Larry Cunningham, president of Corepole Inc. of Belvidere, was honored as EDGE Entrepreneur of the Year.
The other nine finalists were
Mary Johnson, A Sign Designs; Daniel Nelson, Chocolat by Daniel; Rebecca Hillburst, Commercial Printing of Rockford; Shirley G. Sievers, geriatric consultant; Gayle Englof, Home Environment Center; Teresa Maloney and Susan Johnson, Kids Spot; Mindy Scalzitti Williams, M.S. Cleaning Service; Sherri Ruston, Happy Camper Pet Resort; and Pam Vogel, Waterside Benefits.
About Corepole
Headquarters: Based in Belvidere
Started: January 2004
Employees: 2
President: Larry Cunningham
Nominated by: Greg Crowley, Ingenium Technologies, Rockford
Quote: On adjusting the original growth plan, Cunningham said: “In 2006, we began to have serious issues with the supply of product from our manufacturer. We were losing orders due to not delivering as promised. In 2006, we leased our own manufacturing/warehouse space in Belvidere and now bring in the components for assembly and pack.”
EDGE honors fitness business owner
Larry Cunningham of Belvidere is chosen Entrepreneur of Year.
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| 2007 EDGE
Entrepreneur of the Year winner Larry Cunningham (left) and Greg
Crowley of Ingenium Technology talk Tuesday at the EDGE awards
dinner at Lino's in Rockford. Crowley nominated Cunningham for the
award. |
ROCKFORD – A Belvidere businessman trying to carve a niche for himself in the increasingly competitive personal fitness industry was honored by a small business development center as Entrepreneur of the Year Tuesday night.
Larry Cunningham, president of Corepole Inc., was the winner of the second annual award given out EDGE, which stands for Enterprise, Development, Growth and Excellence. EDGE is in its third year of existence.
“This means a lot, but I’ve had some help at key times and I was glad I was able to thank some of them,” Cunningham said after receiving the award before about 100 people at Rockford’s Lino’s restaurant.
Corepole’s signature product, a pole in a weighted base with various resistance bands allowing for group or individual exercises, was invented by a Cherry Valley man. But Cunningham has exclusive rights to the invention and has grown the company to where he is projecting more than $300,000 in sales this year.
Sales could increase significantly. Cunningham said there are 40,000 private fitness clubs in the U.S. and 60,000 in Europe and his pro-duct is in “hundreds and hundreds” of them. Still, the Corepole can be found in very few of the world’s largest fitness chains, Bally’s, 24 Hour Fitness and Gold’s Gym. He’s hopeful to make inroads this year.
His company’s success, though, highlights the fact that just having a good idea does not guarantee success. In his nomination forms, Cunningham wrote “not a day goes by I don’t spend time working on cash flow and balancing the (product) pipeline.”
In 2006, as interest in the Corepole continued to build, Cunningham’s manufacturer couldn’t keep up, costing him customers. He responded by leasing space in Belvidere so that Corepole could do its own assembly and packing. Cunningham still has just two employees, though, and he’s leaned on friends and family members to help as the company grows.
Cunningham said his days as a two-person shop are coming to a close and has been discussing issues such as insurance and benefits for his future employees.
Assistant Business Editor Alex Gary may be reached at agary@rrstar.com or at 815-987-1339.