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HomeMy WebLinkAbout11-29-22 Council Economic Development CommitteeI r CITY OF IOWA CITY UNESCO CITY OF LITERATURE AGENDA CITY COUNCIL ECONOMIC DEVELOPMENT COMMITTEE TUESDAY, NOVEMBER 29, 2022 4:00 PM EMMA HARVAT HALL CITY HALL Call to Order 2. Consider approval of minutes from the October 19, 2022 Economic Development Committee meeting 3. Consider FY24 budget recommendation to full City Council for Community Development Assistance funding for business development organizations: • Multicultural Development Center of Towa • Entrepreneurial Development Center 4. Staff report 5. Other business 6. Adjournment EDC 11.29.2022 packet page 1 MINUTES CITY COUNCIL ECONOMIC DEVELOPMENT COMMITTEE October 19, 2022 EMMA HARVAT HALL, 3:00 P.M. Members Present: Laura Bergus, Megan Alter, John Thomas Members Absent: Staff Present: Wendy Ford, Geoff Fruin, Eric Goers, Others Present: John Kenyon, UNESCO City of Literature; Andrew Sherburne, FilmScene; John Schickedanz, Englert; Adam Knight, Riverside Theatre, Lisa Barnes, Chace Ramey, Abby Restko, Eric Johnson, Summer of the Arts Recommendations to council: Thomas nominated Bergus to serve as chair. Alter seconded. Motion passed (3-0) Thomas moved, Bergus second a motion to approve the minutes from October 27, 2021. Motion passed (3-0). Alter moved and Thomas second a motion to approve a recommendation to the full council for $50,000 for operations and $20,000 for their festivals for a total of $70,000 to the Englert. Motion carried (2-0, Bergus recused). Thomas moved and Alter seconded a motion to approve a recommendation to the full council for $25,000 for operations and $7,000 for Refocus Film Festival. Motion carried (3-0). Thomas moved and Alter seconded a motion to approve a recommendation to the full council for $20,000 for Riverside Theatre. Motion carried (3-0). Alter moved and Bergus seconded a motion to approve a recommendation to the full council for $67,000 for Summer of the Arts. Motion carried (3-0). Call meeting to order: Wendy Ford called the meeting to order at 3:02 P.M. Organization of Committee Ford noted that the committee had not met since their appointments to the committee last January and that the first order of business should be the nomination of a chairperson. John Thomas nominated Laura Bergus to serve as chair. Megan Alter seconded. Motion passed (3-0) Consider approval of minutes from the October 27, 2021 Economic Development Committee meeting Thomas moved, Bergus second a motion to approve the minutes of the October 27, 2021 meeting. Motion passed (3-0). Consider FY24 budget recommendation to full City Council for Community Development Assistance funding for arts organizations: EDC 11.29.2022 packet page 2 Ford welcomed John Schickedanz, Executive Director of the Englert Theater to the microphone first. He explained that the last year was big, having reopened after 18 months of being closed. They have increased programming by 30% though ticketing has dropped about 30% from pre -pandemic levels. During the pandemic, they took time to look inward, which allowed them to analyze their audience. There's been a large increase in folks coming from outside the area. About 25% of their patrons come from 100 miles away or more. They see a lot of opportunities for future festivals. The pandemic affected ticketing in that there are more people coming but fewer at each show. This is possible because they are doing more programming. Alter asked about whether they want to maintain increased programming. Schickedanz answered that they would like to build out a full blown educational offering and increase their rental programming. Thomas complemented work that Englert is doing, noting that he was impressed with and grateful for collaborations going on between cultural organizations. Ford referred to the staff memo showing a 10-year history of the City's funding of each of the organizations. She also noted that with the invitation to this meeting was a caveat about seeking increases over past funding amounts due to the unusual budget constraints for FY24. Alter moved and Thomas second a motion to approve a recommendation to the full council for $50,000 for operations and $20,000 for their festivals for a total of $70,000 to the Englert. Motion carried (2-0, Bergus recused). Ford invited Andrew Sherburne, Cofounder and Executive Director of Film Scene to speak next. He reported that FilmScene has had a tremendous year with continued challenges coming out of pandemic. He said the good news is that overall attendance was 57,000 people, and that, while the industry is still coming back to life, more people are coming downtown to see movies than ever before. The industry as a whole is now running at about 55-60% of prepandemic levels, yet FilmScene is outperforming national numbers and running at about 65% of their prepandemic levels, he thinks, because they are engaged with the community. For example, they just came off a record number of students in summer camp, to which they said yes to every requested scholarship. May through October they presented free movies in the park, a big hit. It is easier for partner orgs to come to screen a film which has the side benefit of raising money for local non -profits. They also raised money to Launch the Refocus Film Festival a couple weeks ago with great attendance. 23% of the ReFocus Film Festival attendees came from outside the market which is good since movie theaters tend to attract a much more local audience. Festival attendees came from 22 different states. ReFocus is already the 2n1 largest film festival in Iowa. Ford mentioned the new Tourism Grant offered by Think Iowa City for grants up to $30,000. Thomas moved and Alter seconded a motion to approve a recommendation to the full council for $25,000 for operations and $7,000 for Refocus Film Festival. Motion carried (3-0). Adam Knight, Executive Director of Riverside Theatre was next to speak. He said that since he last spoke to the committee, they have opened new venue downtown and begun a great new chapter for the theater. This year already they have welcomed more than 6,000 patrons to their events. Riverside is the only theater left in Iowa that employees equity actors. He talked about the Natasha, Pierre & the Great Comet of 1812, a Broadway musical they produced in March, and how fantastic it was in the new venue. Riverside was only one of 3 theaters in the nation that got the rights to that play, a result of their esteemed national reputation. However, with only 150 seats to fill, selling those out, having the biggest hit in a number of years they still lost $28,000 on the show. Ticket sales are generally 40% of their annual income. Free Shakespeare in the park is a real jewel in Riverside's programming. 2,271 EDC 11.29.2022 packet page 3 patrons attended this with 50% reporting they'd never attended a Shakespeare play before. Free Shakespeare in the Park gets new people to the theater. This year, the theater employed 100 artists, 79 of whom were local. Every single person who works at the theater is paid. This is the theater's 4t" year of gender parity, where at least 50% of the actors were female identifying, trans, or binary, and 32% were BIPOC. The new venue has afforded the theater to space to do a lot of collaborative programming which serves build the cultural ecosystem. The new space has also required budget increases, especially in staff. One of the new staffers is an education coordinator, and one of the things they'll do is restart Will Power and get back into the high schools. They are requesting renewed support of $20,000 but want the committee to understand the tough financial headwinds. Audiences are coming back to prepandemic levels. City's support crucial, at 2.5% of budget, but it was once 5% of budget. Thomas moved and Alter seconded a motion to approve a recommendation to the full council for $20,000 for Riverside Theatre. Motion carried (3-0). Board Chair, Chace Ramey, presented for Summer of the Arts (SotA) and mentioned that Lisa Barnes and Eric Johnson, SotA staff and Abby Restko, another Board Member were in the audience, too. Ramey acknowledged understanding budget woes as his day job is with the ICCSD, also facing funding challenges. He started by reminding the committee that all Summer of the Arts events are free to the community. The number of free arts programming hours has increased significantly, while total funding has decreased. SotA events provide a huge economic impact to community —Americans for the Arts study estimates that festival attendees spend at least $25 per person in the community. During COVID, they expanded into the neighborhoods with Music on the Move and the Free Movie series presenting in parks and in a drive-in format at the Airport. This year, they are requesting an increase from $67,000 to $80,000 to cover increased costs. They noted that City support has been the same since 2013, and the City is getting more programming for the same amount of support. Alter asked what amount is in the budget line in Economic Development. Fruin answered that the numbers voted on here today get placed in the draft budget that council approves in early 2023. Bergus asked about the scope of programming, and if the City of Coralville has supported SotA. She also asked if the $25/pp spent goes to local businesses or businesses based out of town. Barnes answered that Coralville does not support SotA, other than to sponsor a small event. She also noted that a majority of their food vendors are local. She also talked about collaboration with downtown businesses and being good partners in the community, for example, working to limit road closures. Alter moved and Bergus seconded a motion to approve a recommendation to the full council for $67,000 for Summer of the Arts. Motion carried (3-0). Alter noted that a theme she is seeing is that programming is expanding and everyone is struggling financially. She asked why organizations do that. Ramey said the community is changing and it is becoming more important to "meet the community where they are." The passion and love for the arts by the organizations is what drives this. Thomas stated that so many nonprofits are struggling and that it is frustrating to see how long funding has been flat, but that looking forward it is important to acknowledge the increased funding need. John Kenyon, Executive Director of the UNESCO City of Literature presented next. He said they are inching back to prepandemic levels of programming. The time during the pandemic allowed them to look inward and see things that the community needed in a different way, such as presenting events virtually. He explained that they are still meeting these needs, because people really appreciated the EDC 11.29.2022 packet page 4 virtual programming options, while at the same time, working back to doing everything they always did in person, as well. He too noted that collaborations are critical, and for the 40 Book Festival events they presented this year, 18 of those were major collaborations with other organizaitons. One of the things they are trying to do with their programming is to contribute and enhance ongoing community conversations about current issues such as race. This allows people to stay engaged with the conversation and enrich themselves intellectually. For example, the talk with Jim Throgmorton about his new book, Co -creating the Just Citv has much to do with equity. Kenyon noted that he is also serving as coordinator for the 42 cities of literature all over the world and as such, he knows that that the world knows IC is a literary hub. Bergus moved and Thomas seconded a motion to approve a recommendation to the full council for $60,000 for the UNESCO City of Literature. Motion carried (2-0, Alter recused). Staff Report Ford repeated information about the Think Iowa City grant opportunity. Fruin spoke about the importance of these partnerships with the City and how valued they are. Bergus was appreciative of the collaboration of the arts community, and noted she liked the recurring theme of meeting people where they are and really wanting to bring things that are important to the community. Thomas echoed the sentiments saying that the group today is a fabulous team and deserves the City's thanks. Alter said she was struck by the term cultural ecosystem and how all were working so well together and recognized how difficult the times are. Committee Time Since most of the committee was new and had not met in a year, Fruin reminded them the committee reviews these arts and cultural requests every year and when there are TIF projects, the first review of those, too, along with other programs we create. He invited the committee to provide any feedback and guidance as we continue to support workforce, arts, culture, and both small business and large. Bergus suggested looking at the broader economic development efforts, such as ongoing conversations with the Business Partnership, ICAD, Think Iowa City, and Better Together. Fruin mentioned ARPA funding and reminded the group they had prioritized some of the more urgent matters, but we did have a portion of funding set aside for Small Business, Arts and Cultural Community, and Tourism. He noted that $125,000 of that had been directed to Think Iowa City for the Tourism grant program, and $125,000 to them for lost hotel motel tax. He noted of the roughly $1M to spend, only $250,000 had been committed to date. Bergus asked about frequency of meetings. Fruin thought a good time for the next meeting might be after the budget was done, so perhaps, early March. Other Business None Adjournment Thomas moved, Alter seconded that the meeting be adjourned. Motion carried (3-0) EDC 11.29.2022 packet page 5 Council Economic Development Committee ATTENDANCE RECORD 2020-22 TERM 01/27/20 07/13/20 12/09/20 10/27/21 10/19/22 NAME EXP. Megan Alter 01/02/24 --- --- --- --- X Laura Bergus 01/02/24 --- --- --- --- X John Thomas 01/02/24 X X X X X Susan Mims 01/02/22 X X X X --- Mazahir Salih 01/02/22 X X O/E X --- Key: X = Present O = Absent --- = not a member O/E = Absent/Excused EDC 11.29.2022 packet page 6 li t WOOL, •+®�� I CITY OF IOWA CITY UNESCO Cm OF LITERATURE CITY OF IOWA CITY MEMORANDUM Date: November 25, 2022 To: Economic Development Committee From: Wendy Ford, Economic Development Coordinator Re: FY24 Funding Requests Introduction Each year the City Council Economic Development Committee considers requests for funding from the Community Development line in the Economic Development Division's budget. Your committee reviewed arts organization's requests last month. This month, we ask you to consider a recommendation for funding two business development organizations. The Multicultural Development Center of Iowa is a relatively new organization which has received funding each of the previous two fiscal years and is requesting continued support for FY24. INCubate, a BIPOC Business Accelerator program provides training, networking, industry - specific mentors and access to tools and resources for cohorts in the program. To date, more than 30 small business owners have taken part in three cohorts and gained necessary skills, mentorship and technical assistance for starting and growing their businesses. It is a volunteer led organization and its registrants attend at no charge. Along with the work at INCubate, Tracy Jon Sargeant also provides stem education for groups of kids of color at no cost to families, runs the Innov8 Lab in Iowa City to help entrepreneurs bring their ideas to life and has begun efforts to become an affiliate of the ICC, a financing organization designed to get loan funding in the hands of entrepreneurs. The Entrepreneurial Development Center, Inc. more familiarly known as EDC, Inc. was incorporated in 2003 to improve the economic vitality of the region through the creation and growth of high -impact, scalable entrepreneurial businesses. While based in Cedar Rapids, they serve businesses on both ends of the 1-380 corridor and have stories of Iowa City businesses they have helped. The EDC is requesting continued funding in the amount of $25,000 for FY24. EDC, Inc.'s work focuses on enabling high potential businesses to grow and thrive. Curt Nelson, President and CEO, has developed a "recipe for business success" which EDC uses in guiding business growth. The recipe calls for six ingredients including marketing, development, sales, operations, information technology and finance. EDC's approach is to ensure that clients have the right amount of each. They gain an understanding of the client's needs and provide expertise by building strategic networks for their clients. They are also well connected to financial resources for their clients. EDC 11.29.2022 packet page 7 History of Citv funding 2024 Fiscal Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 request Entrepreneurial Development Ctr. 6,250 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 MDClowa 25,000 25,000 25,000 Recommendation Iowa City has spent the last several years building a community that fosters entrepreneurs. Years ago we assisted in getting the CoLab started and have followed that with strong support of MERGE. These operations have proven critical to early -stage support for some very successful companies. For these reasons, staff supports a recommendation to the full City Council for budgeting the requested amounts for both organizations for FY24 from the Community Development Assistance line. EDC 11.29.2022 packet page 8 O W A November 22, 2022 City of Iowa City Council Economic Development Committee 410 E Washington St Iowa City, IA 52240 STEM FACTORY 1927 Keokuk St, Iowa City INNOV8 LAB 1222 S Gilbert Ct, Iowa City 319-333-0600 RE: INCUBATE BIPOC Business Accelerator program support www.MDCIOWA.org I wanted to take an opportunity to thank the staff and council members for the support of the BIPOC Business Accelerator program, INCUBATE. Without the financial support from the City of Iowa City, this program would not exist and many of the entrepreneurs we serve would not have been able to grow their businesses or survive during the pandemic or recent economic uncertainty. Since the inaugural cohort in 2021, MDC Iowa has provided training, networking, industry -specific mentors, and access to tools and resources to more than 33 small business owners from our communities of color in Iowa City. These businesses have contributed to our local economy with tax revenue, created new jobs, and have started to create generational wealth for their families. As a nonprofit and 100%volunteer-led organization, MDC Iowa depends on public funds to sustain this critical program for our underserved and underestimated members of our community. The continued support from the city will allow us to focus on making economic development more inclusive and increase the diversity of entrepreneurs in high -growth industries like information technology, healthcare, and construction. If you have any questions or want to learn more about how MDC Iowa supports our community, please feel free to contact me at tracyjon@mdciowa.org or 319-333-0600. 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Washington Street Iowa City, IA 52240 Dear Wendy & Committee, For the past 19 years, EDC has been actively engaged in the creation and growth of high -impact businesses in Iowa, with a strong focus on the Iowa City — Cedar Rapids Corridor. Over this time, the 1,250+ businesses supported by EDC have created over $4.2 billion in economic development impact (Please see attached 2021 Stakeholder Report for details). In the past year, EDC invested time directly in Iowa City working with the companies listed below. Exciting for Iowa City is the continued expansion of Viewpoint Molecular Targeting, and the ongoing impact of the Pear Deck exit. I will speak to both of these when I am with you on November 29`n IOWA CITY ENGAGEMENT 2022 Raised Capital Created Jobs in 2021 UpStream, LLC No 0 Oasis (Hummus) No No (pandemic related) Steel Therapeutics Yes 4 Ellipsis Solar No 0 Harvest Increase Yes 0 Viewpoint Molecular Targeting Yes 22 IOWA CITY IMPACT Impact 2021 Program to Date Capital raised & deployed $5,403,262 $48,361,457 Private vs Public ratio $2,969,731 (Private) vs. $ 36,548,731 (Private) vs. $2,433,531 (Public) $11,812,726 (Public) Increased business revenue $3,233,398 $144,682,572 New jobs created 21 427 Average wage $73,802 $62,656 New payroll added $5,756,524 $64,612,332 New businesses started 2 21 Total impact $14,393,184 $257,656,361 EDC's engagement in Iowa City and the related area has been significant and consistent year after year. EDC is an active partner of the University of Iowa, working on the commercialization of University technology development. EDC also works with JPEC and the Venture School toward this same goal. EDC is also an active partner of ICAD and the Ed -Tech Collaborative. EDC 11.29.2022 packet page 20 The funds needed to support EDC operations come from over 120 public and private supporters. Our largest public supporters include the City of Cedar Rapids and the State of Iowa. The Cities of Coralville, Hiawatha, and North Liberty also provide annual support. A majority of EDC's funding comes from supporters outside of Johnson County, so it is very important to the entrepreneurs in Iowa City / Johnson County that EDC maintain / grow the amount of support provided from that region. To that end, EDC is requesting the same amount ($25,000) for fiscal year 2024. Thank you very much for your continued support. sin c I ,�� Cur Nelson EDC 11.29.2022 packet page 21 ti edc Accelerating Iowa Business Driving economic growth through the creation and expansion of high -impact Iowa businesses. EDC 2021 Stakeholder Report W' MSD Sales EDC Stakeholder Report 2021 Dear EDC Stakeholder, 2021 came on the heels of one of the most unusual business years of our lifetime, and brought with it new challenges. "Supply chain" and "labor" were the buzzwords of the year, with nearly all EDC clients impacted in some way. It was not unusual to have businesses execute price increases and shipment delays multiple times throughout 2021. Late, unavailable, and cost creep defined supplies and material and Iowa's entrepreneurs felt the impact. Despite the challenges, 2021 was a strong year for client revenue growth, with those we measure being up in aggregate by nearly $300 million, creating roughly 275 jobs at an average wage of $78,000, well above the Corridor average. Businesses were able to navigate the new normal in creative ways and this is expected to continue through 2022. Last September we reached our 18-year milestone at EDC, and what started out as an advisory service has become much more. Helping first-time entrepreneurs or seasoned legacy business leaders create success through their own hands is a commonly misunderstood process. Providing knowledge that can and will be acted upon requires understanding and desire. The true skill needed is the ability to help highly passionate and driven individuals Learn what they don't know, value what they have not valued to date, organize in a manner completely counter to their profile, and thread a needle in the dark in bringing a new entity to life, or scale an existing one around those shortcomings. Candor, knowledge, wisdom, eloquence, strength, patience, relevant experience, and an undying passion to help success evolve through others define the profile of the talent needed to help business leaders maximize success. It is difficult to get a real sense for the value EDC provides and how that value is delivered until you have lived it for some time. The actual success and related stories belong to entrepreneurs willing to risk it all and it is to them that the team at EDC dedicates our time. We thank our stakeholders for providing the support needed to impact people's lives and improve our region's economy on a daily basis. In this report you will read statistics and testimonials that attempt to bring to you a piece of the daily work that your funding supports. Sincerely, Curtis R. Nelson President Er CEO "The EDC team has been incredibly helpful with my startup. From accounting, contracts and legal assistance to networking and marketing, they have played a major role in growing my company." Michael Schaeffer, Founder, Farmpost App EDC thanks our stakeholders for their generous support of Iowa's entrepreneurs. Alliant Energy. ^r a CITYF IOWA CITY UN(S(0(Irv01(I((MIUU A�MM,qq CORALVILLE EDC 11.29.2022 packet page 23 CEDAR RAPIDS BANK & TRUST 1/ CEDAR RAPIDS City of Five Seasons, 11\v]E R1H In r.....' r in...... 1 11—­.. 13 BAZOOKA FARMSTAR S`COMPANIES Mission EDC was formed in 2003 with the mission to stimulate Iowa's economic growth through the creation and expansion of high -impact businesses. More than 18 years later, EDC remains focused on this mission, having now supported over 1,200 Iowa businesses and assisting in the generation of over $4 billion in positive economic impact. Why Support EDC? EDC is unique in its ability to provide ongoing hands-on support for Iowa - based companies with high -growth potential. EDC's team of seasoned business experts works in tandem with business leadership to accelerate progress and expand Iowa's economic footprint. At the core of a vital and sustainable economy are high -impact Locally owned and operated businesses because it is those businesses and Leadership that: • Create wealth that gets re -invested Locally through: AS Philanthropy by founders and executives who support a community's amenities and social services AS Land development as they build the architectural skyline that will fuel and define a community for decades AS Community ownership and the dedication to building an environment in which others will want to live and do business I, RsnA BRADm &May nrnrvv...n aes 11uK Mnnm.lw'K tln W MreatAmerica �FIH•ROI•C SERVICES HARD WORK • IMERRM . EMCFLFXCE ufdA IS Attract and retain the best and the brightest talent including: IS Broader workforce with more diverse skills IS More educated workforce with future leadership skills IS Retain local services, resulting in additional job creation at entities such as: IS Law firms IS Accountingfirms IS Banks IS Marketingfirms IS Create community leaders who: IS Provide the leadership and resources needed to make major economic development change happen FARMERS STATE &ANK Vbl* 1� (D GreenState CREDIT UNION 0 CRYST iKcunuiG1 MATERIAL INC. JDhn THE Pappajohn UNIVERST1Y Entrepreneurial OF IOWA Center �% BankersTrust EMIM Hiawatha!- 16 North Liberty SIMMONS PERRINE rth EDC IJ ac et MOYER BERGMAN Prc Shuttleworth "A IAGj.R page 24 2021 Impact EDC engaged with 103 area businesses this past year; helping with creation, expansion, funding, strategic direction, marketing planning and execution and overall business growth. Active Clients EDC currently supports thirty-two (32) clients at the following stages: IS Six (6) of the clients are start-up or pre - revenue businesses seeking assistance with market research/validation, business planning and capital raising. • Fourteen (14) of the clients are early -stage businesses seeking growth and capital assistance. • Twelve (12) of the clients are well -established area businesses seeking growth or restructuring assistance. 2021 Client Impact Early -Stage Businesses Start-ups or Pre -Revenue Businesses Well -Established Area Businesses The table below provides information on the economic impact of EDC's clients for 2021, as well as the results since the program's launch in 2003. Annual Impact (2021) Number of businesses supported 103 New revenue generated $291M Capital raised $41M Net direct jobs added 276 Average wage $78,819' New payroll created $96M Total impact $429M Program to Date (2003-2021) 1,279 $2.66 $809M 3,276 $73,688 $768M $4.213 In 2021, EDC worked with companies in these cities: IS Ames IS Ankeny IF Cedar Falls IS Cedar Rapids IS Columbus Junction IS Coralville IS Hiawatha IS Davenport IS Des Moines IS DeWitt IS Dubuque IS Fairfield IS Iowa City IS Keokuk IS Le Claire IS Mt. Vernon IF Maquoketa IS North Liberty IS Oelwein IF Sioux City IS Spirit Lake IS Swisher IF Urbana IS Washington ®bank. rAJ TEC tron� �� _ ❑\ Linn Count. Hume E tivir Cooprnli t , ANi,iavN: m. nvlv`X .H.e]([:i M51 MWd HtWNn berganKDV n n oogy 40C BANK e5i ITRANSAXIERICA NYEMASTER OH ANK&TRD OMPA Nate N I c s MobileDcmaod ,•.,<«._M .o'Iw�r- RIVERSIDE CASINO A GOLF SISSON! EDC 11.29.2022 packetM page 25 "in 2016, EDC engaged with us to help better understand our market growth opportunities. Our business nearly doubled over the next two years to the point where we re-engaged with EDC in 2018 to help us improve our manufacturing processes to keep up with orders. Having an organization like EDC available at critical times has been a great help to me and my team. EDC continues to push me and my team to think strategically and not just tactically. With EDC's help, we have established goals and metrics and created a cadence that produces results based on a solid plan:" Eric Hahn, Managing Partner, Bazooka Farmstar "The EDC provides us with long-term advice and assistance in our strategic planning, this year in both general leadership and marketing. The reliable and insightful team at the EDC always can provide tidbits that help us long term. Given their interaction with thousands of entrepreneurs and small businesses, they've seen it all and can lend help by experience." Matt Miller, Founder and CEO, Mobile Demand "in 2016, EDC helped to launch my third startup in 17 years. In 2021, the team at EDC continued to provide expert advice, especially in marketing, business direction and capital raising. The thing I value most about EDC is the honest feedback. They are great at exposing potential weaknesses in my business strategy and helping to align solutions for them. The continued mentorship that the team at EDC provides has been critical to the growth of my companies over the years" Greg Edwards, CEO, Watchpoint Data Eric Hahn Matt Miller Greg Edwards = HGI s>~ l Inteconnex. Iowa venture iJ� Me,:::.Revv V O CryptoStopper AHMANN PLcX. Cliekstop "� _ 1.., 99 © TOYOTA BANK( frF' Mkw-stolx• "ONI VOW a rtI.Ear a�E ���...,.�..,.;... Otlx Bank oasis sHIVEFIAT ER RA/SER 15 CI 1 vation readywirelesss kV-Wt qR H inc.EE-11.29.2022 packet HILLS BANK page 26 "The EDC is a critical resource for Inteconnex, especially in these challenging years. They assisted through general business strategy, sales, marketing and financing counselling that enabled Inteconnex to grow and prosper through the pandemic and derecho disasters. I especially value a critical3rd party review of Inteconnex's progress as we build and grow the business, and recommendations for improvement in each stage of our growth. EDC continues to provide additional services in areas where our expertise is weaker. The EDC is a core member of the Inteconnex team:" Marc Meyer, President, Inteconnex "EDC is an excellent source of knowledge and we have used a lot of it. The EDC team helped us with a major rebranding of our Oasis Street Food hummus. It was a huge undertaking and EDC's expertise was invaluable." Naftaly Stramer, Co-owner, Oasis Street Food L eldc Accelerating Iowa Business 230 2nd St. SE, Suite 212 • Cedar Rapids, IA 52401 319-369-4955 • www.edcinc.org Marc Meyer Naftaly Stramer 110 V I acumen pi ((','� COMMUNITY -�Y �R GibbsLambOrown C83 SAVINGS NK .,mm.,00ER '—t m. R H.� .SBA •am�.nnn LJ HOGAN HMSEN �.. ......,.-"'"�" ■ ,,, w �w4-Manwealth Fi[MVCAMP KiurzorR IM�� �. Management NexfLevel t s tt vn CLIMATE POINTmo■ BUILDERS _.�.... AMANA Nerracon rMbank. 10wa City LLRLIR® Ctu. COLLEGE GR"VFNT1 K1 PARTNERS EDC 11.29.2022 packet page 27