Making an impact
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Making an Impact in Your Community
Transcript of Making an impact
Making an Impact in Your Community
• 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
DisclaimerThis doesn’t happen over nightStart with small steps
Make sure your tomorrow doesn’t look like your today – take a step
TODAY TOMORROW
The same.
Step 1: Identify Assets
Build a directory Build a network
Step 2: Build a network
ConveneAsk
ListenLearn
Step 3: ReportTo the people who care
• the network• your entrepreneurs• your economic developers• your corporations• your funders
Step 4: Engage the people who respond
Step 5: Come up with a plan
Step 6: Fund the plan (or do something that doesn’t cost much, but makes a difference)
Collaborate
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?”
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?”
Shop Local
1 Build the Network Number of partnersMilestones
website, calendarResource Navigatorpartner meetings
2 Activate the Network Network Accessweb visitshotline calls
Resource Navigator searches
Network Strengthpartnerscalendar eventssatisfaction survey results
Network Reachfriends and followerssources of traffic
Measuring progress
DataWhat 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?
3 Leverage the Network Gap reports
Collaborations
partner involvement
fundingJobs, starts, debt/equity, sales
4 Drive the ecosystem Data reports
Leveraged funding $$
New programs
Dashboard
Be the difference in your community
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
What does a partnership look like?
Awareness and Mind Set
Focused outreach to urban community
Ice House Training
Credit Development
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
KCSourceLinkSBDC WBC
Justine PETERSEN WBC
Justine PETERSEN WBC, SBTDC
Justine PETERSEN WBC, SBTDC
Federal Reserve BankCity of KCMOICIC KC, Inc.
Urban Business Growth Initiative
Filling the Gaps
2003Network of Service Providers
2004Entrepreneurs
2009Researchers
2012Corporations
2013Fully engaged community
Gap
Partners
Collaborative
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
• 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 KC2012
• 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
Organizations funded
• KCSourceLink• UMKC SBTDC• KCNext• Justine PETERSEN• Digital Sandbox KC• Whiteboard 2
Boardroom• Enterprise Center of
Johnson County• OneKC for Women
– …and more
KC Entrepreneurial Ecosystem
Strong
Resources
Emerging
Pipeline
Talent
Awareness
Weak
Networked Capital
Corporate Engagement
Gap: Networked Capital
ResponseDebt and equity infrastructureWhat is available to youHolesHow to fill them
Source Loan Size
<$1,000 $0-50,000$50-
250,000up to
$350,000up to
$500,000up 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) xCap Lines xInternational Trade xExport Working Captial x
SBA 504 Loans x
Non-bankable Bankable with guaranteesStrategically building early-stage debt infrastructure
Jackson County
Johnson County
Clay County
Wydanotte County
Miami County
Buchanan County
Cass County
Platte County
$- $500,000.00 $1,000,000.00 $1,500,000.00 $2,000,000.00
Regional Microloan Fund by County
Total Loan Dollars
Working copy only. Not for distribution.
2011 2012 20130
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
Total Value of Loans <$1Min the Kansas City Region (in 000s)
$ Loans <$1M $ Loans <$100,000
Working copy only. Not for distribution.
Gestation
InceptionRoll out
Rapid Growth
Expansion
Maturity
Prototype
IPO, Acquisition
Banks
Venture Capital Firms & Corporate Investors
Angel FinancingFounders, Friends & Family
Preseed Seed Series A Series B Series C Mezzanine
Strategically building early-stage equity infrastructure
KC deals by year by series<$1M $1-3M $3-7.5M $7.5-10M $10-20M
2009 2010 2011 2012 2013 20140
20
40
60
80
100
120
Preseed Seed Series A Series BSeries C Mezzanine IPO
Working copy only. Not for distribution.
Sources of Funds 2009-2013<$1M $1-3M $3-7.5M $7.5-10M $10-20M
Note: not all investors are disclosed
KC Area MO/KS Nebraska Outside Region0
10
20
30
40
50
60
Preseed Seed Series A Series B Series C Mezz
Working copy only. Not for distribution.
IPO
Mezzanine
Series C
Series B
Series A
Seed
Pre seedDigital 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.
Are you using every mechanism available to fund early-stage companies?
….U.S. Treasury
SSBICCDFINMTC
SBAMicroloanSBICSBIRLoan guarantees
BanksSmall business loans…
Mezzanine
Series C
Series B
Series A
Seed
Preseed
0 5 10 15 20 25 30
Funded CompaniesWho Received Assistance
2014
None Assistance
Companies that received funding
Gap: Measuring Progress
Response
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
Your Projects
Discussion
Questions?
