Duluth-based Reef Lab reels in RINK Competition award

CHISHOLM — A Duluth man’s dream to become a plankton farmer is coming to the surface after participating in the RINK Pitch Competition.

Josh Oswald, founder of The

Reef Lab

, received The Goon award and $2,000 for the best idea among his competitors. The Reef Lab produces a natural, live food source for fish and coral.

The event was hosted by

Itasca Economic Development Corporation

’s Innovate 218 on May 9 at The Rustic Pig.

Oswald works from his home in Duluth to culture, bottle and sell live phytoplankton and zoo plankton for feeding animals in marine systems used by saltwater aquarium enthusiasts, fish breeders and fish stores. The goal of The Reef Lab is to provide a natural food source to marine life, to help them receive better nutrition, exhibit more natural behaviors and live longer, more meaningful lives, Oswald said.

He was one of five regional entrepreneurs pre-selected by a committee to pitch their business ideas before a panel of expert judges during the competition for a chance to win startup funding.

“To pitch your idea in a supportive environment, it’s an amazing opportunity for someone who’s just starting to get your entrepreneurial wings flapping,” Oswald said. “Everybody’s got ideas that they don’t know how to run with. Well, there’s services and there’s people out there that are dedicated to helping you succeed.”

Innovate 218 is a regional

Launch Minnesota

partner with a purpose to grow entrepreneurship in Northeastern Minnesota. IEDC houses an adviser from the

Small Business Development Center

,

Entrepreneur Fund

and

APEX

and is the Itasca area resource for business development, retention and attraction, according to a news release.

“The RINK Pitch Competition is a phenomenal way to help entrepreneurs reach their full potential and access knowledge from local leaders,” IEDC President Tamara Lowney said in the release. “Innovate 218 brings experienced, intelligent leaders and entrepreneurs together to support new ideas, spark creativity and create opportunity and growth in the region.”

The release states that each pitch was evaluated for viability, competitive advantages, market competition, intended target market, revenue model, business acumen, strategic value, and how the product solves a problem or need.

Others recognized were Rebekah Evingson, founder of Evingson Wellness PLLC, who won the overall competition with the Hat Trick Award and $3,000 to support her online program to help prepare patients for orthopedic surgery and recovery.

Renee Cole, founder of Wellness 4 Life, won the Crowd-Pleaser Award and $1,000 to support her program for those suffering from chronic Lyme disease and who want support throughout treatment.

Oswald grew up in Howard Lake and has been in the Duluth area for 25 years. Over two decades, he’s built a career in residential carpentry, which remains his primary source of income.

Having participated in RINK Competition events in the past, Oswald decided to give it another whirl this year by pitching his business concept.

“My gut instinct was to start a construction company because it’s my curated skill set and something I knew, but it was something I was losing the drive and passion for,” Oswald said of selecting an idea to pitch. “The opportunity I had with The Reef Lab, which was something I was really motivated and passionate about, kind of came to the forefront.”

Participating in the competition has opened doors for networking and solidifying relationships with others in the entrepreneurial community, Oswald said —whether it be established business owners or others who dream of someday owning a business.

“There is huge value in networking, and having a plan,” Oswald said.

As Oswald builds his business, he said he’s had to navigate so many unknown elements of life, society and business. He stated in the release, “Innovate 218 has played a foundational role in helping build a support network. From the ILT Academy program that changed my life, invites to LaunchMN summits and the pitching with confidence at multiple RINK Pitch Competitions, Innovate 218 has supported my dream of being a plankton farmer.”

For the past year, Oswald has been self-employed, working three jobs.

“I have more free time than I’ve ever had and it’s brilliant,” Oswald said. “I can’t imagine doing anything other than working for myself at this point.”

At first, Oswald began producing his own live feed as a means to offset the costs of his saltwater aquarium hobby.

“I run full reef aquariums. They have all kinds of coral and other invertebrate, like crabs, snails, and, of course, tropical fish with algae and all kinds of microbes that you can’t even see but are a very vital part,” Oswald said.

He also has systems that he cultures products in, “which are also living marine organisms that are essentially the basis of the marine food chain, and things that these creatures in our saltwater aquariums should really be eating as far as their natural diet,” Oswald said.

He anticipates there will be more interest in the sustainability of live food as the hobby progresses. According to Oswald, he has the capacity to culture 75,000 gallons of product annually, although he doesn’t utilize that entire volume at this time.

A fish supplier in Fargo carries some of The Reef Lab’s products, and Oswald is having exploratory conversations with other North Dakota and Twin Cities retailers.

“There’s definitely interest in regional partnerships, but right now my distribution has been direct to consumers in primarily live interactions at events and trade shows, club meetings and various events that organizations involved in the hobby sponsor and put on,” Oswald said.

His current focus is on brand development, marketing and growing his networks for distribution.

Beyond developing retail partnerships business-to-business, Oswald is working on expanding his market to anyone within the U.S. by revamping his website.

“The prize money has helped push the development of the website forward,” Oswald said.

Within the next few years, he plans to pursue a commercial property for his business.

“There is scaleable potential. The big vision — Reef Lab production and distribution facilities regionally, across the country,” Oswald said.

As for his advice to other aspiring entrepreneurs: “Get comfortable being uncomfortable,” he said. “We find our largest opportunities when we are outside of our comfort zone. The rooms that I have been in and the meetings that I’ve taken, I felt like I had no business being a part of are some of the opportunities where I’ve made the large connections and had the biggest breakthroughs and insights. So always put yourself out there in a space where you are uncomfortable.”