Donutology’s Founder Stands Out in NextGen Contest
Andrew Cameron is founder of Donutology and was one of the winners in the IFA's NextGen competition.
A detailed knowledge of the numbers set Andrew Cameron and his fledgling Donutology franchise apart from the rest of the contenders in last week’s NextGen competition at the International Franchise Association’s annual conference.
Cameron knows the financials well because he already opened six traditional donut stores, called Daylight Donuts with his first store in Leavenworth, Kansas, before launching his new brand, a corporate-owned customized donut store in Kansas City, Missouri. He will open a second corporate store later this year and plans to begin franchising by the end of 2018.
He was ready when the NextGen judges asked their questions. “I knew they would ask about profitability and the margins, and that’s the beauty of this concept,” he said about Donutology. “With the miniature donuts we’re able to command a premium over our regular donuts,” charging $2.99 for three, almost three times the price for a regular donut. Even with extra labor for customization, the hallmark at Donutology, “it’s not two-and-a-half times the cost,” he said.
Twenty finalists presented their brands February 11 at the IFA conference in Phoenix.
This year, Landon and Kat Eckles, founders of Clean Juice Franchising, took home first place in the NextGen competition, which is designed to develop the next set of leaders in franchising and drew more than 900 applicants from around the world.
Devan Kline, founder and CEO of Burn Boot Camp, and Cameron, founder of Donutology, each received $5,000 for the second place prize. The judges also awarded a $5,000 prize to Stella Sigana, founder of Alternative Waste Technologies, a social enterprise franchise.
We’ll have more about Cameron and the other NextGen participants, along with advice on how to judge franchises like a pro, in upcoming print editions. Meanwhile, take it from this seasoned business reporter: the fledgling franchisors who could drill down into the profitability of their brands with ease and clearly and quickly articulate their point of differentiation stood out to the judges, the audience and most likely to prospective franchisees.