Story excerpt provided by Ohio University Voinovich School of Leadership and Public Affairs.
Written by Jasmine Grillmeier.
Lee Groeschl’s first business idea was to develop a line of scented candles targeted to men, as there was a lack of “manly scents” available in the candle industry. However, he did not go through with it. Why? After extensive evaluation, the product and sales strategy would not have made a strong enough profit to outweigh the costs of production and commercialization.
Groeschl went on to start three successful companies and has been involved with more than 100 technology-based ventures and $65 million of syndicated venture financing. Based on this expertise, the Center for Entrepreneurship asked Groeschl, executive in residence at TechGROWTH Ohio, to speak at the first Venture Café of the 2015-16 academic year on how to find good venture ideas.
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Originally published September 23, 2015.