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Making an impact
- 1. Making an Impact in Your Community
- 2. • Social Media • Referrals Promote • Community • Partner Meetings Engage • Hotline • Facilitated discussions Listen • Identify and Report Gaps Respond • Programs to fill gaps Collaborate Finding and filling gaps
- 3. Disclaimer This doesn’t happen over night Start with small steps
- 4. Make sure your tomorrow doesn’t look like your today – take a step TODAY TOMORROW The same.
- 5. Step 1: Identify Assets Build a directory Build a network
- 6. Step 2: Build a network Convene Ask Listen Learn
- 7. Step 3: Report To the people who care • the network • your entrepreneurs • your economic developers • your corporations • your funders
- 8. Step 4: Engage the people who respond
- 9. Step 5: Come up with a plan Step 6: Fund the plan (or do something that doesn’t cost much, but makes a difference)
- 10. Collaborate
- 11. Start small “At our last resource partner meeting we learned that people were finding it hard to refer someone to an organization that can assist with sales negotiation support. Who in the network can step up and help with this?”
- 12. Grow “Our entrepreneurs are looking for a place to post job openings, can we create a central job site for tech companies with less than 20 employees?” Who in the network can step up and help with this?”
- 13. Shop Local
- 14. 1 Build the Network Number of partners Milestones website, calendar Resource Navigator partner meetings 2 Activate the Network Network Access web visits hotline calls Resource Navigator searches Network Strength partners calendar events satisfaction survey results Network Reach friends and followers sources of traffic Measuring progress
- 15. Data What resources do people ask for most? What types of people ask the questions? What kinds of businesses are being developed and where? What are the skillsets of local resources? What’s missing? Who funds entrepreneurial initiatives in your community and beyond?
- 16. 3 Leverage the Network Gap reports Collaborations partner involvement funding Jobs, starts, debt/equity, sales 4 Drive the ecosystem Data reports Leveraged funding $$ New programs Dashboard Be the difference in your community
- 17. What do funders look for? • A strong problem statement • Data that supports it • A feasible solution • Partners • Return on investment, often based on jobs, starts, debt/equity investment and sales increases
- 18. What does a partnership look like? Awareness and Mind Set Focused outreach to urban community Ice House Training CreditDevelopment Credit building assessment, training and tools including secured credit cards and credit building loans Business Feasibility and Startup First Step FastTrac FastTrac New Venture 1-on-1 counseling Financing $1 million in low interest bank loans 1-on-1 technical assistance Growth FastTrac GrowthVenture Ongoing consulting, mentoring and connections to new markets and customers Urban Business Growth Initiative KCSourceLink SBDC WBC Justine PETERSEN WBC Justine PETERSEN WBC, SBTDC Justine PETERSEN WBC, SBTDC Federal Reserve Bank City of KCMO ICIC KC, Inc.
- 19. Urban Business Growth Initiative
- 20. Filling the Gaps 2003 Network of Service Providers 2004 Entrepreneurs 2009 Researchers 2012 Corporations 2013 Fully engaged community
- 21. Gap Partners Collabor ative Funding Program Results Measuring a Successful Collaboration 46 proof-of-concept projects 23 new companies $17.7 million follow-on funding 181 new jobs created, nearly $5.5 million in total salaries $7 million in total sales 18 patent applications 4 successful exits …in two years Proof of Concept Funds 15 $2.1 Million
- 22. • Gap: Technology Transfer • Partners: 4 partners to start, 21 partners today • $600k NSF, $500k state + partners Whiteboard to Boardroom 2009 • Gap: Proof of concept funds, corporate engagement • Partners 15 and growing • $1.5million from EDA; $800k state; $100k city; $450k private Digital Sandbox KC 2012 • Gap: Streamlined program delivery to urban core; additional microloan funds • 7+ • $150k city, $300k private Urban Business Growth Initiative 2013 • Gap: Networked capital • Partners: 12 largest employers in Kansas City • $1million EDA University Center grant; $1million match over 5 years Making KC America’s Most Entrepreneurial City
- 23. Organizations funded • KCSourceLink • UMKC SBTDC • KCNext • Justine PETERSEN • Digital Sandbox KC • Whiteboard 2 Boardroom • Enterprise Center of Johnson County • OneKC for Women – …and more
- 25. Gap: Networked Capital Response Debt and equity infrastructure What is available to you Holes How to fill them
- 26. Source Loan Size <$1,000 $0-50,000 $50- 250,000 up to $350,000 up to $500,000 up to $5M Personal Emergency Loan x Secured credit cards x Credit building loans x Microloans x Community Advantage x SBA bank loan guarantees x Small Loan Advantage x SBA Express x SBA Veterans Adv. x Export Express x 7(a) x Cap Lines x International Trade x Export Working Captial x SBA 504 Loans x Non-bankable Bankable with guarantees Strategically building early-stage debt infrastructure
- 27. $- $400,000.00 $800,000.00 $1,200,000.00 $1,600,000.00 $2,000,000.00 Jackson County Johnson County Clay County Wydanotte County Miami County Buchanan County Cass County Platte County Regional Microloan Fund by County Total Loan Dollars Working copy only. Not for distribution.
- 28. 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 2011 2012 2013 Total Value of Loans <$1M in the Kansas City Region (in 000s) $ Loans <$1M $ Loans <$100,000 Working copy only. Not for distribution.
- 29. Gestation Inception Roll out Rapid Growth Expansion Maturity Prototype IPO, Acquisition Banks Venture Capital Firms & Corporate Investors Angel Financing Founders, Friends & Family Preseed Seed Series A Series B Series C Mezzanine Strategically building early-stage equity infrastructure
- 30. KC deals by year by series <$1M $1-3M $3-7.5M $7.5-10M $10-20M 0 20 40 60 80 100 120 2009 2010 2011 2012 2013 2014 Preseed Seed Series A Series B Series C Mezzanine IPO Working copy only. Not for distribution.
- 31. Sources of Funds 2009-2013 <$1M $1-3M $3-7.5M $7.5-10M $10-20M Note: not all investors are disclosed 0 10 20 30 40 50 60 KC Area MO/KS Nebraska Outside Region Preseed Seed Series A Series B Series C Mezz Working copy only. Not for distribution.
- 32. IPO Mezzanine Series C Series B Series A Seed Pre seed Digital Sandbox KC, SBIR, MTC IDEA Funds, SparkLabKC Angels, InvestMidwest, OpenAir, Five Elms Angels, Individuals October Capital C3, TGP Who is funding what? Working copy only. Not for distribution.
- 33. Are you using every mechanism available to fund early-stage companies? …. U.S. Treasury SSBIC CDFI NMTC SBA Microloan SBIC SBIR Loan guarantees Banks Small business loans …
- 34. 0 5 10 15 20 25 30 Mezzanine Series C Series B Series A Seed Preseed Funded Companies Who Received Assistance 2014 None Assistance
- 35. Companies that received funding
- 37. How can we help? We can • help you develop measurement reports • replicate the finance report and dashboard in your area • assist with helping you define projects and find partners and potential funders
- 39. Questions?