By Stacy Ryburn, Arkansas Online
FAYETTEVILLE -- An online tuxedo-rental store might seem like a kooky idea. Investors in Atlanta told Bogdan Constantin and his two business partners as much.
The three had just gotten Menguin off the ground in June 2014. Not even a year later they sought to expand. The goal, then and now, is to become a billion-dollar brand.
If the idea's so great, technology investors said, why doesn't Amazon do it? Constantin got in contact with Fayetteville entrepreneur and venture capitalist John James, founder of OneCountry, formerly Acumen Brands.
Constantin and his partners fell in love with the city and what it had to offer. By April 2015, Menguin made itself a home at James' Hayseed Ventures, a startup incubator at the Old Post Office on the square.
They started networking. The business caught the eye of investors, Mark Cuban, owner of the Dallas Mavericks and regular on ABC's Shark Tank, among them, and gained national attention. What started as a fledgling startup now is a company worth millions.
"Out of nowhere, we went from Atlanta where we were a small fish in a massive pond," Constantin said. "We moved from Atlanta to Fayetteville because we saw the opportunity."
Menguin represents exactly the kind of business city leaders want to attract and retain. The council in October approved contracts with local consultants Startup Junkie and the Fayetteville Chamber of Commerce to take a two-pronged approach to economic development.
Startup Junkie will focus on attracting new business to the area. The chamber will focus on retaining businesses. It's all part of a five-year plan Mayor Lioneld Jordan calls Fayetteville First.
"This is going to set the course for economic development way into the future," he said. "I think it's a really good plan. I'm really excited about getting it all put together."
READ THE REST OF THIS STORY ONLINE
The three had just gotten Menguin off the ground in June 2014. Not even a year later they sought to expand. The goal, then and now, is to become a billion-dollar brand.
If the idea's so great, technology investors said, why doesn't Amazon do it? Constantin got in contact with Fayetteville entrepreneur and venture capitalist John James, founder of OneCountry, formerly Acumen Brands.
Constantin and his partners fell in love with the city and what it had to offer. By April 2015, Menguin made itself a home at James' Hayseed Ventures, a startup incubator at the Old Post Office on the square.
They started networking. The business caught the eye of investors, Mark Cuban, owner of the Dallas Mavericks and regular on ABC's Shark Tank, among them, and gained national attention. What started as a fledgling startup now is a company worth millions.
"Out of nowhere, we went from Atlanta where we were a small fish in a massive pond," Constantin said. "We moved from Atlanta to Fayetteville because we saw the opportunity."
Menguin represents exactly the kind of business city leaders want to attract and retain. The council in October approved contracts with local consultants Startup Junkie and the Fayetteville Chamber of Commerce to take a two-pronged approach to economic development.
Startup Junkie will focus on attracting new business to the area. The chamber will focus on retaining businesses. It's all part of a five-year plan Mayor Lioneld Jordan calls Fayetteville First.
"This is going to set the course for economic development way into the future," he said. "I think it's a really good plan. I'm really excited about getting it all put together."
READ THE REST OF THIS STORY ONLINE
http://www.arkansasonline.com/news/2017/jan/08/fayetteville-looks-to-startups-as-drive/
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