Entrepreneurship Initiative Approved Projects: West Virginia
PROJECT: Appalachia by Design Entrepreneurial Assistance
GRANTEE: Appalachia by Design (ABD)
Purpose: To support the development of new businesses in Appalachian West Virginia.
Funding:
| ARC: |
$120,989 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$30,593 |
| Total: |
$151,582 |
Description: ABD is a knitters network initiated in 1995 that involves 120 persons in home based businesses. ABD is both market driven and labor oriented. ABD allows rural women to fit formal-sector work into their lives, rather then having to leave home for long days or move to urban areas to make a living. During the grant period, nine new businesses were created through this project, 17 firms received advanced training, and 62 existing firms received supplementary training. Wholesale shipments increased 155% from 5,800 units to 14,800 units, and on-time shipments improved to 90%. The grantee attended seven wholesale shows and opened a retail shop at the Greenbrier Resort, a five-star resort that attracts a wealthy clientele. The grantee projects to receive 28% of its fiscal year 2000 revenue from product related income. Unfortunately, contract sales declined 71%, with one key customer going bankrupt.
PROJECT: Appalachia by Design Entrepreneurial Assistance, Phase II
GRANTEE: Appalachia by Design (ABD)
Purpose: To support the development of new businesses in the target region.
Funding:
| ARC: |
$107,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$71,036 |
| Total: |
$178,036 |
Description: The grantee seeks to increase sales for the network of entrepreneurs it works with by increasing the sales and production capability of the network hub. The grantee has brought on several new sales reps, including teams in Atlanta, New England, and Seattle. Trade shows in NY, Atlanta and San Francisco were attended. ABD is now represented by 35 reps across the US. In 2001, these reps contributed $100,000 to wholesale sales, resulting in a 50% increase in wholesale sales. In addition, the Greenbrier Shop (WV) now accounts for 1/3 of total ABD sales. ABD has improved its ability to produce luxury women's knitware by updating marketing and communications strategies. Knitter trainings for this luxury line have also been undertaken, and the line is scheduled for launch in the fall of 2002. Six new knitters have been trained to produce goods. 20 knitters are now 'online' and actively use this technology in their business. And a new IDA retirement program for knitters has been established. The grantee now generates 28% of its revenue from product sales.
PROJECT: Appalachia by Design Entrepreneurial Assistance, Phase III
GRANTEE: Appalachia by Design (ABD)
Purpose: To support the development of new businesses in the target region.
Funding:
| ARC: |
$85,545 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$84,585 |
| Total: |
$170,130 |
Description: This project will enable the grantee to reach break even sales levels in 2003. The grantee will expand retail and wholesale markets by adding sales reps to cover western and southwestern states, train network members for a new luxury knitwear line, and improve internal computer systems to better manage production, shipping and billing information. ARC funds will be used to cover the costs of staff, contractors, and purchase equipment to undertake these tasks. Appalachia By Design (ABD) anticipates reaching $700,000 in sales in 2003. The grantee will also hold 14 training workshops for over 40 knitters and provide 2 advanced skills training sessions to 15 knitters.
PROJECT: Appalachia by Design Machine Knitting Industry
GRANTEE: Appalachia by Design (ABD)
Purpose: To pilot an Individual Development Account (IDA) retirement program for the participating network of self-employed knitters.
Funding:
| ARC: |
$80,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$95,837 |
| Total: |
$175,837 |
Description: This project will help the grantee to increase sales and management capacity for this social enterprise and to pilot an Individual Development Account (IDA) retirement program for the participating network of self-employed knitters. The grantee will brand a private label of baby knits (Appalachian Baby Design) in the national market, and enter the high-end women's suit market. The IDA program will assist the knitters to develop income security for their retirement, encouraging a savings of $50 per month, which will be matched 3:1 through non-ARC grant sources. Over a three-year period, with compounded interest, each knitter is projected to have an $8,000 retirement fund. ARC funds will be used to cover the costs of staff, contractors, and training to undertake these tasks. Appalachia By Design anticipates increasing wholesale sales by 25% to $250,000 in 2003, adding 12 new key accounts, training 10 new knitters, increasing the income of 15 master knitters by 70%, and establishing a pilot IDA program for 24 knitters.
PROJECT: BIDCO Regional Business Plan Competition
GRANTEE: Business & Industrial Development Corporation
Purpose: To increase entrepreneurial efforts.
Funding:
| ARC: |
$73,600 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$41,400 |
| Total: |
$115,000 |
Description: This competition is modeled on similar programs offered at the Massachusetts Institute of Technology and in southwestern Pennsylvania, and is designed to increase entrepreneurial efforts as well as support the Small Business Innovation Research Program sponsored by the West Virginia High Technology Consortium Foundation. The competition has three phases. Participants are encouraged to enter at the initial phase, maximizing the amount of feedback and coaching they will obtain and increasing their chances of developing a fundable business plan. The second phase will consist of developing the business concept into a 15-20 page business plan draft. Workshops introducing business topics will be held to provide participants with the tools they will need during the business development process. The final phase will help participants refine their plans, paying increased attention to financing and management requirements. A judging committee will be comprised of economic development professionals from each of the six counties and a representative from the West Virginia Small Business Development Center. The top business plans will be awarded cash prizes ranging from $3,000 to $15,000. Projected outcomes include 25 submitted business plans; 3 workshops; the involvement of 50 participants; and the creation of 10 new jobs and 5 new businesses.
PROJECT: Center for Economic Options Marketing Microbusinesses
GRANTEE: Center for Economic Options, Inc.
Purpose: To support the development of entrepreneurial enterprises in the region.
Funding:
| ARC: |
$95,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$227,578.20 |
| Total: |
$322,578.20 |
Description: During the grant period, the scope of this project changed in response to information gathered regarding client needs, shifting emphasis to access to market strategies. Two major conferences were held: the 1999 Peoples Marketplace – linking buyers and sellers of craft based products; and Money in the Mountains – a program that involved over 200 microbusiness owners. The Center also produced a video entitled West Virginia Microenterprise: NOT business as usual, which is scheduled to be aired on WV Public Television. Most recently the grantee has created Showcase West Virginia, a consignment business for over 130 microenterprises in the state. In addition to the retail space, the Center provides technical assistance on cash flow, pricing, marketing strategies, and other business basics. In all more then 400 business have received technical assistance from the Center.
PROJECT: Center for Economic Options Marketing Microbusinesses, Phase II
GRANTEE: Center for Economic Options, Inc.
Purpose: To provide technical support to micro-business entrepreneurs.
Funding:
| ARC: |
$100,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$413,486 |
| Total: |
$513,486 |
Description: This project allowed the Center for Economic Options (CEO) to support the growth and development of micro-business entrepreneurs through the use of access to markets strategies. Over 200 entrepreneurs received training and accessed marketing opportunities through the new Showcase West Virginia retail program. Technical Assistance and Training briefs were sent via mail to participating microbusinesses, and businesses are referred to each other to solve common problems. The Showcase retail store generated over $150,000 in consignment payments to local entrepreneurs, resulting in the formation of 25 new businesses, and the creation of 65 new jobs. The success of the Showcase retail site resulted in an expansion by 500% into a new 2,600 sq ft location. A second Showcase location is under consideration. In addition three businesses were accepted into a juried wholesale crafts show in Philadelphia. A Microbusiness Directory Yellow Pages was also published listing 400 businesses in WV. Half of the new businesses formed were in ARC distressed counties.
PROJECT: Center for Economic Options Marketing Microbusinesses, Phase III
GRANTEE: Center for Economic Options, Inc
Purpose: To provide technical support to micro-business entrepreneurs.
Funding:
| ARC: |
$100,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$30,000 |
| Total: |
$130,000 |
Description: The Center for Economic Options (CEO) will support the growth and development of micro-business entrepreneurs through the use of access to markets strategies. The grantee will: provide specialized intensive marketing trainings to business owners; attend wholesale trade shows with entrepreneurs; publish a product catalogue; develop a brokering service; and continue operation of the successful Showcase West Virginia retail store. The ARC grant will support CEO staff, consultants, and production of marketing materials to undertake these activities. 250 persons are expected to participate in these activities resulting in the creation of 30 new businesses.
PROJECT: Central Appalachia Arts/Crafts Co-op Entrepreneurial Training Program
GRANTEE: Central Appalachia Empowerment Zone
Purpose: To strengthen and diversify the local economy by creating new opportunities for artists and craftsmen to bring their products to market.
Funding:
| ARC: |
$63,750 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$65,910 |
| Total: |
$129,660 |
Description: The Central Appalachia Empowerment Zone (CAEZ) contracts with the Central Appalachian Arts and Crafts Cooperative to improve the business planning skills of cooperative members and facilitates the creation of new businesses in the arts and crafts industry within central West Virginia. 76 studio visits were organized with 249 craftspersons to share their skills and improve the quality of the work. 39 business development seminars were held with 215 persons in attendance, focusing on topics such as marketing, web design, and computer training. Six craftsmen were matched with six apprentices, resulting in 2 apprentices starting their own businesses and one apprentice being hired by the mentor. An internet forum and bulletin board was developed, linking 240+ members, enabling 17 members to expand into new wholesale markets, and 12 members to enter juried craft shows.
PROJECT: Conservation Fund Angel Investor Network Development in Central Appalachia
GRANTEE: Conservation Fund, The
Purpose: To increase access to seed and early stage capital, technical assistance, and business mentors in Central Appalachia.
Funding:
| ARC: |
$60,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$152,500 |
| Total: |
$152,500 |
Description: The grantee will increase access to seed and early stage capital, technical assistance, and business mentors in Central Appalachia, by working in partnership with Kentucky Highlands Investment Corporation and ACEnet (in Ohio). The project team will: 1) research successful models for rural angel network formation, 2) develop three pilot angel networks in distressed counties – one each in West Virginia, Ohio, and Kentucky --, and 3) develop and disseminate a "How To" manual for building rural angel networks across Appalachia. ARC funds will be used to support contractors to complete the research and "How To" manual, and provide staff support to the partner organizations to build the three pilot networks. Year two project support is envisioned, both from ARC and foundation partners, to complete the pilot network formation process. Projected outcomes include 3 new businesses and 3 new jobs.
PROJECT: Conservation Fund Central Appalachian Network
GRANTEE: Conservation Fund – Freshwater Institute
Purpose: To establish a community development venture capital fund network that will promote networking and information sharing in central Appalachia, facilitate fundraising, and increase the overall investment success rate of network members.
Funding:
| ARC: |
$35,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$17,133 |
| Total: |
$52,133 |
Description: The grantee seeks to create a network that provides access to experts and mentors in the field of equity and subordinated debt investments and supports implementation efforts. This broadens the region's knowledge of strategic equity and subordinated debt investing strategies and ensures the success of the community development venture capital funds in the central Appalachian region. A needs assessment of regional DVC funds was conducted, revealing strong interest in participating in a network of rural funds to share experiences and deals. A two-day hands-on workshop was held in June 2001 in Pittsburgh, PA. 74 persons attended the day 1 training, and 23 persons attended a day 2 small group discussion for Appalachian funds. The national trade association, CDVCA, organized the training under contract. The participants have identified several on-going collaborative activities which they plan to pursue.
PROJECT: Conservation Fund Natural Capital Investment Fund
GRANTEE: Conservation Fund – Freshwater Institute
Purpose: To provide capital for expansion of start up and other entrepreneurial firms in the target region.
Funding:
| ARC: |
$181,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$52,200 |
| Total: |
$233,200 |
Description: The West Virginia Natural Capital Investment Fund (NCIF) provides strategic capital – a mix of debt and equity – to new and expanding businesses in the target region. The NCIF builds on a model lending service successfully operated in Kentucky by the Mountain Association for Community Economic Development. The NCIF works closely with the WV Small Business Development Center and other local and regional service providers in the state to provide technical assistance to applicants seeking funding. This fund complements existing entrepreneurial training and development programs offered by the Conservation Fund's Freshwater Institute and WVSBDC. Since the initiation of the fund, over 100 requests for financing totaling over $10M have been received. Over the grant period, 6 investment opportunities were thoroughly reviewed, and three investments totaling $208,500 were closed. These three investments leveraged an additional $625,000 in financing from other partners, creating or retaining 29 jobs in ARC designated distressed communities. These three companies are projected to create an additional 35 jobs over two years. The grantee has raised over $1.8M in matching funds from various federal agencies and philanthropies to support future investment activities, and has developed a formal partnership with a fund advisor to assist with investment due diligence, bringing over 90 years of venture capital and business development experience to this project.
PROJECT: Conservation Fund Natural Capital Investment Fund, Phase II
GRANTEE: Conservation Fund – Freshwater Institute
Purpose: To provide capital for expansion of start up and other entrepreneurial firms in the target region.
Funding:
| ARC: |
$250,000 |
| Other Federal: |
$50,000 |
| State: |
$200,000 |
| Local: |
$0 |
| Total: |
$500,000 |
Description: This grant allows the Conservation Fund to continue the development of the West Virginia Natural Capital Investment Fund (NCIF). The Fund expects to make four investments, leveraging $500,000 in other funding from financial institutions, and create 35 new jobs. The NCIF will build on the successful models of rural development Venture Capital funds across the US, making investments ranging between $50,000 and $250,000 in target firms. Matching grants from foundations and USDA Rural Development will provide operating support for the Fund. The Conservation Fund plans on raising $5M in capital, which will enable the Fund to leverage support from the Small Business Administration's New Markets VC program, resulting in the creation of a $12.5M investment Fund. To date, the Conservation Fund has placed its first investment in a portfolio company, and worked closed with the WV Capital Corporation (a consortium of 56 West Virginia financial institutions), the WV Jobs Investment Trust, and the WV Small Business Development Center to develop deal flow for the Fund. The Fund has formed an advisory committee and loan committee, developed a business plan and prospectus, and identified and screened over 30 businesses seeking capital.
PROJECT: Entrepreneurial Camp for High School Students
GRANTEE: Ohio-West Virginia YMCA
Purpose: To increase entrepreneurial education opportunities in West Virginia, preparing young people to engage in entrepreneurial activities.
Funding:
| ARC: |
$41,192 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$59,190 |
| Total: |
$100,382 |
Description: This grant transformed the annual Free Enterprise Conference for high school students, created in 1978, into an entrepreneurial-based experience. The 6-day residential camp was held at YMCA Camp Horseshoe with business owners serving as resources for the economic education portion of the program. During the grant period, 113 students from distressed counties participated in the summer entrepreneurship camps, representing 22 counties. The grantee became a certified REAL Enterprise youth entrepreneurship instructor and utilized the curriculum in the programs. 164 high schools were contacted to promote the programs, and over 100 donors provided scholarships to assist youth in attending the programs.
PROJECT: Entrepreneurial Camp for High School Students, Phase II
GRANTEE: Ohio-West Virginia YMCA
Purpose: To increase entrepreneurial education opportunities in West Virginia, preparing young people to engage in entrepreneurial activities.
Funding:
| ARC: |
$41,084 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$29,814 |
| Total: |
$70,898 |
Description: The grantee has continued the 6-day residential entrepreneurial camp held at YMCA Camp Horseshoe. This program will increase the number of youth participants from West Virginia's distressed counties and provide entrepreneurial education and leadership training opportunities for young people in West Virginia. The grantee performed extensive outreach with community groups and business leaders throughout the state. 26 businesses have provided nearly $10,000 in scholarship support, and over 170 schools provided 'key contacts' for future recruitment efforts. In 2001, 84 students registered with the summer Entrepreneurship Camp, 32 of these from distressed counties. 12 of these students have indicated interest in participating in programs in their home communities. 75 students from distressed counties will receive civic leadership training as part of their Entrepreneurship Camp. In addition, the grantee is securing long-term funding to sustain these activities.
PROJECT: Entrepreneurial Camp for High School Students, Phase III
GRANTEE: Ohio-West Virginia YMCA
Purpose: To increase entrepreneurial education opportunities in West Virginia, preparing young people to engage in entrepreneurial activities.
Funding:
| ARC: |
$39,274 |
| Other Federal: |
$0 |
| State: |
$125,000 |
| Local: |
$123,453 |
| Total: |
$287,727 |
Description: This project expanded support for the Ohio-West Virginia YMCA's youth entrepreneurship activities to engage youth in year-round civic entrepreneurship activities. ARC funds were used to support staff and marketing costs for these efforts. Duyring the grant year, 90 students participated in the summer Youth Entrepreneurship Camp, including 48 from distressed counties. Also, 217 teens participated in the teen mini service grants program, with 10 teens receiving grants. In addition, 207 students assisted over 500 low-income children in the Learn and Serve program. Four Hi-Y Conferences on civic leadership were held, involving over 500 teens. Also, 10 community representatives participated in West Virginia's first Entrepreneurship Conference.
PROJECT: Entrepreneurial Training and Development Center for Natural Resource
GRANTEE: The Freshwater Institute
Purpose: To design and implement a critical education and training program for West Virginia rural entrepreneurs at The Conservation Fund Freshwater Institute's Entrepreneurial Training and Development Center for natural resource-based economic development.
Funding:
| ARC: |
$75,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$75,000 |
| Total: |
$150,000 |
Description: The purpose of the grant was to design and implement a critical education and training program for West Virginia rural entrepreneurs at The Conservation Fund Freshwater Institute's Entrepreneurial Training and Development Center for natural resource-based economic development. Four workshops were held to highlight long-term economic development opportunities in West Virginia, and transfer the appropriate technology to the private sector. Topics ranged from strategies for production intensification in coldwater aquaculture to using the Internet for agricultural product marketing. Total attendance for the four events was 269 potential and current aquaculture producers and entrepreneurs.
PROJECT: Greenbrier Community College Building Entrepreneurial Success
GRANTEE: Greenbrer Community College Center
Purpose: To pilot entrepreneurship education programming to support new business development in the target region.
Funding:
| ARC: |
$6,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$4,000 |
| Total: |
$10,000 |
Description: This project will implement the nationally acclaimed NxLeveL entrepreneurship curriculum on a trial basis with two groups of students; Greenbrier Community College adult students in one NxLeveL course, and the NxLevel Youth Enterprise Academy in another course for high a group of school students. These pilots will involve 20 students in each course. If successful, the College will expand offerings to include five NxLeveL programs in the subsequent year, which are expected to reach 600 students annually. Project partners include the Small Business Development Center and Greenbrier Valley Economic Development Corporation. A 36-hour entrepreneurship course was offered in the fall of 2002 to 17 students; 10 adults and 7 youth. 8 of the adults are currently operating businesses and all 7 youth are attending college to pursue business careers.
PROJECT: Institute of Technology Developing Successful Entrepreneurs
GRANTEE: WV University Institute of Technology
Purpose: To provide entrepreneurial training and technical assistance to entrepreneurs.
Funding:
| ARC: |
$27,400 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$14,144 |
| Total: |
$41,544 |
Description: The Developing the Successful Entrepreneur project will be conducted by a local team of educational, business support and economic development leaders who will provide Entrepreneurial training and technical assistance to current and future entrepreneurs. Projected outcomes include 15 new businesses and 15 new jobs.
PROJECT: Marshall University E-entrepreneurial Development
GRANTEE: Marshall University Research Corporation
Purpose: To develop training for e-commerce Entrepreneurs in a 7-county region.
Funding:
| ARC: |
$15,484 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$27,961 |
| Total: |
$43,445 |
Description: A consortium of public and private entities will expand a newly developed e-Entrepreneurship training curriculum, provide one-on-one technical assistance, and access to high speed internet lines at a local business incubator for aspiring local entrepreneurs. ARC support will enable the grantee to hire instructors, reproduce the curriculum, market the program, and provide training facilities. Project partners include local attorneys, e-commerce firms, and the WV Small Business Development Center. Upon completion of the training program, the private partners will provide low-cost technical assistance to selected graduates. Additionally, BIDCO, a non-profit business incubator, will provide internet access services to selected graduates. Fifty clients are projected to participate in the program, and five business start –ups are expected to result.
PROJECT: Morgan County Business Incubator Development Plan
GRANTEE: Morgan County Commission
Purpose: To enhance of entrepreneurial activity within Morgan County, its communities, and surrounding areas.
Funding:
| ARC: |
$24,000 |
| Other Federal: |
$ |
| State: |
$ |
| Local: |
$ |
| Total: |
$30,000 |
Description: ARC funds were used by the Morgan County Commission to produce a business plan, which will ultimately lead to the creation of an incubator facility and entrepreneurial service program. During the grant period, an Incubator Feasibility Study was completed, which resulted in the articulation of a Business Incubator/Morgan County Showcase. The Showcase will focus on a 'celebration of the arts and local lifestyle' and will promote tourism while providing marketing support for start-up enterprises.
PROJECT: Polymer Alliance Zone Entrepreneurial Assistance
GRANTEE: Polymer Alliance Zone, Inc.
Purpose: The Polymer Alliance Zone, Inc. is a cooperative venture between the private sector and government which was created to promote all aspects of the polymer industry in a tri-county area of western West Virginia.
Funding:
| ARC: |
$60,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$62,278 |
| Total: |
$122,278 |
Description: PAZ is a multi-county project that seeks to build the capacity of the polymer industry sector of West Virginia, particularly in the area of plastic recycling. PAZ provides workforce development/training, capital assistance, technical assistance in environmental matters, and managerial assistance to small and medium-sized businesses. The grantee created and implemented the Polymer Alliance Zone Pre-Employment Training Program (PAZ-PET). Completed project outcomes include 42 program graduates, 25 persons interviewed for a job, and 13 new hires. The grantee assisted 4 companies with their total of $18.25 million in investment projects, resulting in the creation of 117 jobs and the retention of 206 jobs. The grantee also assisted 3 additional companies with market research.
PROJECT: REAL Enterprise Distressed County Expansion
GRANTEE: Concord College – Center for Economic Action
Purpose: To support the development of entrepreneurial education in the region.
Funding:
| ARC: |
$12,417 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$4,139 |
| Total: |
$16,556 |
Description: The REAL program is designed to help participants develop skills, expand their knowledge, and create tangible products, including new enterprises. REAL employs an experiential learning model and is a national school-to-work technical assistance provider. During the grant period, five teachers from distressed counties were trained in the REAL Enterprise curriculum. Upon returning to their schools, two of these teachers held REAL classes involving 34 students. The grantee reports that obstacles to project performance include: absence of a state-wide REAL Enterprise program to provide central support, lack of support from state education and development institutions, and lack of business training for teachers.
PROJECT: Self Employment and Job Readiness Training
GRANTEE: Unlimited Future, Inc. (UFI)
Purpose: To provide the necessary programming for the promotion and teaching of entrepreneurship as an option for the welfare-to-work strategy.
Funding:
| ARC: |
$25,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$64,420 |
| Total: |
$89,420 |
Description: The purpose of this program was to train disadvantaged persons in the art of webpage design so that they could obtain employment, and self employment, in the fast-growing technology sector. Goodwill Industries, Inc. provided the basic computer and HTML training, and UFI provided more sophisticated website design training. Eleven students attended the training sessions. Completed outcomes included the creation of 10 new jobs. The grantee initially expected to teach students about the more complex software applications. However, it became evident very early in the program that this goal was unrealistic because of the students' lack of basic computer skills. Students needed more time than anticipated to become proficient in basic computer tasks.
PROJECT: Small Business Innovation Research (SBIR) Phase Zero
GRANTEE: West Virginia High Technology Consortium Foundation
Purpose: To fund a program that will enhance the number of SBIR proposals being submitted from West Virginia firms.
Funding:
| ARC: |
$94,498 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$39,000 |
| Total: |
$133,498 |
Description: The SBIR Phase Zero Program provides funds for eligible West Virginia small business to develop proposals in response to actual SBIR Phase 1 federal solicitations. Four basic components make up the Phase Zero program, including: 1) marketing, 2) solicitation of RFPs, 3) technical review and evaluation of the proposals, and 4) award of Phase Zero funds to qualifying small businesses. The SBIR program is a highly competitive program offered by ten federal agencies that encourages small businesses to develop and commercialize new technologies. During the grant period, over 2,000 solicitations to participate in the SBIR Phase Zero Program were distributed state-wide, and 7 pre-proposal conferences were held. In total, 17 companies were selected as grant recipients in three rounds of the competition, receiving $42,000 in support from ARC, which was matched with $30,000 in support from the National Institute for Standards and Technology and $9,000 from the state of West Virginia.
PROJECT: Sustainable Community Enterprise Project (SCEP)
GRANTEE: Lightstone Community Development Corporation (LCDC)
Purpose: To strengthen the entrepreneurial infrastructure by enhancing access to capital and technical assistance, and to provide low-income individuals with viable options as part of an effective welfare-to-work strategy.
Funding:
| ARC: |
$107,620 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$27,000 |
| Total: |
$134,620 |
Description: The project promotes social, economic, and community capital development by: building the capacity of two existing micro-loan funds (LCDC and Mountain CAP); providing loans and business startup assistance to support self-employment for low-income individuals; co-sponsoring regional workshops to create market opportunities for microenterprise; conducting a feasibility analysis of statewide strategies to support welfare-to-work through microenterprise; and generating sales and community reinvestment through microenterprise. During the grant period, 43 jobs were created through business loans and equity investments. 19 loans for a cumulative total of $100,000 were provided to low income individuals, and 630 persons were involved in business training activities at 5 regional workshops. Two model 'micro-equity' investments were made which leveraged $150,000 in bank loans. The grantee also developed a statewide implementation strategy for its Welfare to Microenterprise program, in partnership with the WV Department of Health and Human Resources.
PROJECT: TechComm21 Technology Commercialization
GRANTEE: WV High Technology Consortium Foundation
Purpose: To commercialize technologies and fund related ventures.
Funding:
| ARC: |
$320,000 |
| Other Federal: |
$80,000 |
| State: |
$0 |
| Local: |
$100,000 |
| Total: |
$500,000 |
Description: The WV High Technology Consortium (WVHTC) will expand its activities to accelerate product commercialization by creating an early-stage investment fund, and linking this new source of capital to a range of technical assistance efforts. The investment fund, TechComm21, is envisioned to be a $5M fund that will make $50,000 to $100,000 investments in companies with new technologies that require additional market research and commercial testing. The investments will take the form of subordinated debt with revenue participation rights, or convertible preferred stock. TechComm21 will partner with other investment funds to find follow-on investment dollars to help bring these new technologies to market. The WVHTC will utilize a range of existing technical assistance support with client firms, including a Commercialization Process Team, the 2,000 square foot Innovators Incubator, and the Collaboaratory – a state of the art software testing facility. The grantee projects that 100 companies will participate in these activities, and two new companies will start resulting in 20 new jobs by the end of 2003.
PROJECT: TechComm21 Technology Commercialization, Revision
GRANTEE: WV High Technology Consortium Foundation
Purpose: To continue support for an early-stage investment fund.
Funding:
| ARC: |
$100,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$60,000 |
| Total: |
$160,000 |
Description: The WV High Technology Consortium (WVHTC) will expand its activities to accelerate product commercialization by continuing support for an early-stage investment fund, and linking this new source of capital to a range of technical assistance efforts. The Innova investment fund will make small (under $100,000) investments in companies with new technologies that require additional market research and commercial testing. Innova will also partner with public and private sector technical assistance organizations to help bring these new technologies to market. ARC support will be used to procure technical assistance for entrepreneurs and provide staff support for the grantee to manage this program. Support for entrepreneurs will be reviewed and recommended by an independent Investment Advisory Committee. The grantee anticipates that 8 entrepreneurs will market new products, and that 25 new jobs will be created. Projected outcomes include the creation of 25 new jobs. The project will also result in the retention of 15 existing jobs. Additionally, the grantee will serve 8 businesses.
PROJECT: United Technical Center Springboard Award
GRANTEE: United Technical Center
Purpose: To recognize outstanding youth entrepreneurship education programs.
Funding:
| ARC: |
2,000$ |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$0 |
| Total: |
$2,000 |
Description: The Appalachian Regional Commission (ARC), in partnership with the U.S. Department of Education, developed the Appalachian Youth Entrepreneurship Education 'springboard" Awards competition to recognize outstanding youth entrepreneurship education programs. Youth education programs -- targeted to rural areas -- often serve as a 'springboard" for Appalachian residents to launch their own businesses, creating jobs in their communities, and further diversifying and strengthening the Region's economy. Six awards were provided to the best youth entrepreneurship education programs in Appalachia. Finalists have been recommended by an independent review panel, and were selected by ARC to each receive a $2,000 grant award. The grant awards will enable the winning teachers to support continued work in youth entrepreneurship, and the school or parent organization has received a commemorative plaque. A teacher and a selected student from each finalist received these awards in Washington, DC at the March 17, 2003 Annual Meeting of the Development Districts Association of Appalachia.
PROJECT: University of Charleston Entrepreneurship Center
GRANTEE: University of Charleston
Purpose: To help support new business formation in West Virginia.
Funding:
| ARC: |
$100,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$56,500 |
| Total: |
$156,500 |
Description: The grantee will provide technical assistance to entrepreneurs and initiate two state-wide conferences on entrepreneurship to help support new business formation in West Virginia. In partnership with Adena Ventures, a New Markets VC Fund, the University of Charleston Entrepreneurship Center will provide direct technical assistance to 40 entrepreneurs, resulting in at least four investments from Adena Ventures and 20 investments from other financing sources. The grantee will also hold two state-wide conferences designed to promote and support entrepreneurs in the state. A conference targeting high school entrepreneurship education programs will be held, with the goal of doubling high school entrepreneurship courses state-wide. A conference targeting economic development leaders, entitled the "Entrepreneurial Effect", will also be initiated, with the goal of providing local community leaders with the tools needed to create local entrepreneurial support programs. Projected outcomes include the involvement of 40 participants, the creation of 24 new businesses, and the creation of 24 new jobs. Additionally, the grantee will serve 40 businesses.
PROJECT: Unlimited Future Community Kitchen Incubator
GRANTEE: Unlimited Future, Inc
Purpose: To purchase equipment that will be installed in a community kitchen constructed by EDA.
Funding:
| ARC: |
$750,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$427,935 |
| Total: |
$1,177,935 |
Description: Unlimited Futures, Inc. will assist with the purchase of equipment for the Community Kitchen Incubator, a facility designed to create new jobs within the food producing industry. Once completed, at least 100 previously established regional food producers and 25 new producers will use the facility. With the construction of the incubator, low-income entrepreneurs will be able to become self-employed or they will be able to obtain higher paying jobs in expanding firms in the specialty food sector. This project will target individuals receiving public assistance, small-scale farmers, home-based food entrepreneurs, and established small-scale food producers interested in expanding their production capacity. The Community Kitchen Incubator is designed to complement the existing business incubator, Unlimited Futures, Inc. (UFI). Technical resources to be provided by UFI will include business registration, product research and development, raw material resources, packaging and distribution, and marketing. 15 new business start-ups are projected to result from these activities.
PROJECT: West Virginia Micro Loan & Rural Outreach
GRANTEE: West Virginia Small Business Development Center
Purpose: To create a program to improve the quality of services offered to rural entrepreneurs and to facilitate more effective micro loan program operation.
Funding:
| ARC: |
$68,680 |
| Other Federal: |
$0 |
| State: |
$21,016 |
| Local: |
$0 |
| Total: |
$89,696 |
Description: The grantee provides for the services of a micro-loan program liaison officer who offers technical assistance to micro loan programs throughout the state. The program provides training grants of up to $5,000 to support the efforts of micro loan programs to improve in the areas of technology, technical skills, compliance, or customer service. In addition to assistance provided by a micro loan program liaison, funds are also available for a mini-grant program of up to $2,000 for micro loan programs. The grantee also provides technical assistance and training seminars annually for the micro loan providers. Completed outcomes of the project for the grant period include on site reviews by the WV SBDC office of all micro-credit lending programs in the state and two training workshops attended by 24 persons. Additionally, the grantee provided five mini-grants to support marketing activities among micro-credit lenders in the state. Project activities enabled the state of West Virginia to better assess the effectiveness of the $2M in capital invested by the state since 1994 in 14 micro-credit lending programs. These WV SBDC activities enabled local micro-credit lenders to improve capital utilization from 40% to 80%.
PROJECT: West Virginia Micro Loan & Rural Outreach, Phase II
GRANTEE: West Virginia Small Business Development Center (WV SBDC)
Purpose: To continue to support microenterprise lending programs throughout the state.
Funding:
| ARC: |
$65,404 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$35,152 |
| Total: |
$100,556 |
Description: The grantee provides a range of services to West Virginia microenterprise lending programs to improve their effectiveness. The SBDC support program consists of: 1) SBDC staff provision of technical assistance to local microenterprise programs, 2) providing mentors to local programs to improve their effectiveness, 3) contracting with an independent entity to provide in-state training to local programs, 4) providing marketing support and referral services from entrepreneurs to local programs, and 5) evaluating the economic impact of the programs statewide. One training was held for microloan providers, utilizing out-of-state experts in the field of community lending. The mentoring program was not completed due to the impact of the 2001 floods in the mentee communities. A state-wide economic evaluation on the WV microloan program was completed by an independent contactor. The evaluation found that loan recipients demonstrated a 30% growth in full time employment, and loans averaged $9,000 at 8.5%. The grantee also co-sponsored the first WV Conference on Entrepreneurship. Twelve of 26 state microloan fund programs were represented at this event.
PROJECT: West Virginia Micro Loan and Rural Outreach, Phase III
GRANTEE: WV Small Business Development Center
Purpose: To continue to support microenterprise lending programs throughout the state.
Funding:
| ARC: |
$84,290 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$27,625 |
| Total: |
$111,915 |
Description: The grantee has formed a state micro-enterprise association, the WV MicroEnterprise Development Association (WV MEDA). A board of directors has been formed, the organization has been incorporated, bylaws adopted, and an application for non-profit status has been filed. Training has been held for board members, and a membership brochure and mailing have also been prepared but not yet sent. In addition, applications to state and bank funders have been submitted to three institutions.
PROJECT: West Virginia REAL
GRANTEE: Ohio-West Virginia YMCA
Purpose: To expand and sustain a network of entrepreneurship educators providing high quality entrepreneurship education.
Funding:
| ARC: |
$50,000 |
| Other Federal: |
$0 |
| State: |
$0 |
| Local: |
$29,000 |
| Total: |
$79,000 |
Description: The Ohio-West Virginia YMCA will expand and sustain a network of entrepreneurship educators providing high quality entrepreneurship education for K-16 grades in West Virginia. The grantee will recruit teachers, educators, and business and community leaders to adopt entrepreneurship education and advocate for the REAL Enterprises experiential entrepreneurship programs. The grantee will also expand and strengthen entrepreneurship camps for teens at YMCA Camp Horseshoe and infuse entrepreneurial thinking in the HI-Y civic leadership programs. Effective entrepreneurship education will be advanced resulting in young people developing an entrepreneurial outlook, skills, and actions in both economic and civil arenas. ARC funds will be used to provide training for teachers and support the organizational costs of these activities. The grantee anticipates that two in-service REAL trainings will be held in West Virginia involving 12 teachers. Four new teachers will become certified REAL instructors, providing instruction to 45 students, and five new schools will be recruited into the REAL program. In addition, two new student enterprises will be started.
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