Entrepreneurial Experience : Venture team update: The Cravory
By Liz Warren-Pederson
Back in 2008, McGuire Entrepreneurship Program venture team Cookie Fusion showed off its impressive prototype to the year-end competition judges: a selection of fresh-baked, gourmet cookies.
Cookie Fusion was one of three finalists that year, and team members Derek Jaeger, Adam Koven, and Nate Ransom went on to launch the venture, now called The Cravory, in San Diego.
“After we graduated from UA, we met with investors, but we only had a business plan for a brick and mortar location without a proven brand, product, or even concept,” said Koven. “Many investors thought it was not the right time to be opening a storefront without an established model.”
Since then – through an inhospitable economic climate – they have gone on to refine their business plan, and establish a robust mail-order business through their website, thecravory.com.
“One of the reasons we launched the company in San Diego is demographics,” Koven said. In addition to a large population base, the city boasts over 35 farmer’s markets. “They are located all over town and happen on different days. By tapping into the farmer’s markets, we have been able to test our product in different areas with unique demographics. Not only have we been able to establish our brand, but we have also been able to see where we would most likely succeed if we were to open a storefront.”