Featured photo: Larry Gaynor, founder and CEO of TNG Worldwide who is self funding an entrepreneurial pitch competition
Written by Tanya Terry
The Courier recently talked to Larry Gaynor, founder and CEO of TNG Worldwide, about his background and the TAKE A CHANCE! Entrepreneurial Pitch Competition he has been spearheading.
Gaynor is self-funding the competition offering $251,000 in cash prize money.
Gaynor started working at his grandfather’s hardware store in Detroit and eventually opened a discount health and beauty aid store in Farmington Hills. There, Gaynor founded his current company, TNG Worldwide (The Nailco Group). The business became the largest national distributor of nail products and then beauty products in the U.S. It was also the first beauty company to go online in 1995 and the first beauty company to sell on Amazon in 2004.
When the pandemic came, The Nailco Group was already manufacturing PPE products. It was then that Gaynor said he had to make his own “biggest take a chance decision” to drop all distribution products and focus on manufacturing in 2020. The year turned out to be incredible! The company was able to sell PPE products to doctor’s offices, funeral homes, nursing homes and hospitals.
Gaynor also told the Courier about the inspiration for his bestselling book “Take a Chance 101 Entrepreneurial Lessons for Making It Big.”
Gaynor pointed out 5.4 million businesses are started in the United States every year, and over 50% of small businesses will fail before their fifth consecutive year of operating. Gaynor said as one who has been in business for over 50 years, he had 101 lessons on what aspiring entrepreneurs should and should not do.
Gaynor had also been involved in entrepreneurial pitch competitions at Michigan State.
“Michigan needs more entrepreneurs,” Gaynor said. “Michigan needs more small businesses. Small business drives growth. Small businesses hire most employees. Small business drives innovation.”
At the website https://www.takeachance.biz/ there is an application form, which Gaynor described as “complex.” Applicants are asked to read Gaynor’s book “Take a Chance 101 Entrepreneurial Lessons for Making It Big” in hardcover book form, on Kindle, or by listening to it in audio book form. They will be asked what two lessons from the book are most are most helpful for their businesses.
Applications are due by May 31.
Eighteen finalists will be invited to the competition will take place September 6, at the Gem Theatre, in Detroit. The public will be invited to purchase tickets to watch the competition and enjoy breakfast as well.
The grand prize winner will win $101,000. The winner in each category wins $20,000. The runner ups in category receive $5,000.
The categories are: AI & Immersive Reality, Entertainment; Media & Content; Nutrition, Wellness and Healthcare, Next-Generation Workforce Solutions; Urban Innovation, Transportation & Sustainable Solutions and Emerging Student-Led Venture.
In addition to the prize money, winners will be featured in the November/December dBusiness publication to gain exposure and potentially attract investors and customers.
One of the things Gaynor said he and the other judges are looking for in the competition is the passion needed to be a successful entrepreneur.
Learn more about the judges and the competition categories at https://www.takeachance.biz/
