HomeMy WebLinkAbout07 02 2015 Technology Village Agenda Packet oGY �1l
Technology Village Board of Directors
w Meeting Agenda
Thursday, July 2, 2015
R LAS 7:30 a.m.
City Hall, Little Prior Conference Room
1. Call to Order
2. Approval of Meeting Minutes
a. May 14, 2015
b. June 3, 2015
3. Old Business
a. Lunch and Learn Event
4. New Business
a. Technology Village `Virtual' Pilot Program
b. Board of Director Meeting Dates/Times
c. Lakefront Days Booth
d. Phase II Program Participant Inquiry— RE2 Technology
5. Staff Update
a. Technology Village Metric Report— June 2015
b. Linkedln Promotion
c. Action Item Update
d. Board Member Ideas/Recommendations
6. Adjourn
Phone:952.447.9813/Email:drogness aacityofpriorlake.com/wxvw.cityofpriorlake.com
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CITY OF PRIOR LAKE, MINNESOTA
TECHNOLOGY VILLAGE BOARD OF DIRECTORS
R LPA MEETING MINUTES—June 3, 2015
1. Call to Order
The meeting was called to order at 4:08 p.m. in the Little Prior Conference Room at City Hall. Members present: Gerry
Hughes, Lori Frank and Adam Proehl. Members absent: Dan Stratton, David Rech and Ken Hedberg.
Staff present: Dan Rogness and Casey McCabe.
Guest present: Stacy Crakes, Scott County First Stop Shop
2. Approval of Meeting Minutes
a. May 14,2015
Without a quorum of members present from the May 14, 2015 meeting, approval of the meeting minutes was
tabled to the next meeting date.
3. Old Business
a. Lunch and Learn Event
Board Members: discussed the next Lunch and Learn event. Ms. Frank informed the board she has reached
out to her contact who is interested in presenting on the topic of payment receipt/security/liability and she is
coordinating possible event dates.
Board Members:suggested staff contact James Vande Castle who mentioned he may also have a contact who
could speak on this topic.
Board Members:suggested informing Scott County Open to Business when the event is scheduled so the lunch
and learn could be promoted through that pipeline also.
b. Technology Village Participant Breakfast Meeting Follow-Up
Hughes: informed the board that all participants had representation at the breakfast meeting. Updates were
provided from all participants. The breakfast meeting was well received and there was good collaboration
between the participants.
4. New Business
a. Scott County First Stop Shop Discussion -Stacy Crakes, FSS Business Development Manager
Stacy Crakes with Scott County First Stop Shop (FSS) provided a summary of the FSS including the
establishment of the organization a few years ago, their efforts to increase employment opportunities in Scott
County, their role to respond to site inquiries from developers and site selectors, the assistance they provide to
communities to attract employers, and other efforts to promote and market the county and its communities.
Hughes: informed Ms. Crakes that the Technology Village board is focused on how to better brand Technology
Village and inform residents in the region that the accelerator program exists and attract participants.
Board Members:discussed collaboration opportunities with Ms.Crakes,including the Open to Business program
and promotion opportunities in the Scott County Scene, literature at the county libraries, Scott County
Government Center, banks,accountants,etc.
Phone:952.447.9813/Email:drognessa cityofpriorlake.com/www.cityofpriorlake.com
Hughes:will schedule a meeting with Ms. Crakes and Christine Pigsley with Open to Business to further explore
collaboration opportunities.
b. Technology Village Phase III RFP
Board Members: reviewed the Draft RFP to study Technology Village Phase III.
Hughes: recommended adding the metrics and goals to the RFP.
Clarify the County-wide role in evaluating phase III including a county-wide accelerator in Prior Lake, satellite
accelerator programs in Scott County communities, or other options.
Proehl: asked if the board and EDA would consider virtual meetings with the consultant if it is found that the
majority of the responses may come from out of state.
Board Members: directed staff to finalize the RFP and send to the board for comments prior to EDA review of
the proposal.
5. Staff Update
a. Technology Village Website Revisions
McCabe: informed the board the initial website revisions are nearly complete and a plugin was found for a
slideshow of images on the homepage. Mr. McCabe will send out an email when the revisions are ready for
board review.
Proehl: encouraged staff to make sure Yoast was being used for the WordPress website which will help Google
see and identify the website.
b. Outstanding Ventures Update
McCabe: informed the board that he has communicated with Nick Rasmussen with Outstanding Ventures and
informed him the board would be evaluating a'virtual'accelerator program over the next couple months and staff
would follow up in approximately 60 days.
c. Linkedln Promotion
McCabe: provided a draft Technology Village promotional program summary to be distributed through Linkedln.
Proehl: asked staff to email him a copy of the program summary and offered to review and provide comments.
Mr. Proehl also encouraged staff to include a visual and a quote along with the summary.
Proehl: encouraged all board members to bring a laptop to the next work session and he will provide a brief
training on the use of Linkedln so members can post Tech Village new and promote participants.
Board Members: directed staff to poll participants to determine if they have any news the board can share to
promote their business and the Technology Village program.
d. Technology Village Metric Report—May 2015
Board Members: reviewed the Technology Village Metric Report for May 2015.
e. Action Item Update
Board Members: reviewed the pending action items.
f. Board Member Ideas/Recommendations
Rogness: mentioned Mr. Hedberg contacted him following the participant breakfast meeting and suggested
establishing a local resource list of service providers. Mr. Rogness reminded the board that a letter was sent
out a couple of years ago seeking service providers but the board did not receive many responses. Board
members suggested this as a topic for the next work session meeting. Board members also suggested a
possible lunch and learn with potential service providers to generate awareness of the program and identify
individuals or organizations who would be willing to provide services ata free or low cost to program participants.
Board Members: discussed finding an alternate meeting time to help more board members attend meetings
regularly. Board members directed staff to send an email to all members to identify a meeting time which will
work well for everyone.
6. Adjourn
MOTION BY PROEHL and SECOND BY FRANK to adjourn the meeting. The motion was approved 3-0. The meeting
adjourned at 5:14 p.m.
Submitted by: Casey McCabe
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CITY OF PRIOR LAKE, MINNESOTA
TECHNOLOGY VILLAGE BOARD OF DIRECTORS
R LPMEETING 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 21standRech 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:9 2.447.9813/Email:drognessa 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 201h work session. The
board will meet next at their regular meeting on June 3rd 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
Below is a preliminary draft (for discussion purposes) of a Technology Village `Virtual'
Accelerator Program. The board should also discuss which of these services are offered by other
organizations, such as SCORE, WomenVenture, SBA, Scott County Open to Business, etc. The
board may choose to: i) offer a similar business assistance program; ii) refer potential `virtual'
participants to existing organizations rather than duplicating efforts;or iii)coordinate services with
these organizations and provide additional assistance to companies located in Prior Lake.
Technology Village Business Accelerator
`Virtual' Accelerator Program
Along with the Phase I and Phase II accelerator programs, the Technology Village Business
Accelerator offers a `virtual' participant program designed to provide support to emerging
technology and professional service businesses located in Prior Lake which are not physically
located in the designated Technology Village or private commercial space.
For a small monthly fee of$50(?),virtual program participants will receive the following benefits:
• Mailbox service
• Professional mailing address/business identity
• 1-year free Prior Lake Chamber of Commerce membership
• Access to coworking office space (including free Wi-Fi &access to high speed internet)
• Access to Technology Village Business Accelerator services,including:
o Board advisory support/mentoring
o Business assessment
o Quarterly goal review
o Business networking
o Referrals to professional service providers
• Access to conference rooms and meeting space (16 hours/month)
• Inclusion in all Technology Village programs and meetings designed to assist with business
development
• Inclusion of company information on the Technology Village website
A simple virtual participation agreement will be drafted and entered into between the City of Prior
Lake and the participant business. The agreement will identify the services that will be provided
to the participant and the expectations of the Technology Village Board of Directors. The term
for virtual membership will be month-to-month and there will be no"equity investment recapture"
in the event the participant business relocates to another community.
The intent of the `virtual' program is to provide the entrepreneurial support network necessary to
accelerate business growth primarily for home-based businesses.
Technology Village Goals and Metrics
(June 1-30, 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 KeV 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
eta Knowledge X
iWMS Global
Assigned program participants board sponsors are as follows:
• Design a Tivity—Rech • Local Vibe—Frank
• ICP—Hughes • eta Knowledge 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
7
7 7
6
6 6 6 6 6 6 6 6 6 6 6 6 6
5
5
4
4 4 4 4
3
3
2
2 2 2 2 2 2 2
a1
M m m m m m m m m m m m It �t Zt dt 't �r d �r in in Ln Ln Ln Ln
c -0 a c = cD Q + > u c � > c = oD Q + > U c � > c
co LL Q � —' Q vii O z 0 n3 U- Q 5 Q Ln 0 z 0 rD U- Q
o Employment: number of people currently employed by program participants.
Total Employment
25
20
15
10
8 9 9 9 9 9
5
0
H4
M m m m m m m m m m m m v � � It �t It �t -t 't � � dT in M M M M Ln
C j i M w U > U C w U M C
co U- Q 2 < N O z 0 nl U- Q Q N 0 z 0 co U- Q 2
o Vacancy/Occupancy Rate: percentage of City Hall Technology Village space under lease agreement.
City Hall Occupancy Rate
100.0%
90.0%
80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0% ® '
'y�`
�ov �a� 4ac
*Assumption-1,211 total leasable square feet
o Total Square Feet Leased; public (City Hall) and private office space.
SQUARE FEET LEASED
5,000
4,500
4,000 tat --f 92 W
IN M.- -iN,
3,500 w Rm M
3, 000
M
IN
2,500 W. ROOM fS
2,000
Mon
1,500
1,000
500
0
c = W CD- > U c -0 L a c = W CL > U C M
as — =; QjUOWgW2i ':j: co m (Dubaimaj 'U
LL (A 0 LL 2, < Ln 0 Z LL
Public Private
o Applications: number of program applications received, reviewed and accepted.
Application Process
7
6
6
5
4
4
333 3 3 3 3 3
3
2 2 2 22 222 2 2
2
0
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
M Inquiries 11 Applications Received -1 Applications Approved Lease Agreements Signed
o Website Activity:total website hits, website hits by unique IP address and pages visited.
Visits
Unique Pages Avg.Visit Bounce %New
Visits Visited Duration Rate Visits
Sep-13 27 24 2.93 2:08 51.85% 88.80%
Oct-13 36 21 3.31 2:27 55.56% 55.56%
Nov-13 49 1 33 3.80 4:44 28.57% 1 63.27%
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 50 2.74 2:09 51.72% 84.48%
Mar-14 86 82 2.66 1:10 63.95% 93.02%
Apr-14 68 64 2.43 0:51 54.41% 1 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% 93.20%
Aug-14 104 90 2.58 1:19 68.27% 83.65%
Sep-14 113 104 1.99 0:54 74.34% 87.61%
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-15 228 175 1.94 1:34 77.19% 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%
Apr-15 449 433 1.50 0:39 68.50% 94.21%
May-15 1352 1303 1.33 0:42 77.74% 95.86%
Jun-15 1632 1570 1.40 0:09 96.45% 95.40%
o Rental Payment Status
2015
Program Participant Jan. Feb. March April May June July Aug. Sept. Oct. Nov. Dec.
design a tivity x x x x
ICP x x x x x x
Valde Group x x x x x x
MyCarte x x x x x x
Local Vibe x x x x x x
etaKnowledge x x x x
iWMS Global x x
'
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.technologyyillage.net or contact Dan Rogness at dro ng ess@cityfpriorlake.com or
952-447-9813.
Technology Village
Program Participant Employees
25 22 22
20 ZO
20
16 16 16 16 16
15 13 13 13 14
10 8 9 9 9 9 9
5
0 1 ' I I I I I I
er� a v a a v a a a a a v a In 71 1q IV I 1n 1n u n
N z c Q C a .0 N z c LL a c
Pending Action Items
➢ Discuss options for modifying the equity investment repayment options in the lease agreement. (all)
➢ Coordinate July or August work session meeting with Harlan Jacobs; provide a list of discussion topics. (Lori)
o Develop an agenda for the Harlan Jacobs meeting. (staff)
➢ Discuss program collaboration/promotion opportunities: Open to Business, Scott County Scene, county libraries,
Scott County Government Center, banks, accountants, etc. (all)
➢ Inform Scott County Open to Business&FSS when the lunch and learn is scheduled so the event can be promoted
through that pipeline also. (staff)
➢ Provide contact information for potential Phase III RFP consultants to staff. (all)
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
� Make sure Voast was being used for the Tenh Village website (staff)
SGhedule a meeting with StaGy Grakes at First Step Shop and Chrisfine Pigsley with Open to Business to furthe
Add-the-MetriGs andgoalsto the Phe .-W RFP. (stQf�
Clarify the County wide role in evaluating phase 111 iRGIud'Rg a GGURtY wide aGGelerater in Prier Lake, satellit
FiRaloze the RFP and sent to the board fbr GOMments prier to EDA review of the proposal. (staff)
-3o' Update TV website per BOD rlirestion (staff)
-)�- Fellow up with jarses on PE)tBRtmal GOntaGt for payment tOPOG at lunGh and learn event. (staff),
-)0- Follow up with Leri regarding a presenter for the I unnh & Learn event /staff)
•i
payment,
new teGhRO109Y GhaRging he
-);P.- Evaluate alternate meeting times that will regularly work for all board member-s. (all)
GontaGt the Chamber te detGrMiRe the GGSt for a booth at Lakefront Days. (stam
Poll partiGipants to determine If they have any news the board Gan share te promete their: business and the
TeGhnelegy Village program, (staM
Email Adam a GOPY of the Linkedin promotional pragr iGlude a visual and a quote along with the
summary. /staff)