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HRSR MEMORANDUM 03-04-1996 •ity of / MEMORANDUM Elk River TO: Economic Development Authority Mayor & City Council Housing & Redevelopment Authority Utilities Commission County Administrator County Economic Development Coord. Chamber of Commerce Representatives Other Interested Parties FROM: Pat Klaers, City Administrator DATE: February 23, 1996 SUBJECT: March 4, 1996, Meeting on Business Incubator At the urging of the Economic Development Authority (EDA), a special meeting has been scheduled for 5 p.m., Monday, March 4, 1996, at the Elk River City Hall Training Room. EDA President Jeff Gongoll will chair this joint meeting. The purpose of the meeting is to learn more about the Anoka County Business Incubator model. Roger Jenson Executive Director of the Anoka County Capital Fund, and Harlan Jacobs, President of Genesis Business Centers, Ltd., in Columbia Heights, are both going to be present to discuss the successes that their partnership has experienced in Anoka County. Attached for your review is some material that Bill Rubin provided the Economic Development Authority on this business incubator model. In addition to this material that was distributed for the 2/12/96 EDA meeting, is some other information from the files on Genesis and the Anoka County Economic Development Partnership and Capital Fund. As noted in Bill's memo, it is possible that the Anoka County Capital Fund may be expanded to help new and emerging companies in Sherburne County. This is an exciting opportunity and we hope that everybody can come and learn more about this possibility and the Genesis operation. A thirty minute video tape on business incubators is available at City Hall if anyone would like to get more information on this topic. About half of this video was shown at the 2/12/96 EDA meeting. s:\council\34businc.doc 13065 Orono Parkway • P.O. Box 490 • Elk River, MN 55330 • (612) 441-7420 • Fax: (612) 441-7425 • ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY • • MEMORANDUM • • TO: Economic Development Authority FROM • William Rubin, Executive Direct 4\f r . V v DATE: .February 12, 1996 SUBJECT: Agenda Memo for February.12, 1996, - • • • EDA Meeting • EDA Agenda Memo - February 12, 1996 Page 2 9. • • Business Incubator . An opportunity was recently extended to attend an open house and - tour of what appears to be a successful business incubator in Columbia Heights, Minnesota. Previously, the Elk River EDA explored the. . concept of a business incubator in the early 1990's. By definition, an incubator is intended to provide low-cost space for newly-formed or emerging companies. Companies obtain discounted office and production space, and often times, they are able to obtain clerical services, business counseling services, and tooling and machining space in the same facility. As companies complete their R & D phase, • they are expected to leave the incubator and relocate into space that is • more market rate. Another option, however, is for the company to • remain in the incubator, but to begin paying market rate for its space. • 01 • ,1 SAINT PAUL PIONEER PRESS 25TH E SEPTEMBER 1995CT1ON MONDAY 6 PAGES i Twm CITIES DAVE BEAL • Local man has stake in helping p companies hatch Harlan Jacobs knows the tors around the world that offer the same combi- stints as successful entrepreneurs,who act quiet- meaning of creativity,if his i nation. ly on their own to finance . Genesis business incubator in t It's absolutely greater role start-ups. Columbia Heights is any irldi- Y unique in the Twin Cities,and They have come to play a greater role is recent color.b And let's is I the "'q' a welcome addition to the entrepreneurial world years as the more traditional sources of capital emphasis let's the word his. here,"she says. —banks,venture capital firms,various other Jacobs owns 100 word of Most often,business incubators are owned and financing institutions—have shied away front 4,/ the incubator,ow which percent operated by universities or other nonprofits,or the risks of small,early-stage companies. by developers. Jacobs and attorney Brad Lehrman 1 tsl fund ed en sense that it STAFF COLUMNIST Typically,the incubators offer shared services of Portage Capital in Bloomington,launched the —communications facilities,secretarial services Minnesota Private Investor Enterprise network • owns stakes in all seven of or links to various small-business networks— last year.The group consists of business angels, the privately held companies occupying spoon designed to help capital-pinched entrepreneurs who have met seven times over the past year in there.And in a related venture,be has plugged •hatch their companies.Hundreds of them have a banquet room at the top of the IDS Center to two of the seven—Comedicus and Ashirus popped up across the country'since the late hear presentations from entrepreneurs ogies—into more than$1 million each 1970s.But Jacobs'personal stake in the comps- capital. seeking �l of early-stage financing from business angels, nies and his role in connecting them with busi- "There's a real need for support by these coon- Candace Campbell,a fellow at the University ness angels sets Genesis apart from most of the panics,"says Jacobs."It's being filled by fncuba- I of Minnesota's Humphrey Institute and a past rte, chair of the National Business Incubator Business angels usually are older investors, Association,knows of only a handful of incuba- often retired from high-paid executive posts or BEAL colseaceor.SE► 4 WA:i' ri ~.:; C;._fit-.+d-.. -'- B. A i BEAL/Business `angels' la key role 'angels' play a Y •Visual Circuits,which is devel- "It's difficult to put this in a •conTgWEO PROM;c oping hardware and software for bottle and take it on the road,"she personal computers. says."It's not just about being a tots and business angels." •Data Machine international, smart person with money." The Genesis incubator,which is which bolds a patent for speeding Campbell calls Jacobs a good the second-largest tenant in the up data processing transactions by self-promoter,but she says that's Columbia Heights Business Center reconfiguring disk drive operating part of the recipe that got Genesis at 3989 Central Ave.,could be- systems. off the ground. come the largest if it meets Ja- Jacobs,46,is a man who thinks "He's just sort of relentless," cobs'expectations. big thoughts. she says."I think he's doing the The 2-year-old incubator has He was appointed by Sen.Rod right tang." support from the Anoka County Grams to be one of Minnesota's 34 Dave Bess is senior business editor.His Economic Development Partner- delegates to the White House Con- odium appears Sundays Mondays and ship and the Anoka County Capital Terence on Small Business this Fridays Fund,a related entity backed by year. the county and a consortium of He began wiring himself into eight banks and a utility.A third the network of Twin Cities inves- group with ties to both of these tors mostly through his experience 0 two,the Anoka County Investment as chief financial officer at Film- Club,has put money into two Gen- Tee,which was acquired in 1985 esis companies. by Dow Chemical.He says the big Jacobs estimates that the seven gains he rang up from investments Re- companies housed at Genesis now c the stocks Engineering ing have and n employ 30 people.One Genesis-in- covery Eesinecring have given cubated company,SurVivaLink, him the resources to get the up and graduated to its own site in ter and the angels'network up and H Minnetonka and has 25 workers running. and annual sales of$1.5 million. Jacobs gets his pieces of the ac- "It was very helpful for us,"By- son in Genesis companies through ron Gilman,founder and CEO of swaps.Hell pay the rent,help ,' SurVivaLink,says of Genesis.The with a business plan or provide in- , company was part of Genesis troductions and access to special- when the incubator started up in ists in return for equity. a quarters leased from General Pat- Now be wants to take his Gene- tern Co.in Blaine. sis incubator concept around the NT International,which makes minty,starting with Bemidji.He fiber-optic industrial control sys- picked that city because Jim Ben- -- - • terns and sensors,is the largest sen,a well-known backer of entre- '. company in Genesis now. preneurial ventures,moved there The other tenants: last year to take the presidency at Harlan Jacobs •Ashirus,which develops spe- Bemidji State University.Jacobs wants to take his cialty pumps for medical devices. also is looking at SL Paul and Genesis Incubator •Comedicus,a medical device Northfield as launch sites for incu- concept around and pharmaceutical development bStoFS• the country,start- company. Whoa,says Candace Campbell, big with t3smlglt ■Teknowledgy,a developer of who suggests that the jury is still interactive multimedia sales pre- out on Genesis'performance in sentations. Columbia Heights.She remembers ■October Systems Software,a coming across countless plans, developer of a system that gathers most of them never realized,to set medical data for physicians and up national networks of incuba- their staffs. ton. • . Our Next Don t starve e the entrepreneurs Meal Ticket By Harlon Jacobs ver the years,there's one inescap- neurs in our midst as a general rule. partnerships. Seven able fact of corporate life that area banks and one mil- t none of us has CO accept,yet most '[A]e cannot afford to ignore a ity company formed a of us readily do.We tolerate the financial `/V these prospective sources of multi-bank, commu- version of the starving artist paradigm as job growth. We need to develop . , nity development cor- it applies to the funding of start-up corn- them as quickly as possible. To poration(CDC)for the panics.Because of this,we're losing high- that end, we need to address the express purpose of at• wage jobs that would otherwise be created problem of insufficient seed capi- rip tracting early-stage, and would thereby improve both the cal. To get to the root of the high-tech companies economy and the quality of life here in problem,as taxpayers and policy- Harlon Jacobs and the jobs they bring Minnesota.This is a problem that should holders,we should encourage the to Anoka County. be fixed as quickly as possible. Everyone state pension funds and insurance corn- Ocher metro-area communities are begin- would benefit. pang investment managers to place a ring to consider or adopt their own ver In 1979, I had the opportunity to be- reasonable portion of their venture capital sions of this program.This model ought come the CFO at FilmTec Corporation,a portfolio investments in vehicles that are to have the whole-hearted support of all start-upcompanv that ultimately employed committed to making seed capital invest- public and private sector groups whose 200 people and was acquired by Dow ments here in the state of Minnesota. stated intention is the creation of living- Chemical Co.for S75 million in 1985.We At the state level,we need to modify our wage jobs here in Minnesota. need more companies like FilinTec here approach to investment in a manner which Further, we need to encourage more in Minnesota,but the barriers to entry are recognizes that the primary locus of high- prospective investors to join the ranks of quite formidable.These barriers need to tech start-ups exist in the metro area. those business angels that can and regu- be removed,which can be done by adopt- Rather than starve that bounty of start- larly do make investments of$25,000 or ing some common sense approaches to ups in the seven county metro area, we more in early-stage companies. We need enhance capital formation and availability should encourage them to 'partner'with to eliminate those needless aspects of the for early-stage,high tech companies. outstate communities in order to avail paperwork process (and the associated It seems that there is some immutable themselves of state and private sector expense of costly federal and state securi- law of the financial universe that requires programs that are designed to develop ties laws filings) that deter or preclude all start-up companies to suffer through high-tech jobs.A scan-up company in the undercapitalized entrepreneurs from seek- extended periods of'undercapitalization. Twin Cities could be incubated here and ing the very capital they need. The new It's just plain wrong. I believe that Van then, once viability is achieved, it could federal program known as SCOR (Small Gogh would have painted his master- then move all or a substantial portion of Corporate Offering Registration)is not as pieces just as well had he not suffered its operations (and jobs) to that partner well-known as it should be.It represents a privation. To bring the point home to community in the outstate location. federal response and a good one to this very economic development, we should do At the federal level, we could ask the problem.At a state level,we need to make everything we can to nurture the next IRS and the Department of Labor to certain that Minnesota is as'user friendly' generation ofjob-creating engines.Yet we reconcile conflicting rules and regulations as possible with respect to its blue sky rules have tolerated a system that is virtually that preclude an inventor,entrepreneur, and regulations as they interact with the dysfunctional with respect to the funding officer or board member of a start-up SCOR program. of'start-up companies, save a few points company from investing from his or her Finally.in terms of our own enlightened of light here and there. own self-directed IRA into his or her own self-interest, would it upset some vast None of us has trouble with the concept company. If' there were 100,000 entre- eternal plan if we helped make certain that of identifying talent on the high school preneurs with$25,000 of investable funds entrepreneurs had ready access to capital? basketball court.We accept the program of in their own IRAs,that would free-up$2.5 The answer is clearly no!In fact,we would recruiters,scholarships and other forms of billion of capital for start-ups nationwide. be helping to create more jobs and more financial support in hopes of landing a Not one penny would be spent for bu- taxpayers. Everyone would benefit. We college player with a good chance of be- reaucrats nor would one penny ever leave simply need to work hard at applying coming the next NBA all-star.Regrettably, the U.S.Treasury.With a stroke of a pen. common sense to establish a comprehen- there is a lack of syramdry when it comes to significant capital could be mobilized and sive solution to the problem. MB&O economic development. We do not readily placed exactly where it is needed. support programs that identify,coach and Take for instance the Anoka model Harlon Jacobs u founder and president of provide direct financial and managerial which represents the finest example of Genesis Business Centers,a high-tech business development assistance for the entrepre- successful public sector / private sector incubator program located in the metro area. 46 Minnesota Business&Opportunities/JANUARY 1996 • SECTION 1 - ANOKA COUNTY CAPITAL FUND STRATEGY AND PROCESS To encourage the growth of small compa- nies in Anoka County, area banks, utility .) MISSION companies,Anoka County and other stake- holders have created an fund to invest in The mission of the Anoka County Capital small or emerging companies through equi- Fund is to stimulate in Anoka County the ty or other type investments. The emphasis development of entrepreneurial ventures, the start-up,Fund will be to make investments in up, small and expanding businesses retention and expansion of existing businesses that are primarily technology-intensive or and the attraction of new business activity con- .;;, manufacturing related. ''� sistent with the character ofAnoka County ���'� lishe a Anoka County Capital Fund has estab- ntX d Investment and Technical Advisory Committees comprised of individuals with Our goals are to: expertise in private investing and business 21.:: development from across the Twin Cities' Metropolitan Area. The Technical Advisory 1. Draw together Anoka County stake Committee advises the Anoka County holders including banks, utility ii, Economic Development Partnership companies and other investors in order : of Directors (the Fund's Manager) on the Board to embark on a collaborative effort to SI applicants product, market potential, and improve the area's economic condition <:= management ' and stimulate job creation by >�� g expertise.The Investment Y `': : Advisory Committee analyze and make rec- strengthening its manufacturing and ommendations based on the financial technology-based industries. : 46 2. Provide a source of capital for small }>;>. aspects of the investment. p ,.., businesses including women and ' STRATEGIC INTENT minority owned businesses that are 011 The strategic intent of the Fund is to located or will locate in Anoka County. $ '' • Provide a market rate of return on 3. Retain existing businesses and their investment appropriate to the risk; Planned expansions >`<`' • Create new sources and leverage 4. Generate a cash return to fund "' existing sources of capital; investors. ?:: • Monitor operations and provide business and technical expertise to >< :> businesses; :,_:.::. . .n::.. Cultivate `'x > ate successful ful businesse .--':*:-• > > M ., F This Fund is not a to .. ::;:�: ..::�,;.;,.:. ; `> loan or a grant pro- v. °,,,:d° `}' gram Because the Fund shares th `'� the risk, Anoka County Capital Fund ` } investments are structured so that the Fund `< will share in the profits that result. In most <` cases, if the Fund makes an investment, the Fund will participate in ownership of the egii company This may involve a range of moni- <: toring activities as a means of protecting the investment including, but not limited to ge '`: attending all company board of director's ': meetings in an advisory capacity; assisting 1: the company in finding business experts and 1 > other resources; making recommendations >': designed to help the company succeed. POLICIES AND PROCEDURES MATCHING REQUIREMENTS - The following summarizes important Fund In order to create new sources of private to t policies, procedures and evaluation guide- investment and to leverage the Fund's lines. resources, the Fund will strive for cash equi- ty matches. This means that the Fund, in ELIGIBLE BUSINESSES most cases,will provide only a portion of the A. Eligible businesses include: total equity needed. The matching funds • Small, technology-related must be tied directly to the same use of manufacturers or operations funds as the Anoka County Capital Fund. �' • Manufacturing-related companies or rr operations << MINIMUM/MAXIMUM INVESTMENT Q• A company need not be "high-tech," The typical investment by the Fund will edi but it must have or be developing a new range from$25,000 to $100,000. For needs . above $100,000 the Fund has the ability to product or process which will give it a M,, competitive position in the marketplace. partner with other funds. t' WHAT IF YOU ARE TURNED DOWN? INELIGIBLE BUSINESSES The Anoka County Capital Fund will be Ineligible businesses include retail, tradi- p tional service businesses (such as restau- unable to invest in every opportunity, but ii rants),commercial real estate developments, when a project is turned down, every effort . j mi will be made to outline the reasons why and 1'" Y ANOKA COUNTY make appropriate referrals to other sources of assistance. RESIDENCY REQUIREMENTS One hundred percent of the investments >1 PORTFOLIO FOCUS ! will be made in companies or operations that are located in or will be moving to Anoka , INDUSTRY ,, County. One of the Fund's major objectives is to k` R develop a balanced portfolio of successful ti FUND USES ' companies. Consequently,Anoka County 3 Appropriate uses of the fund include: a::::::::: Capital Fund investments will span a range • Working capital associated with product <eiii of eligible industries. The Fund will howev- development ii::::':.; er seek opportunities in industries where iliig: • Commercialization Anoka County has a demonstrated.economic • Marketing base from which to build. These industries • Inventory include medical products,precision tooling,• • Accounts receivable and food processing to name a few. In addi- • Facility expansion lion,the Fund will actively explore business- • Equipment > es which are major suppliers to its larger cor- • International joint ventures porations. • Other uses deemed appropriate by Fund Management and the AN o 7I-.:/� . Investment and Technical Advisory Committees COUNTY COITAL Page ::::.:::::::: FUND „„„:,„„ . 2 . DEVELOPMENT PHASE INVESTMENT STRUCTURE In order to offset risks associated with any The Anoka County Capital Fund will struc- specific development phase,Anoka County ture investments to provide necessary levels Capital Fund's portfolio will attempt to of return, without negatively impacting a •) encompass the entire spectrum of develop- company's potential. The price,p ownership h ip ment phases excluding seed investments. and exit that the Fund negotiates will be The following definitions of development based on both the anticipated return stages apply: tial and the perceived risk associated with • Start-up Investments-Company has that investment. The Anoka County Capital completed prototype development and . Fund is a longer-term investor with exit from market research, and seeks to begin the investment sometimes occurring manufacturing, marketing and sales. between 5-10 years. • Expansion Investments-Existing ii:!iiig LEVEL OF RETURN • business seeks to expand into new The Anoka County Capital fund has set a markets, add product lines, increase minimum portfolio objective of generatin a manufacturing capacity, or apply new or '. » level of return of not less than 15%. g existing technology to new processes or products. ` EVALUATION RN• Buy-outs-Management or employee Recommendations regarding specific groups seeking to acquire a going » investment opportunities will be based on an concern in situations where the result extensive evaluation of: of an Anoka County Capital Fund's investment will be to create or retain Compatibility with the Fund's 0 eligible employment opportunities, • strategies, policies,and procedures Growth potential • Other-Opportunities which Fund • Management• Management and the Investment • Product uniqueness IN and Technical Advisory Committees • Market deem appropriate. ' Competition in • Financing requirements INVESTMENT POOLS The Fund will consider making invest iii ments through investment pools. An invest- ment pool is a group of individuals and orga- nizations that have agreed to provide capital le for investments to be made in a given geo- graphic area. The pools will use a coordinat- ed process to discover, evaluate, mentor, and II monitor investments made by the pool. The III purpose of regional investment pools is to improve an area's capacity and competence iin to deliver investment when and where it's needed. ::::::,,,,,1 ge :::.::::::: ::::::: 3 ::,,,,,,„:„ .::::„,.:,::::: SECTION II - • Describe the structure of the market INFORMATION FOR APPLICANTS niche for your product: share of J the overall market you intend to capture " PREPARATION CHECKLIST (as a percentage), size of the market niche,growth rate for the last 5-10 Below is a checklist of information a com- ."1 parry should have when requesting financing years,projected growth rate for the from the Fund. Based on this information, next 5-10 years, historic gross and net ' i the Fund will conduct a preliminary profit margin, and sensitivity to changes :` p ary evalua- in price and costs. `- tion of your business opportunity. Much of _: 4 y the following information is incitided in a sound business plan. • Describe the competitive environment of the market number, size, r. If you need assistance in developing this and distribution of the companies and p- information,we recommend contacting a local business development specialist or a their products that will compete with business advisor. your company and products. How do M they deliver their product to the customers?how do they differentiate ,p 1. MANAGEMENT TEAM ASSESSMENT between themselves?How will you position your company and products so An attractive business opportunity has a that customers can differentiate you a _' team in place with experience and compli- from the competition mentary expertise. • Provide detailed resumes of • Describe your customer. demographics, location, etc. How will you �' management and a description of reach them?What are the key factors expertise available to your company they consider in making buying 7 from members of the board of directors and people who serve as advisors. decisions?How quickly will the Highlight experience and skills relevant Ft customers receive a payback from their to your business. investment (purchase) in your product? How do you measure this payback? • List the strengths and weaknesses of 'r • Describe the unique features of your the management team and an g%1 explanation of how any identified product(s), unique technology, weaknesses will be addressed. product life,value to the customer. (If available,provide drawings, brochures, 2. MARKET ASSESSMENT etc.) The best opportunities typically occur in • What are the percentages of the total markets that are growing,where a market cost of the project that are the niche can be identified, and where cus- tomershave a strong need or desire for the fixed costs of production, marketing, product. distribution, sales,and product development and R&D? • Describe the overall market structure: • What are the percentages of the total size, growth rate for the last 5- cost of the product that are the 10 years, projected growth rate for the variable costs of production, marketing, II next 5 years, historic gross and net distribution, sales, and product Page profit margin, and sensitivity to changes development and R& D? in price and costs. :.:.::::::..: 4 • Describe the degree of control your 7. ECONOMIC IMPACT company has on prices, costs, • Please provide the projected number of supplies, marketing, sales, distribution, jobs to be retained and created plus and product development and R& D. estimated wage levels for each of the • Describe competitive barriers your next five years. company has or can obtain over 8. OWNERSHIP/EXIT current competitors or new competitors • Describe the investment instrument, that enter the market price, and percent ownership you • 3. FINANCIAL ASSESSMENT propose for the Fund. A good business opportunity can sustain • Describe when and how the Fund will profit margins and maintain positive cash exit from investment in your company. flow. • Describe how you will achieve and Mail the adjacent Information Sheet and a sustain these goals. copy of your business plan including the above information to 4• FINANCIAL HISTORY << Anoka County Capital Fund AND PROJECTIONS P • Balance sheets, income statements and c/o Anoka County Economic cash flow statements for the Development Partnership past three years or, if in business less • 299 Coon Rapids Boulevard, Suite 12 than three years,from start of business. Coon Rapids, Minnesota 55433-5868 • Projected balance sheets, income • statements, cash flow statements for each of the next three years, including underlying assumptions. 5. 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