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Fashion guru Joe Mimran surprises fellow dragons with an offer

Author: Sienna Haynes
by Sienna Haynes
Posted: Nov 27, 2015

The pitch Mike Holland grew up on a farm in New Brunswick where hunting and fishing was as much about sustaining your family as it was sport. All of that continues to be as much a part of his life today as it was then. And it’s this passion for the outdoors that led Holland to launch Moncton, N.B.-based Resourceful Redneck, an online retailer that sells tools and gadgets he invented out of necessity but also is selling a lifestyle linked by a community forum.

"There are lots of online forums and places to buy products but there is no marriage between the two. We want to be that place where people can buy products and share their experiences. We want every hunter in North America to go hunting with Resourceful Redneck products and have a coffee with us afterwards," said Holland, who spent several years in sales and in the political arena as an executive/special assistant with the Government of New Brunswick before coming up with Resourceful Redneck.

"Those were all pursuits that paid the mortgage. I always wanted to make a living in the outdoors industry," he said.

In five years, Resourceful Redneck went from ideas to solutions to problems he experienced while hunting and fishing to a business. "In 2010, I started getting deliberate and intentional about living my passion," he said.

However, it wasn’t until he met Steen Gunderson, who has the manufacturing knowledge, that the business took form. "I met him in the political world and found out he can take concepts, create prototypes and bring them to commercialized form and I had the concepts."

Resourceful Redneck was incorporated 22 days before the pair took the concept to the Den. "There is no shortage of retailers selling hunting and fishing gear," Holland acknowledged. "Our challenge is to create a business that is different, one that offers unique products and a phenomenal brand so we are complementing not competing with other retailers."

At the time of the pitch, Resourceful Redneck had 18 products, including a line of portable lightweight saws, axes and knives meant to cater to campers, backpackers and snowmobilers, as well as gun safety and maintenance items and products for moose hunting, for example. It also had $6,000 in sales from the web and trade shows.

The deal Holland and Gunderson asked for $50,000 in exchange for a 10% equity stake, valuing the business at $500,000. "The money was targeted to creating a community by building a marketing engine that would drive Resourceful Redneck and make it a household name within North America’s outdoors community," Holland said. They accepted an on-air offer from Joe Mimran for a 20% stake. The deal is still in due diligence.

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Since taping the episode last spring, Resourceful Redneck products have got shelf space in 12 stores across British Columbia, Ontario, New Brunswick, Prince Edward Island and Nova Scotia, and is creating an online distribution system and e-store that will carry its own and other manufacturers products as well as inventions from customers.

"This creates the opportunity for an endless supply of new products. You do something incredible when you involve your customer base in building your company. You create a sense of ownership, loyalty engagement; they are invested in ensuring your success," Holland said.

In addition to product ideas the site will encourage customers to share their stories, photos and resourcefulness. The plan is to tap all social media avenues. Resourceful Redneck also has entered into a sponsorship arrangement with Trigger Effect, an outdoor documentary TV show, to build its presence and credibility.

A dragon’s point of view Mimran admits he surprised his fellow dragons with his offer. He said he was impressed with the sincerity and focus of the entrepreneurs and the lifestyle space they are targeting.

"I’m not a hunter or an outdoorsman but … outdoor lifestyle is on trend and a huge business opportunity. It’s a space I’ve never played in and I thought it would be interesting. I see this as a branding play and that’s where I can add value. They need to build out their communication effort," Mimran said.

"The value is not in the products but in the community they develop and information they deliver. Many brands are looking to influencers to help them sell products. He could become a powerful influencer."

An expert‘s opinion John Cho, a partner at KPMG Enterprise, asks: What’s the business model? "The entrepreneur is right, there is a lot of competition from much larger manufacturers when it comes to the product side. If the focus is on building a community, how do they plan to monetize that community? They need to spend more time formulating exactly what they want to be and build from there."

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Author: Sienna Haynes

Sienna Haynes

Member since: Jun 18, 2014
Published articles: 201

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