city of kirkland city manager's office 123 fifth …council/council...it was established in...
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CITY OF KIRKLAND City Manager's Office 123 Fifth Avenue, Kirkland, WA 98033 425.587.3001 www.kirklandwa.gov
MEMORANDUM
To: Kurt Triplett, City Manager
From: James Lopez, Assistant City Manager Ellen R. Miller-Wolfe, Regional Business Partnership Manager Mara Isaacson, Innovation Intern
Date: December 27, 2019
Subject: Regional Economic Development Partnerships: Startup 425 and the Innovation Triangle
RECOMMENDATION:
It is recommended that the City Council receive this report on regional economic development partnerships administered by the City of Kirkland; Startup 425 and the Innovation Triangle.
BACKGROUND:
Startup 425: Startup 425 is a regional economic development partnership designed to support entrepreneurs and small businesses, foster sustained economic growth, and create jobs. It is an initiative of five Eastside cities; Bellevue, Kirkland, Issaquah, Redmond, and Renton, which entered into an Interlocal Agreement in 2019 following three years of collaboration. It is operated by the economic development offices in each of the partner cities with support from the Port of Seattle, King County Library System (KCLS), and the Service Corps of Retired Executives (SCORE). It is fully funded by the City of Kirkland, a Port of Seattle Grant, and partner city contributions. First led by the City of Bellevue, the program is currently administered by the City of Kirkland (2019-2020).
Two key reports guide Startup 425. The first is a ‘Long-Range Planning Recommendations for Startup 425’ report prepared under the auspices of the University of Washington’s Livable City Year 2018-2019 program. The second is a ‘Five-Year Strategic Plan’ developed by the City of Kirkland based upon recommendations from its city partners and an advisory committee in 2019. As administrator of the program, the City of Kirkland also prepares an annual report and convenes at least four partner meetings annually.
Startup 425 currently offers 42 workshops over two sessions, spring and fall, for a 100-level ‘Foundations of Business’ series. These are free to all, seeking to expand access and business ownership to diverse and underserved communities. Classes consistently have a majority of women and non-white attendees as well most attendees representing a new or soon to be started business. Classes are offered in the libraries of each of the five participating cities on topics such as preparing a business plan, marketing, finance, and networking. Startup 425 also offers a 200-level ‘Small Business Essentials’ series at an Eastside co-working space. In addition
Council Meeting: 1/7/2020 Agenda: Business Item #: 11. c.
to educational opportunities, Startup 425 mentors local businesses and refers them to financial, real estate, networking, and other regional business resources. Startup 425 routinely participates in business events to promote the alliance and dispense information, such as the ‘Women in Business Conference’ in September 2019 where it partnered with SCORE to host 150 women-owned businesses.
The City of Kirkland, acting as the Startup 425 Administrator oversees the marketing, scheduling, operation, and survey documentation of the 100 and 200-level workshops. Kirkland Staff also represents Startup 425 at trade shows, and other business events. The City of Kirkland is the lead on new accelerator program and other 2020 workplan items.
Innovation Triangle: The Innovation Triangle is a partnership of Bellevue, Redmond, and Kirkland bound by a 2019 interlocal agreement. It was established in 2016 to recruit foreign and domestic businesses in the information, communication, and technology (ICT) sector to the Eastside of Lake Washington and to act as a bridge between the U.S. and global ICT markets. The goal is to grow targeted industry clusters to promote the region as a global hub for innovation, international trade and investment. Innovation Triangle partners share duties and costs of activities.
The most recent reporting on output for the Innovation Triangle was $48.2 billion total and $21.5 billion in the ICT sector alone. This makes the Innovation Triangle one of the most dynamic regional economies in the country with 23% of residents working in science and engineering related fields and 61% of residents holding at least a bachelor’s degree, almost twice the state-wide average. Targeted clusters include:
• Enterprise software• Interactive media (gaming and AR/VR)• Commercial space• Big-Data• Artificial intelligence & machine learning
Innovation Triangle partners engage and participate in the following activities: • Maintain and update website and other communication strategies• Attend conferences and tradeshows• Recruit and assist companies interested in locating in the Innovation Triangle• Leverage the talent and other attributes of the Innovation Triangle for other needs such
as transportation and housing affordability• Report annually to city leadership
A cornerstone each year is the attendance of the Innovation Triangle partners at the Select USA Investment Summit presented by the U.S. Department of Commerce to promote direct investment by countries outside of the U.S. Last year marked the fourth year of Innovation Triangle participation at the Summit where meetings were held with 35 business and trade investment organizations with an ICT focus and interest in locating on the Eastside. Also in 2019, the Innovation Triangle welcomed delegations of businesses interested in our region from Poland, India, Japan, and Great Britain.
Next Steps:
Startup 425:
One major product of Startup 425 in 2019 was the development of a ‘Five Year Strategic Plan.’ Tasked with the lead for the 5-city Startup 425 alliance and the preparation of the 5-year strategy in 2019, the City of Kirkland researched and solicited input from business services providers and small businesses to identify gaps that need to be addressed to provide for Eastside businesses. The City of Kirkland convened and received input from an Advisory Committee that included business service providers, economic empowerment interests, businesses, academics and others, solicited recommendations from city partners, researched business services in other regions, solicited input through an online demand assessment survey, and held individual interviews with practitioners, academics and local and State officials throughout the Puget Sound region. The results of this 6-month work plan effort are summarized in the strategic plan included as Attachment A.
The primary recommendation is an enriched Startup 425 business curriculum. This curriculum provides information through experienced mentors to beginner, intermediate, and advanced businesses of different sizes and business types. It suggests utilizing classes, networking events, one-on-one mentoring, and virtual applications such as webinars to teach business education. This tiered curriculum translates into 100, 200 and 300 levels although businesses can enter at any level to satisfy their informational needs.
Paired with curriculum, this strategic plan recommends that Startup 425 investigate working with collaborative work spaces with a focus on offering the curriculum to businesses near to where they are located and partnering with public and private facility operators to realize this objective.
In 2020, Startup 425 will continue and enhance the 100 and 200-level offerings and, per the recommendations of the ‘Five-Year Strategic Plan’, introduce a pilot 300-level business accelerator program on the Eastside. This program will enroll 10-20 businesses with a proven track record in a ‘bootcamp’ in partnership with Bellevue College to help these businesses grow by providing education, mentorship, access to capital, and other resources. The City of Kirkland has contracted with a Bellevue College faculty member to design the accelerator curriculum. Bellevue College will provide the facility and other resources necessary to launch the first class in September 2020. If successful, the accelerator could be replicated at other institutions on the Eastside such as Lake Washington Institute of Technology, Renton Technical College or private coworking spaces. In addition to the accelerator, Startup 425 will work in partnership with local business organizations to present a job fair and a ‘Growing the Business Mentor Pool’ event, as well as participating in other area business events.
The Startup 425 alliance will deliver this 2020 workplan with current resources and in partnership with SCORE, KCLS, and Bellevue College.
Attachment A: Startup 425 5-Year Strategic Plan
Innovation Triangle: The Innovation Triangle will continue the above activities in 2020. Partners will expand to attend niche trade shows in the ICT cluster. Additionally, the Innovation Triangle will update communication tools including the development of a 2-5 minute video and update its social media presence. As members of the newly created Greater Seattle Partnership(GSP) the Innovation Triangle partner cities will benefit from additional access to foreign business delegations seeking to locate or invest in our region. The City of Kirkland will satisfy its partnership obligations to the Innovation Triangle with existing resources. Attachment B: Innovation Triangle 2020 Work Plan
Attachment A
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Executive Summary
Background
Startup 425 is a partnership of the five biggest cities on Seattle’s Eastside (Bellevue, Kirkland,
Issaquah, Redmond, and Renton) designed to support entrepreneurs and small businesses, foster
sustained economic growth, and create jobs. These five city governments signed an Interlocal
Agreement (ILA) in 2019 to collaborate on the provision of services to Eastside entrepreneurs
and small businesses. The program is operated through the economic development offices in
each of the cities with support from the Port of Seattle, KCLS and SCORE. The program has
been in existence for 4 years. First led by the City of Bellevue, the program is now administered
by the City of Kirkland.
In general, the partnership is focused on developing and operating training, and mentoring
opportunities for early to mid-stage entrepreneurs with a focus on underserved nontraditional
businesses. Wherever possible, the organization partners with other providers to extend its reach,
especially with KCLS and SCORE.
2019 Accomplishments
In 2019, while preparing this strategic plan, Startup 425 has continued to expand. A list of
accomplishments includes but is not limited to:
• Continued business mentorship by economic development offices in all five cities with
special thanks to Parteek Singh, SBDC consultant to the cities of Redmond and Bellevue
and Duncan Milloy of Milloy & Associates, which is based in Kirkland and assists clients
in all five cities.
• Presence by staff at business trade shows throughout the year and throughout the Eastside
to reach potential clients.
• Presentation of Fall and Spring Foundations workshops in all five communities.
STARTUP425
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• Piloting of 200 level Small Business Essentials workshop series at Cowork Box in
Bellevue.
• Partnering with SCORE on “Women in Business Conference”, September 13, 2019 on
Mercer Island, that provided business information to 150 attendees.
• Initial work on commercial displacement of small businesses and remedies including
convening a multi-jurisdictional discussion group followed by a review of how cities
zone for co-working space and ways of incorporating this use (with its potential
additional customers) to support existing retail businesses.
• Adoption of an Interlocal Agreement between the five cities.
• Development of a Five-Year Strategic Plan
Five-Year Strategic Plan
Startup 425 is looking to the future to expand, and to help entrepreneurs and startups develop and
sustain their businesses in the next five years. The final ‘Livable City Year 2018-2019’ report
from the City of Bellevue on the Long-Range Planning Recommendations for Startup 425 found
that on the:
“Root Causes of Business Failure and Challenges of Entrepreneurship, there are two root
causes that lead to business failure: a lack of appropriate business education, and a lack of
resources or ability to find resources. About 60% of business owners report having difficulty
understanding business regulations and law, and 85% of business owners do not have
business degrees.”
Startup 425 will therefore focus on business education and training. This expands upon our
original focus of lifting the barriers to business education for diverse and underserved businesses
on the Eastside, with a new initiative to accelerate businesses to triple their gross revenues within
three years, to secure needed capital, and to create jobs in the partner communities. This strategic
plan offers a systematic approach to fulfil these goals and to identify, enhance and accelerate
businesses in our region.
Tasked with the lead for the 5-city Startup 425 alliance (the cities of Bellevue, Kirkland,
Issaquah, Redmond and Renton), and the preparation of a 5-year strategy in 2019, the City of
Kirkland researched and solicited input from business services providers and small businesses to
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identify gaps that need to be addressed to provide for Eastside businesses. The City of Kirkland
convened and received input from an Advisory Committee that included business service
providers, economic empowerment interests, businesses, academics and others, solicited
recommendations from city partners, researched business services in other regions, solicited
input through an online demand assessment survey, and held individual interviews with
practitioners, academics and local and State officials throughout the Puget Sound region. The
results of this 6-month work plan effort are summarized in the strategic plan that follows.
The primary recommendation is an enriched Startup 425 business curriculum. This curriculum
provides information through experienced mentors to beginner, intermediate, and advanced
businesses of different sizes and business types. It suggests utilizing classes, networking events,
one-on-one mentoring, and virtual applications such as webinars to teach business education.
This tiered curriculum translates into 100, 200 and 300 levels although businesses can enter at
any level to satisfy their informational needs.
Paired with curriculum, this strategic plan recommends that Startup 425 investigate working with
collaborative work spaces with a focus on offering the curriculum to businesses near to where
they are located and partnering with public and private facility operators to realize this objective.
The strategic plan recommends the enrichment and expansion of the curriculum to address
different business types, business maturity, cultural backgrounds and learning styles. This will
require the identification of partnerships with co-working space providers to deliver the enriched
curriculum to members in a collaborative space while also enabling meetups and other events.
Secondary recommendations endorsed by the Advisory Committee that are simpler to execute
included:
• A membership portal to provide easy access to resources in the business services Eastside
ecosystem
• Enrichment of the mentor pool
• Job fairs to connect startup businesses with employees
• Hackathon and pitch events to attract entrepreneurs to Start425 programs
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Startup 425 will maintain existing partnerships such as Service Corps of Retired Executives
(SCORE), King County Library System (KCLS), and cities. It will refer clients to other services
in the ecosystem, and enter into private partnerships, such as its partnership with Cowork Box to
offer the SCORE 200 series, etc. As it moves forward it will also need to grow its programs and
reach out to new resources to meet its expanded objectives.
At its core, this 6-month analysis reiterates the most important gap to be addressed for Eastside
businesses is the same as the 2018 UW Bothell Livable Cities Report finding; that the most
important predictor of business success is the availability of business education.
The program has continued to grow and expand its reach thanks to many professionals in the
Eastside business community. In early 2019, Startup 425 formed an Advisory Committee
comprised of business owners, entrepreneurs, investors, consultants, and economic
empowerment specialists. The committee was formed in order to help Startup 425 develop a
program better-suited for early to mid-stage entrepreneurs. A list of the committee members can
be found in Appendix F. In addition to the support Startup 425 has received from its Advisory
Committee, the program has also received input from a consulting team of University of
Washington Bothell students. In a report prepared by these UW Bothell students (led by
committee member, Michael Ervick), it was determined that the root causes for small business
failure are a result of both a lack of educational resources as well as networking and mentorship
opportunities. They compiled research which indicates that as many as 60% of all small
businesses fail within 5 years (Case, 1996; Kirchoff, 1993). One way to increase business
success rates has been through education and training (Danco, 1994; Ede, Calcich, & Panigrahi,
1998; Jenkins & Jenkins, 1997; Luisser, 1995; Robinson & Sexton, 1994; Sage, 1993) The report
included concrete recommendations for Startup 425 to address these issues:
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What follows are new initiatives recommended by the Advisory Committee that convened for
four meetings in 2019. These recommendations are a distillation of the Advisory Committee’s
work over this period and the recommendations outlined in the UW Bothell student consulting
team summary shown above. This work did not interfere with the ongoing offerings and
operations of Startup 425. It did analyze existing offerings with an eye toward improving and
augmenting them.
Primary Initiatives
I. Curriculum Enhancement: format and content
Problem Statement:
To further its impact in the region, Startup 425 needs to expand upon existing programs and to
provide additional pathways to educational and training resources.
The current specialty of Startup 425 is the Foundations series of workshops which provide the
entry point for participating entrepreneurs to access business education and minimize the risk of
business failure. Coursework includes free Foundations workshops offered at public libraries.
These workshops provide entrepreneurs with basic, beginner-level training in Ideation, Structure
and Licensing, Business Plan Preparation, Financing, Marketing, and Networking and
Mentoring. Statistical Highlights from the 2019 offering include:
Incubator • Refine business idea & business plan
(startup) • Develop core product
• Networking
Accelerator • Resources
(growth) • Networking & Mentorships
• Heavy funding
Workshops & • Business education
Classes • 7 Stages of Growth
• Workforce development
Co-Working • Promotes group brainstorming and creativity
Spaces • Open workspace and access to networks
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101:
Autumn Foundations Learning Series
201:
Small Business Essentials Learning Series
370 attendees 25 attendees
79% of respondents found workshop content
‘very’ or ‘extremely’ helpful
100% of respondents found workshop content
‘very’ or ‘extremely’ helpful
78% of respondents found presenter ‘very’ or
‘extremely helpful
100% of respondents found presenter ‘very’ or
‘extremely helpful
79% of respondents gave an overall rating of
‘very good’ or ‘excellent’
100% of respondents gave an overall rating of
‘very good’ or ‘excellent’
51% of respondents were non-white 45% of respondents were non-white
54% of respondents were women 61% of respondents were women
One focus of this program is immigrant entrepreneurs, who make up a significant proportion of
new business owners in our region. Many have had businesses in their country of origin but can
be isolated from information in the U.S. They may be in need of more context about U.S.
business culture and marketing strategies, access to networking, information about regulations,
access to capital and financing resources and information.
The size, type and stage of businesses represented by entrepreneurs attending workshops has
varied widely. Many attendees have been in the pre-revenue market research stage, while others
have been in business for one or more years and are seeking ways to accelerate growth. Without
options for delving into more advanced course material, Startup 425 lacks the ability to help
larger and more mature businesses reach their full potential. Additionally, by offering only
traditional, in-person, lecture-style workshops, Startup 425 is limited in its ability to reach
audiences with diverse learning styles and time and travel considerations. While supporting
workshops as opportunities for group networking and learning, enhancements can net larger
audiences.
Solution:
In the next five years, Startup 425 aims to continue expanding on the curriculum it offers
Eastside entrepreneurs. Curriculum enhancement will improve course offerings through changes
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in format and content. Startup 425 will provide courses that are better tailored to the needs of
businesses based on their size and age (See the curriculum graphic in Appendix B). Culturally
relevant format and content is especially important given the large foreign-born population in our
region. In addition, Startup 425 will offer curriculum services in the forms of workshops, one-
on-one mentoring, and virtual courses. This will make Startup 425’s coursework more accessible
and relevant to entrepreneurs in need of services. The program will offer courses at three levels:
101, 201, and 301. These courses will be offered in three stages that are intended to reach
businesses at differing levels of experience. Although some customers may take courses in order
from beginner-level to advanced-level, customers are able to enroll in whichever course
offerings best meet their business’ needs and goals.
Moving forward, Startup 425 will provide courses for entrepreneurs, startups and early stage
companies using different formats and curriculum that appeal to, or accommodate businesses in
different locations, different sizes, compositions, and stages of growth, language needs, across
most business types on the Eastside with a special focus on serving the underserved and diverse
businesses.
Details:
101 – Foundations: Startup 425 will continue to offer Foundations workshops as they have been
largely successful in providing meaningful content to Eastside entrepreneurs. Free workshops are
the most accessible service offered by Startup 425. Workshops are held at public libraries and are
open to all. Additionally, Foundations are offered in all five cities in the Startup 425 alliance.
Two series of Foundations will be offered annually: one in the fall and one in the spring.
Workshops are taught by SCORE volunteer instructors and other professionals. The courses that
will be offered will remain as follows:
• Ideation
• Structure and Licensing
• Business Plan Preparation
• Financing
• Marketing
• Networking and Mentoring
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Also, augmenting the traditional classroom style of workshop delivery is an important future
improvement. The use of the web for virtual content delivery will accommodate asynchronous
learning. Real-time mentoring and other web-based delivery formats will be adopted.
201 – Advanced Coursework: Advanced Coursework or 201, will provide more in-depth
coverage of the fundamentals delivered in the Foundations series of workshops as well as
specialized workshops that entrepreneurs request. As an example, a pilot program beginning in
Fall of 2019, called Small Business Essentials is being offered to Eastside businesses in
partnership with SCORE at the Bellevue Cowork Box location.
Businesses attending Small Business Essentials pay $50 per workshop to SCORE. (In the future,
Startup 425 members may be charged a reduced rate for this program (See the Benefits Diagram
in the Appendix C). This series provides 12 hours of coursework for sole proprietor businesses
and 18 hours of coursework for businesses with employees. Future offerings will be determined
following an assessment of its success. If successful, the program will be offered at different
locations twice a year. The curriculum is listed below:
Sole Proprietor Businesses:
• Creating a business plan
• Starting a business
• Marketing a business
• Managing finances
Businesses with Employees
• Creating a business plan (same as
above)
• Marketing a business (same as above
• Managing employees
The Advisory Committee also recommended other subject areas dealing with Human Resources,
Financing, Succession Planning, Acquisition/Exit Strategies, eCommerce, etc. This provision of
specialty content has been offered in the past by Startup 425. Export training and small business
finance were provided in 2017 and 2018. In order to provide added content, the plan
recommends fielding a larger complement of qualified mentors.
301 – Springboard 425: Beginning in January 2020, Startup 425 proposes a new curriculum
model for more advanced Eastside entrepreneurs (e.g. businesses with revenues of $500,000 or
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more). Startup 425 will screen participants and aims to provide more advanced business with a
shared learning space and extensive mentorship opportunities. Startup 425 is exploring the
feasibility of two 301-level options.
Option One: This program is estimated to have the capacity to accept approximately twenty
(20) businesses at a time. The estimated charge for each business is $1,000 for six (6) weeks
of comprehensive training with a goal of attaining a growth rate of over 400% over 3 years.
Startup 425 may solicit bids from vendors to provide this type of programming.
Training and individual mentoring for businesses is expected to take place in business spaces
made available to Startup 425 through public/private partnerships with co-working spaces
(e.g. Cowork Box). Springboard 425 also can be offered through community centers and city
halls in order to be easily accessible for businesses residing in any of the five cities within the
Startup 425 alliance.
This model has been implemented successfully by the City of Kenmore. Thirty (30)
businesses were tracked for 3 years and saw total revenues increase over $60 million (an
increase of 406%) and created 600 new jobs. Consultant to the City of Kenmore on this
program Corey Hanson provided this information:
“The Kenmore Business Incubator is one of only a few city-owned facilities in the US, it opened in 2012. The primary focus of the KBI is to help local, private-owned business to accelerate sustainable and profitable growth. The KBI offers flexible workspace and business acceleration services. The facility is 3000sft of open workspaces, offices, and facilities, and about a third of KBI members lease space there. KBI membership typically fluctuates from 15-20 businesses a year.
The business acceleration service consists of one-to-one business consulting and regular acceleration training. The current training is based on the Hot100Business program titled, "5X Entrepreneur Series," which is a six-week program designed to help business leaders accelerate their growth, to 5 times or more their current revenues, or at least $1 million more, asap. At the KBI, this program has helped over 60 local businesses set and start implementing revenue goals that average over $2.5M each, or a total of more than $150,000,000. Those that aggressively implement the program typically achieve their 5X goal over 2-5 years, and also create an average of 20 new jobs.
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The 5X Entrepreneur program is designed to overcome one of the biggest problems in entrepreneurship today. Which is, most entrepreneurs have an average of four major failures, over 20 challenging years, before their business becomes a sustainable success. The 5X Series helps entrepreneurs accelerate their success up to 18 years faster, and 10-100 times more profitably, than on their own.”
Option Two: Will be detailed below in the following section (II. Collaborative Business
Space).
Both 301-level program options are designed as selective processes, where businesses are chosen
based on past performance and commitment to grow and provided with shared learning spaces
and mentorships. Participants must be committed and ready to dedicate time and hard work to
growing their businesses. Businesses benefit from being a part of the 301-level program by being
a member of a like-minded community or cohort. The program also provides businesses access
to mentors, teachers, and funders as a part of its own unique ecosystem. Also, Startup 425 hopes
that the program can be accredited to enable graduates to literally take their accomplishment ‘to
the bank’, for loan underwriting purposes.
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Implementation Steps/ Timeline: Primary
• Raising funds through connections with large businesses, banks, philanthropies, etc. • Marketing
Year 1(2020)
• 101: Foundations in spring and fall • 201: Advanced workshops in spring and fall • 301: Develop curriculum for an accelerator to be located at an academic institution and training mentors
Year 2 (2021)
• 101: Foundations in spring and fall • 201: Add more course topics to advanced workshops using industry experts as instructors • 301: Springboard 425 (sponsored businesses) in spring and fall • Develop online courses
Year 3 (2022)
• 101: Foundations in spring and fall • 201: Traditional advanced workshops and virtual delivery methods (different formats for instruction,
online/video mentorship, etc.) Also, continued use of industry experts as instructors • 301: Springboard 425 (sponsored businesses) and evaluate program in spring and fall • Explore expansion of academic institution accelerator program with other Eastside locations
Year 4 (2023)
• 101: Foundations in spring and fall • 201: Traditional and virtual delivery of advanced workshops, also continued industry experts as
instructors • 301: Springboard 425 (sponsored businesses) and evaluate program in spring and fall • Blog added to online portal
Year 5 (2024):
• 101: Foundations in spring and fall • 201: Traditional and virtual delivery of advanced workshops, also continued industry experts as
instructors • 301: Springboard 425(sponsored businesses) and evaluate program in spring and fall
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Summary Timeline of Potential Initiatives
Below is a synopsis of annual implementation details. Program will be evaluated annually to
assess progress. This will include internal metrics such as; materials, staffing, and budget.
External metrics will include; number of participants in courses, workshops offered in partner
cities, workshop survey responses, self-described demographics of participants, and revenue
growth of participating businesses. Specific metrics for 2020 which will be updated annually can
be found in Appendix I.
Enhancements: -Mentors -Connections to
Ecosystem -Webinars -Aysynchrous
Learning
Level301 Collaborative
Business Space
STARTUP425 C URRICULUM
Leve l 101 FoundaNons Classes (SCORE)
Ideation Structure & Licensing
BuY'less Plo.n PrepaottOn Nelwot1dng ond Mentoring
Fnancing Mal<eting
Level 201 SCORE Small Business Essentto ls Workshops
New businesses with emptoyees (18hrs) Oeating a business pion Mal:etng)'O<Jl'bus,>ess Managing employees
New One-Person l uslrHKses (12h11) Creating a busines.s pkm
Starting o business Mal:eting a bvsiness Manag·ng finances
Leve l 301 Accelera1ed growth for
e xlsttng businesses
Cost per bvsiness to scpport 1-2 counselon Busines.ses valued at $500,000 and up
Interest in 4.~ growth over 3 yrs. aosses and consulting provided
Creation 01 20 Jobs
-Advanced Businesses -Hard work and dedication -Like-minded community -Access to capital -Accredited
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Potential Initiatives: Primary Year 1 (2020)
• Foundations in spring and fall • Advance workshops in spring and fall • Develop curriculum for an accelerator to be located at an academic institution • Grow pool of mentors and train them on Startup 425 curriculum • Partner with academic institution to pilot accelerator • Work with co-working spaces to offer Startup 425 curriculum • Start developing membership portal • Program evaluation and performance measures
Year 2 (2021)
• Foundations in spring and fall • Add more course topics to advance workshops • Springboard 425 offered in spring and fall • Seat first accelerator class in academic institution • Work with co-working spaces to offer classes in several locations • Develop online courses • Launch membership portal • Program evaluation and performance measures
Year 3 (2022)
• Foundations in spring and fall • Advance workshops in spring and fall • Offer virtual delivery formats for Foundation and Advanced workshops • Springboard 425 offered in spring and fall • Evaluate Springboard 425 • Explore expansion of academic institution accelerator program with other eastside locations • Continue expanding offerings at co-working facilities • Evaluate and revise membership portal • Offer online mentoring • Program evaluation and performance measures
Year 4 (2023)
• Foundations in spring and fall • Advance workshops in spring and fall plus virtual delivery options • Springboard 425 in spring and fall at additional eastside locations, both academic institutions and co-
working spaces • Blog added to online portal • Program evaluation and performance measures
Year 5 (2024):
• Foundations in spring and fall • Advance workshops in spring, fall • Virtual delivery offerings enhanced • Springboard 425 evaluated and enhanced • Review of partnerships with academic institutions • Additional membership benefits offered • Program evaluation and performance measures
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II. Collaborative Business Space
Problem Statement:
Many early stage entrepreneurs seek co-working space to collaborate with other like-minded
business and receive the benefits of shared amenities, resources and tools. There are many
privately-operated spaces of this type in Bellevue and Redmond, but they are not as
commonplace in the other partner cities. The City of Renton and the City of Woodinville,
however, like the Kenmore project recently described, are exploring the possibility of developing
culinary incubators, while the City of Auburn has sponsored a long-running incubator.
Startup 425 does not currently offer options for Eastside entrepreneurs in need of physical
business space. The Advisory Committee recommended that Startup 425 consider adding co-
working space development to its services, either in partnership with others or on its own. Staff
investigated how Startup 425 might independently develop a co-working space assisted by real
estate and facilities professionals. The findings are included in Appendix H and should be
understood as based upon 2019 space availability and pricing on the Eastside.
Through this investigation, and at the suggestion of TechStars and others, the staff found that
focusing on an independent real estate investment, whether purchase or lease, would be a
substantial financial drain for Startup425 and would eclipse other objectives. Instead, partnering
with a co-working space would allow Startup 425 to focus on providing curriculum, mentors,
and other resources including events which would be mutually beneficial to a partner, and the
best use of Startup425 limited resources.
Solution:
Startup 425 is actively exploring a variety of partnerships with third-party Eastside organizations
to provide co-working space together with its training and mentoring offerings. For example,
Startup 425 is considering a pilot partnership with an academic institution for the provision of
co-working space coupled with a comprehensive accelerator program, similar to SCORE
https://seattle.score.org/, the Y Combinator in San Francisco https://www.ycombinator.com/, or
Startup Hall at the University of Washington https://comotion.uw.edu/what-we-do/comotion-
labs/home/.
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Productive conversations have been held with co-working space developers in Startup 425
partner cities with the plan that Startup 425 also can offer curriculum to their members. In
addition, the partnership has indicated that individual cities can develop independent co-working
space, with the suggestion that Startup 425 curriculum also can support them (for which a cost
analysis can be found in Appendix H). Startup 425 is open to working with all types of co-
working venues. At this juncture, growing the curriculum and pool of mentors is needed to serve
this physical space initiative along with the virtual membership concept that follows.
Implementation Steps: Collaborative Space Year 1 (2020)
• Screen and select partner institution • Partnership with academic institution begins • Work with co-working spaces to offer Startup 425 curriculum
Year 2 (2021)
• Seat first class of 20 businesses in new co-working space at academic institution • Public/private partnerships- work with co-working space providers
Year 3 (2022)
• Public/private partnerships- work with co-working space providers • Continue co-working space at pilot academic institution and begin researching other colleges for the
program
Year 4 (2023) • Public/private partnership work with multiple co-working facilities • Continue co-working space at academic institutions
Year 5 (2024):
• Public/private partnerships work with multiple co-working facilities • Continue co-working space at academic institutions • Review of partnerships with academic institutions • Additional membership benefits offered
III. Membership Program
Problem Statement:
Although the Eastside is one of the most technologically advanced regions in the country, it has
few online training delivery platforms for its business clients. Online classes are currently
offered by KCLS, the Seattle Library System, SCORE, and the Small Business Administration.
Startup 425 can augment these offerings by developing relevant tailored online coursework.
17
Through creating a virtual membership, Startup 425 can increase the accessibility of its services
and simplify the process of connecting with entrepreneurs.
Solution:
To improve accessibility of Startup 425 services, a virtual membership will be created. This
platform will provide customers with the option of making virtual connections with mentors,
gaining access to virtual courses (advanced courses), and navigating Startup 425’s ecosystem
and knowledge base online (which will include information on new business opportunities,
changing regulations and policies, etc.). Businesses must become Startup 425 members to have
access to the virtual membership portal. Other benefits of being a Startup 425 member can be
found in Appendix C. Based on the results of the demand assessment survey which can be seen
in full in Appendix E, Startup 425 expects about 40% of its clients to join the membership
program. A potential annual membership fee was estimated $75, pending further evaluation. The
results also show that clients would be most willing to pay a membership fee for mentorships,
specialized workshops, and professional development trainings (See Appendix E).
Implementation Steps: Membership Program Year 1 (2020)
• Start developing virtual membership space
Year 2 (2021) • Start offering online courses through the virtual membership portal • Assessment of virtual membership space and enrichment
Year 3 (2022)
• Start offering mentorship services through the virtual membership portal • Assessment of virtual membership space and enrichment
Year 4 (2023)
• Assessment of virtual membership space and enrichment • Blog added to virtual membership portal
Year 5 (2024):
• Assessment of virtual membership space and enrichment
One concern raised by staff in implementing a membership program is the fact that current
mentoring services provided by Startup425 and its partners are generally free as partners are
18
government or quasi-government representatives. It may be necessary to demonstrate value
added and funding need to launch the virtual membership program.
Secondary Initiatives
I. Business Ecosystem Building
Description:
With the growing Eastside economy and its Foundations workshop series alumni, Startup 425
has the ability to reach out to many more entrepreneurs and further develop its ecosystem. This
will provide Startup 425 clients with greater resources and opportunities for improving their
businesses through making connections with similarly situated entrepreneurs and the experts and
organizations that provide them with support services.
Steps:
1. Receive input from the Startup 425 Advisory Committee, incorporating any possible
contacts for resources
2. Incorporate the ecosystem into the Startup 425 portal
3. Keep the ecosystem current and updated
4. Re-evaluate the ecosystem periodically and continue to grow it
II. Grow Mentor Pool
Description:
As shown by the results of the demand assessment survey which can be seen in full in Appendix
E, clients of Startup 425 would like to see more mentorship opportunities. As Startup 425 looks
to enhance its curriculum, recruiting and retaining additional mentors must be pursued, with a
emphasis on diversifying the mentor pool to include mentors from different cultural
backgrounds. Immigrant entrepreneurs will benefit from meeting other immigrants who have
successfully navigated the early stages of their businesses and understand the struggle of new
immigrant entrepreneurs. Having new mentors of all kinds will improve the ability to provide
quality course material and training to entrepreneurs.
Steps:
1. Partner with SCORE to create a “Mentor Recruitment Initiative” to grow the roster of
qualified mentors.
19
2. Conduct outreach to known key members of the business ecosystem – Advisory
Committee members, college instructors, chambers, financiers, Startup 425 partners
contacts, etc.
3. Include questions in post-workshop surveys to ask attendees what additional workshops
they want to see offered by Startup 425 and what knowledge they need to grow their
businesses.
4. Implement events that reward current mentors and encourage new mentors to participate
5. Work with area colleges and other continuing education providers to plan and implement
a course to train business mentors.
III. Job fairs
Description:
Startup425 has a great capacity to connect entrepreneurs with future employees through
engaging in job fairs. By hosting job fairs and creating networking opportunities for businesses
and possible employees (in conjunction with organizations like New Tech Northwest), Startup
425 can contribute to job growth on the Eastside and help businesses be successful. Startup 425
expects to partner with other organizations to host job fairs throughout the year. Attendees would
be charged a small fee for tickets and Startup 425 members would receive s 15% discount for
events put on by its partner organizations.
Steps:
1. Conduct research on how to host a successful job fair
a. Contact community colleges
b. Contact other cities like Issaquah1
2. Connect with organizations like New Tech Northwest and partner in hosting the event
IV. Hackathon Event
Description:
Based on the input from the advisory committee, Startup 425 staff formulated a demand
assessment survey which can be seen in full in Appendix E. This survey was distributed by email
1 An Advisory Committee member provided Startup 425 with valuable information regarding the success of job fairs in the City of Issaquah.
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through city mail listings, Advisory Committee member contacts, and to Startup 425
Foundations alumni. While response rates were relatively low, data gathered showed that clients
are interested in seeing more offerings for educational events.
By hosting a Hackathon event, Startup 425 can help early-stage entrepreneurs create their
businesses and expose businesses to Startup 425 programs. At these types of events attendees
split up into groups of about 10 people, each with a specific area of expertise (such as marketing
coding, market research, etc.). In total, the event is comprised of 10-15 teams and is estimated to
take approximately 4-5 months to organize2. These events are usually put on with the help of
volunteers and the donation of a free location to host the event helps to defray expenses.
Information for costs associated with hosting the event can be found in the attached budget (in
Appendix H). Based on similar events, the cost of tickets would be approximately $40 with an
expected number of 100-120 attendees.
Steps:
1. Find a free location to hold the event
2. Recruit volunteers to work the event
3. Marketing and outreach to promote the event
4. Host first Hackathon event in Fall of 2020
5. Continue hosting the event annually
Conclusion
To develop a five-year strategic plan in these times of constant change is a difficult proposition.
What we have captured is a snapshot of the thinking of small business experts, academicians and
city economic development staff about how best to satisfy the service gap that exists on the
Eastside for entrepreneurs and startups seeking business education in 2019. We hope it guides
the programs of Startup425 in the next period. However, we are cognizant that it will need
continuous refreshing and have included that annual activity in this report.
2 Based on Startup Weekend
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We can anticipate with some certainty that the region will continue to grow, and that the demand
for business education and services on the Eastside will be steady if not increasing. New arrivals
representing a diversity of cultures, ethnicities and learning styles, retired corporate employees
who want to pursue entrepreneurship, and many others will drive demand for Startup425’s
offerings. Our response is to recommend expansion of how courses are presented and the
enrichment of the current Foundations (100), Advanced (200) curriculum. We also are
recommending the addition of a 300-level platform that takes successful startups with a
commitment to growth through an accelerator program or condensed business training bootcamp
taught by mentors from academia and the business service ecosystem. The program also will
offer access to successful businesses and investors. Upon completion of the program, a
certification will be granted to enhance their efforts to obtain necessary funding.
The addition of flexible formats for their business education will help those who are balancing
family and current jobs along with transportation challenges. We have planned for several new
options including webinars, virtual membership with access to one-on-one mentoring, evening
and weekend workshops, and access to Startup425 offerings while seated in one or another co-
working space or a new space currently being explored at an academic institution on the
Eastside.
As we move forward with adoption of our major initiatives by the Startup425 cities, we will
work to develop and test each of them; truthing them with accurate demand numbers, expert
reviews and costs. At the same time, we will implement secondary programs aimed at growing
our mentor pool, posting the business services ecosystem to dispatch entrepreneurs to services
they need, updating and enhancing the Startup425 website and other communication vehicles,
staging meetups for founders and potential employees, and seeking new venues and online
options for marketing our product to entrepreneurs and startups on the Eastside.
Thanks to all involved for helping Kirkland staff to prepare this 5-year strategic plan for
Startup425.
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Appendix A: Plan
• Foundations 101 201- Advanced Coursework
• 301- SpringBoard 425
Ecosystem Building
Job Fairs
Mentor Buidling
Events
Virtual Membership Public/Private Partnership Partnership with Colleges
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Appendix B: Curriculum
Enhancements: -Mentors -Connections to
Ecosystem -Webinars -Aysynchrous
Learning
Level301 Collaborative
Business Space
STARTUP425 CURRICULUM
Level 101 foundoffons Cloues (SCORE)
Ideation Structure & Licensing
Busi'less Pion Prepaotion Netwooong and Mentoring
Financing Marketing
Level 201 SCORE Small Buslneu Eu entlols Workshops
New buslne"es with employees (1 Blvs) Cleating o business plan Mcr1ceting your bu>ness Mon09ng employees
New One-Person Businesses (12hts) Creating o business pion
Starting o business Marketing o business Monog·ng finances
Level 301 Accelerated growth for
existing businesses
Cost per busin8$S to support 1 ·2 cooose!O<S Businesses \/Ofued at $500.oo:> and up
Interest in 4.~ growth over 3 yrs. Oosses and conwting provided
Creation of 20 jobs
-Advanced Businesses -Hard work and dedication -Like-minded community -Access to capital -Accredited
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Appendix C: Benefits Diagram
Virtual Connection with Mentors
Startup425 Membership Benefits
Access to Ecosystem and
Knowledge Base
Reduced Event Costs
Reduced Costs for Advanced Courses
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Appendix D: Ecosystem Chart
ECOSYSTEM EASTSIDE (Certain Seattle programs
w/regional breadth)
ORGANIZATIONS/BUSINESSES
Academic Institutions
GIX https://gixnetwork.org/ University of WA Bothell https://www.uwb.edu/ Northwest University https://www.northwestu.edu/ Digipen https://www.digipen.edu/ Foster School https://foster.uw.edu/ Bellevue College https://www.bellevuecollege.edu/ Lake Washington Institute of Technology https://www.lwtech.edu/ Renton Technical College https://www.rtc.edu/
Community Resources Renton Chamber https://www.gorenton.com/ Issaquah Chamber https://www.issaquahchamber.com/ Bellevue Chamber https://www.bellevuechamber.org/ Kirkland Chamber https://kirklandchamber.org/ ERIC https://ericmembers.org/ Seattle Business Education Hub (B) http://www.sbehub.com/ Wayfind https://wayfindlegal.org/ Ventures (S) https://www.venturesnonprofit.org/about/
Business Services FundingQuest ( ) https://www.funding-quest.com/
Incubators Kenmore http://www.kenmorewa.gov/KBI Mercury MedTech https://www.lwtech.edu/ WIN (OneRedmond) http://washingtoninteractivenetwork.org/ Comotion (S) https://comotion.uw.edu/ ExtraSlice (B) https://extraslice.com/ Ventures (S) https://www.venturesnonprofit.org/incubators/
Co-working Spaces ExtraSlice (B) https://extraslice.com/ Regus (B), (K), (Red), (Ren) https://www.regus.com/ The Riveter (B) https://www.theriveter.co/ Thinkspace (Red) https://thinkspace.com/ Vestlink (K) https://www.vestlink.io/cowork WeWork (B) https://www.wework.com/ NorthStar Offices (Red) http://www.northstaroffices.com/ CoworkBox (B) http://www.coworkbox.com/welcome.html Industrious (B) https://www.industriousoffice.com/ Meadowbrook Business Center (I) http://www.meadowcreekbusinesscenter.com/
Makers Spaces IdeaX Makers Space (B) http://startup.choosewashingtonstate.com/resources/work-spaces/ Metrics (S) http://startup.choosewashingtonstate.com/resources/work-spaces/ Sodo Makers Space (S) http://startup.choosewashingtonstate.com/resources/work-
spaces/
Accelerators TechStars https://www.techstars.com/programs/seattle-program/
Mentorship Networks SCORE (multiple locations) https://seattle.score.org/eastside Seattle Business Education Hub (B) http://www.sbehub.com/ NewTech Eastside and other meetup groups https://www.newtechnorthwest.com/events/new-tech-eastside/
26
WTIA (S) https://www.washingtontechnology.org/ BizDiversity https://bizdiversity.net/
Angels Keiretsu (S) http://www.keiretsuforum.com/global-chapters/seattle Alliance of Angels (S) https://www.allianceofangels.com/
Venture Capitalists Ignition (B) https://www.ignitionpartners.com/ Trilogy Equity (B) http://www.trilogyequity.com/
Corporations
CDFI and Banks Business Impact NW https://businessimpactnw.org/
Grants Kauffman Foundation https://www.kauffman.org/ JPMorgan Chase https://www.jpmorganchase.com/corporate/Corporate-Responsibility/global-philanthropy.htm Amazon
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Appendix E: Demand Assessment Survey and Results
Based on input from the Advisory Committee, Startup 425 staff formulated a demand assessment
survey. The survey was distributed by email through city mail listings, to Advisory Committee
member contacts, and to Startup 425 Foundations alumni. The goal of the survey was to assess
how interested former Startup 425 clients and possible new clients would be in the proposed
primary initiatives. Additionally, the survey was used to gather more detailed information on the
types of services former clients and possible clients would like to see offered by Startup 425 in
the next three to five years. Although the response rate for the Demand Assessment was low with
59 respondents, data gathered from this survey paired with responses to Foundations surveys
(distributed to Foundations customers after each course) help Startup 425 to gain a more
informed view of what business education and other resources are in demand.
Demand Assessment Survey Questions Startup 425 is an alliance of five Eastside governments that provides early to mid-stage businesses with the resources and training they need to grow in a successful and sustainable manner. We are in the process of creating a 3 to 5-year strategic plan to offer additional resources. We would like your input on the following questions.
Introduction
1. Are you currently doing business on the Eastside? a. Yes (64.41%) b. No (15.25%) c. No, but I plan to launch my business in the next six to twelve months on the
Eastside. (20.34%)
2. How many years has your business been in operation? a. My business has not yet launched. (33.9%) b. Less than a year (5.08%) c. 2 to 5 years (28.81%) d. 6 or more years (32.2%)
3. How many full-time employees does your business currently have? a. No employees (57.63%) b. 1 to 3 (23.73%) c. 4 to 10 (15.25%) d. More than 10 (3.39%)
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Services and Programmatic Offerings
4. Within the past six to twelve months, have you utilized business development services from any of the following providers? (Please check all that apply.)
a. Startup 425 (30.51%) b. Greater Seattle SCORE (15.25%) c. Washington SBDC (1.69%) d. Chamber of Commerce (11.86%) e. City economic development office (6.78%) f. Other (please specify) (3.39%) g. None of the above. (50.85%)
5. Within the past six to twelve months, have you utilized any of the following business
development resources? (Please check all that apply.) a. Mentors or advisors specializing in finance, business planning, licensing, etc.
(11.54%) b. Workshops or classes on various business topics (42.31%) c. Professional development trainings (13.46%) d. Conference, classroom, meeting, or event space (9.62%) e. Specialized equipment, such as 3D printers, computer software, etc. (11.54%) f. Other (please specify) (11.54%)
Startup 425 is considering development of a membership model whereby small business owners would have the ability to pay a small fee to access certain services above and beyond our traditional service model. The following questions gauge your level of interest in these services.
6. If so, how likely would you be willing to pay a premium to be able to access resources
such as event space, mentors and advisors, specialized equipment for your business? a. Very likely (5.08%) b. Likely (33.9%) c. Neither likely nor unlikely (16.95%) d. Unlikely (32.2%) e. Very unlikely (11.86%)
7. Which of these resources would you be willing to pay a membership fee for:
a. Mentors specializing in finance, business planning, licensing, etc. (42.59%) b. Workshops or classes on various business topics (46.3%) c. Professional development trainings (48.15%) d. Conference, classroom, meeting, or event space (38.89%) e. Specialized equipment such as 3D printers, computer software, etc. (29.63%) f. Other (please specify) (9.26%)
8. Based on your experience with Startup 425 and/or running your business, how useful
would you find each of the following activities? (1 = not at all useful, 5 = extremely useful)
a. In-depth versions of the current Foundations curriculum (AVG: 2.76)
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b. Educational events (AVG: 3.48) c. Pitch competitions (AVG: 2.65) d. Meetups between startups and potential employees (AVG: 2.86) e. One-on-one mentorship opportunities (AVG: 3.6) f. Webinars or online resources on select subjects (AVG: 3.32) g. Intensive business development boot camps (AVG: 3.04) h. Other (please specify) (--)
9. How interested would you say you are in learning more about each of the following
topics? (1 = not at all, 5 = extremely interested) a. Leadership principles (AVG: 3.11) b. Human resources management (AVG: 2.81) c. Labor standards (AVG: 2.7) d. Contract management (AVG: 3.02) e. Succession planning (AVG: 2.59) f. Buying a business (AVG: 2.29) g. Franchising (AVG: 2.25) h. eCommerce and selling products online (AVG: 3.34) i. Alternative financing (i.e. crowdfunding, angel investments, revolving loan, etc.)
(AVG: 3.02) j. Exit strategies (i.e. sale of the business, public stock offering, etc.) (AVG: 3.02)
10. Would you or people you know benefit from courses offered in a language other than
English? a. Yes (please specify language) (86.21%) b. No (13.79%)
11. Are you interested in renting a desk in a shared workspace?
a. Yes (8.77%) b. No (68.42%) c. Maybe (22.81%)
****IF NO, SKIP TO 15******
12. Which cost range represents the most you would be willing to pay per month per for a
desk in a co-working space? a. $100-$199 (57.89%) b. $200-$299 (26.32%) c. $300-$399 (10.53%) d. $400-$499 (5.26%) e. $600 or more (0%)
13. Which cost range represents the highest you would be willing to pay per hour for an
event space for up to 30 attendees? a. $50-$75 (36.84%) b. $76-$100 (31.58%)
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c. $101-$149 (26.32%) d. $150 or more (5.26%)
14. Is there a particular city or location in which you would be interested in space? (Please check all that apply.)
a. Bellevue (84.21%) b. Kirkland (47.37%) c. Issaquah (36.84%) d. Redmond (47.37%) e. Renton (21.05%) f. Other city (please specify) (0%)
Demographics
15. What is your age? a. Under 20 (1.72%) b. 20 to 24 (0%) c. 25 to 34 (8.62%) d. 35 to 44 (18.97%) e. 45 to 54 (31.03%) f. 55 to 64 (24.14%) g. 65+ (10.34%) h. Prefer not to answer (5.17%)
16. If you experience a disability, please tell us what kind. (select all that apply)
a. Mobility (1.85%) b. Vision (3.7%) c. Hearing (0%) d. Cognitive (0%) e. None (75.93%) f. Prefer not to answer (18.52%) g. Other (please specify) (1.85%)
17. Do you consider yourself… (select all that apply)
a. American Indian/Alaska Native (5.17%) b. Asian (10.34%) c. Black/African American (5.17%) d. Hispanic/Latinx (8.62%) e. Native Hawaiian/Other Pacific Islander (1.72%) f. White (56.9%) g. Prefer not to answer (17.24%) h. Other (please specify) (5.17%)
18. With which gender do you most identify?
a. Female (43.1%)
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b. Male (44.83%) c. Transgender female (0%) d. Transgender male (0%) e. Non-binary / third gender (0%) f. Prefer not to say (12.07%) g. Other: (0%)
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Appendix F: Advisory Committee and City Partners Committee Members:
• Brianna McDonald (Keiretsu)
• John Sechrest (Seattle Angel Conference)
• Alex Fong (Signarama)
• Petri Hautakangas (Tupl)
• Andrea Melero (Astera Consulting)
• Melissa Ventura (Astera Consulting)
• Paul Ingalls (Ripl)
• Debbie Lacy (ERIC)
• Leslie Lum (Bellevue College)
• Dean Van Dyke (SCORE)
• Michael Santiago (Nerds2Go)
• Lawrence Lerner (Lerner Consulting)
• Maha Jafarey (Wayfind)
• Svetla Tzekov (Umpqua)
• Ashwin Muthuvenkataraman (entrepreneur)
• Janie Sacco (US Metro Bank)
• Felix Ngoussou (Seattle Business Education Hub)
• Parteek Singh (SDBC)
• Michael Ervick (UW Bothell)
• Mike Potter (Lake Washington Institute of Technology)
• Paul O’Beirne (Orca HR Solutions)
• Jeanine Needles (Intern with the City of Kirkland)
City Partners:
• Ellen Miller-Wolfe (Kirkland)
• Duncan Milloy (Kirkland)
• James Lopez (Kirkland)
• Anthony Gill (Bellevue)
• Jesse Canedo (Bellevue)
• Jessie Kotarski (Renton)
• Sarah Pyle (Redmond)
• Christopher Wright (Issaquah)
• Tim Dutter (Issaquah)
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Appendix G: Acknowledgements In addition to the contributions of the Advisory Committee, City partners, SCORE and KCLS, Startup425 would like to acknowledge the following individuals and organizations who helped with analysis of the 5-year strategic plan. Coworking Space Nathan Daum, City of Shoreline Economic Development Manager; former manager, UWStartup Hall Chris Dodd, Facilities Manager City of Kirkland Corey Hansen, Consultant to the City of Kenmore on Kenmore Incubator Leslie Lum, Professor, Business Transfer, Bellevue College Amy Morrison, President of Michael Potter, Lake Washington Institute of Technology Nancy Ousley, Assistant City Manager, City of Kenmore Joe Steele, CBRE; advisor to the City of Kirkland Louis Huynh, Director of Network Operations, Techstars Corey Hansen, City of Kenmore Consultant and author “Hot 100” Curriculum Development and Business Service Provision Chuck Botsford, SCORE Mentor and Curriculum Developer Chris DeVore, Techstars; Founders’ Coop Isabel DeWulf, Managing Director, Small Business Export Assistance Division, OEDC, State Department of Commerce Michael Ervick, Small Business Liaison at Governor's Office for Regulatory Innovation and Assistance, Governor’s Office, former instructor, UW Bothell Felix Ngoussou, Seattle Business Education Hub John Sechrest, Seattle Angels and Startup Weekend Director (Hackathon) Parteek Singh, SBDC Advisor to the cities of Redmond and Bellevue May Wan, SCORE Director Beto Yarce, Executive Director of Ventures
Meetups, Job Fairs, and Membership Programs Brett Greene, CEO/Founder New Tech Northwest Corey Hansen, Kenmore Business Incubator Ashwin Muthuvenkataraman, entrepreneur (Issaquah Job Fair Project)
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Appendix H: Rent Analysis Startup 425 staff investigated the feasibility of a city-run co-work facility. The data provided
below was collected through researching real estate information with the help of Chris Dodd,
Facilities Manager for the City of Kirkland.
Program:
2 12’x12’ private offices for confidential mentoring of clients
20-25 8’x8’ co-working spaces
2 conference rooms/classrooms (need square footage)
400 sq. ft. greeting/administration station
250 sq. ft. kitchen
125 sq. ft. copying, supply room
Equipping facility costs (furniture, fixtures, and equipment): $65K-$90K
Total square feet anticipated: 3500 sq. ft.
Estimated cost per square foot: $20-$34 plus triple nets or $10 per sq. ft.
Example: A property that was available for $18.33 per sq. ft. would cost approximately
$8,300 per month to rent
Equipping facility costs:
25 work stations: $1,250 x 25 = $31,250
2 offices: $2,000 x 2 = $4,000
Reception = $4,000
2 Conference tables and chairs: $7,000 x 2 = $14,000
Appliances/technology/lunch room: $13,000
Misc: $10,000
Tax: $7,625
Total: $83,875
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Appendix I: 2020 Metrics Startup 425 Metric Goals for 2020: Updated Annually
In 2020, a series of quantifiable metrics for each of the principal activities and program offerings have been established. The year-end evaluation process will compare actuals against these goals to assess performance. The specifics are given below. Foundations Learning Series – 101 Workshops will be offered in partnership with partners including KCLS and SCORE to offer education in foundational business knowledge.
Metrics Goal 2020 Actual
Foundations registrations 1500
Unique registrations 600
Completed user surveys 750
# of workshops 42 Percent of survey respondents who found workshop very/extremely helpful
100%
Percent of respondents who found the presenter very/extremely engaging
100%
Percent who gave overall rating of very good/excellent 100%
Non-White respondents 50%
Female Respondents 50%
Workshops offered in Bellevue 10
Workshops offered in Redmond 8
Workshops offered in Kirkland 8
Workshops offered in Renton 8
Workshops offered in Issaquah 8 Small Business Essentials Learning Series – 201 Intended as a more advanced series to further targeted business education.
Metrics Goal Actual Small Business Essentials Registrations 50
Workshops offered 7
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Percent of survey respondents who found Workshop very/extremely helpful
100%
Percent of respondents who found the presenter very/extremely engaging
100%
Percent who gave overall rating of very good/excellent 100%
Non-White respondents 50%
Female Respondents 50% 425 Accelerator – 301 A new curriculum will be written by August 2020 in preparation for launching a pilot business accelerator in the fall of 2020.
Metrics Goal Actual
Curriculum Created 1
# New Accelerator Classes 1
# Accelerator Registrants 15 # Certificates of Completion Granted 15
Percent of survey respondents who found Workshop very/extremely helpful
100%
Percent of respondents who found the presenter very/extremely engaging
100%
Percent who gave overall rating of very good/excellent 100%
Non-White respondents 50%
Female Respondents 50% Connector Events Startup 425 will attend and organize several events in 2020 that are focused on supporting the Eastside’s entrepreneurial ecosystem.
Metrics Goal Actual
Conferences Attended 5
Job Fair offered (Liaison Role) 1 Hackathon offered (Liaison Role) 1
Mentor Pool Event 1
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2020 Ecosystem Launch 1 Outreach In 2019 Startup 425 used no paid advertising and publicized its offerings through postings on its website, Facebook Page, and use of targeted email lists managed by each partner city. In 2020 a more robust marketing campaign, including paid advertising, will be developed and implemented with direct involvement from the city of Kirkland’s communications team. Recruitment of additional instructors will be conducted. The feasibility of a membership portal will be researched.
Metrics Goal Actual
425 magazine advertising 3 print adds
Facebook Advertising 3 campaigns timed to boost workshop registration
Instructor Pool 15
425 Website Users 4000
425 Website Sessions 6000
2020 Metric Development:
The number of Foundations (100 level) workshops offered each year is based on annual offerings of a complete series in both spring and fall. In the coming year, this 5-series workshop will be trimmed to 4-part series by elimination of the Structure and Licensing workshop based on lower interest levels. Its content will be delivered in 2020 by the Business Plan workshop. In 2019, the Foundations workshops had 1653 registrations. In 2020, with 42 workshops offered, 1500 registrations are expected, a 9% decrease in enrollment.
This lowering of expected Foundations participation also factors in a leveling trend in overall Foundations enrollment, feedback from SCORE that consultations are down, and attributed in part to a 50-year low in the unemployment rate and fewer people seeking self-employment.
Small Business Essentials (200 level) taught 25 students in the pilot program in the fall of 2019. The 2020 goal is to have a 100% increase in enrollment when it is offered in the summer of 2020 for a total of 50 students. More marketing and adjusted scheduling are reasons for this anticipated growth in enrollment.
A goal enrolling 15 registrants in a pilot program for a first-year cohort in the Accelerator (300 level) program is based on preliminary capacity information from Bellevue College, input from a similar program offered through the City of Kenmore, together with the input from regional operators such as Techstars. This number is also limited by the required qualifications of registrants having an existing business with at least $300K in gross sales that are willing to commit to a 10-week intensive bootcamp for this pilot class.
General demographics of at least 50% women and 50% non-white are based on historical averages.
38
Connecter event goals are based on conversations with event operators and upon the recommendations of the strategic plan.
Website use goals are supported by past metrics and support a 10% increase from 2019. Online activities will be supported by planned additional marketing.
39
Appendix J: Three Year Budget Plan The budget provided below outlines Startup 425’s expected revenues and expenses in the next
three years (from 2020 to 2022). These numbers are based on research conducted for the
implementation of the primary and secondary initiatives detailed in the previous section. By
following the budget plan and the implementation timeline, Startup 425 can expect a surplus just
under $20,000 in the next three years. Additionally, Startup 425 is exploring other grant
opportunities. A list of possible grants can be found in Appendix K.
Assumptions
1. Consulting/Mentoring Costs based on Advanced Finance Series
2. Rent for 201 Courses based on current Cowork Box prices
3. Rent for 301 Courses based on 201 rent costs
4. Event Costs based on Startup Weekend
5. Advanced Workshop Revenue based on Advanced Finance Series and SCORE Series
6. Event Revenue based on Startup Weekend
7. Revenues from membership fees are not included (unknown number of expected
members)
3 Year Budget
Year 1 (2020) Year 2 (2021 l I Year 3 (2022) Total
EXPENSES
Salaries P-T Employee 1 $ 41,475.00 $ 41,475.00 $ 41,475.00 $ 124,425.00
P-T Employee 2 $ 42,000.00 $ 42,000.00 $ 42,000.00 $ 126,000.00 Intern $ 3,281 .00 $ 3,281 .00 $ 3,281 .00 $ 9,843.00
Consulting/Mentor Costs $ 38,500.00 $ 38,500.00 $ 38,500.00 $ 115,500.00
Communications/ Social Media Contract Staff $ 10,000.00 $ 10,000.00 $ 10,000.00 $ 30,000.00
Primarv Initiatives Snacks/Refreshments $ 330.00 $ 330.00 $ 330.00 $ 990.00
Soonsor Bellvue Tech Exoo $ 525.00 $ 525.00 $ 525.00 $ 1,575.00
Sponsor Eastiside Summit $ 400.00 $ 400.00 $ 400.00 $ 1,200.00
Rent for 101 Courses0ncludina aas, electric, water, aarbaae, and minor reoai $ 9,360.00 $ 9,360.00 $ 9,360.00 $ 28,080.00
Rent for 201 Courses (including gas, electric, water, garbage, and minor repa $ 2,987.72 $ 2,987.72 $ 2,987.72 $ 8,963.16
Rent for 301 Courses 0ncludina aas, electric, water, aarbaae, and minor reoail $ $ 2,987.72 $ 2,987.72 $ 5,975.44
Secondary Initiatives
Event Cost $ 10,000.00 $ 10,000.00 $ 10,000.00 $ 30,000.00
Total Expenses $ 158,858.72 $ 161 ,846.44 $ 161 ,846.441 $ a,_11111.eo
REVENUES
City Fundina $ 60,000.00 $ 60,000.00 $ 60,000.00 $ 180,000.00
Port of Seattle Grant $ 46,200.00 $ 46,200.00 $ 46,200.00 $ 138,600.00
Primary Initiatives
Advanced Workshoo Revenue $ 29,400.00 $ 29,400.00 $ 29,400.00 $ 88,200.00
King County Library Fund $ 18,000.00 $ 18,000.00 $ 18,000.00 $ 54,000.00
301 Course Fees (non members) s s 20,000.00 s 20,000.00 s 40,000.00
Secondary Initiatives
Event Revenue $ 4,400.00 $ 4,400.00 $ 4,400.00 $ 13,200.00
Total Revenues $ 153,600.00 $ 173,600.00 $ 173,600.00 I $ 500-IOO.OO
Surplusl(Deficit) $ (5,258.72)1 $ 11 ,753.56 $ 11 ,753.56 s 18,248.40
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Appendix K: Possible Grants
1. Kaufman Foundation
2. Morgan Chase
3. Small Business Administration
4. Microsoft
5. Tableau
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Appendix L: Minutes of Advisory Committee Meetings
Startup 425 Advisory Committee March 21, 2019 Peter Kirk Room Kirkland City Hall Attendees
1. Ellen Miller-Wolfe, Regional Business Partnership Manager, City of Kirkland [email protected] 2. Duncan Milloy, Consultant to Kirkland’s Regional Business Partnerships, [email protected] 3. Jim Lopez, Assistant City Manager, City of Kirkland, [email protected] 4. Jesse Canedo, Chief Economic Development Officer (Interim), City of Bellevue, [email protected] 5. Anthony Gill, Economic Development Analyst, City of Bellevue, [email protected] 6. Brianna McDonald, President, Keiretsu Forum Northwest, [email protected] 7. John Sechrest, Startup Mentor and Startup Ecosystem Economic Developer, [email protected] 8. Alex Fong, Owner, Signarama, [email protected] 9. Petri Hautakangas, CEO, Tupl, [email protected] 10. Melissa Ventura, CMO, Astera Consulting, [email protected] 11. Andrea Molero, CEO, Astera Consulting, [email protected] 12. Paul Ingalls, CEO, Ripl, [email protected] 13. Ashwin Muthuvenkataran, Issaquah Economic Vitality Commission, [email protected] 14. Leslie Lum, Faculty, Bellevue College, [email protected] 15. Michael Ervick, Faculty, UW Bothell, [email protected] 16. Lawrence Lerner, Owner, Lerner Consulting, [email protected] 17. Debbie Lacy, Executive Director, Eastside Refugee & Immigrant Coalition (ERIC), [email protected] 18. Michael Santiago, Franchise Owner, NerdsToGo, [email protected] 19. Dean Van Dyke, SCORE, [email protected]. 20. Paul OBeirne, ORCA HR Solutions [email protected]
Meeting Purpose The meeting was convened by Ellen Miler-Wolfe, Regional Business Partnership Manager, City of Kirkland, to engage participants in a discussion about the history of Startup 425 and charting a path for its future development over the next 3-5 years. Process Anthony Gill, Economic Analyst, City of Bellevue gave a presentation on the genesis, past programming and outcomes to date of Startup 425. Michael Ervick, Faculty, UW Bothell gave a presentation on the work that his undergraduate students did on analyzing Startup 425 and recommending a business model to achieve sustainability. Following those two presentations, Ellen Miller-Wolfe delivered the charge to the Advisory Committee to examine three possible future tracks: Plan A – Perfect and Grow Current Foundations Series and Curricula Plan B – Plan A Plus Other Programs and Projects Plan C – Rethink Startup 425 Altogether Discussion
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Committee members felt that there needed to be better clarity around the goals of the program before proceeding further with development of recommendations for a way forward. The following were highlighted as areas that need to be prioritized:
• Business Starts • Job Creation • Revenue Growth • Industry Focus • Diversity • Scalability • Sustainability • Resource Requirements • Value Proposition • Competitive Differentiation
Next Steps
1. Ellen Miller-Wolfe will poll the Startup 425 five-city members for their respective economic development goals related to startups, entrepreneurs and small businesses.
2. Agenda for the next Advisory Committee meeting on 18 April will be focus on desired goals and will be developed following the collection of the municipal economic development goals.
3. An inventory of the current components of the Eastside startup, entrepreneur and small business ecosystem will be developed.
April 18th, 2019 Meeting Purpose: Discuss Startup 425 goals and outcomes Attendees and Groups:
1. Group 1: Team Nexus a. Jim Lopez b. John Sechrest c. Debbie Lacy d. Maha Safarey e. Sarah Pyle
2. Group 2: Jump Starters a. Ellen Miller-Wolfe b. Janie Sacco c. Paul Ingalls d. Ashwin Muthuvenkatarman e. Andrea Melero
3. Group 3: Track 3 a. Duncan Milloy b. Lawrence Lerner c. Melissa Venture d. Felix N. e. Petri Hautakangas
4. Group 4: Almost Bronze a. Anthony Gill
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b. Dean Van Dyke c. Michael Ervick d. Michael Santiago e. Mike Potter
Group Discussion Results:
• Continue o Continue to improve and grow programs that have positive results (Finance workshops and
Foundations)- Group 2 • Stop
o Less focus on content- Group 1 o Global Passport- Group 2
• Initiatives o Group 1
Community organizers to bring new groups of people together Create a place for new groups to come together
• Assess needs and make resources accessible to these groups o Group 2
Labor pool, job fairs Jumpstart pop-up
• Newer mentors with current skills • Help people to walk out with a business started
Specialized workshops • Focus on pitching techniques, e-commerce, and digital marketing
o Group 3 3 Track business model
• Provide workshops tailored individually to mid-size businesses, lifestyle businesses, and solo businesses
o Improves diversity and provides new businesses with a community of peers
o Group 4 Go into the ecosystem and connect resources Conduct a needs assessment
• Barriers o Private funding o Sponsors
Meeting Feedback:
• Positives o Good time management and organization o Diversity within groups o Brainstorming led to good quality ideas
• Negatives o More time would provide us with better ideas o No conclusion to meetings
Should have more solid goals with success metrics o More introduction o Food! o Connect ideas
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Next Steps: • Connect ideas that were formulated through brainstorming in groups • Produce measurable outcomes branching from these ideas
May 16, 2019 Meeting Purpose: The purpose of the meeting was to discuss top initiatives identified at the last Committee meeting and develop preliminary business plans. Meeting Process: Following a brief description of the top initiative identified at the last meeting (including Curriculum Enhancement, Collaborative Business Space, and Easy-to-Execute ideas) the group was divided into three to fill out preliminary business plans. The groups were tasked with identifying the resources, activities, costs, revenues, deliverables, outcomes, and impacts of the initiatives. Attendees and Groups:
1. Group 1: Collaborative Business Space a. Ellen Miller-Wolfe b. Chris Dodd c. Ashwin Muthuvenkataraman d. Michael Santiago e. Paul Ingalls f. Mike Potter g. Alex Fong h. Jesse Canedo i. John Sechrest
2. Group 2: Curriculum Enhancement a. Duncan Milloy b. Leslie Lum c. Dean Van Dyke d. Anthony Gill e. Lawrence Lerner f. Melissa Ventura
3. Group 3: Easy-to-Execute Ideas (Tapping into the Ecosystem, Adding to Our Mentor Base, and Bringing Together Startups and Potential Employees)
a. Michael Ervick b. Parteek Singh
Group Discussion Results: Group 1 (Collaborative Business Space) Metrics for real estate in the area were brought to the meeting (See attachment). The group discussed the possibility of having private offices for mentors, coworking space for small businesses, classroom/event space. It was mentioned that there is strong relationship between the space issue and “access to mentors”. Group members suggested running the space for a short period of time (pilot). However, the difficulty of leasing space for this purpose was noted. Group members mentioned that we should pay attention to the “types” of startups we serve because different startups will require different types of spaces. Some noted that it is important to identify our target audience (i.e. tech businesses or trades). Members decided that we must do some scouting to determine demand for the space.
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It also was mentioned that we should research other working spaces. There also was discussion about whether to screen businesses who might rent work spaces to develop a cohort who have common business development needs. The question of subsidizing Startup 425 was raised multiple times. There needs to be more discussion over who have we served versus who should we be serving. Group 2 (Curriculum Enhancement) The group discussed creating a framework for connecting startups to the right mentors. The 3 tracks from the last Advisory Committee meeting were discussed further (solopreneur, ‘lifestyle’, mid-size). Classes should depend on the needs of the individual startups. Enhancing curriculum will be a matter of deciding how to bucket existing knowledge on what’s out there as far as mentorship. This would not require a lot of overhead. Group members discussed that there has been positive feedback on marketing Foundations. However, it was mentioned that the Foundations focus on very basic content since attendees are new to the subject material. It was suggested that we break up workshops even more into longer lasting, more detailed classes with hands-on work opportunities. The group drafted a 3-by-3 matrix that can organize startups based on whether they are entry-level, in their first year, or in their second year and beyond as well as whether they are a solopreneur business, a lifestyle business (3-5 employees), or a mid-size business. There was discussion over possibly implementing sliding scale payments. Group 3 (Easy-to-Execute Ideas) The group discussed finding way to connect startups to the network. It was recommended that startups talk to local industry specialists before launching. Different startups have different kinds of resource needs. One suggestion included recruiting pools of interns or possible employees based on specific talents and connecting them with incubators and accelerators. Questions to be Answered: Group 1 stated that we must scout to determine demand for courses. We also need to check real estate numbers and research more on the success of other co-working spaces. Determining our main client will be important in deciding what kind of space we need for startups. It was mentioned that trades may need more help. Group 2 recommended that we hold longer meetings. It was also asked whether partner cities would want to structure curriculum based on the 3-by-3 matrix system. Next Steps: The Startup 425 Advisory Committee will be holding more meetings this Summer than planned. The meeting will be extended to four hours. In future meetings, we will continue to develop our main initiatives. Staff will research questions and get information out ahead of meetings so that members can digest. Also staff will seek feedback on the discussion from partner cities.
June 20, 2019 Meeting Purpose: The purpose of the meeting was to complete preliminary business plans for the top initiatives (Collaborative Business Space and Curriculum Enhancement) and implementation steps. Meeting Process: The meeting began with a presentation by Debbie Lacy, Co-Founder and Executive Director of the Eastside Refugee and Immigrant Coalition (ERIC), on the importance of a Welcoming Economy. Following this presentation, Ellen provided the committee with an overview of the research and development of the top initiatives that has occurred
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since the last meeting. Staff did a real estate analysis of office space in the five cities and price ranges, a visit to the Kenmore incubator, a review of business curricula, and we received input from the five city partners on the results of the previous meeting. The group was then divided into two to work on preliminary business plans and identifying next steps in the process of implementing the top initiatives. Attendees and Groups:
4. Group 1: Collaborative Business Space a. Ellen Miller-Wolfe b. Jesse Canedo c. Sarah Pyle d. Christopher Wright e. Michael Santiago f. Mike Potter g. Debbie Lacy
5. Group 2: Curriculum Enhancement a. Duncan Milloy b. Anthony Gill c. Janie Sacco d. John Sechrest e. Felix Ngoussou
Presentation by Debbie Lacy: A Welcoming Economy Debbie discussed how the foreign-born population along the Eastside is growing (with Redmond in the lead). Most foreign-born residents on the Eastside are from Asian countries. There are seven steps in the process of constructing a Welcoming Economy. These include government leadership, equitable access, civic engagement, education, economic development, safe communities, and connected communities. Debbie mentioned that immigrants make up 30% of new entrepreneurs in the US although they comprise only 13% of the country’s population. As a result, helping new immigrant entrepreneurs helps the economy overall. The presentation ended with a brief discussion of the “Eastside for All” initiative. A talk will be given September 20th, midday. More information will be provided. Group Discussion Results: Group 1 Colab (Collaborative Business Space) The discussion began with addressing the existing gap in collaborative space and the problem statement. Ideally, we hope to provide startups with a single place to go to have all questions answered and to be provided with all necessary resources. The group also stated that we hope to provide opportunities for networking between startups through hosting, sponsoring, or facilitating more network-building events. It also was suggested that we look at opportunities to sponsor hiring workshops and job fairs for small businesses. As a group, we set out to determine what sets us apart from other collaborative work spaces and if we should partner with someone who already offers this type of space. Alternatively, it was mentioned that there is a benefit to having a city-run collaborative space program. Staff noted that based on a legal opinion from the Kirkland City Attorney’s Office, we have limited ability to discount the cost or subsidize rates for renting space, and so pricing cannot be what sets us apart. On the issue of a selective process for choosing renters versus a first-come-first-serve program, we can do the former as long as there is substantial public benefit and equal opportunity for interested parties.
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Several ideas surrounding a collaborative workspace were mentioned in the group discussion including: • Entering a public/private partnership with an existing co-work space to supplement business mentoring
for tenants with 425 curricula• Offering a “pay to play” membership providing Startup 425 customers with exclusive access to resources
and specialized equipment• Formulating a resource center that includes desk rentals, space for mentors (such as the SBDC), and
event/conference/classroom space• Funding an additional staff member whose role is to be a central intake mechanism to manage
relationships with the ecosystem partners and operate the business space
Several group members suggested that we start at a smaller scale to pilot these ideas.
Group 2 Curriculum Enhancement
The group discussed gaps in content in our current Foundations courses. Options for new content in curriculum based on business size and age were also discussed. New content for sole proprietor businesses in their first year included: leadership training, human resources management, labor standards, contract management, taxation, access to capital, and financial planning (such as retirement, healthcare, 401K employees, etc.). New content for individuals considering starting a business included: greenhouse classes, ready to commit courses, and QuickBooks courses. New content for lifestyle businesses (3-5 employees, stable, no growth) in their first year included: cash flow projection, contractor-based estimating, succession planning, exit strategies, and merger and acquisition. New content for growth startups in their first year included: buying a business and alternative financing. New content for businesses with 20+ employees (scalable, mid-size) in their first year included: commercial real estate acquisition, import/export, strategic planning, team building, and meeting management.
It was suggested that offering curricula in different formats would be helpful. The group discussed some possibilities of differently formatted courses including online courses, one-on-one mentorships, and boot camps. Offering Startup 425 courses in different languages was suggested. Issues with pricing should be considered as they might create an accessibility barrier.
The group discussed what measurable goals may result from curriculum enhancement. These goals included increased number of business licenses per city and employee growth.
Next Steps:
Our next steps consist of conducting demand assessments for business space, resources, course content, and course formats. In analyzing different options for collaborative business spaces, we will compare costs, revenues, and feasibilities of different workspace options to conduct a risk analysis. This will allow us to provide possible partners with a strategy and help us to gain approval from Councils.
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1
2020 Action Plan November 25, 2019
Rationale:
The Innovation Triangle of Bellevue-Redmond-Kirkland is a rapidly growing global hub for innovation and technology. The Triangle is home to leading domestic and foreign technology enterprises that are engaged on the global business stage.
The cities of the Innovation Triangle are uniting locally to compete globally. They have a common goal of growing targeted industry clusters and establishing the region as a global hub for innovation. International trade and investment as essential elements to establish the region as a globally competitive and sustainable economic center.
Through this strategy, the Innovation Triangle will become a globally-recognized innovation and technology center, a vibrant and globally-competitive region, and a globally-engaged community.
Priority Sectors:
• Enterprise software• Interactive media (gaming and AR/VR)• Commercial space• Big-Data1
• Artificial intelligence & machine learning
Objectives:
1. Establish the Innovation Triangle as a globally-recognized center for technologyand innovation.
2. Continue to grow and strengthen investment in the Innovation Triangle’s prioritysectors to strengthen job creation and market diversification for our sharedeconomies.
3. Create a robust partnership among the Innovation Triangle members, supportedby data, that increases the region’s domestic and international businessengagement.
4. Establish an Initiative to emphasize the connectivity and livability of the Eastsideto improve our regional and international competitive edge.
1 Current listing on website, updated from previous year ‘cloud computing’ A - All, B - Bellevue, K - Kirkland, OR - OneRedmind
Attachment B
INNOV~TION TRl~NGLE
2
Strategies & Tactics:
Marketing Enhancement and Deployment:
Strategy: Develop and implement a national and international marketing strategy and collateral that portrays the Innovation Triangle as a leading center for innovation and technology.
o Develop and update more robust collateral: Lookbook, eliminate or improve (A) (B)
Update Website (A) (B)
• Enhance the Innovation Triangle cluster demographics and real-estate information, bike paths, etc. with the most recent data available. (OR)
• Refresh images (A)
o Swag (B)
o Develop a 2-5 minute video (A) (K)
o Expand Social Media presence, LinkedIn and Facebook ?
o Update PowerPoint (A)
Images (A)
Maps (A)
Bike information (K)
Business cluster demographics (OR)
Real-estate data (OR)
o Soft landing (A) (OR)
Investigate legal constraints (A)
Business Development:
Strategy: Undertake business development missions to grow the lead and prospect pipeline of technology companies in the five technology clusters for business attraction.
o Trade Shows: (A)
DICE (Design, Innovate, Communicate and Entertain) Summit (Feb 2020; Las Vegas): Market and promote the Innovation Triangle as an Interactive Media center. (OR)
SelectUSA (June 2020; Washington, DC): Market and promote the Innovation Triangle as a technology and innovation center to global technology companies exploring investment in the US. (A?) (B) (K)
Niche Trade Shows: (A)
3
o Delegation Visits: (A)
Develop Criteria for accepting GSP offerings (A) (K?)
• Availability of Partners
• Related to target clusters
• Companies that are interested in locating in the region
• Certain level of success.
o Record Keeping:
Fix ‘Dynamics’ system (OR)
Maintain lead list (A)
Use lead list to publicize opportunities (OR)
Refresh lead list (A)
• bi-annually
• post trade show
2020 Implementation Timeline:
Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sept. Oct.
Explore Social Media Needs Implement Social Media Engagement Strategy
DICE Niche Trade Shows
Prep for SelectUSA SelectUSA
Ongoing Recruitment and Retention Support
Additional Updates to Collateral Assets Deploy Updated Collateral Assets
Media Updates
Represent Innovation Tringle at Delegation Visits
Planning for 2021