Wise Acre History
Jim Picariello started making frozen treats from fresh brewed, organic teas years ago for his family and friends. He developed these treats as a healthier, all natural alternative to the syrupy-sweet frozen confections available. In 2005 he recognized that his product, a more sophisticated all natural frozen novelty, would fill a gap in the frozen confection retail market.
He spent six months researching and honing the concept. Wise Acre was incorporated in March, 2006. During the spring of 2006, Jim worked with the Food Science Department at the University of Maine to perform food safety testing and perfect the formulation process. He researched manufacturing options and got a license to use his kitchen for commercial production. He began producing these Wise Acre treats, distributing them to three local health food Coops in rural Maine.
Concurrently, Jim applied for and was awarded a Seed Grant for $10,000 from the Maine Technology Institute (MTI). The grant funded registration of the Wise Acre trademark, purchase of necessary freezers and hiring of a consulting firm to do initial market research. Results of the market research confirmed the business opportunity (Exhibit V).
Wise Acre was accepted as a vendor at the Common Ground Fair in 2006, which has stringent requirements and exacting standards for quality and sourcing of food products. The Wise Acre product was awarded the prize for Best New Product at the Fair.
In September of 2006, Jim received an additional Seed Grant from the MTI to cover the cost of furthering the business plan. In January 2007, Wise Acre received an additional $5,000 in grant monies to fund a quantified product test.
Since January 2007, Wise Acre has transitioned from Market Test phase into imminent national distribution. In early 2007, Wise Acre developed a well received product packaging design which visually and stylistically separates itself from its fellow frozen food competitors. Wise Acre has raised over $200,000 in investment capital with its first private placement offering, developed by Rudman & Winchell, LLC in Bangor Maine.
Since being featured in several local newspaper articles, Wise Acre has signed a lease with a Blue Hill 'angel' developer, who has built to suit a 3000 square foot manufacturing facility. In late September, Wise Acre exhibited at the Natural Food Expo East in Baltimore, Maryland, the largest natural food show of its kind on the east coast. The show exhibited over 1700 companies and Wise Acre went home with the MOST INNOVATIVE NEW PRODUCT 2007 award. The Frostea and Frostbite were a 'hit' at the show.
Frosteas and Frostbites on the East Coast:
- Whole Foods Markets, East Coast
- Wegman's
- Hannaford Supermarkets (Nature's Place sections)
- Earthfare
- Many Independent stores and Co-ops throughout the East Coast