Lubricity Labs, a company founded by a nuclear physicist determined to help his frizzy-headed daughter with her hair woes, won Thursday night’s 2016 PitchBR competition, part of the weeklong series of Baton Rouge Entrepreneur Week events.
Lubricity Labs founder Boyce Clark—who created in his home laboratory a line of all-natural, hair care products that smooth and tame unruly tresses—bested two other companies in the hour-long pitch night competition for the opportunity to receive up to $250,000 in early-stage capital from Innovation Catalyst, a nonprofit venture capital organization in the Louisiana Technology Park.
“We’re really excited,” says Clark, who was surrounded after the award was announced by a small circle of family and friends that included 13-year-old Alden, the inspiration for the products. “I didn’t realize the relationship women have with their hair. To be able to help them with something they spend so much time on is really meaningful.”
As he explained in his pitch to the three-judge panel, Clark plans to use his prize money primarily for marketing to help grow the company. Lubricity Labs has only been in business full time since March, and though interest in the product is spreading fast through social media, the mainstream press and word of mouth, Clark believes it’s time to kick things to the next level and engage in a strategic marketing campaign.
“We think we can penetrate significant markets by getting the word out there,” he says.
For now, he plans to continue manufacturing his product line from the company’s Government Street headquarters, where he is able to produce 1,000 bottles per week. Future plans call for growing the company nationally, bringing on board a celebrity spokesperson and eventually selling to a major company.
Lubricity Labs competed against two better-established companies in the pitch competition: Officer Reports, which has created a mobile app to help security companies monitor and communicate with their security guards in the field; and Memo, a platform for creating photo books and products that can be used to raise funds for schools and nonprofit organizations.
Winning last night’s pitch competition does not mean Lubricity Labs will automatically receive $250,000 in prize money. Rather, the company won the opportunity to engage in the due diligence process with Innovation Catalyst, which will determine how much to invest in venture, says Innovation Catalyst CEO Louis Freeman.
Thursday’s Pitch BR was the sixth pitch night competition since BREW was founded. Three contestants were judged on innovation, sustainability and scalability, leadership, presentation strengths, and community impact.
Also this week, a team of St. Joseph’s Academy students won a $5,000 cash prize and $2,500 for their school in BREW’s The Big Pitch competition, with their idea for a teen workout facility.
The competition was put on by Capital One and sponsored by Junior Achievement and the American Advertising Federation of Baton Rouge.
BREW wraps up today with panels on turning a profit in home-based businesses and standing out in business. Also, Winnie Hart, author and founder of TwinEngine, will facilitate a panel discussion with local entrepreneurs about how they have managed to bring their ideas to fruition.
See the full lineup and times of BREW’s remaining events.
—Stephanie Riegel
