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WOEIP Incubator Description
- 1. WOEIP Business Incubator November 11, 2013
- 2. Our Approach Two-Sided Funnel Entrepreneurs • Leverage off work of Pablo, Casey, and Chris • Use their work to assess needs of community • West Oakland is actually made up of many subcommunities • Focus on lowincome, traditional population Incubators • Felt our expertise could lie with incubators • Have been around incubators and have access to them • Apply more of a business approach to what was already done • Bring new eyes to existing research
- 3. Who Did We Speak To? • Accelerator based in Nairobi, Kenya • Focused on later stage businesses • Primarily in agricultural technologies • Open space in SoMa District of San Francisco • Artists, tech, and community organizers collaborate to reimagine the urban experience • Community-owned accelerator for foodbased enterprises • Starting with grocery store, but supporting other companies in space OMSS • Parking space for trucks • Add-on services including food, doctors, minimarkets, spare parts and repairs. • Incubator in the Mission District of SF • Targeting low-income food entrepreneurs • Provides kitchen space and technical assistance
- 4. Stages of Business Formation Revenues $1 million $0 Early Stage • No steps taken to start business yet • Dependent on incubator • Have idea or identified need • Have people (but may not have formed team yet) • Targeting commuter/professional/ maker buyers Mid Stage • Business started • Early stage incubator grads • Familiar with but haven’t mastered business and soft skills • Relationships with suppliers • Need: • own space • to formalize—legal, accounting, etc. • financing Late Stage • Have own space • 50+ customers • Need vertical integration • Need to scale • Have some relationships with suppliers • Business formalized
- 5. Key Themes Empower local entrepreneurs to succeed in a formal economy Identify, encourage, and teach would-be entrepreneurs Listen to customer to identify needs Local management and local solutions Open space to find your purpose Vertical integration and coordination needs to start at early stage
- 6. Framework for Vertical Integration Need to focus on a specific industry to offer best value WOSP brings in new customers and business opportunities Organize around skills of entrepreneurs Organize around desires of entrepreneurs Organize around constraints of WOSP Organize around resources available What are the wants of these customers?
- 7. Results of Framework Most promising verticals for WOEIP to examine: Food Historical / Cultural Tours Recreational / Gym Car Repairs Parking Lots Day Care Clothing Bars / Live Music
- 8. Archetype for Early Stage Entrepreneur • Traditional residents (low-income, African American, Hispanic) • Potential entrepreneurs – No steps taken to start business yet – Unfamiliar with entrepreneurship and vocabulary • Have idea or identified need • Have people (but may not have formed team yet) • Targeting commuter/professional/maker buyers
- 10. Incubator for Early Stage Companies Value Propositions Needs Encouragement Team Formation Making Tangible Subgoals Match market need and entrepreneur Mentoring General Business Skills People Skills Develop existing skills to market need Validate Business Ideas Provide would-be entrepreneurs with idea Have view of entire value chain Work Space Help locating working space
- 11. Partnerships and Activities Partnerships • Buy-in of WOSP beneficiaries – Politicians – Retail – Biotech • Other stage incubators: ICA/Centro • SMB financing institutions Activities • • • • • • • • • • • Marketing Mentor matching Team formation Business relationships Business model training Community of entrepreneurs Personal Asset Mapping Product development Startup residency Tech assistance Delivering financing
- 12. How to Reach Early Stage Companies Use Pre-Existing Space Get • Describe need -> help wanted + offer training • Referrals • Offer free teaser training Keep • Creating fail friendly culture • Encourage failures • Rotate to new teams Grow • Transfer to ICA or rotate Build New Space Get • Crowd source for needs, people have ideas to address them • Open space to explore, talk, find purpose Keep • Resources at space • Safe to fail here • Past success stories Grow • Transfer to ICA or rotate • Mentors
- 13. Possible Revenue Streams Rent from own space Finder’s fee / split rent with preexisting spaces Profit share with tenants
- 15. Archetype for Mid Stage Entrepreneur • • • • • Qualities Started business Early stage graduates 15-20 customers Familiar with but haven’t mastered business and soft skills Have relationships with suppliers Needs • Own space • To formalize—legal, accounting, etc. • Financing
- 16. Incubator for Mid Stage Companies Value Propositions Needs Formalization of Business Legal formation Help locating work space Accounting practice Financing Business Partnerships Overarching view of value chain Network connections Encouragement Community of Entrepreneurs Adoption of Technology Product Development
- 17. Partnerships and Activities Partnerships Activities • Banks • Other stage incubators (ICA/Centro) • Lawyers • Vertical players— suppliers, distributors, etc. • Real estate firms • Buy-in of WOSP beneficiaries (politicians, retail, biotech) • Mentors • • • • Help evolve product/service Maintain business network Integrate business with WOSP goals/stipulations Building partnerships with: – – – – • • • • Banks Real estate firms Lawyers Accountants Monitoring/collecting data on businesses Marketing Coordinating with other entrepreneurs Formalizing process for a business going formal
- 18. How to Reach Mid Stage Companies Single, Integrated Space Get • Early stage incubator grads • Early in life of incubator: outreach to midsize businesses Keep / Grow • vertical partnerships • ongoing monitoring and support
- 19. Possible Revenue Streams Entrepreneurs pay incubator for consultation Lawyers/accounting/banks/real estate brokers pay incubator finders’ fee or otherwise support incubator
- 21. Archetype for Late Stage Entrepreneur • • • • Qualities Mid stage graduate Own space 50+ customers Formalized some business processes Needs • Scaling (multiple spaces/services) • Vertical Integration • Financing
- 22. Incubator for Late Stage Companies Value Propositions Needs Hiring employees & managers Help locating 2nd or 3rd location Financing Marketing Business Partnerships Overarching view of value chain Network connections with suppliers and customers Encouragement Community of Entrepreneurs Resources for Business Operational advice Relationships with community and politicians
- 23. Partnerships and Activities Partnerships • Banks, real estate agents • LearnUp • Business consultants • Biz Dev: Big box retail brands, other WOSP stakeholders • Key community advocates Activities • LearnUp model job training • Operations training/optimization • Shared traditional departments (HR, finance, biz dev, marketing) • Bank financing / working capital • Marketing for incubator and clients • Community engagement / hosting community events
- 24. How to Reach Late Stage Companies Single, Integrated Space Get • Mid Stage incubator graduates Keep • Mentorship • Hiring help/job board -> LearnUp model training Grow • Promise of ICA/Centro
- 25. Possible Revenue Streams Charge entrepreneurs for job placements Finders fees for banks/real estate agents Development grants Charge community advocates for services provided at early stage and funnel to later stage Consulting fees Adopt-a-business or corporate marketing partner Capitalize on segmented communities; market as social good to affluent WO professionals
- 26. Conclusions Early Stage Mid Stage Late Stage Key Needs • Encouragement • Mentoring • Work Space • Formalization • Partnerships • Encouragement • • • • Key Service Offerings • • • • • Process for formalizing business • Network of relationships • Ongoing monitoring • Job board / training • Consulting • Connections to banks/real estate agents How to Reach • Open space • Referrals • Classes • Early stage grads • Outreach to community • Mid stage grads Revenue Stream • Rent • Profit Share • Consulting fees • Finders fees for partners • Job placement • Consulting fees • Charge partners Team formation Idea validation Mentor matching Work space Hiring Financing Operations Partnerships
Notes de l'éditeur
- Different models that our incubator could use– OMSS– identify auxuliary needs to main industry (trucking) and help entrepreneurs fill those needsLa cocina– building on culture to generate ideasFree space– open space for people to generate and gather around their new ideas
- Vertical integration is agnostic to the model used. Will look slightly different if have the need identified and demonstrated before recruiting entrepreneurs to work on It, but should still be part of framework early on regardless of model.
- Don’t know want to be entrepreneurs/don’t know what entrepreneurship is/don’t know it is an option
- Encouraging failure– Prioritize taking risks and learning skills over the ultimate success of the business. Analyze failures to learn lessons from them and encourage entrepreneurs to join other extant or nascent teams.
- Community of entrepreneurs– standardizing practices across the incubator’s portfolio of companies