. The 13-week program exposes your team’s underlying culture and if that’s one of stubbornness, inflexibility, and arrogance you’ll find yourself wasting both your time and ours.
Our goal is to produce investment-ready startups and give you everything you need to build a successful company and become a great leader. In doing so, we will bring entrepreneurs, investors, mentors and the Denver-Boulder cannabis industry community together to build a safe, smart and sustainable course for this emerging industry.
It’s big picture, but it’s exactly what the industry needs right now and that is why many consider CanopyBoulder the forge crafting the future of the industry.
Are you up for it?
If so, apply here: www.canopyboulder.com/apply by June 2nd and get yourself ready for the greatest ride of your life. Class starts August 31st. Demo day is slated for December 3rd.
Not sure you believe me, check out this video of current CanopyBoulder entrepreneurs talking about what it’s like.