EDC 2013 Stakeholder Report
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EDC’s Mission: To provide economic growth through the creation and expansion of high-impact Iowa businesses. EDC 2013 Stakeholder Report
EDC Stakeholder Report 2013
Dear EDC Stakeholders,
2013 marked EDC’s 10th year working with Iowa entrepreneurs. With a mission of
improving the economic vitality of our region through the creation and growth of
high-impact, scalable entrepreneurial enterprise, one look at the program-to-date
summary stats will validate EDC’s value proposition. By engaging over 600 Iowa
entrepreneurs with hands-on world-proven expertise, hosting over 80 networking and educational programs for
thousands, and making over 1,000 talent and vendor referrals, EDC has established itself as one of the premier
entrepreneurial support organizations in the country and the strongest performer in Iowa.
From a concept in February 2003, research was done, a plan was written, start-up funding was secured, and EDC
opened its doors in September of the same year. Since that time, EDC has grown from a one-man startup to a
successful later-stage entity with a staff of six and a subject matter expert base of 50+ because of its proven
processes and continued market demand.
Because of EDC’s unique hands-on model, EDC has been told that
in terms of return on investment (as calculated by traditional
NBIA incubator/accelerator models nationally) it ranks in the top
1% of such organizations on a global basis (see statistics herein).
The team at EDC is very proud of the results witnessed in the
businesses and entrepreneurs we have supported.
In completing ten full years of entrepreneurial support, and
after coming off of the busiest year in EDC history, performance
and need would indicate that the path selected in 2003 was
correct. Our business model has evolved to fit client needs and
“Having worked with hundreds of
as of today we are stronger and better equipped than we have
ever been to accomplish the future tasks at hand. As a long- business incubators/accelerators
time stakeholder of EDC, we hope that you are as proud of our globally for 20+ years, EDC has
accomplishments as we are. one of the highest ROI’s of any I
The entire team at EDC thanks its stakeholders for the
have known or read about, easily
opportunity to be a part of something unique, something of great putting them in the top 1% of the
value to the region, and something that provides solid internal 1,500 organizations in the U.S.,
reward.
and 7,000 worldwide.”
Sincerely,
Charles Stein, Strategic Development
Services (for Incubators), Columbus, OH
Curtis R. Nelson
President & CEO
2013 EDC BOARD 2013 Impact
Charles Rohde, President,
King’s Material (Chair)
EDC engaged with 79 area businesses Client Recognition
Jon Dusek, President & CEO, this past year; helping with expansion/ Several EDC clients were recognized in
Armstrong Development creation funding, strategic direction, 2013 for their impact and growth:
(Past Chair) marketing planning and execution and
overall business growth. • Five (5) clients made Inc. Magazine’s
Mary Quass, President & CEO,
500/5000 list of fastest growing
NRG Media LLC
Active Clients private companies:
Doug Kopp, Vice President of EDC currently supports thirty-six (36) • MobileDemand (#802)
Environmental Affairs, Alliant
clients at the following stages: • Clickstop (#1,555)
Energy
• Fifteen (15) of the clients are well- • Involta (#2,410)
Larry Helling, President & CEO,
established area businesses seeking • Geonetric (#4,319)
Cedar Rapids Bank & Trust
growth or restructuring assistance.
• Ready Wireless (#4,628)
Lance Dunn, Co-Founder,
Taxact.com • Twelve (12) of the clients are early-
• As previously reported in the Mid-
stage businesses seeking growth and
Year Report, EDC client Involta was
Kathleen Kleiman, Member, capital assistance.
Simmons Perrine Moyer recognized as IT Service Provider
Bergman PLC • Nine (9) of the clients are start-ups of the Year at the Technology
or pre-revenue businesses seeking Association of Iowa Prometheus
Bruce Lehrman, CEO, assistance with market research, Awards banquet (over 600 in
Involta attendance).
business planning and capital raising.
William McCartan, Shareholder, • Also as reported in July, six (6) EDC
Bradley & Riley PC
clients were recognized at the
Dick Schwab, Owner,
Corridor Business Journal’s Fastest
Iowa Woodworks Growing Companies breakfast.
• #5 Genova Technologies
David Rusch, President & CEO,
CRST International • #7 MobileDemand
• #8 Involta
Steve Schoenauer, Managing Well-Established Area Businesses
Director, RSM McGladrey Early-Stage Businesses • #14 Cedar Ridge Vineyards,
Start-ups or Pre-Revenue Businesses Winery & Distillery
Terry Sullivan, CFO & Assistant
Vice President, CIPCO • #15 Clickstop
• #24 Collective Data
Tim Kintner, Executive Vice
President of Consumer, Private
and Regional Banking Markets,
Bankers Trust “The counseling and support we received from
the EDC team during our start-up years had
Kris Gulick, President, a huge impact on our success. And now, we
Entrepreneurial Services continue to benefit from our EDC relationship
Group LLC with ongoing business and sales coaching and
the connections that are helping us grow much
David Hensley, Associate VP for faster than the rest of our industry. The Creative
Economic Development and JPEC Corridor is blessed to have such a strong force
Executive Director and Clinical for spawning new business.”
Professor, University of Iowa
Jeff Quint, Founder, Cedar Ridge Vineyards,
Winery & Distillery, Swisher
Client Funding
EDC continues to assist clients in securing critical funding needed for the growth of
their businesses. In 2013, a total of $14M was secured in equity, debt and federal/
state/regional programs.
EDC has a proven track record for assisting clients with funding applications,
securing 100% of the federal, state and regional funds applied for in 2013.
EDC assisted 10 clients who secured funding from the following programs:
IEDA Demonstration Fund..............................................................................$75,000
IEDA Innovation, Acceleration, Launch & Propel.................................$1,500,000
IEDA Proof of Commercial Relevance..........................................................$10,000
ECICOG Revolving Loan Fund...................................................................... $660,000
SBIR................................................................................................................... $163,000
Equipment Reimbursement Program...........................................................$53,625
USDA Sustainable Agriculture Research & Education (SARE).................$22,000
Total............................................................................................ $2,483,625
EDC Client Impact
The table below provides information on EDC’s impact for 2013 as well as results
since the program’s launch in 2003.
Annual Program to Date
Impact (2013) (2003-2013)
Number of businesses supported 79 618
Capital raised $14M $193M
New revenue generated $175M $738M
New payroll created $41M $265M
Net direct jobs added 19 1,500
Total economic impact $230M $1.197B
“The EDC has been an important resource for Collective Data for
many years and this past year was no exception. In 2013 we
relied on EDC’s guidance and expertise in marketing and brand
building, specifically with Julie Zielinski and Christie Remley,
which had a very positive impact on our growth. Curt also
continued helping us build a stronger sales organization. As my
company grows and experiences new challenges, I look forward
to taking advantage of the wealth of experience and knowledge
that the great staff at the EDC bring.”
Jason Wonase, Founder, Collective Data, Cedar Rapids
“The EDC has been instrumental in creating an internal structure and a team to grow my business. Because of the EDC we now have: funds, a manufacturing facility that can take on growth, an operations manager that has been trained and is ready to take over, a sales manager, an inside sales team, a restructuring of the bookkeeping as well as shipping, and a formal marketing plan. Every person at EDC has put energy into this business and within a short amount of time we have increased our sales, margins and overall optimism about the future.” Anna Sobaski, Founder/President, Anna’s Allergen Free, Iowa City ________________________________________________________________________________________________ “EDC was tremendously helpful to OnTheBlock by helping us navigate the waters with the IEDA. Jane and the rest of the staff helped us navigate complex forms and provided depth of knowledge from their prior experiences to successfully shepherd us through the process. In the end, the results speak for themselves, as we were one of only two companies (in our group) to be fully funded on our PROPEL request.” Chad Fisher, Founder/CEO, OnTheBlock, Urbandale ________________________________________________________________________________________________ “I’d like to thank the EDC team for all the assistance you have provided us over the past 4 years. 2013 was a great year for growth and we have more than doubled our business since 2010. The assistance in marketing and sales provided by the EDC were critical in forming the strategies, action plans and initial tasks that have enabled us to create and focus our marketing efforts, differentiate from competition, and grow beyond our expectations. I look forward to working with the EDC in the coming year as we take Inteconnex to the next level.” Marc Meyer, President & CEO, Inteconnex, Cedar Rapids ________________________________________________________________________________________________ “Premier Media Holdings has had the pleasure…and the benefit…of working closely with The Entrepreneurial Development Center (EDC) throughout 2013 as we have worked to identify critical company growth strategies. Despite being a successful serial entrepreneur, I continue to see the talent and support EDC offers to be of indispensable value to our growing business. We fully expect to continue to take advantage of the excellent services EDC offers in the coming New Year.” Peter Sprague, Chairman, Premier Media Holdings, Marion
“The immediate insight and related experience regarding
our business model was instrumental in management’s
desire to work with EDC, and our decision to establish
the business in Cedar Rapids. EDC helped us fine-tune
key aspects of our business plan as well as round up the
capital needed to get started. What we at iCONNECT value
most about working with EDC is the collaboration and
active participation of the EDC team. Everyone with whom
we work is fully committed to the success of our business.”
Tom Kielty, Founder/CEO, iCONNECT, Cedar Rapids
_____________________________________________________
“The Entrepreneurial Development Center (EDC) was
key in accelerating our emerging growth medical device
company to where it is today. Historically, EDC was
instrumental in helping the company to secure a multi-
million Series A Financing that catapulted the company
from an idea to an operating company. Since then, the Connect. Learn. Celebrate.
EDC has been instrumental in both securing a Series B
Financing to fund the company and equally importantly,
Innovation EXPO 2014 is a coordination of three
in retaining an industry-experienced CEO to lead the state-wide events, to enable more fruitful connections
company through initial commercialization and strategic between resources and entrepreneurs. It will culminate
acquisition. Without EDC, Corvida Medical would not be in a convention-like setting for celebrating our area’s
where it is today...” entrepreneurial companies and individuals. Meet
dozens of entrepreneurs. See & touch their products.
Kent Smith, CEO, Corvida Medical, Coralville
Connect with potential partners.
230 2nd St. SE, Suite 212 319-369-4955
Cedar Rapids, IA 52401 www.edcinc.org
316 E. Court Street
Iowa City, IA 52240
This institution is an
equal opportunity provider
and employer. Join us Tuesday,
October 21st at
the Doubletree by
Hilton Cedar Rapids
Convention Complex
To get more information and register, visit
http://innovationexpo2014.eventbrite.com
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