Thomas Clements
In Motion Staff Writer
Entrepreneur and inventor Chris Gilpin gave an inspiring and motivating talk about ambition, ingenuity and perseverance to a packed house at the Hosseini Center during the spring L. Gale Lemerand Entrepreneurial Speaker Series.
Guest speaker Gilpin, a former Daytona State College student, is the inventor of the Signal Vault Credit Card Protector. Signal Vault is a card-like device that fits in a wallet. It contains a microchip that creates an invisible shield making it impossible for criminals to steal information from credit or debit cards.
As local legend has it, Gilpin started his business with the $8,000 he won from a one dollar lottery ticket. He went on to make a successful appearance on ABC’s “Shark Tank” series. After listening to him it’s easy to see that this feel-good story only scratches the surface.
While working as a consultant in credit card securities, he saw a need for a better product and looked for a solution. Through research and diligence he developed his product, while seizing every opportunity to see it through to market.
At the April 12 event, he talked to a crowd of young would-be entrepreneurs about making bold decisions. Like deciding whether to use his windfall lottery winnings for the security of his young family or to invest that money into his burgeoning company.
“I spent many nights sleeping on the couch after making that decision,” he said.
He spoke about perseverance, of waiting in line for 12 hours at a “Shark Tank” casting call to deliver his 60-second proposal. He told of being able to make adjustments for unforeseen obstacles and how think on his feet. He remembers that in those last 10 minutes of waiting to audition, when he was close enough to the producers to hear a representative from a competing company, he was devastated to hear what the competitor before him said.
“He basically said my pitch verbatim,” Gilpin recalled, “the pitch I’d been practicing for a month.”
Thinking on his feet, Gilpin came up with a new pitch. And after two months of waiting, he received a call saying he made it to the next step. Then came tons of paperwork, video submissions and then more paperwork.
Gilpin appeared on “Shark Tank” on Sept. 25, 2015. His presentation was a success and he partnered with two of the “Sharks,” Lori Grenier and Robert Herjavec, for a $200,000 investment. Later that same night, he made an appearance on the QVC shopping channel where he sold out his entire inventory in just eight minutes. Signal Vault now boasts over $2.4 million in sales with 12 employees and will soon be available in retail stores. Headquarters for the company is in Orange City.
The businessman finished the session by saying, “I don’t want to give anyone the impression that this is easy by any means, but what I’m trying to get across to you is to go for it. I hope you all have dreams and that those dreams are huge.”
The event also included the awarding of scholarships from DSC’s Center for Entrepreneurship in two categories: a Volusia or Flagler County student who plans to attend DSC; and two DSC college credit students. Dr. Thomas LoBasso, president of DSC and philanthropist businessman L. Gale Lemerand, who provided the endowment for the foundation, handed out $1,000 scholarships to the three students.
First to receive the honor was Olivia Thomas, 17, a dual enrollment student who, along with twin sister Annika, has been operating a home improvement business for the past three years. Next came Francis Baccaro, a mother of two children who maintains a 4.0 grade average. Upon graduation, Baccaro plans to start a non-profit legal systems business for families with hardships.
Finally, there was Cheryl Gallegos, a nursing student who plans on becoming a nurse practitioner and whose goal is to start an advanced aesthetic therapy business.
The Entrepreneurial Speaker Series is hosted by the Small Business Development Center at Daytona State College. Lemerand is one of the nation’s leading entrepreneurs and philanthropists. Through an endowment, DSC’s Center for Entrepreneurship that bears his name has become a resource available for Daytona State students seeking degrees in business and management, as well as for anyone who wants to learn what it takes to start a business from the ground up. For information about the L. Gale Lemerand Entrepreneurial Speaker Series, call 386-506-4723 or email SBDC@DaytonaState.edu.