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In This Issue - Cultivating Business Edition
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Business Incubator/Accelerator Programs
In 2016 the First Stop Shop began exploring the idea of a county-wide business incubator/business accelerator program. We'd like to share more of the background on why.
First, let's start with what a Business Incubator or Business Accelerator program is; it's a program that targets entrepreneurs and start up companies, helping them develop by providing either services, financial assistance, technical support, or any combination of these. The National Business Incubation Association (NBIA) defines business incubators as a catalyst tool for either regional or national economic development. Business incubators are typically funded either through private investment or municipalities.
 In 2012 one of our very own Scott County cities launched it's own business accelerator program. Technology Village in Prior Lake began with approximately 2,000 square feet of space on the main floor of Prior Lake City Hall; including 5 hard-walled offices, a conference room, and approximately 800 square feet of open coworking/collaboration space. The offices were furnished and participants were provided resources such as internet, phone, printer/copier, and a break room. There was a six member board of directors that guided the direction of the accelerator and who served as mentors to the participants, though overall management was up to city staff and the city's Community and Economic Development Director held the title of Technology Village Business Accelerator (TVBA) Executive Director.
In 2014 the program in Prior Lake was expanded to include some off-site office space, in private properties located within city limits. Participants were able to negotiate their own lease arrangements for space and then would receive some rent reimbursement from the TVBA.
With a 2015 Economic Development Incentive (EDI) Grant from the Scott County Community Development Agency (CDA), Prior Lake hired a consultant, Greenwood Consulting Group, Inc., to assess the TVBA and provide recommendations for its future direction, including possible expansion or relocation.
It was upon the completion of this report that the First Stop Shop began to have discussions with Prior Lake city staff to discuss an opportunity to broaden the footprint of the program on a county-wide level, in part because of the recommendations in the report, and also because several of our Scott County cities had expressed interest in potentially having incubator/accelerator programs but had been unable to do so on their own.
Although the report recommends a single, centralized location for a county-wide incubator, the estimated $2.5M for development of that scenario is not currently feasible. Further recommendations for county-wide expansion were based on reaching a larger number of entrepreneurs and having a dedicated Executive Director to help the accelerator program flourish.
Could each city in Scott County own and manage their own incubator programs? Certainly! But there are many advantages to operating a single, county-wide program, including:
- Significantly reducing the amount of staff time each city would have to provide to make their own programs work
- Participation of all cities in the accelerator program without each having to come up with their own dedicated space
- Coordinated marketing efforts on education, training, and professional development programs
- Coordination with other targeted business growth programs in Scott County, such as Open to Business and Economic Gardening
- Document consolidation - leases, agreements, business plans, etc. could all be managed through one source rather than each city having to develop their own
- Recruitment of tenants and marketing costs (websites, advertising, etc) would also benefit from economies of scale.
- Overall reduced program costs when pooling resources
We've been having multiple discussions with the cities who have expressed interest and have a basic idea of how a county-wide program would be set up. The current TVBA program would transition to a Scott County CDA program managed by the First Stop Shop. We would work closely with the cities who have open space available to create satellite sites where the city would cover any office/site costs (including utilities) as well as furnish the office space and provide equipment. There would be an agreement between the city and the CDA for the First Stop Shop to manage the program within that location.
Ultimately business incubator programs in all seven of our Scott County cities isn't very likely, nor is it feasible. Business growth in Scott County benefits all of us, and accelerator or incubator programs are a great way to assist entrepreneurs and start-ups, providing them the resources they need to get their businesses launched and entice them to stay within the county as they grow. Keeping those businesses in Scott County helps us continue to move toward our goal of employing 50% of our resident labor force within the county by 2030.
If you have any questions or want to discuss the county-wide incubator program concept, please don't hesitate to contact us. If you're interested in seeing how your community can participate please contact Jo Foust at jfoust@scottfss.org or at 952.496.8830.
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BUSINESS IDEAS & ENTREPRENEURS SOUGHT FOR FAST-TRACK CHALLENGE TO BE HELD IN OCTOBER, 2017
Technology Village, located in Prior Lake City Hall, is working in collaboration with the Scott County First Stop Shop to sponsor a county-wide business challenge. The FAST-TRACK Challenge is open to all entrepreneurs who have a business idea that is not yet well established, as well as businesses that have incorporated within the past 12 months. Goals of the FAST-TRACK Challenge are to assist local residents in putting their business ideas on the fast-track to success, create jobs and enhance economic development within Scott County.
Focus areas for the competition include, but are not limited to, health and personal care solutions, professional and business services with a technology component, educational products, and apps/software publishing. A category for 501 (c) 3 organizations is also included for non-profits with new products or services that meet the evaluation criteria.
Over the next two months, coordinators of the FAST-TRACK Challenge will be working with local communities and sponsors to develop cash and professional service package(s) for the winner(s) as well as obtaining information from individuals and businesses interested in participating. A formal application process will be offered in June/July. Applications will be reviewed with the top five business ideas selected in August, to present their “pitch” to a panel of esteemed judges, at a live event in October.
Business ideas will be evaluated on the product concept and potential viability, potential to create jobs with livable wages, inclusion of a technology component and creation of a product that addresses the identified focus areas, among others.
 The committee is in the process of developing the prize package. FAST-TRACK hopes to provide the winner(s) of the event with cash prizes (seed money), a professional service package (assistance with legal, accounting, web/marketing), access to businesses and financial planning resources, access to shared office space and meeting facilities, media exposure and networking opportunities with other business entrepreneurs.
Individuals or new businesses interested in applying are asked to register their interest online at:
http://www.surveymonkey.com/r/FASTtrackcompetition.
The Challenge is free to enter and there is no minimum age requirement. Those who register will receive additional information on the application process, timelines, etc. In order to be eligible individuals must reside within Scott County or have a business which was incorporated in Scott County within the past 12 months, have a viable product or service idea and be willing to participate in the FAST-TRACK Challenge live event.
Businesses interested in serving as a sponsor of the event or interested in providing a service as a part of the prize package(s) are asked to contact Jo Foust, Business Development Specialist, Scott Co. FSS at: 952-496-8830 or email: jfoust@scottfss.org.
Additional information about the competition can be found on the First Stop Shop Website by clicking here.
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Economic Gardening: 2017/2018 Program
A new round of recruitment is underway for the Economic Gardening Program that will run from October 2017 through June 2018 and the First Stop Shop will be doing the recruiting for this Scott County funded program. We could use your help!
Do you know a small to mid-sized business or company here in Scott County poised for growth in the coming years?
Scott County offers a unique national program called Economic Gardening, which is aimed at cultivating "second stage" businesses to grow and thrive in our region. Now moving into it's fourth year, Scott County -- in partnership with Hennepin and Ramsey -- want to help growing businesses make better decisions for the future with this program from the Edward Lowe Foundation that offers strategic research, facilitated CEO discussions of relevant issues, and interest forums.
Over the course of eight months, accepted companies will participate in CEO roundtables and forums, as well as spend approximately 50 hours collaborating with the research team. The best part – its FREE! All of the fees associated with the Economic Gardening program are covered by Scott County.
What businesses are eligible?
- Privately held businesses
- 10-99 employees
- Revenue between $1M-$50M
- Ready to transition from small to large — past start-up stage but not yet mature
- Appetite and aptitude for growth
If you know of a business or company that meets these eligibility requirements, please:
- Send the company information to Stacy Crakes, or
- Have the company contact us so we can share more information with the company president or CEO, or
- Encourage the company to apply now through the link below.
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Educational Opportunities!
SAVE THE DATE - Tuesday, September 19, 2017: 8:45 a.m. – 9:45 a.m. A FREE seminar on The POWER of Smart Marketing will be held at the Parkview Community Room, Prior Lake City Hall. The event is open to all Scott County businesses. The presenter, David Ford, is a sought after business coach, presenter, and trainer. He has helped hundreds of confident, intelligent, and ambitious business owners successfully improve their businesses. He continues to be in the Top 100 Coaches Worldwide. Join us to learn how the Power of Smart Marketing can help your business! R.S.V.P. to Jo Foust, Business Development Specialist, Scott County CDA - First Stop Shop at: jfoust@scottfss.org or 952-496-8830. Sign up now! Space is limited to 50 attendees.
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In Case You Missed It ...
For the First Stop Shop, 2016 was another successful year that saw a lot of changes. Please check out the "year in review" we pulled together for all of our various programs, accomplishments, and changes by clicking here.
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FSS Contact Info
Stacy Crakes, P.E. | 952.496.8613 | Email
Jo Foust | 952.496.8830 | Email
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