By Keight Staub
Shegun Otulana’s name should sound familiar.
I encourage you to check out the Comeback Town article which profiled Shegun’s entrepreneurial success—specifically, how Shegun sold his former business, Therapy Brands, for $1.25 billion and made a name for himself in Birmingham and beyond.
Birmingham: One or two connections away from someone who could change your life
Shegun moved from Nigeria to Birmingham in 1998 to study engineering at UAB. He later founded the computer software company, Zertis, followed by TheraNest and its parent company, Therapy Brands, a software solution for mental and behavioral health providers. In 2021, he sold Therapy Brands. Shegun is now the founder and CEO of Harmony Venture Labs, which helps validate, build, and launch startups.
As I learned about Shegun’s successful endeavors, I couldn’t help but wonder, “Why Birmingham, of all places?” (Why do we Birminghamians perpetuate this self-deprecating attitude? That’s a topic for another article.)
Like many of us, Shegun has emotional ties to the city. “This is where I met my wife, received an education, started and sold a business…” he said. “I found myself here and realized this is my home now, so why not make it better? No one is going to do it for us.”
Shegun says he was also attracted to Birmingham’s history, which he describes as “a rich and meaningful story that anyone can feel connected to.”
Of course, there’s more than heartfelt sentiments at play. Logistically, he believes there’s one key selling point that makes Birmingham attractive to new entrepreneurs: our size.
“In a city this size, you are only one or two connections away from the person who could change your life. Someone in your circle already knows someone who has what you need. You can’t make those connections so easily in larger cities. This is among Birmingham’s greatest strengths,” he said.
Birmingham: Affordable, exciting, positive momentum with a strong business community
When discussing the city’s selling points, I had to bring up affordability. Birmingham is cheap! Everyone says it. The cost of living averages 8-10% lower than the national average, particularly in terms of housing, transportation, and labor costs.
Shegun believes that while this is true, it’s not a viable marketing strategy. We need to be careful about selling Birmingham short.
“Talent doesn’t care about affordability as much as we think. If they did, everyone would live here. We need to couple affordability with excitement, positive momentum, and strong business communities,” he said. “Tell them about how great the people are, how there’s a real appetite for new ideas, and how you can experience less friction here than in other business communities. More expensive cities attract talent in greater volume than we do, so that’s not the linchpin.”
When I asked Shegun about the city’s drawbacks, he replied, “We all know the drawbacks. Every city has them. But that should not be the focus. When you teach a child to ride a bicycle, you don’t tell them to carefully examine the scratches on the bike or remind them that other people have better bikes. You just tell them to face forward and focus on the road ahead.”
Birmingham: Strong business partnerships
To help Birmingham entrepreneurs get a jump start, Shegun has been instrumental in several local initiatives:
- Venture Yards, the headquarters of Harmony Venture Labs (HVL), is a collaborative coworking and events space located on Morris Avenue. It was designed for innovators who want to share ideas and think critically about solving big problems.
- AppThink, HVL’s 0-1 startup curriculum, is designed to equip entrepreneurs with tested and validated theories, tactics, and business coaching. They’ve partnered with organizations such as Innovation Depot, 2150 Center for Innovation and UAB’s Bill L. Harbert Institute for Innovation and Entrepreneurship to bring the curriculum to their programs.
- Of the Innovation Depot programs, Voltage supports entrepreneurs who have an idea for a tech-enabled business and want to translate that idea into a prototype. Boost is for startups working with a minimum viable product who are ready to scale and grow. Both programs provide customized growth plans, mentorship, and comprehensive support to help advance their business.
Of Shegun’s many business talents, I was most impressed with his passion for community building. If you’re thinking about kicking up a business in Birmingham, don’t pass up the opportunity to connect with this infectious leader.
I’ll leave you with these pieces of startup advice from Shegun:
- Learn how to cultivate relationships. If you don’t feel confident meeting new people and marketing your ideas, it’s time to develop those interpersonal skills. The distance between where you are now and where you want to be is much closer than you think. You just need to talk to the right people. (And guess what? Some of them live here!)
- You must be comfortable with failing. All companies hit a critical point where they will either fail or fly. It’s important to remember that the communities who launch the best startups also have the most failures. Figuring out what doesn’t work is part of the process. Those failures will not be your legacy as long as you learn the lesson, correct your course, and get back to work.
- Be an innovator. Don’t be confined to what’s already been done. Shegun said, “We need to get innovation in the water in Birmingham and change the ways we think about ideas: how to develop them, what to do with them, and how to execute on them. We do not have to stick to the established formula.”
Want to connect with Shegun? Innovation-minded entrepreneurs, businesses and institutions who want to solve interesting problems can always connect with HVL at harmonyventurelabs.com. For a steady stream of insights directly from Shegun, consider following him on LinkedIn or X (formerly Twitter), or visit his website at shegunotulana.com.
Barbara Keight Staub is a writer and internal communications manager. She moved to Birmingham in 2011 and earned her bachelor’s degree in journalism from UAB in 2015. Her work has appeared in many Birmingham publications.
David Sher is the founder and publisher of ComebackTown. He’s past Chairman of the Birmingham Regional Chamber of Commerce (BBA), Operation New Birmingham (REV Birmingham), and the City Action Partnership (CAP).
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Invite David to speak for free to your group about how we can have a more prosperous metro Birmingham. dsher@comebacktown.com
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