Item #11I 9/25/2018Board of Collier County Commissioners
Annual Accomplishment Report & FY 2019 Budget
Ms. Jennifer Pellechio, COO, MBA, CEcD, InBIA
September 25, 2018
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Confidential and Privileged. For Discussion Purposes Only.
The EII Ecosystem to Success!
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Pillars of Support for Success
Partners
Member
“Start-up to Success”
Confidential and Privileged. For Discussion Purposes Only.
Who We Are –More Than a Single Entity!
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“Build Your Business in
Paradise”
Confidential and Privileged. For Discussion Purposes Only.
Economic Incubators, Inc. –Organization Chart
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Economic Incubators, Inc.
Board of Directors
Nikki Kreuzer
Business Specialist
Jennifer Pellechio
COO
Naples Immokalee
Ahmed El
Culinary Program Mgr
Ruth Fehr
Culinary Bus Dev Mgr
Juan Gallegos
Fac Maint Specialist
Woodstock’s
Confidential and Privileged. For Discussion Purposes Only.
Timeline
Collier County Office of Business and Economic Development
10 year Commitment
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EII
Awarded
State
Funds
$2.0 M
Woodstock’s
Micro Market
Open
Culinary
Accelerator
Immokalee
Open
County
Awarded
State
Funds
$2.5 MNov. 2013Mar. 2014 Apr. 2014Aug. 2014Oct. 2014Sept. 2015Collier
County
Accelerator
Feasibility
White Paper
Business
Plan
Collier
County
Approved
Accelerators
Plan &
Contract
with Career
Source
Naples
Accelerator
Soft Opening
Naples
Accelerator
Grand Opening
Naples
Accelerator
3510 Kraft
Road
Location July 2016June 2017Mar. 2018Naples
Accelerator
Improvements
CompleteJuly 2014May 2017County
Awarded
USDA
Funds
$112,536
Match by
EII Nov. 2017Culinary
Accelerator
Immokalee
Business
Office OpenMar. 2017Mar. 2015County
Approved
Naples
Lease
Agreement
and Sub
Lease to EII Oct. 2015EII
Obtained
501c3
Status Aug. 2016FGCU
started
Runway
Program Apr. 2017UF Hired
Lab
Scientist
for Culinary
AcceleratorSept. 2014EII
formed
by
Career
Source
Confidential and Privileged. For Discussion Purposes Only.
FY 2018 Accomplishments 1/2
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•Immokalee Culinary Accelerator Launched March 2018
•Attained another clean audit for FY 2017
•Developed working relationship with Clerk’s team
•First product launched from Immokalee –More to come
•Rebounded from hurricane Irma headwinds
•Membership growth and enhance their value proposition
•Collier County leadership and assistance has been
very beneficial
Confidential and Privileged. For Discussion Purposes Only.
FY 2018 Accomplishments 2/2
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•Maintained and grew business after reorganization
•Vision is complete and driving execution now
•Cooking classes and special events started at
Immokalee
•IRS Form 990’s filed on time
•New exciting web site with separate branding to focus
on lines of business
•University partnerships obtained and MOU has been
agreed
Confidential and Privileged. For Discussion Purposes Only.
Exciting Collaborations
Confidential and Privileged. For Discussion Purposes Only.
New & Upcoming Opportunities
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•Workshops/Educational Programs/Mentoring/Partners -Collier County
Government, UF-IFAS, Seminole Tribe, Barron Collier, Taste of Immokalee,
FGCU-SBDC, SCORE, Goodwill, Adrenaline and SWF Regional Technology
Partnership
•Targeted Marketing Efforts
•FGCU Collaboration with School of Hospitality
•Access to EII Board Members –to include weekly member liaison meetings
•Fundraising -Private Sector Investment for FY18 to date $92,400
•Showcasing participants
•Online conference room scheduling
•Easier pre-application process for prospective members
•Monthly Newsletter, Distribution List & Lunch and Learns
•”Business Recovery Center” and Disaster Support Location at Immokalee
Confidential and Privileged. For Discussion Purposes Only.
Members & Membership Evolution
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•101 Members Served | 36 Active | Since 2014
in the Naples Accelerator
16 Members Served | 13 Active |Since 2018 in
the Culinary Accelerator
Confidential and Privileged. For Discussion Purposes Only.
Partners Benefiting our Members
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Confidential and Privileged. For Discussion Purposes Only.
EII Members That Obtained
Venture/Angel Funding to Grow
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Confidential and Privileged. For Discussion Purposes Only.
Culinary Accelerator @ Immokalee, FL -Launched
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Confidential and Privileged. For Discussion Purposes Only.
Immokalee Culinary Accelerator Launched
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Confidential and Privileged. For Discussion Purposes Only.
Immokalee Culinary Accelerator Launched
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Confidential and Privileged. For Discussion Purposes Only.
Immokalee Culinary Accelerator Launched
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Confidential and Privileged. For Discussion Purposes Only.
Culinary Accelerator @ Immokalee, FL -Delivers
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Confidential and Privileged. For Discussion Purposes Only.
First Product Launched From Immokalee
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Confidential and Privileged. For Discussion Purposes Only.
Carina’s Has Hired Three Employees
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Confidential and Privileged. For Discussion Purposes Only.
Woodstock’s Micro Market
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Confidential and Privileged. For Discussion Purposes Only.
….. and our great Naples Accelerator
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Confidential and Privileged. For Discussion Purposes Only.
Executive Action Plan
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Priorities:
1.Accelerate the growth of Immokalee and build out evolving
business model as we learn
2.Continue to recruit quality candidates for the Naples
Accelerator program to increase the opportunity for success
and contribution to the well being and economic growth and
diversity of Collier County
3.Actively and diligently explore means and methods to
reduce the dependency of EII on essentially single source
funding from Collier County over a period of years by finding
acceptable alternative sources of funding consistent with a
501(c )(3) qualified organization
4.Actively work with university partnerships
5.Expand economic diversity for Collier County
Confidential and Privileged. For Discussion Purposes Only.
FY 2019 Budget
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Confidential and Privileged. For Discussion Purposes Only.
FY 2019 Budget
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2019 Budget Budget Variance
Descriptio n
Naples
Accelerator
Florida Culinary
Acce le rator @
Immokale e Woodstock Headquarters Total
Sources of Revenue
Busines s Incom e 127,260$ 60,274$ 5,246$ -$ 192,780$
Private Investm ent & S ponsorships 92,000 18,000 - 110,000
Collier County 203,829 230,888 - 165,283 600,000$
Total Sources 423,089$ 309,162$ 5,246$ 165,283$ 902,780$
-
Operating Expenses
County Contract Expenses F unded by the County 203,829$ 230,888$ -$ 171,156$ 605,873$
Operating Expenses Not Reimbursed by the County 61,800 128,528 8,645 85,000 283,972$
Total Ex penses 265,629$ 359,416$ 8,645$ 256,156$ 889,845$
Net Revenue Before HQ Allocation and Depreciation 157,460$ (50,254)$ (3,399)$ (90,873)$ 12,935$
Headquarters Allocation of Net Surplus/(Deficit):
Percent 62.5%35.0%2.5%100.0%
Am ount (56,796) (31,806) (2,272) 90,873 -
De pre c iation (24,043) (105,916) (956) - (130,915)
Adjusted Operating Margin/Reserves 76,621$ (187,975)$ (6,626)$ -$ (117,980)$
Confidential and Privileged. For Discussion Purposes Only.
Questions & Thank you!
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•www.economicincubators.com
•www.naplesaccelerator.com
•www.theculinaryaccelerator.com
Confidential and Privileged. For Discussion Purposes Only.26