economic gardening - city of temecula

Temecula’s Story

2014 CALED Award of Merit Recipient

Economic Development

In 2010, the perfect storm….• Moving into new Civic Center

• Vacant “old City Hall”

• Event held at City of Ventura, featured Ventura Ventures

TVE2 was born after the aftermath

• A program designed to accelerate the successful development of entrepreneurial companies through an array of business support resources and services.

Types of Incubators

Why an Incubator AND Resource Center?

• Engine for economic growth, new jobs, products and services - all created by using local talent

• NBIA estimates 87% of all firms that graduate from an Incubator are still in business

• NBIA Incubation Works estimates that every $1 of public money invested in an Incubator generates $30 in return

• Provide space to our partners so they can concentrate on providing services to our community!

Partners

All very enthusiastic:– EDC– SBDC/Tri-Tech– Chamber of Commerce– Cal State Univ. San Marcos @ Temecula–Mt. San Jacinto College

Higher Education Partners

Organization

TVE2 Mission Statement

Foster business growth and economic vitality for

entrepreneurs focused on technology, by providing access to

high quality resources, and leveraging a strong network of

community partners.

Collaborative Space

Incubator Program

• Criteria & process to participate- Early stage company (less than 2 yrs)

- Innovative concept that can be commercialized in 24 months or less

- Less than 5 full-time employees- Viable business model

• Program and Expectations

Benefits & Services

• Professional Office Space with amenities

• Access to business network and mentoring

• Education Seminars and Trainings

Local Innovation Starts Here

Emerging Ecosystem

By the NumbersYEAR 1 YEAR 2

100 business workshops 100 business workshops

1300 attendees 1400+ attendees

275 consultations = creation of 23 jobs, retained 4 jobs. Total economic impact of $ within Temecula

330+ consultations = creation of 8 jobs, retained 4 jobs. Total economic impact of $525,000 within Temecula

11 founders 16 founders PLUS 3 full-time employees, 9 part-time employees

16 interns 24 interns

$600,000+ investment No wagesNo sales

$278,000 annual wages$230,000 invested in companies$625,000 combined annual sales

Lessons Learned

• Partnerships are KEY• Be flexible• Be innovative• Create a sense of community• Still learning….