News: Tulsa World: Business pitches fielded

On the top floor of the SpiritBank building, Melanie Sloan and Deborah Perry wrapped up their seven-minute presentation right on time Wednesday.

Their business proposal was among 25 surviving entries in Mayor Kathy Taylor’s Tulsa Entrepreneurial Spirit Award competition, now in its second year. More than 100 contestants have pitched ideas, and only 12 will advance by next week.

After thanking the panel of judges for their questions, Sloan and Perry exited the room with smiles of relief.

“I feel like we were just on ‘American Idol,’ “ Sloan said.

Back in the boardroom, the 12 judges mulled over the details of the pair’s proposal.

One member of the panel, Sean Griffin, an Internet entrepreneur in Tulsa, said that at this stage of the competition, the judges are there to support the entrepreneurs making their pitches, not to nitpick.

“No one is going to be the Simon Cowell today,” Griffin said, referring to the often-blunt “American Idol” judge. “We’re about helping them improve their business model rather than be critical. We’re looking for the best business model, not the best business plan.”

The pitch by Sloan and Perry was for a restaurant/bar called Zen A Soul Lounge,
an eclectic concept featuring the first hookah bar in Tulsa as well as coffee, tea and a full bar.

“Tulsa needs this,” Sloan said in her presentation. “We have spent the past two years in every bar, in every restaurant, in every coffee shop, and people have been very excited about the concept.”

Using a projection slide, Perry showed the establishment’s projected sales — $1.2 million in the first year.

“These are big numbers, but they are conservative and realistic,” she said.

Eliot Nelson, a restaurateur on the judge’s panel, was skeptical.

“I think the concept is really good and it has legs, but the numbers are flawed,” Nelson said, noting that a restaurant/bar usually sees lower first-year profit margins than the figures given by Sloan and Perry projected.

Jeff Horvath, the vice chairman of the Entrepreneurial Spirit Awards, asked Sloan and Perry about their plans.

Perry replied, “Maybe a Cherry Street or Brookside location.”

Sloan said the concept was about offering something that Tulsans don’t have.

“Everyone has been to a Chili’s or a place like that,” she said. “We want to offer something new — something you might find in San Francisco or Chicago or Atlanta.”

Griffin asked how the co-owners planned to keep interest in their restaurant once it gets off the ground.

“People have short attention spans,” he said. “How will you keep them coming in after the first few weeks?”

Sloan said the kind of people who will respond to her concept — young Tulsans, professionals and others — can be reliable.

“That’s what I feel I’m good at is knowing what resonates with people,” she said. “I think our customer base will be very loyal.”

Sloan and Perry said after their presentation that they felt confident with their performance but still have work to do to prepare for pitches to investors as well as the same judges, should they be selected for the semifinals.

“We need to look at some of our numbers. That’s something we should be better prepared to handle next time,” Perry said.

The semifinals are Sept. 3, and awards will be presented Nov. 18. The top three winners will divide $100,000 in cash, prizes and services.