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EDSR 03-04-1996 ty of MEMORANDUM 1kRiverTO: 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 T . - 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. • imiummammimmumairiititiVammonnommamiamme SAINT PAUL PIONEER PRESS 25 TH SEPTEMBER 1995 sic-most MONDAY 6 PAGES BUSINESS TWIN CITIES DAVE BEAL lir Local man has stake in helping companies hatch Harlan Jacobs knows the tors around the world that offer the same combs- stints as successful entrepreneurs.who act quiet- mean'ng of creativity,if hisnation. ly on their own to finance promising start-ups. Genesis business incubator in "It's absolutely unique in the Twin Cities,and They have come to play a greater role in recent Columbia rns.And lets is any indi- j a welcome addition to the entrepreneurial world years as the more traditional sources of capital caput the here,"she says. —banks,venture capital firms,variousother emphasis on the word his. : Most often,business incubators are owned and financing institutions—have shied away from Jacobs owns 100 percent of operated by universities or other nonprofits,or the risks of small,early-stage companies. the incubator,Which functions by developers. Jacobs and attorney Brad Lehrman,president as a closed-end venture capi- Typically,the incubators offer shared services of Portage Capital in Bloomington,launched the 401 tel fund in the sense that it STAFF COLUMNIST —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 space 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 batch their companies.Hundreds of them have a banquet room at the top of the IDS Center to two of the seven—Comedicus and Ashints popped up across the country since the late hear presentations from entrepreneurs seeking Technologies--into more than$1 million each 1970s.But Jacobs'personal stake in the comps- capital. of early-stage financing from business angels. nies and his role in connecting them with bus'. 'There's a real need for support by these com- Candace Campbell,a fellow at the University nets angels sets Genesis apart from most of the panies,"says Jacobs."It's being filled by incuba- of Minnesota's Humphrey Institute and a past rest. 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 cowmen*.3E► BEAL/Busing la ess 'angels,els' keyrole play a ■Visual Circuits,which is devel- "It's difficult to put this in a V coniiNJEDcam:E oping hardware and software for bottle and take it on the road,'she personal computers. says."It's not just about being a tors and business angels." a 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 thirmg." support from the Anoka County Grams to be one of Minnesota's 34 Dave Beat Is senior business editor.His Economic Development Partner- delegates to the White House Con- column appears Sundays.Mondays and ship and the Anoka County Capital Terence on Small Business this Fes. 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 III two.the Anoka County Investment as chief financial officer at Film- Club,has put money into two Gen- Tee,winch was acquired in 1985 esis companies. by Dow Chemical.He says the big Jacobs estimates that the seven gainsihe rang up from investments Re- companies housed at Genesis now c the stocksry ef Engineering have and n employ 30 people.One Genesis-in- him theuesto given cubated company,SurVivaLink, hem the resources getw the up a has graduated to its own site in teruand the angels'network and 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- non in Genesis companies through 1111.1115 eon Gilman fromtior soul mil": swans.He'll oav the rent heln ENTREPRENEURSHIP • Our Next Dont starve the entrepreneurs Meet Ticket , : By Harlon Jacobs t:: Opartver the years,there's one inescap- neurs in our midst as a general rule. nerships. Seven able fact of corporate life chat area banks and one util- none of us has to accept,yet most '(/��e cannot afford to ignore n. ... ity company formed a of us readily do.We tolerate the financial V Y these prospective sources of multi-bank, commu- version of the starving artist paradigm as job growth. We need to develop . .r► pity development cor- n applies to the funding of start-up corn- them as quickly as possible. To Y 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- ,. tracting early-stage, and would thereby improve both the tal. 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- Other metro-area communities are begin- would benefit. pany investment managers to place a ning 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-up company 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$75 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- 0 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 coining 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 symmetry 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. 0 support programs that identify,coach and Take for instance the Anoka model Harlon Jacobs is 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 • ANOKA COUNTY CAPITAL FUND • • For �s�,, ,�slew. • SECTION I - ANOKA COUNTY CAPITAL FUND STRATEGY AND PROCESSTo 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 of this Fund will be to make investments in development of entrepreneurial ventures, the 0111 start-up, small and expanding businesses gai retention and expansion of existing businesses that are primarily technology-intensive or and the attraction of new business activitymanufacturing-related. con- The Anoka County Capital Fund has estalr sistent with the character ofAnoka County lished Investment and Technical Advisory Committees comprised of individuals with '< expertise in private investing and business Our goals are to: ii:',',:iii development from across the Twin Cities' Nii Metropolitan Area. The Technical Advisory 1. Draw together Anoka County stake .: Committee advises the Anoka County holders including banks, utility ii.i.t Economic Development Partnership Board companies and other investors in order 111 of Directors (the Fund's Manager) on the to embark on a collaborative effort to 11 applicants product, market potential, and improve the area's economic condition ali management expertise.The Investment and stimulate job creation by iMi Advisory Committee analyze and make rec- strengthening its manufacturing and ' ommendations based on the financial technology-based industries. II aspects of the investment. 0 2. Provide a source of capital for small igei STRATEGIC INTENT businesses including women and minority owned businesses that are leThe 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. lin • Monitor operations and provide RN business and technical expertise to businesses; • Cultivate successful ful businesses. e s. >< . This Fund i sn not loanora t r .. o- ! gram. Because the Fund shares the risk, Anoka County Capital Fund liP investments are structured so that the Fund :! will share in the profits that result. In most ipti cases,if the Fund makes an investment, the 11 Fund will participate in ownership of the 11 company. This may involve a range of moni- >` toring activities as a means of protecting the investment including, but not limited to: ii attending all company board of director's gemeetings in an advisory capacity; assisting the company in finding business experts and 1 l other resources; making recommendations designed to help the company succeed. . 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 1111 encompass the entire spectrum of develop- i company's potential. The price, ownership ment phases excluding seed investments. and exit that the Fund negotiates will be The following definitions of developmentbased on both the anticipated return poten- stages apply: gg tial and the perceived risk associated with • Start-up Investments- Company has that investment. The Anoka County Capital completed prototypeFund is a longer-term investor with exit from p development and II the investment sometimes occurring market research, and seeks to begin gqi manufacturing, marketing and sales. between 5-10 years. • Expansion Investments Existing m LEVEL OF RETURN business seeks to expand into new iNii.i. The Anoka County Capital fund has set a markets, add product lines, increase minimum portfolio objective of generating a manufacturing capacity, or apply new or level of return of not less than 15%. existing technology to new processes or products. EVALUATION • Buy-outs-Management or employee Recommendations regarding specific investment opportunities will be based on an groups seeking to acquire a going concern in situations where the result extensive evaluation of: of an Anoka County Capital Fund's in • Compatibility with the Fund's investment will be to create or retain strategies,policies, and procedures • eligible employment opportunities. • Growth potential • • Other-Opportunities which Fund Management Management and the Investment • Product uniqueness and Technical Advisory Committees til • Market deem appropriate. ' Competition • Financing requirements INVESTMENT POOLS The Fund will consider making invest ments through investment pools. An investIiiiji - ment pool is a group of individuals and orgaII - nizations that have agreed to provide capital for investments to be made in a given geo- ligi • graphic area. The pools will use a coordinat- ed process to discover,evaluate, mentor, and monitor investments made by the pool. The gill purpose of regional investment pools is to improve an area's capacity and competence RI to deliver investment when and where it's needed. e • i.i:,0.,i,,,,,,3 ,,„,„,,.,,,,.,::::,-,:.„,,,-,,„„...... • 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 • next five years. • Describe competitive barriers your company has or can obtain over 8. OWNERSHIP/EXIT current competitors or new competitors IT • Describe the investment instrument, that enter the market. price, and percent ownership you propose for the Fund. 3. FINANCIAL ASSESSMENT A good business opportunity can sustain liliM. • 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 aigi c/o Anoka County Economic • Balance sheets, income statements and gigDevelopment Partnership cash flow statements for the 299 Coon Rapids Boulevard,Suite 12 past three years or,if in business less Coon Rapids, Minnesota 55433-5868 than three years,from start of business. iggi • Projected balance sheets, income ,,,,,,,,, 411 statements,cash flow statements for each of the next three years, including gi underlying assumptions. 5. SOURCES AND USES OF FUNDS gi • Please confirm the total amount of Riiiiii financing needed for your business including debt and equity,possible sources of financing, and specific uses of the financing. 6. CAPITAL MATCH The Fund generally requires$2 of other lif financing be invested for every$1 provided by the Anoka County Capital Fund. • Please submit information regarding other sources of financing for • your company (i.e.,how you will raise the equity match). ,,,:,„:„ ge ..,,:::„:,.:::::.. 5 .i.::::„.„......:..„...:„.:.„ ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY • MEMORANDUM TO: Economic Development Authority • • FROM: • William Rubin, Executive Direct • 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. 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