HomeMy WebLinkAbout06 03 2015 Technology Village Agenda BOD ' 0 GY
Technology Village Board of Directors
0 Meeting Agenda
Wednesday, June 3, 2015
4:00 p.m.
tiJF
City Hall, Little Prior Conference Room
1. Call to Order
2. Approval of Meeting Minutes
a. May 14, 2015
3. Old Business
a. Lunch and Learn Event
b. Technology Village Participant Breakfast Meeting Follow-Up
4. New Business
a. Scott County First Stop Shop Discussion - Stacy Crakes, FSS Business
Development Manager
b. Technology Village Phase III RFP
5. Staff Update
a. Technology Village Website Revisions
b. Outstanding Ventures Update
c. Linkedln Promotion
d. Technology Village Metric Report— May 2015
e. Action Item Update
f. Board Member Ideas/Recommendations
6. Adjourn
Phone:952.447.9813/Email:drogness a cityofpriorlake.com/www.cityofpriorlake.com
Y(jo GCITY OF PRIOR LAKE, MINNESOTA
TECHNOLOGY VILLAGE BOARD OF DIRECTORS
A1� MEETING MINUTES—May 14, 2015
1. Call to Order
The meeting was called to order at 4:07 p.m. in the Little Prior Conference Room at City Hall. Members present: Gerry
Hughes, Lori Frank,Adam Proehl, David Rech. Members absent: Dan Stratton and Ken Hedberg.
Staff present: Dan Rogness and Casey McCabe.
2. Approval of Meeting Minutes
a. April 1,2015
MOTION BY FRANK and SECOND BY RECH to approve the April 1, 2015 meeting minutes. The motion was
approved 4-0.
3. Old Business
a. Scott County CDA Grant Application Update
Rogness:informed the board that the Scott County grant application for study of the Phase III Technology Village
program was approved by the City Council and the grant has been awarded in the amount of$12,500. The
grant will be matched by the EDA for a total estimated cost of$25,000. Staff will draft an RFP and email to the
board for comments. Staff expects to send the RFP out within 30 days.
Board Members: recommended checking with other cities and organizations to identify consultants to send the
RFP once it is completed.
b. Outstanding Ventures Meeting Update
Hughes&Rech:summarized their meetings with Outstanding Ventures; Hughes on April 21st and Rech on May
7th. Both members felt Outstanding Ventures could help, and benefit from, current program participants.
Outstanding Ventures would be a virtual participant and the board recommended the next work session be
dedicated to establishing a virtual accelerator program plan.
Board Members:directed staff to follow-up with Outstanding Ventures with a status update and to verify they still
have interest in participating in the Technology Village program. If there is still interest, inform the applicant the
board should have a virtual plan in place in approximately 60 days and encourage the applicant to draft a hybrid
business plan for board review.
c. Virtual Technology Village Membership Discussion
Board Members: recommended devoting the next work session to creating a plan for virtual Technology Village
participation where participants would not have an office but still receive program benefits.
d. Lunch and Learn Event—Date and Topics
McCabe: reviewed suggested topics from program participants, which included: i) how to find motivated and
effective sales employees for a start-up; and ii)a lecture about business finance,taxation and accounting.
Frank: suggested a discussion related to receipt of payment. Ms. Frank thought a local American Express
representative or another presenter could discuss new technology which is changing how payments are
accepted, security requirements and liability. Ms. Frank has a contact who may be interested in presenting at
Phone:952.447.9813/Email:drogness@cityofpriorlake.com/www.cityofpriorlake.com
the next lunch and learn event. Ms. Frank will contact and schedule a mid to late July session, mid-week
(Tuesday—Thursday)from 11:30 a.m.to 1:00 p.m.
Board Members: also discussed the programs and resources offered through the Scott County Library as a
potential topic for a future lunch and learn event.
e. Valde Group Board Advisor
MOTION BY HUGHES and SECOND BY PROEHL to appoint Dan Stratton as the Technology Village board
advisor to Valde Group. The motion was approved 4-0.
4. New Business
a. iWMS Global Board Advisor
MOTION BY RECH and SECOND BY FRANK to appoint Adam Proehl as the Technology Village board advisor
to iWMS Global. The motion was approved 4-0.
b. SBA Grant Application
Rogness: informed the board that the SBA has announced funding availability for The Growth Accelerator Fund
Competition. The Technology Village board applied for, but did not receive, the $50,000 award in 2014. Mr.
Rogness stated the major change this year is the requirement for a 4 to 1 match. Last year no matching funds
were required.
Board Members: discussed the program and chose not to pursue the SBA funds due to the matching fund
requirement.
c. Technology Village Participant Breakfast—Date and Topics
The next Technology Village participant breakfast was scheduled for Tuesday, June 2, 2015, 8:30 a.m. Staff
will send an invitation to program participants. Board members discussed topics to include: new participant
introductions; Technology Village Phase III grant, updates from board and updates from participants.
5. Staff Update
a. Technology Village Website Revisions
McCabe: informed the board that staff has made some minor revisions to the Technology Village website and
staff needed additional assistance to complete the more complex revisions. Mr. Proehl offered to assist. Staff
will schedule a meeting with Mr. Proehl to complete the remaining website updates.
b. design a tivity Office Space
McCabe:informed the board that design a tivity has moved to a new office space in the Main Street office building
above the former Carquest Auto Parts.
Board Members:confirmed that design a tivity will still be considered a program participant and encouraged their
continued involvement in program activities and interaction with their board advisor and attendance at future
events.
c. Technology Village Metric Report—April 2015
Board Members: reviewed and discussed the April 2015 Technology Village metric report.
d. Action Item Update
Board Members: reviewed the pending action items. Hughes asked the board to prioritize collaboration
opportunities with FSS, SCALE (TED Group), SCORE, Open to Business. Board members identified: 1)
SCORE; 2) FSS; and 3) Open to Business. Rogness recommended inviting Stacy Crakes from FSS to the next
board meeting.
e. Board Member Ideas/Recommendations
Hughes: asked about scheduling a meeting with Harlan Jacobs. Frank recommended the board meet with Mr.
Jacobs at the July work session after the virtual accelerator program is discussed during the June work session.
Frank also recommended sending a list of discussion points to Mr. Jacobs prior to the work session so he is
prepared for the discussion.
Board Members: recommended putting together a short Technology Village PR campaign to be sent through
Linkedln. The marketing material should include a reference to a south of the river accelerator, Technology
Village logo,website link, etc. Staff will draft for board review.
f. Next Meeting Date
Board Members: due to member unavailability, the board decided to cancel the May 20th work session. The
board will meet next at their regular meeting on June 31d at 4:00 p.m.
6. Adjourn
MOTION BY RECH and SECOND BY PROEHL to adjourn the meeting. With all members in favor, the motion was
approved. The meeting adjourned at 5:27 p.m.
Submitted by: Casey McCabe
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4646 Dakota Street SE
Prior Lake,MN 55372
FNs°
CITY OF PRIOR LAKE, MINNESOTA
REQUEST FOR PROPOSALS
TECHNOLOGY VILLAGE BUSINESS ACCELERATOR PROGRAM
The City of Prior Lake,Minnesota invites you to submit a proposal to evaluate the City of Prior Lake Technology
Village Business Accelerator program(Technology Village)with:
➢ Recommendations for program expansion;
➢ Recommendations for a program director position;
➢ Identify funding necessary for program expansion;
➢ Identify funding sources to support program expansion; and
➢ Identify necessary next steps and an implementation schedule to achieve program expansion.
BACKGROUND
The City of Prior Lake Economic Development Authority(EDA) established the Technology Village Business
Accelerator in January 2013. With multiple support services and a professional office environment, the Tech-
nology Village program offers emerging technology businesses the support and assistance necessary to nurture
and accelerate business development. The Technology Village program currently has seven new Prior Lake
businesses with a.combined total of 22 new employees. The available office spaces for the Technology Village
program are full and the funding necessary to support the program participants is limited. An analysis of the
current program and recommendations for expansion are desired to determine how to build upon the program
success and identify the best strategies for program expansion in Prior Lake and potentially to other Scott
County,Minnesota communities.
SCOPE OF WORK
The selected consultant will recommend the best option(s)available to expand the Technology Village Business
Accelerator program. At a minimum,the following analysis shall occur by the consultant:
➢ Review and evaluate the Technology Village Phase 1I.2 Business Plan.
➢ Identify existing and successful regional accelerator programs of a similar scale (public sponsorship).
➢ Develop options for program expansion.
➢ Provide recommendations for a program director position.
➢ Identify funding necessary for program expansion.
➢ Identify funding sources available for program expansion.
➢ Recommend next steps and an implementation schedule.
➢ Consider partnership or sponsorship options with local businesses, Scott County and other Scott County
communities.
At a minimum,the proposal must include the following meetings:
➢ One initial meeting with city staff and the Technology Village Board of Directors.
➢ One meeting with Technology Village program participants.
➢ One progress meeting with city staff,the Technology Village Board of Directors and/or EDA.
➢ A final presentation meeting to city staff,the Technology Village Board of Directors and the EDA.
SCHEDULE
It is anticipated that the scope of work will be completed no later than December 31, 2015, which may be
extended upon mutual agreement of the City and consultant. It is anticipated that the city will enter into a
contract with the selected consultant by July 31,2015.
BUDGET
The estimated budget for the work is within the range of$20,000 to$25,000 with partial funding being provided
by the Scott County Community Development Agency.
PROPOSALS
Written proposals should include the following information:
1. Project Approach—The proposal should reflect the firm's understanding of business accelerator/busi-
ness incubator programs.
2. Work Plan—The proposal should address how the scope of work is to be accomplished with a defined
schedule and the methods employed by the consultant; each task must include a breakout of hours,unit
rate and overall cost.
3. Project Personnel—The proposal should clearly identify the names of key personnel and each person's
individual role/responsibility; it should provide resumes of persons to be involved in this planning pro-
cess.
4. Relevant Experience—The proposal should provide examples of other similar projects undertaken for
public and/or private clients, including references.
5. Performance—The proposal should describe resources available in the firm to accomplish this planning
process in a timely manner, including a description of other projects currently underway or anticipated
during the project timeline.
6. Conflict of Interest—The proposal should identify any possible conflicts of interest.
SELECTION PROCESS
City staff will review all complete proposals and forward a recommendation to the City of Prior Lake EDA for
its consideration on July 20, 2015. Proposals will be evaluated by criteria, including but not limited to the
following:
➢ Clarity and structure of the proposal, including how well it fits with the city's objectives.
➢ Suitability of the project approach, including a schedule that works well within the project timeline.
➢ Qualifications and expertise of key personnel assigned to this project, including the firm's experience
with other similar projects.
➢ Project cost and the firm's ability to perform the work in a timely and cost-effective manner.
➢ Potential conflicts of interest.
OUTCOME
The outcome of this study shall be a report with recommendations from the consultant to the city concerning i)
the current state of the Technology Village program; ii) options for program expansion; iii) recommendations
for a program director position; iv) necessary funding to expand the program; v) available funding sources to
accomplish program expansion; vi) next steps and an implementation schedule to track and achieve program
expansion; and vii)partnership or sponsorship opportunities with Scott County and/or Scott County communi-
ties.
2
PAST REPORTS,PLANS &INFORMATION
➢ Technology Village Business Accelerator Website
http://www.technologyyillage.net/
➢ Technology Village Phase II.2 Business Plan(2015)
➢ Technology Village Phase II Business Plan(2014)
➢ Technology Village Business Plan(2012)
SUBMITTAL
Five (5)paper copies and one electronic copy of the proposal must be addressed to:
Dan Rogness, Community&Economic Development Director
4646 Dakota St. SE
Prior Lake,MN 55372
Email: dro ng ess@cityfpriorlake.com
Phone: 952.447.9813
DEADLINE: Proposals are due by Friday,July 10, 2015 by 4:30 PM
3
Draft LinkedIn promotional piece for discussion&direction.
o� F 0
U
�rNNESO�A
Take Your Startup Business to the Next Level
Located just south of the river, the Prior Lake Technology Village Business Accelerator opened in 2013
and is now is home to seven participant businesses working in the fields of graphic design, software &
database development, cash management solutions, application development and electronic transaction
processing.Together,these seven businesses have brought twenty-two new jobs to the City of Prior Lake.
Technology Village and its advisors accelerate the growth of technology-based businesses by providing an
affordable office space, mentoring and guidance from experienced business professionals, business
development assistance and professional networking support all within an entrepreneurial environment that
encourages collaboration.
Technology Village is now accepting program applications. For an application or additional information,
please visit us at www.technologyvillage.net or contact Dan Rogness at drogness@cibLofpriorlake.com or
952-447-9813.
Technology Village Goals and Metrics
(May 1-31, 2015)
Mission Statement: Technology Village supports the growth of emerging technology-based businesses within
an entrepreneurial environment that encourages collaboration, fosters job creation and provides connections
to local and regional resources.
2013 Goals
➢ Acceptance of three program participant applications in 2013.
➢ Develop a system to track and report on the listed metrics.
➢ Establish a network of financial resources — MN Angel Network, bank financing, Small Business
Development Center, City of Prior Lake loan and/or grant funds, etc.
➢ Technology Village Phase II Progress: develop a Technology Village Phase II Business Plan.
2014 Goals
➢ Obtain funding approval necessary to maintain Phase I and then fully implement Phase II Business Plans
➢ Support and retain existing Technology Village businesses through direct assistance, networking and
resource development
➢ Establish an adequate pipeline of technology businesses that will allow the continued full use of the
Technology Village program
2015 Goals
➢ Continue to support and retain existing Technology Village businesses through direct assistance,
networking and resource development.
➢ Establish a pipeline of technology businesses that will allow the continued full use of the Technology
Village program while retaining the six existing program participants and identifying a minimum of two
additional program participants.
➢ Develop a plan to transition into Phase III of the Technology Village Business Plan, which includes
identifying additional funding sources to support a stand-alone facility. Phase III would allow Technology
Village to expand its primary focus of supporting technology related businesses to a wider variety of
businesses.
2015 Key Performance Metrics
o Program Participant Contacts: Quarterly meetings between existing program participants and Technology
Village Board of Director Members.
Technology Village BOD Quarterly Meetings
Program Participant Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015
design a tivity X X X X X
ICP X X X X X
Valde Group
MyCarte X X
Local Vibe X X
etaKnowledge X
iWMS Global
Assigned program participants board sponsors are as follows:
• Design a Tivity—Rech • Local Vibe—Frank
• ICP—Hughes 0 etaKnowledge LLC—Hughes
• Valde Group—Stratton • iWMS Global—Proehl
• MyCarte—Proehl
o Program Participants: number of businesses participating in the Technology Village Program.
Program Participant Businesses
8
6 7
5 6 6 6 6 6 6 6 6 6 6 6 6 6
4 5
3 . .
4 4
2 3
1 2 2 2 2 2 2 2
0 ®-® -
C i T C w a > U C -0 i A C - w a — > U C M i >
vWi O Z 0 - , Q Q (% � Z 0 9 UT_. Q �
o Employment: number of people currently employed by program participants.
Total Employment
25
20
15 1E If U if U
10
8 9 9 9 9 9
5 v --- --
a FU f 1 �l [ �l Cil Cil Cil I''J
�, ---
m m m m m m m m m m m m lt � �t �t .zt �t �t d' �* �t V � m m m m m
++ > U C M L >- C w Q +' > U C -0 i >
N 2 Q @ Q c) OU Z O o i Q E a cn OU Z 0 �o LL r° Q ro
M 9
o Vacancy/Occupancy Rate: percentage of City Hall Technology Village space under lease agreement.
City Hall Occupancy Rate
100.0%
80.0%
60.0%
40.0%
20.0%
m m m m m m m m m m m m � � � ,t �t �t �t ,t �t -t �t ,tin uo m m m
C > C tin a + > U C -0 > C bD a + > U C .n >
LL Q Q N O Z o LL Q 3 Q cn O Z 0 LL Q
*Assumption-1,211 total leasable square feet
o Total Square Feet Leased; public (City Hall) and private office space.
SQUARE FEET LEASED
5,000
4,000
3,000
2,000 -
1,000 _
0 -
,y3
4a 40 �eQ � �a� 40
Public Private
o Applications: number of program applications received, reviewed and accepted.
7 Application Process
6
6
5 4
4 333 3 3 3 3 3
3 2 2 2 221222 2 22 1 •
1st Q 2nd Q 3rd Q 4th Q 1st Q 2nd Q 3rd Q 4th Q 1st Q 2nd Q
2013 2013 2013 2013 2014 2014 2014 2014 2015 2015
■Inquiries W Applications Received Applications Approved Lease Agreements Signed
o Website Activity:total website hits,website hits by unique IP address and pages visited.
Visits Uni ue Visits Pa es Visited Avg.Visit Duration Bounce Rate %New Visits
Sep-13 27 24 2.93 2:08 51851/. 88.801yo
Oct-13 36 21 3.31 2:27 55.56% 55.569/o
Nov-13 49 33 3.80 4:44 28.57% 63.279,.
Dec-13 65 57 2.97 1:33 55.38% 75.38%
Jan-14 83 67 3.22 2:34 50.60% 72.29%
Feb-14 58 1 50 2.74 2:09 51.72% 1 84.48%
Mar-14 86 82 2.66 1:10 63.95% 1 93.02%
Apr-14 68 64 2.43 0:51 54.41% 86.76%
May-14 49 38 3.71 2:45 51.42% 73.47%
Jun-14 81 65 3.36 1:55 51.85% 77.78%
Jul-14 103 98 1.69 0:33 75.73% 93.209/
Aug-14 104 90 2.58 1:19 68.27% 83.65%
Sep-14 113 104 1.99 0:54 74.349/ 87.619/
Oct-14 98 94 1.63 0:23 72.45% 90.82%
Nov-14 127 119 1.89 1:51 81.89°/ 92.13%
Dec-14 187 145 1.78 1:14 78.61% 74.87%
Jan-15 228 1 175 1.94 1:34 77.191% 72.37%
Feb-15 178 157 2.03 1:08 71.91% 84.27%
Mar-15 566 547 0.08 0:28 90.11% 95.05%
A r-15 449 433 1.50 0:39 68.50% 94.21%
May-15 1352 1303 1.33 1 0:42 77.74% 1 95.86%
o Rental Payment Status
2015
Program Participant Jan. Feb. March Aril May lune I July Aug. Sept. Oct. Nov. Dec.
design a tivity x x x x
ICP x x x x x
Valde Group x x x x x
M Carte x x x x x
Local Vibe x x x x x
etaKnowledge x x x
MMS Global x
Pending Action Items
➢ Discuss options for modifying the equity investment repayment options in the lease agreement. (all)
➢ Update TV website per BOD direction (staff)
➢ Coordinate July work session meeting with Harlan Jacobs; provide a list of discussion topics. (Lori)
➢ Schedule a lunch and learn event with Lori's contact to discuss receipt of payment, new technology changing how
payment is received, liability,security, etc. (Lori)
o Event will be mid to late July, mid-week(Tuesday—Thursday)from 11:30 a.m.to 1:00 p.m.
Continuous Action Items
➢ Select resources to contact and introduce Technology Village.
➢ Coordinate Linkedln/Facebook marketing and PR campaign (lunch &learn event promotion?)
➢ Look into other options to market/promote Technology Village including Scott County newsletter and placing the
Technology Village ad on Prior Lake public access TV.
➢ Consider writing a blog or utilizing another social communication platform to promote business opportunities in
Prior Lake.
Completed Action Items
Provide board members with link to technology related event nalendar. (Adam)
Send May 2011 Work Session meeting cancellation notice /staff\
DOSGUSS G011aberatiOR OppeFWROWS With FSS, SCALE(TED Group), SCORE, OpeR tG 86ISiR866,etG. (GeFFY)
Fellow up with Outstanding Ventures re: meeting follow i interest; and steps to establish viFtual pmgFam. (staM
Indite Stacy Grakes (FSS)to bine board meeting /staff\
future TV work sessions /staff\
Inferm Valde Group and iVVMS Glebal of their assigned board advisers; provide intredWtOORS. (staM
Order Technelegy Village business cards for Ilan and Adam /staff\
Send invitation for TGGhRGlGgY Village partiGipant bFeakfast E)R Tuesday, june 2, 2015, 8:30 .,
reserve
conference room /staff\
Draft RFP for Phase III TeGhnelegy Village and send to b9aFd fQF review. (stam
Draft chert Technology Village DC7 niece to he sent via I inkedln /staff\