1. Memphis City Council FY17 Financial Progress Report
Presenter: Andre K. Fowlkes, President
January 17th, 2017

2. Mission Statement
Start Co. has a mission to diversify Memphis’ economic development efforts through the building of early stage high growth entrepreneurial companies (startups) through public/private partnerships to build a robust innovation economy fostering more inclusive knowledge based jobs.

3. The Problem
Memphis has not participated in the innovation economy of entrepreneurship and technology the last 30 years seeing job births in technology decrease by 50% when the nation increased by 300%. Tax incentives alone are no longer able to create enough jobs to outpace job destruction at the rate it did 30 years ago.

4. The Solution
Job creation from high growth startup companies together with traditional forms of economic development (tax incentives, etc.) is the only way communities are outpacing annual job destruction. Start Co. has an objective to create more startups, lobby for support for the growth of these startups, and to ensure inclusion so that the partners and customers of these efforts are representative of the community we live in.

5. Funding Amount $25,000 ($12,500 received)
Service Provided from City’s Funding:
One on one mentorship
Programming
Lean curriculums and building methods
Provision of business, investment, and technology support
Mentors
Provision of seed funding and grants
Facilities to work from

6. Expenditures- $12,500 General Ops City of Memphis Annual
General Ops
City of Memphis
Annual
July 1- Dec 31
Co-working Space & Facilities
$108,000.00
$54,000.00
Core Programming (Training, Office Hours)
$202,000.00
$101,000.00
$12,500.00
Industry-focused Programming, Program management
$45,000.00
$22,500.00
Planning & Administration
$12,019.00
$6,009.50
Overhead & Logistics
$20,000.00
$10,000.00
Technical Support/Video/Photography
$11,250.00
$5,625.00
Events
$15,000.00
$7,500.00
Social Engagement Activities
$9,100.00
$4,550.00
Food & Beverage
$28,080.00
$14,040.00
Design, marketing, comm, pr, training, event production, etc.
Global Accelerator Network Membership Costs
$6,250.00
Partner Engagement & Business Development
$35,000.00
$17,500.00
Prizes/Incentives/Grants
$5,000.00
$2,500.00
Accelerator Recruitment
$25,000.00
Hired Interns
Ad-hoc Speakers & Programs
$6,400.00
$3,200.00
Demo Day
Total
$604,349.00
$302,174.50

7. Quantitative Goals Include (Annual)
Number of participants screened: 450
Number startups created: 25
Number of mentor hours invested: 3,750
Number of connections made: 125
Amount of investment capital raised: $2MM
Number of support resources deployed: Valued at $1.5MM
Number of knowledge based jobs created: 75
% minority and women: 50%

8. Quantitative Results Include (Annual)
Number of participants screened: 175
Number startups created: 14
Number of mentor hours invested: 2,100
Number of connections made: 203
Amount of investment capital raised: $1.7MM
Number of support resources deployed: Valued at $800k
Number of knowledge based jobs created: 41
% minority and women: 39% and 41%

9. Qualitative Goals
Increasing Employability- entrepreneurial and technology skills gained
Urban core development and density
Attraction & retention of talent
Outside investment choosing Memphis

10. Start Co. Metrics 3600 Professional Connections 3100 Participants in
Technical Assistance, Programs & Convening*
3600 Professional Connections
Made
3100 Participants in
Start Co. Programming
16,000 Hours of Technical
Assistance Provided
Portfolio Companies*
$17.5M/52 startups Co-Investment/Follow-On Funding
$2.1M/49 Capital Invested or Granted by Start Co.
Net New Jobs
263 Directly Created