Keeping your competition in check is one thing. Decorating an entire wall of your office with their products is another. For Tyler Benedict, it's a way to remember how hard he worked and how quickly it could all go away. His display of more than 200 energy drinks represents the success he has earned in an industry that is more likely to bankrupt intrepid entrepreneurs than land them in Donald Trump's tax bracket. “About 80% of those are gone,” he says proudly. “Most energy drinks fail in six months.” Benedict is the founder, owner and CEO of Greensboro-based Source Beverages, a thriving energy drink company with expected sales of $2 million this year and distribution in more than 20 states. At 31, Benedict works at home in jeans and button-down shirts, selling the most caffeinated energy drink on the market. Burn, a tangy citrus-flavored drink created in 2002, packs a staggering 118 milligrams of caffeine into each flaming yellow 8.3-ounce can — 48 percent more than industry leader Red Bull. But the creator of this human rocket fuel is not who you expect. Benedict exudes an aura of calm and tranquility more typical of a yoga guru than the extreme athletes who belittle his product. The University of Florida journalism graduate doesn't fit the mold of success in the billion-dollar energy drink business - an industry where nearly 1,000 new drinks have been launched in the past four years. “We were very careful not to grow too fast,” says Benedict. “Many companies try to saturate the national market immediately and fail.” Red Bull, introduced in the United States in 1996, kicked off the energy drink business. Since then the Austrian company has dominated the market and in 2004 its sales exceeded $1.2 billion. Its other competitors include multibillion-dollar companies Coca-Cola and Pepsico. Benedict is unfazed by the competition. He has a zen confidence that if he works hard enough, he will succeed. “I can't even explain it, but Tyler doesn't even seem to think about quitting,” says wife Kristi Benedict. “It was something his parents taught him… to have so much confidence.” An avid mountain biker, Benedict moved to North Carolina after college, not for a job (he didn't have one), but for the terrain. He met Kristi, an NC State graduate, while living in Charlotte. He proposed three and a half months after they met.
tags