Great story of a quality product and persistence. Greg Snell developed the Winepod, a $4,500 contraption for making wine at home, which seemed like an idea full of promise just a few years ago in a very different economy. But then the recession hit, venture capitalists backed away and entrepreneur Greg Snell had to lay off all his employees and move the business into his home. It was a rude awakening for a company that once boasted $4 million in funding, but Snell expresses confidence that a less-than-$500 version, due out next summer, will keep the dream alive. CNNMoney.com
Some of the greatest qualities of entrepreneurs is self-confidence, determination and a belief in what they do. I have no doubt that one day; I will be buying a Winepod. It does illustrate the need for researching your market and preparing for storm clouds. In a great economy, $4,000 for a higher end market probably seemed achievable. In this market, a $500 price point and quality that is “good enough” will probably keep the dream alive.