6.
City Council Work Session
- Meeting Date:
- 05/28/2019
- From:
- David McIntire, Community Investment Director
- Department:
- Economic Vitality
Co-Submitter:
TITLE:
The Northern Arizona Center for Entrepreneurship and Technology (NACET), doing business as Moonshot at NACET, Annual Report to the City Council.
DESIRED OUTCOME:
Provide information and answer questions for the City Council regarding Moonshot at NACET's activities, successes, and challenges while incubating and accelerating businesses at Innovation Mesa.
EXECUTIVE SUMMARY:
NACET, dba Moonshot at NACET, is a critical component of the entrepreneurial and business development ecosystem here in Flagstaff. They assist entrepreneurs and new businesses in developing the skills and resources required to thrive in today's competitive business environment. NACET at Moonshot performs much of this work in partnership with the City of Flagstaff and other local partners.
Moonshot at NACET is both a lessee and service provider for the City of Flagstaff on Innovation Mesa. Moonshot staff manages the tenant relationships and daily operations of the Business Incubator and the Business Accelerator, which are owned by the City of Flagstaff. These facilities and the City's relationship with the Moonshot Program itself are specifically intended to assist entrepreneurial businesses in moving from concept to a profitable and sustainable company generating jobs and prosperity for Flagstaff residents along the way. Moonshot has been successful in building a strong group of entrepreneurs in the facilities and in assisting them in developing into prosperous businesses over the last years.
Scott Hathcock, President and Chief Executive Officer of Moonshot, will present additional information and be available for discussion.
Moonshot at NACET is both a lessee and service provider for the City of Flagstaff on Innovation Mesa. Moonshot staff manages the tenant relationships and daily operations of the Business Incubator and the Business Accelerator, which are owned by the City of Flagstaff. These facilities and the City's relationship with the Moonshot Program itself are specifically intended to assist entrepreneurial businesses in moving from concept to a profitable and sustainable company generating jobs and prosperity for Flagstaff residents along the way. Moonshot has been successful in building a strong group of entrepreneurs in the facilities and in assisting them in developing into prosperous businesses over the last years.
Scott Hathcock, President and Chief Executive Officer of Moonshot, will present additional information and be available for discussion.
INFORMATION:
Moonshot at NACET has been providing economic development benefit as a non-profit since 2000. Since then, they have evolved as an organization, and they have partnered with the City to manage two facilities to further expand their impact. They provide education and mentoring to new and developing businesses to assist those entrepreneurs in taking an idea and making it a viable and successful business.
Effective January 1, 2019, the City and Moonshot restructured their previously existing leasehold and service provider relationship to a model where the Business Incubator and Business Accelerator were on the same system of management. The City is responsible for maintenance and utilities, and Moonshot is responsible for maintaining occupancy, general property management, and developing the businesses themselves. Due to the Economic Development Administration's funding requirements for the facility, and the City and Moonshot at NACET's original intentions for the program, the businesses eligible for inclusion in the facilities focus on science, technology, clean energy, manufacturing, digital products, tourism, and astronomy. All City resources involved in the partnership are economic development funds from the Bed, Board, and Beverage (BBB) tax.
Opportunities exist for companies to begin in co-working space, move into leasing at the Incubator, develop into space at the Accelerator, and then graduate into a private commercial property. This pipeline has supported companies such as Symple Surgical and Love You Foods as they went from an idea to a business and now generate jobs and prosperity for people in Flagstaff.
Effective January 1, 2019, the City and Moonshot restructured their previously existing leasehold and service provider relationship to a model where the Business Incubator and Business Accelerator were on the same system of management. The City is responsible for maintenance and utilities, and Moonshot is responsible for maintaining occupancy, general property management, and developing the businesses themselves. Due to the Economic Development Administration's funding requirements for the facility, and the City and Moonshot at NACET's original intentions for the program, the businesses eligible for inclusion in the facilities focus on science, technology, clean energy, manufacturing, digital products, tourism, and astronomy. All City resources involved in the partnership are economic development funds from the Bed, Board, and Beverage (BBB) tax.
Opportunities exist for companies to begin in co-working space, move into leasing at the Incubator, develop into space at the Accelerator, and then graduate into a private commercial property. This pipeline has supported companies such as Symple Surgical and Love You Foods as they went from an idea to a business and now generate jobs and prosperity for people in Flagstaff.