business & i rofessional >> sponsored by best source credit union
More Music -et
Less Work
Jake Sigal, 29,
launched Livio Radio
from his guest
bedroom in 2008.
Music lover/
tech guru
builds business
connecting
listeners to
Internet radio.
Jackie Headapohl
Managing Editor
ake Sigal has always been impas-
sioned about music, since he was
a kid banging on pots and pans
growing up in Columbus, Ohio.
While earning an engineering degree
at Ohio University, he worked as a profes-
sional DJ at bar/bat mitzvahs, weddings
and frat parties. After graduation, his
goal was to merge his two main interests:
j
music and audio technology.
His career eventually brought him to
Metro Detroit where he worked as a prod-
uct line manager for Delphi's Consumer
Electronics group and was responsible for
producing XM satellite radio products.
When XM merged with Sirius, he knew
the writing was on the wall for satellite
radio as a shrinking industry and asked
himself, "What's next?"
"I had always wanted to start a busi-
ness, so I launched Livio Radio',' Sigal, 29,
said. Livio, an Internet radio company, was
founded in the guest bedroom of Sigal's
Ferndale home in 2008 and bolstered by
a $10,000 loan from his parents. Three
years later, Livio has several successful
products on the market, including the
recently launched Livio Car Kit, which
allows users to listen to their favorite
Internet radio stations on their car ste-
reos via their smart phones.
About 150 million Americans listen to
Internet radio, which boasts 45,000 chan-
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Sigars Advice For
Potential Startups
Ithough he started Livio with a
loan from his parents, Sigal was
only able to grow the company
through capital gained from angel fund-
ing and venture financing. Here's his
advice for budding tech entrepreneurs:
"You really have to solve a very spe-
cific problem. You have to fill a niche
that hasn't been filled in your industry.
You can't raise money on an idea. You
have to have a product and customers
— something to tangibly show investors
you have a market. You should have
some experience in your industry as
well as a lot of industry contacts.
"When I started Livio, there were no
funding programs available. It was the
recession, and it was awful. Now, there's
a lot more. Visit the Small Business
Administration website. I got a SCORE
adviser through the SBA, who really
helped me, for free.
"Locally, Automation Alley, Ann Arbor
SPARK and Bizdom U at Wayne State
University all have funding programs.
"My dad helped me out, but at first, I
really had to bootstrap to make some-
thing out of nothing. I'm still driving
a rusty 2002 model car. Ask yourself
whether you're ready to put in a half-
day of work — and then pick which 12
hours you want to work. If that's not
you, you probably shouldn't create a
startup."
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nels. The market is expected to grow to
200 million listeners in the next 10 years,
according to Bridge Ratings LLC. Sales
of smart phones are also on the rise,
with sales increasing by $2 billion this
year compared to last, according to the
Consumer Electronics Association.
Livio is licensing its technology, Livio
Connect, to companies that make devices
that connect to smart phones, car compa-
nies looking to put technology into their
vehicles and companies that want their
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