Presentation: Business Incubator InitiativeMIAMI BEACH
BUSINESS SURVEY
ACCELERATOR/INCUBATOR
PROGRAM
Economic Development Department
Strategic Framework
BUSINESS
SURVEY
FEASABILITY
STUDY •Task 1 -Review and analyze the existing business ecosystem,including Miami
Beach’s demographics,socioeconomic information,labor force statistics,sales tax
revenue and other key economic indicators.
•Task 2 -Prepare key economic and real estate trends analysis.Provide forecasts,
social and economic factors,and key financial indicators that could attract,retain andgrowsmallbusinesses.
•Task 3 -Conduct a strengths,weaknesses,opportunities,and challenges analysis ofMiamiBeachandtheMiamiBeachbusinessclimate.
•Task 4 -Identify and verify attributes that make Miami Beach a unique businesscommunity,potential for developing customized,locally-based economic strategies andtheareasofspecializationforwhichaccelerator/incubator programs could provide long-term viability for Miami Beach businesses.
•Task 5 -Assess and identify existing Miami Beach entrepreneurial and local/regional business resources by industry.
•Task 6 -Recommend objectives,visions,design,and performance measures thatcouldadvanceMiamiBeachbusinessdevelopmentpolicies,programs and planningactivitiesandprovideabenchmarktocreateandimplementacceleratorand/or
incubator programs.
•Task 7 -Develop roadmap report,with high-level recommendations for program
strategy(ies)and that identifies potential funding and financing models necessary to
implement short and long-term programs.
MISSION AND VISION
•The City of Miami Beach is looking to diversify our economy,generate higherwages,and appeal to the next generation and existing generation.One proposedwaytoachievethesegoalsistobuildabusinessincubator/accelerator.
•Business incubators and accelerators support the formation and growth of smallnew,early stage,and sometimes more mature businesses by providing technicalsupport,market analysis,mentoring,financing and other cost savings tobusinesses.
•A business incubator in Miami Beach could be a source of innovation,high wagejobs,and better quality of life.
WHY A BUSINESS
ACCELERATOR/INCUBATOR?
1.Create new ideas, catalyze an exchange of new perspectives and inspire action to deliver real-life solutions to real-world challenges;
2.Bringing new investors to the Miami Beach business community;
3.Stimulating the local economy;
4.Providing local employment opportunities; and
5.Increasing entrepreneurial activity in the area and new business formation rates.
GLOBALLY
Accelerators: 578
Incubators: 7,000
NATIONALLY
Accelerators: 179
Incubators: 542
SOUTH FLORIDA
Accelerators: 19
Incubators: 6
DIFFERENCE BETWEEN
ACCELERATOR AND
INCUBATOR
Business incubators are specially designed programs to
help start-ups innovate and grow. They usually provide
workspaces, mentorship, education and access to
investors for start-ups or sole entrepreneurs.
Business accelerators are programs that give developing
companies access to mentorship, investors and other
support that help them become stable, self-sufficient
businesses – typically start-ups that have moved beyond
the earliest stages of getting established.
WHY SMALL BUSINESSES
MATTER
•Across the U. S. over 9.9 million small businesses establishments are 89% of all businesses, employ 19 % of all workers, and account for 44% of U.S. economic input
•Drive Job Growth
•Stabilize Local Employment and Labor Markets
•Have an Outsized Local Economic Impact
•Require Lower Public Costs Per Job
•Drive Innovation
•Support Local Industry Diversification
•Small Business Ownership is a Crucial Pathway to Intergenerational Wealth Building
•Necessary Competitive Requirement
STRATEGIC FRAMEWORK
Business Incubator/Accelerator
Community Outreach
Small Business Cultivation
Providing ongoing assistance to small businesses
Roundtables, Fireside ChatsMeet and Greet
Programming
Site SearchingMentoringDevelop informal entrepreneur resource network
Building a network of professionals and industry leaders
Partnering with community leaders to help with network
Partnering with entities for incubator/accelerator programming
Technical Assistance
Training or bootcamps/Pitch Competition
Capacity Building
QUESTIONS AND COMMENTS