Business Incubator/Accelerators Crea reating ing Busin iness ss - - PowerPoint PPT Presentation

Business Incubator/Accelerators

Crea reating ing Busin iness ss Hubs bs an and Innovat ation ion Zo Zones es The Fauquier County

Fauquier County Business Incubator/Accelerators

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Fauquier County Incubator/Accelerators

MEC - Fauquier Warrenton Opened February 2014 Fauquier Enterprise Centers Marshall/Vint Hill Opened Late Fall 2015

Mason Enterprise Center – Fauquier

• Partnership with George Mason University
• Opened February 2014
• 12 Offices • Co-working Space • Virtual Clients
• Operates at 80% capacity on average
• FY16 operation was at no additional cost to County
• Additional space was added in FY16
• In FY17, only County cost is rent

Fauquier County Business Incubator/Accelerators

3,300 sf 7 offices 4,800 sf 12 offices 2014 2016

“We were looking for a place to help us start up our business… For us, the MEC was invaluable… it was a great place to get started.”

• Prosper Advisory Group

BACKGROUND

Mason Enterprise Center - Fauquier

Internal Revenue Service (IRS) Team “Eventacular” Procurement Technical Assistance Program (PTAP) Fauquier County Business Incubator/Accelerators “I would not have been able to make the progress I did without the support of the MEC team… there is no way my business… would have taken such leaps forward during that time were it not for the support of the MEC staff and my coworkers.”

• The Other Side of Service

BUSINESS SUPPORT PROGRAMS

Small Business Development Center (SBDC)………………………………………………. MONTHLY Veterans Counseling, Virginia Employment Commission (VEC)……………………… MONTHLY Government Contracting, Procurement Technical Assistance Program (PTAP).. QUARTE RTERLY SCORE Mentoring………………………………………………………………………………………. MONTHLY The MEC-Fauq auquier ier is an activ ive e partic icip ipant ant in the follo lowing: ing: Fauquier Chamber of Commerce • Greater Warrenton Chamber of Commerce • Weekly Lead Share Meetings • Haymarket-Gainesville Business Association • Southern Fauquier Business Owners Association (SFBOA) • First Friday Events in Old Town Warrenton

Mason Enterprise Center - Fauquier

• Congres

ressman an Hurt (3 visits)….. Roundtables, interaction with MEC clients

• GMU President

dent, Dr. Cabrera….. Tour and Roundtable with MEC clients

• MEC Received the 2014 Small

ll Business ness of the e Year Award….. from the Fauquier Chamber of Commerce

• MEC Director, Renee Younes…. Certified as Grow

rowth th Wheel el Consu nsult ltant nt, 2016 (assisting businesses in growth & expansion)

• Creation of Entr

trep eprene reneur r to Entrep repreneu eneur r (E2E)….. A monthly gathering where a business owner/manager gives a brief presentation about their business, and then discusses a challenge they are facing in business. The attendees “mastermind” solutions, offering diverse and dynamic brainstorming solutions to solve the toughest of business challenges.

• MEC-Fauquier graduated its first business….. Prosper Advisory Group, a firm specializing in business consulting and

investing/holding

October 2015 “Let’s Connect” 1 ½ Year Anniversary Celebration 60 Attendees • Congressman Hurt attended and recognized the MEC mission & accomplishments

RECOGNITION/AWARDS

• Dr. Cabrera visits MEC-Fauquier

MEC Director, Renee Younes, at Leadshare Congressman Hurt during 1 of 3 visits to MEC-Fauquier

• Opened in Fall 2015… just getting started!
• Already blossoming as business hubs with

counseling, meetings, workshops, special events

• Partnership developing with LFCC
• Renovations

tions continu tinue e at Vi Vint Hi Hill… All furnishings for both centers have been donated. Painting is happening now, and local businesses are currently working on carpeting, window treatments, furnishings and other décor.

• First tenant came on board at the Marshall center not long after it opened,

and Resonance, LLC, became a tenant of Vint Hill as soon as it opened.

Fauquier Enterprise Centers - Vint Hill/Marshall JUST GETTING STARTED

FEC-Marshall… People, Inc. seminar FEC-Vint Hill… Fauquier County Chamber & HGBA Social FEC-Vint Hill… Constant Contact seminar

We've been in the Media: Middleburg Life • Fauquier Now • Marshall Minute • Discovery Publications • Chamber newsletters • The Fauquier Times Alrea eady dy hosted d events s for: : Greater Warrenton Chamber of Commerce (GWCC) • Fauquier County • several private groups

• Middleburg Bank • Haymarket/Gainesville Business Association (HGBA) • People, Inc.

Local l Partners: tners: Fauquier Chamber of Commerce • Greater Warrenton Chamber of Commerce (GWCC) • LFCC • Haymarket/Gainesville Business Association (HGBA) • Local & Regional Politicians

• Vint Hill Village • Vint Hill EDA • Small Business Development Center (SBDC)

Fauquier Enterprise Centers - Vint Hill/Marshall JUST GETTING STARTED

Fauquier County Business Incubator/Accelerators

Fauquier County Business Incubator/Accelerators

We estimate the MEC would break even if moved to a County-owned building,

• r if rentable space was increased to 10,000 to 12,000 SF.

Mason Enterprise Center - Fauquier BUDGET

Fauquier County Business Incubator/Accelerators

Fauquier Enterprise Centers BUDGET

• The County contributed a total of $181,600 for FY16/FY17 (for both facilities).
• Our goal is to reach Half Capacity by the end of FY 2017.
• Vint Hill is rent-free for 3 calendar years (courtesy of Vint Hill Village);

Will approach break-even at half occupancy.

• Marshall is more expensive, but includes all utilities and came furnished;

Will require close to full occupancy to reach break-even.

Revenues Expenses

Fauquier County Business Incubator/Accelerators

Incubator/Accelerator LEVERAGED RESOURCES

NOTES:  Vint Hill Village Contribution of $100K over 2 yrs., for build-out of facility and forgone rent  Fauquier County EDA Contribution, committed funding  Mentoring/Business Counseling Services, expected value of up to $10K

*Annual **One-time ***Cumulative

* * **

How Do We Measure Success?

Grand Opening of FEC-Vint Hill The conference room at FEC-Marshall

• High rate of occupancy (80%) in Warrenton
• Over 250 businesses assisted/involved
• Visits from GMU President, Dr. Cabrera
• Three visits from Congressman Hurt and one from Congressman Wittman
• Major announcement about $200,000 state grant

FEC-Marshall Grand Opening

• Voted “Small Business of the Year” in 2014 by the Fauquier Chamber
• Launched new programs like E2E, “Let’s Connect”
• Workshops by IRS, PTAP, Piedmont Workforce Network
• Counseling available from VEC, PWN, PTAP, SBDC, SCORE
• Service to veterans, MOU with Quantico

How Do We Measure Success?

MEC-Fauquier businesses collaborating The MEC-Fauquier Co-working Space MEC-Fauquier Grand Opening

 Endorsed by both chambers  Centers of business activity and collaboration  Establishes a business-friendly environment  Rallies the business community and offers a synergy among businesses  Adds a diverse range of counseling, mentoring and training for Fauquier Businesses  Draws attention from legislators, media, investment prospects, and existing businesses  Helps build partnerships

COMMUNITY ROLE

“The Warrenton MEC is turning into a true business hub and connection point for those of us who use the facility… the business connections I have made because of the MEC have been essential to the growth of my business…” - Your College Planning Coach MEC-Fauquier Grand Opening

CONCLUSION

Fauquier County Business Incubator/Accelerators

• Like most small business assistance programs, economic developers

cannot gauge success by measuring tax revenues… it is more essential to judge the impact on the business community.

• Study after study confirms that the difference between successful

and struggling economies is their ability to launch and nurture young companies and entrepreneurs.

• The MEC in Warrenton has been judged a success by Congressmen,

chambers, local businesses, George Mason University, and the

• media. We need more space, but we can become self-supporting in

a larger space, or in a county-owned space.

• The two new Fauquier Enterprise Center incubators, which opened in

Fall 2015, are just beginning to prove themselves and need time to establish their roles.

TESTIMONIALS

RAY CULTRERA, Networking Consultant

I am a part-time computer networking consultant, contracted with a company in California to teach computer classes to a worldwide audience via the Internet. The Internet is my connection to my classes and my students, but living in a rural part

• f Fauquier County, my home service is not

reliable enough to support the live class sessions. The Mason Enterprise Center is my lifeline, allowing me to schedule a quiet office with a reliable Internet connection when I need it. Without the Center and the people who manage it, I would not be able to do what I do and my consulting business would come to an end.

JUDY OLSEN BY DESIGN

The MEC has helped me and my business in so many ways. I live in an area with unreliable and slow internet connection and no unlimited plans are available to me. That alone has made it totally worth it. On top of that, the relationships I have made and the people that I have gotten to know are invaluable to me. If I need help with something, all I have to do is ask and the staff at the MEC can point me where I need to go.

GREATER WARRENTON CHAMBER OF COMMERCE

The Mason Enterprise Center offers a beautiful office suite environment that meets

• ur needs perfectly. MEC is conveniently located in the heart of Old Town Warrenton.

The Facility offers us private office space, fast internet, and a lovely conference room…all at a very reasonable cost. The extra bonus has been being a part of this warm and friendly environment of hard working professionals.

35 Culpeper Street Warrenton, VA 20186 (540) 422-8270 www.FauquierBusiness.com www.VisitFauquier.com

Miles Friedman, Director Miles.friedman@fauquiercounty.gov Beverly Pullen, Business Coordinator Beverly.pullen@fauquiercounty.gov Catherine Payne, Tourism Coordinator Catherine.payne@fauquiercounty.gov Laura Torpy, Administrative Assistant Laura.torpy@fauquiercounty.gov Heather Stinson Town of Warrenton, Economic Development Manager Heather.Stinson@fauquiercounty.gov

Fauquier County Department Economic Development

Fauquier County Business Incubator/Accelerators /FauquierCounty /Fauquier_County /FauquierCounty /FauquierVA