Entrepreneurial Incubator Funds First Employee Business Venture
Monday, Jun 23, 2008
LEHI, UT, June 23, 2008 — As part of its mission to foster a spirit of entrepreneurship, mangosteen category creator XanGo, LLC has negotiated its first joint venture with an employee through its entrepreneurial incubator known as the XanGo Blink Tank. Terms of the agreement were not disclosed.
The brainchild of founder and CEO Aaron Garrity, the Blink Tank was created in 2007 to instill a corporate culture of innovation and self-empowerment. Comprised of a select group of XanGo managers and executives with proven success in business, the Blink Tank solicits employee business proposals and guides the would-be entrepreneurs in developing sound business strategies, with the purpose of identifying and funding new commercial ventures.
“As a company built and run by entrepreneurs, we feel very strongly about instilling our vision of employee self-empowerment and opportunity,” said XanGo founder/CEO Aaron Garrity. “Through this program we are providing needed capital and building strategic partnerships with our employees in pursuing their dreams of business ownership.”
As the first Blink Tank venture, set to launch within the next month, Frank’s mobile diner will be owned and operated by XanGo employee and married mother of three, Hannah Baker, with the financial backing of the XanGo Blink Tank.
“It’s a dream come true for me to own and operate my own business, and I am so grateful to XanGo for providing the means for me to make it happen,” said Baker. “Frank’s will provide a nostalgic level of service and take customers back to a bygone era, where people can buy gourmet hot dogs, drink bottled sodas and groove to classic rock – all from a mobile diner that brings the experience to them.”
The realization of a vision Baker first conceived several months ago, Frank’s will operate from a converted ’64 high-roof VW bus complete with a high-end audio system and a custom paint detail. Baker looks to serve corporate office centers such as XanGo, college campuses and privately catered functions.
Today’s announcement culminates a partnership between Baker and XanGo that got its roots in early January, when the would-be entrepreneur first approached the XanGo Blink Tank to tap into its “business brains and experience.”
From that introduction, Baker refined her business plan with the Blink Tank’s assistance, and then progressed through a series of interviews and presentations, ultimately receiving the funding approval from XanGo’s board of directors. XanGo expects Baker will be the first of a number of employees to enter into a joint venture agreement with the company.
“We congratulate Hannah and hope her example will show our employees what is possible with the Blink Tank,” Garrity said. “Through this program, employees are free to grow and develop their skills at XanGo, whether their ultimate goal is to scale the management ladder or explore entrepreneurship opportunities in a funding partnership with their employer.”
So far, a number of business concepts have been proposed to the Blink Tank, with most of those coming directly from XanGo employees. The Blink Tank is focusing on serious business proposals, with funding agreements potentially reaching several million dollars of either startup funds or infused capital to existing businesses.
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About Blink Tank
Built exclusively for XanGo employees and their families to provide economic opportunities and encourage innovation, the Blink Tank consists of select company managers and executives who oversee the generation of non-XanGo related internal business ideas, with the intent of starting eventual spin-offs. The Blink Tank also provides a forum for employees to receive coaching, assistance or funding with proposed new business ventures as well as employee-sponsored external ideas with relatives, family members or friends.
About XanGo
XanGo, LLC is a recognized category creator as the first company to market a premium mangosteen beverage, XanGo® Juice, to consumers worldwide. A delicious daily dietary supplement, XanGo Juice harnesses the nutritional attributes of the whole mangosteen fruit through a proprietary formula. Based in Utah, XanGo is privately-owned and powered by a global network of independent distributors. XanGo's expansive operations include the United States and numerous international markets such as Canada, Mexico, Japan, Germany and Malaysia. For more information on XanGo and XanGo Juice, visit www.xango.com. Copyright XanGo, LLC. All rights reserved.
CONTACT: Bob Freeze Jeff Chandler
XanGo, LLC XanGo, LLC
(801) 753-3060 (801) 753-2820
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