economic gardening - city of temecula
DESCRIPTION
The City of Temecula discuss how they implement the practice of economic gardening in their city.TRANSCRIPT
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….