Temporary art

Startup leases works for business, individuals

Upon completing graduate school in fine arts at a University of Massachusetts campus last year, Leni Stoeva faced the reality of working in New York as a lowly paid intern.

Then she realized she could start her own arts-oriented business back in her hometown.

Stoeva, 27, tapped into Upstart Memphis, a program sponsored by economic developer Start Co.

She created a firm called Artwardly using $15,000 in seed money provided by Start Co in exchange for a 10-percent stake in the business.

Artwardly now runs in Start Co’s Downtown business incubator, although she plans to eventually operate entirely online.

The company leases works of art — paintings, sculptures, images — to businesses, organizations and people throughout the nation.

Using blogs, social media and referrals, Stoeva has signed on several clients, who pay $50 to $100 per month.

And she represents 10 artists, three collectors including James Patterson, a Memphis physician who sparked the idea, and close to 50 pieces of work.

Here is what Stoeva, who has no employees, had to share about going into business.

WHAT WAS YOUR BIGGEST BREAKTHROUGH?

Stoeva: Getting my first lease (in February). It took so long to get it, but then it was one of the most rewarding things.

When people find me, which has been happening a lot for me lately, especially artists looking to promote themselves better and get their work out there, it’s very rewarding.

WHAT IS YOUR BIGGEST CHALLENGE?

Getting people to understand the value of the work. I get restaurant owners looking for artwork Founder: Education:

Funding: Location: Contact information: who want to put it in their space for free. They’re not paying me or the artist for it, and then if they sell it they want to take a cut.

The concept of using any space as a gallery because it has a wall is hard to deal with. Artists are some of the poorest people I know, and that’s sad.

WHAT WAS YOUR BIGGEST MISTAKE?

Taking too long to launch our live website. When you are working with other developers and don’t know much about code, it’s really important that you are firm and delegate with the people you subcontract to build your product.

You can’t rely on others that they will meet your deadlines and always think of you and your priorities first.

Since then, I have set aside time each month to train and learn the back-end side of developing my website. I have been lucky that some of my developers are on my team and willing to train me.

WHAT SETS YOU APART?

Other art-leasing startups out there are focused on just their location. They’re not concerned with national or international markets or with shipping or distribution beyond their region. Also, they solely work with artists and on consignment. They don’t work with private collections or individuals who collect art that might be sitting in their house or in storage.

WHAT DO YOU CONSIDER BEST BUSINESS PRACTICES?

Reputation is everything, especially for a business that is first starting up and has a solo founder. Building relationships is important and networking. Relationships are almost a form of currency. Following up with people is important as well.