ANNUAL REPORT - 2019 -
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ANNUAL REPORT 2019 / 20
WELCOME TO OUR ANNUAL REPORT 2019 was all about collaboration and consolidation. We deepened our relationships with ecosystem partners, we combined resources whenever we could, and we consolidated existing programs in order to most effectively and efficiently serve the entrepreneurs in our city. In 2019, we released VITAL, a report sharing the truths we have discovered while building this ecosystem in hopes that dreamers in other cities will be better equipped to do some disrupting of their own. 2020 marks our fifth year entrenched in the work of ecosystem-building in Memphis. We began the year with the full intention to increase access to resources and ensure that the amazing small businesses we’ve seen started in the past few years could add employees, revenue, and experience rapid growth. If 2019 was about consolidation, 2020 was meant to be about scale. 2020 instead has shifted the world’s attention to the almost unprecedented event of a global pandemic. We have watched the fabric of our daily lives and society change wholesale. Naturally, it has also shifted the attention of our work. We have watched our entrepreneurs scramble to respond, adjust, and try to keep from going under. We have grieved alongside them, empathized with their pain, and felt the daily pull to do all we can do to help them. We are moving forward through the rest of 2020 with a singular focus: save as many small businesses as we can. In many ways, we have still followed through on our strategic focus to scale programming and access to resources this year. We have deployed a record number of Friends and Family Fund dollars to entrepreneurs in need. We have streamlined our communications to entrepreneurs to make sure they have updated, relevant information. We’ve shown entrepreneurial spirit of our own by delivering certain aspects of our programming (CO.STARTERS, angel events) virtually. Our team has worked fervently to speak with entrepreneurs as often as possible to gather feedback about the support most critical to them in this moment and to develop an expertise in how legislation passed federally, regionally, and locally will impact them. We’re scaling in ways different than how we imagined, and pouring energy into the survival of these businesses. Our planned slate of 2020 activities included growth programs for our techbased companies, a capital navigation program for entrepreneurs at various stages, and a focused capital strategy for microbusinesses. We were gearing up for a macro-level marketing and recruitment strategy to highlight the entirety of our ecosystem on a national level. Most of these programs have been delayed as we respond to the pandemic.
ANNUAL REPORT 2019 / 20
What we knew at the beginning of 2020 remains true — there is a need in Memphis for programming around capitalreadiness, new hire-readiness, and growth-readiness. We still want the world to know that Memphis is the place to be for entrepreneurs. More than anything, we have an opportunity now to show how we will support the small business owners, inventors, creatives, and entrepreneurs who add so much to our lives and our economy. Now, more than ever, we need to add energy to the cultural shift that prioritizes support for small businesses and entrepreneurs. As we collectively grieve for the way the world was just a few months ago, we are also noticing the gaps in our lives where small businesses used to be. We are honoring the creativity, resilience, and brilliance of the entrepreneurs we serve. Entrepreneurship is still a relevant, viable, and important economic development strategy. This pandemic will not be the end of our success stories. We don’t know what the world will look like on the other side of where we are now. We know not every business will make it there. We know we will have to deliver our work in challenging, new, and sometimes exhausting ways. We know that more important than any entrepreneurship metrics are the people behind the businesses, and our priority is to care for them no matter what. More than ever, we must invest like we believe in this ecosystem and its entrepreneurs. If you believe in this movement, I encourage you to get involved. We need you— and we need you now.
Leslie Lynn Smith President and CEO
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EPICENTER
ANNUAL REPORT 2019 / 20
ANNUAL REPORT 2019
HIGHLIGHTS OF OUR WORK
TABLE OF CONTENTS 2019 Performance ...............5 Network................................6 Capital ..................................8 Ideas...................................10 Customers...........................11 People.................................12 Culture................................16
ANNUAL REPORT 2019 / 20
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HIGHLIGHTS OF OUR WORK
PORTFOLIO PERFORMANCE
544
COMPANIES ENGAGED, CREATED, OR SCALED SINCE 2015
1,088 ENTREPRENEURS SERVED
$65M RAISED IN FUNDING
593 ECOSYSTEM REFERRALS
- DEMOGRAPHICS OF ENTREPRENEURS SERVED -
56%
Other 7% Asian 3%
SELF-IDENTIFY AS WOMEN
Latinx 4%
White 26%
Black 60%
44%
SELF-IDENTIFY AS MEN
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EPICENTER
ANNUAL REPORT 2019 / 20
HIGHLIGHTS OF OUR WORK
NETWORK THE 800 INITIATIVE In 2019, we co-piloted the building phase of The 800 Initiative, a critical and collaborative partnership developed to increase the growth and wellness of black-owned businesses in the Memphis region, alongside partners Christian Brothers University, Start Co., City of Memphis, Shelby County, and FedEx. The Initiative supported a pilot portfolio of 33 companies by providing connections to talent, capacity-building, capital readiness, and academic resources. Partners also executed the Propel Accelerator, expanded CO.STARTERS to recruit potential candidates, and leveraged capital access resources from Inner City Capital Connections (ICCC), a program of the Initiative for a Competitive Inner City (ICIC). Finally, the City of Memphis and Shelby County committed operational funding of the initiative for two more years, in addition to the partners’ in-kind support and financial support from FedEx, the Ewing Marion Kauffman Foundation, and the JPMorgan Chase Foundation. Of the 33 companies participating in this building phase, 14 were companies with at least one employee other than the founder, and 19 companies began the program with no employees other than the founder. Overall, nearly 20% of the companies demonstrated an increase in jobs. While we made progress in 2019, we have much work to do and are committed to leading the development of environmental, programmatic, and structural changes necessary to increase wealthbuilding in black-owned businesses in Memphis.
PATENTS2PRODUCTS FELLOWSHIP The Patents2Products deep science entrepreneur postdoctoral fellowship, a partnership between the University of Memphis and Epicenter, was imagined in early 2019 as a way to create more science-based startups in Memphis. Since its launch, four scientists were recruited, and the program began its training phase in February 2020. The cohort is diverse both in its makeup and its pursuits, as 50% of its scientists are women, and 75% are non-white, all working on solving problems in the fields of postoperative care, treatment of autoimmune-related skin conditions, enhanced fluorescent microscopy, and non-surgical sterilization.
CO.STARTERS New business owners and aspiring entrepreneurs are emerging across Memphis, but many find themselves “stuck” in the startup process. In 2019, Epicenter accelerated 22 individuals through the cohort-based CO.STARTERS program, which trains participants on startup fundamentals such as customer discovery, marketing and messaging, sales, and break-even points. Epicenter also built relationships with two partners to bring CO.STARTERS into communities: The Consortium MMT for music entrepreneurs and Power Center CDC for entrepreneurs in Hickory Hill. Both cohorts will complete their work in 2020.
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SUPPORTING FOOD ENTREPRENEURS
LITE MEMPHIS
Successful food-based businesses are essential for thriving, culturally rich cities. While many culinary entrepreneurs in Memphis enter the industry with homegrown skills and family recipes, lack of sufficient startup capital and formal business acumen can result in challenges related to capital readiness and business sustainability.
LITE (Let’s Innovate Through Education) Memphis is the premier entrepreneurship education program for high school students, developing the mindset to see profitable possibilities and move forward with passion and without fear. Lakethia Glenn, the new Executive Director, added her tremendous energy and expertise in youth development, fundraising, and programming, to the stellar program staff, making 2019 an amazing and gratifying year. After their semester of ideation, customer discovery and social media development, almost 50 student finalists presented their business ideas at Pitch Night in December. They will soon join more than 200 Innovation Fellows who have graduated into the post-secondary support pipeline. Lakethia is working to ensure that all the students find high-quality internships in Memphis. They are ready for exciting opportunities with local collegiate accelerator ImagineU, startups, small businesses, government, and major corporations.
In 2019, Epicenter piloted a cohort-based program for food entrepreneurs, applying experts, coaching sessions, and workshops to address the challenges and technical resource needs for restauranteurs, specialty food makers, processors, retailers, and distributors operating in the region. Using our learning from this pilot cohort, Epicenter will deploy and scale resources for more entrepreneurs through The Good Food Series, which will provide best-inclass local and national experts for food businesses and enable them to grow and sustain in their communities.
ELEVATING OPPORTUNITIES IN INDUSTRIES OF STRENGTH Together with the City of Memphis, EDGE, Greater Memphis Regional Chamber, and Memphis Tomorrow, and with support from an anonymous investor, Epicenter worked with national consultant Mass Economics to evaluate the Memphis regional economy for unfulfilled job potential in critical industry clusters and create a report and activation plan that would map onto the City of Memphis 3.0 comprehensive planning recommendations. In 2020, we’ll see the final phase of the work come together in a comprehensive set of recommendations for achieving optimal job growth in the region.
Named industry clusters include: Medical Device and Diagnostics, Food and Agriculture, Transportation, Distribution and Logistics, Local Business to Business, Applied and Emerging Technologies, and Music. Epicenter is actively engaged in all six of these opportunity areas and hosting regular meetings with local partners in Medical Device and Diagnostics, Food and Agriculture, Local Business to Business, and Music. While varied in stage of progress, these meetings convene a wide spectrum of stakeholders and organizations who are active in these industries in order to create alignment and a shared vision for the future of the work, identify barriers to progress and opportunities for innovation, map activities that can be scaled or piloted to fill gaps, develop a shared narrative, and collaboratively pursue funding opportunities.
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ANNUAL REPORT 2019 / 20
HIGHLIGHTS OF OUR WORK
CAPITAL
FRIENDS AND FAMILY FUND
Non-dilutive fund that leverages the founder’s resources and fills gaps in traditional “friends and family” capital
• SIX companies received $137,629 of investment from the Friends and Family Fund • These companies generated more than $500,000 in revenue in 2019 • Companies were also able to access more than $200,000 in additional capital • 40% overall increase in customer counts across the six portfolio companies • 100% of companies represented are Women- or Minority-Owned (WMBE) Businesses
MEMPHIS SMALL BUSINESS OPPORTUNITY LOAN FUND Debt-based loan fund in partnership with Pathway Lending, a regional CDFI •
FOURTEEN companies received loans from the Memphis Small Business Opportunity Loan Fund (MSBOLF) in Shelby County
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MSBOLF loaned $1.6 million in 2019 and leveraged an additional $200,000 in other funds, for a total of $1.8 million loaned to companies in 2019
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80% of companies represented are Womenor Minority-Owned (WMBE) Businesses
LOANS WERE MADE IN THE FOLLOWING AREAS:
• • • • • •
Acquisition Equipment Line of Credit Microloans Real Estate Working Capital
ANNUAL REPORT 2019 / 20
CAPITAL FORMATION AND CO-INVESTMENT FUNDS Equity-based, early-stage funds operated by Epicenter intended to de-risk additional investments • SEVEN companies received equity-based Formation Fund investments in 2019, totalling $225,000 • All companies that received Formation Fund Investments were Summer of Acceleration participants • NINETEEN founders served • NINE B2B pilots and/or Institutional Review Board (IRB) studies secured by companies • SEVEN companies raised an additional $391,000 in follow-on investment after the Summer of Acceleration • Companies averaged an estimated 12-18 months of runway after the Summer of Acceleration • 85% of companies represented are Women- or Minority-Owned (WMBE) Businesses
MEMPHIS INVESTMENT AND ADVISORY CLUB Monthly gatherings to connect angel investors and advisors with a wide range of founders •
Held ELEVEN investor events in the ecosystem in 2019, featuring pitches from more than 20 companies
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In 2019, participating companies reported receiving angel investment in the ecosystem totaling more than $2 million and reported receiving other equity-based venture capital in the ecosystem totaling more than $6 million
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HIGHLIGHTS OF OUR WORK
IDEAS YEAR-ROUND GROWTH PROGRAMMING AND CURRICULA Epicenter is committed to providing a continuum of care for entrepreneurs, no matter their stage, industry, or experience. Using feedback from entrepreneurs and partners, we identified the need to develop a formal program for growth-stage companies that are beyond formation and initial product development. In 2019, we contracted with consultant and veteran entrepreneur Charles Simmons, a serial tech entrepreneur who collaborated with select Epicenter team members, program partners ZeroTo510 and Start Co., and accelerator alumni representing different industries in order to research and develop just such a program. By the end of the year, he delivered curriculum recommendations, facilitator guides, and supplemental resources. Paired with local expertise and connections, this customized growth-stage program’s curriculum and associated resources heavily leverage the Kauffman Foundation’s classic FastTrac programs. In addition to such topics as project management, B2B marketing and sales, employment law and leadership, participating companies will be provided tools for critical assessments and documenting business strategy. We are piloting the program from February to May 2020 with Memphis-based accelerator alumni. We have contracted with Mr. Simmons to be lead facilitator for this pilot, during which he will capture lessons learned and update his materials accordingly, paving the way for a successful broader launch of the program currently scheduled for fall 2020.
ANNUAL REPORT 2019 / 20
ANNUAL REPORT 2019 / 20
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HIGHLIGHTS OF OUR WORK
CUSTOMERS B2B COALITION AND WORK Epicenter recognizes that the best financing for a venture is revenue. In 2019, we laid the groundwork for building formal programming to support top-line sales growth for locally owned small- to mediumsized businesses through local customer acquisition. In collaboration with a number of community partners, including the Greater Memphis Chamber, the Downtown Memphis Commission, the Memphis Medical District Collaborative, and others, Epicenter convened a council of successful, communityminded entrepreneurs to review supplier gaps identified by large Memphis-area corporate buyers who would like to increase their local spend. Equipped with this information, this Business Development Council will work with technical assistance and business support providers like Epicenter and its ecosystem to identify and assist locally owned firms that could scale to meet the demand of local buyers. This work, still in its early stages, is expected to grow in influence over the next 18 months.
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EPICENTER
ANNUAL REPORT 2019 / 20
HIGHLIGHTS OF OUR WORK
PEOPLE
TALENT PROGRAM Successful ventures need expertise, strategy and relationships. Through Epicenter’s multifaceted program, we meet entrepreneurs where they are and connect them to the diverse business and industry experts who can best help them advance their businesses through strategic mentorship and tactical guidance. Core to this strategy are the roles of part-time contracted Experts-in-Residence (EIR). In its pilot phase, Epicenter placed EIRs with specific programs, and while successful in matching program cohorts with experienced entrepreneurs and industry veterans, Epicenter identified a further need for mentors who could scale across the ecosystem and benefit more portfolio companies.
In 2020, we are engaging a blend of entrepreneurs who have broad experience in the trenches, along with an increased number of executives with industry or functional domain expertise. This pool of in-house experts will work more collaboratively, and across programs and portfolios, so that entrepreneurs will be even more supported in setting, achieving, and tracking critical milestones.
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OUR TEAM
LESLIE LYNN SMITH
REGINA ANN CAMPBELL
FAYRE CROSSLEY
DANIELLE GORE
President and CEO
Chief Program Officer
Chief Grants and Compliance Officer
Program Manager, ZeroTo510
WHITNEY HARDY
RUSSELL INGRAM
ELIZABETH LEMMONDS
KERRI MALONE
Director of Entrepreneurial Programs
Chief Operating Officer
Director of Talent and Curriculum
Manager of Community Engagement
LOUISA SHEPHERD
TAYLOR SHERBINE
JESSICA TAVEAU
TONDA THOMAS
Director of Collective Impact
Community Manager
Chief Brand Officer
Office Manager
JONEL TURNER
ASHLEY WEAVER
CHRIS WEST
ANTHONY YOUNG
Manager of Design and Brand Experience
Executive Assistant
Executive-in-Residence, Life Sciences
Executive-in-Residence, Capital
THANK YOU TO OUR PARTNERS: Advance Memphis AgLaunch Binghampton Development Corp. Black Business Association Center for American Entrepreneurship Christian Brothers University City of Germantown City of Memphis Communities Unlimited Community Lift EDGE Emerge Memphis FedEx Greater Memphis Chamber and Chairman’s Circle Hope Credit Union
InBIA Indie Memphis Film Festival Innova Junior Achievement Kudzukian LeMoyne-Owen College Lift Fund LITE Memphis MB Venture Partners Memphis Bioworks Foundation Memphis Brand Initiative Memphis Center for Urban Theological Studies Memphis College of Art Memphis Entrepreneurship Academy Memphis Medical District Collaborative
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Memphis Public Library Memphis Startup MEMShop MMBC Continuum NAWBO New Memphis Institute Pathway Lending Power Center Academy Rebrand Cities Regional One Health Revolution Rhodes College River City Capital Sage Fund I SCORE Memphis
Seedco Shelby County Society of Entrepreneurs Southwest Tennessee Community College SSM Partners Start Co. State Science and Technology Institute Tennessee Small Business Development Center Tri-State Bank of Memphis The Consortium MMT United Housing University of Memphis University of Tennessee Health Science Center Urban Arts Commission Visible Music College ZeroTo510
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HIGHLIGHTS OF OUR WORK
CULTURE
VITAL In July, we released VITAL, Epicenter’s impact report that looks at the last three years of work in the ecosystem. The report is part of Epicenter’s mission to provide our ecosystem with resources, as well as our hub role of measuring and communicating the impact of our collective work – with entrepreneurs at the center of it all. This report highlights lessons learned in scaling an ecosystem, profiles of local entrepreneurs, and our collective impact on our local economy, and it has been shared with stakeholders, both locally and nationally. In fact, we continue to receive extraordinarily positive feedback from funders, partners, entrepreneurs, and ecosystem builders across the country about the bold and empowering messaging and design of the report. While we’re launching a complementary video series in 2020, the original report can be viewed at vital.epicentermemphis.org.
ANNUAL REPORT 2019 / 20
ANNUAL REPORT 2019 / 20
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CULTURE
GRINDSET PODCAST In the fall of 2018, Epicenter helped launch a podcast hosted by Memphis entrepreneurs Cynthia Daniels and Williams Brack. Produced by Kudzukian, a prolific local podcast and media company, Grindset unpacks the journeys taken by entrepreneurs to explore how they became successful, where they failed, and why they kept going. The show features interviews with companies of all types and sizes while having a focus on women founders and founders of color, and it serves to broadcast Memphis entrepreneurs’ stories to a global audience. In November, we hosted a live podcast taping with five female founders and past guests, highlighting the challenges and opportunities women face in starting and scaling businesses. With a growing subscriber base, Grindset can be found wherever you subscribe to podcasts.
POLICY WORK As our region’s entrepreneurship hub, we take very seriously our responsibility to understand the economic, cultural, and policy conditions — from the local level to the federal level — that are most likely to encourage entrepreneurial activities within our community. In 2019, Leslie Smith attended a meeting of the Center for American Entrepreneurship as a board member, where the group sought to identify, understand, and develop meaningful solutions to challenges that are hindering startups from either launching in the first place or being as successful as they can be.
On behalf of our local entrepreneurs, Epicenter is engaging in discussions like this one, as well as joining efforts like Kauffman Foundation’s Start Us Up: America’s New Business Plan, a bipartisan roadmap for reducing barriers to entrepreneurship and spurring more startups across the country. And regionally, organizations like Launch Tennessee and Life Science Tennessee help connect legislators with our organization and with entrepreneurs’ stories, successes, and challenges. In 2020, we’ll continue meeting with local, state, and federal elected officials to discuss how founders of startups and small businesses in the Memphis region can launch, scale, and hire more easily.
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ANNUAL REPORT 2019 / 20
THOUGHT LEADERSHIP Below is a sample of conferences and convenings across the country where our staff members represented the Memphis entrepreneurial ecosystem and presented Epicenter’s initiatives.
APRIL InBIA’s 33rd International Conference on Business Incubation Minneapolis, Minnesota
M AY Kauffman Foundation ESHIP Summit Kansas City, Missouri
SEPTEMBER SSTI Conference Providence, Rhode Island
AUGUST
36|86 Entrepreneurship Festival Nashville, Tennessee
O CTO B E R Social Capital Markets | SOCAP Conference San Francisco, California
N OV E M B E R AfroTech Conference Los Angeles, California
Startup Champions Network Fall Summit Madison, Wisconsin
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THE NEXT BIG THING In February, Epicenter and the Society of Entrepreneurs hosted an inaugural joint pitch competition, with the goals of increasing awareness among the Society of Entrepreneurs membership of opportunities to invest in local deal flow and to mentor or advise local entrepreneurs, and to inspire continued engagement in the local entrepreneurial ecosystem. The pitch competition, which offered a $10,000 prize and mentorship access to Society of Entrepreneurs members, featured three companies from the Society’s Insights group, which are scale-up companies that serve as a pipeline for SOE membership, and three tech startup companies and accelerator graduates from Innova’s portfolio. The second Next Big Thing took place in February 2020, and additional joint pitch competitions are planned.
START-Q
DEMO DAY
In May, at the beginning of the Summer of Acceleration, our entire entrepreneurial ecosystem came together for Start-Q, a connection point for startups, corporate partners, sponsors, investors, and those who support startups at the Memphis in May World Championship Barbecue Cooking Contest. Coordinated by partner Start Co., the event attracts participants not only from the Southeast U.S., but also from around the country, and it serves as an authentically Memphis experience to attract investors outside of our region. In conjunction with the event, Innova hosted an investor lunch and pitch competition, and the Summer of Acceleration cohort pitched for the first time at the tent. We also leveraged the event to announce the new Patents2Products commercialization program with the University of Memphis.
In August, together with partner Start Co., we cohosted the fourth annual Memphis Demo Day, a critical piece of our community’s broader overall strategy to grow local tech companies and jobs. Demo Day highlights the startup teams that completed the 100-day Summer of Acceleration program through a three-minute pitch to an audience consisting of business leaders, investors, community partners, mentors and entrepreneurs. In addition, student entrepreneurs from ImagineU — a collaborative collegiate accelerator — pitched, and the audience heard updates from alumni companies via video. Since 2015, more than 70 companies have been accelerated in local programs and have collectively secured nearly $40 million in investments.
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ANNUAL REPORT 2019 / 20
BOARD OF DIRECTORS David S. Waddell, Chair
Andrew Seamons
CEO Waddell and Associates
Chief Investment Officer Pittco Management, LLC
Richard Smith, Vice Chair
Leslie Lynn Smith
Regional President and Executive Vice President, U.S. Domestic and U.S. International FedEx Express
President and CEO Epicenter
Shea Flinn Consultant
Vice President Power Transport
Kayla Graff
Dr. Lisa Wade
Co-founder and CEO SweetBio
Director, Hayes Center for Practice Excellence Southern College of Optometry
Russell Ingram
Alfred Washington
Treasurer/Secretary Chief Operating Officer Epicenter
Kojo McLennon Portfolio Manager, Private Equity & Real Assets Gerber/Taylor Management Co.
Philip C. Spinosa, Jr.
Owner and CEO Top Notch Security
Spence Wilson, Jr., Treasurer Principal Kemmons Wilson Companies
THANK YOU TO OUR INVESTORS: The Albert Jay Martin Family Foundation Allen B Morgan, Jr Anonymous (Private Investor) Bank of America Charitable Foundation Bob Loeb Boyle Investments Chairman’s Circle of the Greater Memphis Chamber Crews Family Foundation David Waddell
Duncan Williams, Inc Eustis Corrigan, Jr Ewing Marion Kauffman Foundation FedEx First Horizon First Tennessee Community Development Fund Gary Wunderlich George E. & Bena Cates Hyde Family Foundation
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2020 AND BEYOND Here’s a preview of what you can expect from the Epicenter team in 2020: • Executing high-impact efforts in pipeline development and growth, and driving all portfolio companies to customer and capital outcomes. • • Ensuring that black founders receive a share of capital proportional to their participation, and growing the number of black founders in the tech portfolio. • • Creating and implementing a focused microbusinesses strategy across our region. •
• Comprehensively analyzing and communicating the data we collect and what it means for our work and our economy. • Prioritizing and modeling self-care as a best practice for the ecosystem, and delivering self-care programs for entrepreneurs at scale. • Equipping and empowering our team to understand and uncompromisingly engage in matters of justice, inclusion, and change.
Invest in Memphis Donations to Epicenter, a 501(c)(3) organization, help scale programs and investment for entrepreneurs across our region. You can also support entrepreneurs by donating your time via mentorship, expertise and general business support by e-mailing us at info@epicentermemphis.org.
John Dobbs Dr. John Smarrelli Karen F. Cox Kojo & Gretchen McLennon Mel and Bud Richey Neely Mallory Pathway Lending Pinnacle Financial Partners Regions Bank
Society of Entrepreneurs Spence & Becky Wilson Spence & Stephanie Wilson Tennessee Department of Economic and Community Development - Launch Tennessee The Kresge Foundation US EDA RIS, Sub-grantee of UTHSC
902 South Cooper Street Memphis, TN 38104 epicentermemphis.org