The Michigan Strategic Fund (MSF), through the Pure Michigan Venture Match Fund (PMVM Fund), is soliciting applications from for-profit Michigan-based companies that have received an equity investment commitment from a qualified venture fund for commercialization and growth purposes to provide a match of the investment as follows:
Applications are being accepted now at: http://www.michiganadvantage.org/Pure-Michigan-Venture-Match-Fund/
To see a list of incentives/resources for companies that are located (or want to locate) in Oakland County, Michigan visit: www.globaloakland.com
The White House and the U.S. Small Business Administration announced today the launch of the Young Entrepreneur Series (YES), which will connect young and aspiring entrepreneurs with SBA officials, local business advisors and resources to help them start or grow their own small business.
“For our economy to thrive in the 21st century, we must set about creating the next generation of entrepreneurs,” said SBA Deputy Administrator Marie Johns. “Young Americans need to know that starting a business is a viable alternative to going to work for somebody else. There is a clear and urgent need to create more jobs for young Americans, and encouraging business ownership is an important way to meet that goal.”
SBA will hold five YES forums that will reach a broad audience, including young veterans, urban and rural entrepreneurs, and others.
Dates and locations include:
Entrepreneurship among young people remains below average and young entrepreneurs face unique challenges. With youth unemployment twice the national average in many communities, particularly communities of color and veterans, the Obama administration recognizes a need to promote and better support the efforts of young people to create jobs for themselves and others.
Many SBA programs, such as microloans, business counseling and training, are useful to young entrepreneurs. The YES forums are part of a larger effort to reach out to young people and let them know the federal government has tools to help them start, grow and succeed as small business owners.
The forums will be livestreamed at www.sba.gov/youngentrepreneurs. Participants can also follow along on Twitter using the hashtag #SBAyes. For more information or to watch the forums live, visit www.sba.gov/youngentrepreneurs.
WASHINGTON – SBA Administrator Mills statement on the President’s “QuickPay” announcement today to cut in half – from 30 days to 15 days – the amount of time it takes federal agencies to pay small businesses for the products and services they deliver to the federal government:
“The thousands of small businesses that provide great products and services to the federal government have a big reason to cheer the President’s ‘QuickPay’ announcement today. When small contractors get their money in 15 days instead of 30, it results in a permanent infusion of cash flow into their businesses. They can put that money towards working capital, expanding their businesses, marketing their products, and creating jobs. Their financial footing gets stronger – permanently. With nearly $100 billion each year in federal contracts going to small businesses, cutting in half the time they get paid is a powerful way to help put America back to work now. QuickPay is a smart and powerful boost that effectively delivers billions more dollars into the hands of small contractors so that they can do what they do best – create jobs.”
Congress has set goals to help woman-owned small businesses (WOSBs) gain their share of the federal contracting market.
However, without a specific set-aside contract program for WOSBs, such as those in place for small disadvantaged businesses (e.g., the 8(a) program), service-disabled veterans and historically underutilized business zones (HUBZone), WOSBs only received 4% of the $400+ billion contracts awarded annually well shy of the 5% statutory goal.
In an effort to address this shortfall and create a more level contracting playing field for women-owned small businesses, in late 2010 the U.S. Small Business Administration (SBA) announced the final rule that would implement the WOSB program. Formally known as the Woman-Owned Small Business Federal Contract Program, the goals of the program were outlined by SBA Administrator, Karen Mills, in the agency’s press release:
“Women-owned businesses are one of the fastest growing sectors of the economy…That’s why providing them with all the tools necessary to compete for and win federal contracts is so important. Federal contracts can provide women-owned small businesses with the oxygen they need to take their business to the next level.”
While the WOSB Program was formally launched by the SBA in February 2011, it wasn’t until April 2011 that the federal procurement officials were able to set-aside contracts under the program.
So what is the WOSB Program and how can you take advantage of it? Here’s what you need to know and the steps you need to take to get your business certified to participate!
What is the WOSB Program?
The WOSB Program is a win-win for WOSBs and EDWOSBs (Economically Disadvantaged Women-Owned Small Businesses) and the federal government. WOSBs now have an opportunity to compete for and win contracts specifically set aside for WOSBs.
There are over 300 industries (PDF) (in the contracting world these are known as NAICS codes) where WOSBs and EDWOSBs have been deemed “underrepresented” or “substantially underrepresented”. Contracting officers can do a WOSB or EDWOSB set-aside contracts in these industries if:
Interested bidders can look on the Federal Business Opportunities web site to find federal government solicitations that may be set aside for WOSB or EDWOSBs
Are you Eligible for WOSB/EDWOSB Set-Asides?
To help determine your eligibility for the WOSB program you’ll need to be ask yourself a few eligibility questions:
Be a WOSB that is at least 51% owned by one or more women who are “economically disadvantaged”. A woman is presumed economically disadvantaged if she:
How to Get Certified for the WOSB Program
If you meet the eligibility requirements above, you’ll then need to either self-certify or obtain third party certification (read more about the certification process here).
To ensure you can compete for these WOSB set-aside contracts as soon as possible, take the time to review all the program requirements on the SBA website and ensure your required documents are uploaded to the WOSB Program Repository. WOSBs also will need to update their status in the Central Contractor Registration (CCR) and the Online Representation and Certification Application (ORCA) to indicate to contracting officers that they are eligible to participate.
Training and Education on the WOSB Program
The SBA is engaging in a number of training and outreach activities to help small business owners understand the program – contact your local SBA Office for more information. The agency has also put together this easy-to-read handbook (PDF) for small businesses interested in learning about the WOSB Program, including eligibility requirements, federal contracting opportunities, and how the program works in general.
If you are new to the government contracting market or have questions about the process, take a look at these guides and resources on the SBA website:
A recent blog article by one of my fellow Michigan entrepreneurs, Nancy Sherman of southwest Michigan-based Business Success Unlimited, caught my attention recently as she pointed out some of the pros and cons of going into business for yourself. As any of those who’ve done it know, the costs (not including financial) can be very high – but so can the rewards.
In her article she pointed out one of the issues I hear about most often from entrepreneurs, the isolation. They don’t have anyone else they can talk things over with to help make the decisions they need to make. In previous corporate lives, they had co-workers, bosses, or employees – now they have themselves, especially when they’re just starting out or if they’re running a virtual business. And that can be difficult. Not that they’re depending on others to give them the answers, but we all know, sometimes it can help just to talk it thru with an impartial party. Nancy’s article pointed out an interesting solution that I would recommend all small business owners explore for themselves. Learn about it below, and if you’d like a referral to a co-working center, I bet Nancy would be happy to help you out, just reach out to her at Nancy@thessbi.com .
In my 30 years of being an entrepreneur, I have spent time in my home office, in my brick and mortar office and in the coffee shops and restaurants around my town. Each has their own good points and bad, but I think the thing that I like least about any of it, is that I have no one to share with, no one to talk to except the cats.
I was married for 22 years to a really great guy (we’ve probably got the best divorce ever — we’re still great friends), but he just didn’t get it. He would tell me, why don’t you get a real job. You’re home all day, why don’t you do the housework, or cook or clean or whatever. I couldn’t talk to him about the isolation, about the needs for others to be around. When the office phone would ring at 11 at night, he’d complain because I didn’t answer it, and when people showed up at my front door at 7 am on Sunday morning, there would be more complaining. Then when I got a “Real” office and had monthly rent to pay (to the tune of $5000), he’d shake his head and say things like “here we go again. You’re just playing dress up”.
It was not easy. And he was not alone in saying — and thinking — such things. My best friend was right there with him. She works for the government and has tried since the ’90s, to get me to apply for a job there as well. “But what about the benefits? The health insurance? The regular schedule? The paycheck? These are all valid questions, but when you’re an entrepreneur, someone who wants to do it for him or herself, these are really irritating comments.
If you’re like me, you get the frustration of being alone and want to find someone else who also “gets it” to talk to, to share with, to be close to. But how do you do this? You can go hang out at the coffee shops, spend money on drinks and pastries, and maybe talk with someone else for a few minutes, but you don’t really find friendship or business collaboration there. The same is true for a library or restaurant. And how comfortable is it to hold meetings in your home office?
Well, now there’s a great new way to work on your own business while being in the company of like-minded individuals who are also working on their own businesses. It’s a place to rejuvenate your thoughts and ideas, a place to work on the Internet, to get help and support from administrative professionals, a place to sit and chat in the lounge, meeting rooms, private conference rooms, kitchens — all the amenities of an office space without the cost and politics of businesses. It’s a co-work center and they’re springing up all over the world; not just this country but literally around the world. If you’re a homebased business, a freelancer, or travel for your company, find one and check it out. I think you’ll be pleasantly surprised.
Don’t miss the first ever statewide SBA Small Business Outreach Tour!
Are you a small business owner looking for tools to take your business to the next level? Do you need information, contacts, and resources to start your business?
Get connected to experts in lending, government contracting, business growth, financial management, exporting and much more!
Get inspired by stories of successful small business owners in your region.
Get informed about what’s happening in your community from local economic development resources.
Get to the SBA Small Business Outreach Tour! It’s FREE, and coming to a city near you!
WASHINGTON – What do Apple Computer, Hershey’s, Mary Kay Cosmetics, and the Ford Motor Company have in common? These well-known corporations all started out as home-based businesses. In fact, more than half of all U.S. businesses are based out of an owner’s home. Starting a home-based business has many rewards as well as challenges. Join chat host Boyd Wright to learn what it takes to grow a successful home-based business.
WHO: Home-based business champion and small business owner Boyd Wright will host the July Web chat on “Growing a Home-Based Business: What You Need to Know.” Chat participants can get valuable insight from Wright and learn more about working out of your house, starting a home-based business and managing the business within the law. Wright will answer questions on how to grow a home-based business, the benefits and the challenges.
WHAT: SBA’s web chat series provides small business owners with an opportunity to discuss relevant business issues online with experts, industry leaders and successful entrepreneurs. Chat participants have direct, real-time access to the web chats via questions they submit online in advance, and during the live session. Chat participants can receive helpful tips and advice on how to grow their businesses.
WHEN: July 28, 2011, 1 p.m. ET
Wright will answer questions for one hour.
HOW: Web chat participants can post questions online in advance and on July 28, join the live web chat by going online to www.sba.gov, and click on the web chat event under What’s New.
To review archives of past web chats, visit online at http://www.sba.gov/tools/monthlywebchat/index.html
New SBA mobile application brings enhanced access to information and resources
“Increasingly, smart phones are the vehicle through which Americans access information. This is certainly true of many entrepreneurs and small business owners and this new application ensures they will have access to SBA’s resources and programs – literally at their fingertips,” said SBA Administrator Karen G. Mills. “Greater mobility fits with the new user-focused SBA.gov launched recently, and is another example of the steps we are taking to do a better job of connecting entrepreneurs and small business owners with the tools to help them start or grow their businesses and create jobs.”
Developed and donated as a gift by Palo Alto Software, Inc., the SBA mobile app will make the search for extensive resources more efficient, whether users are starting a new business or taking an existing business to a new level. The app will first be available for the Apple iPhone®, with future versions for other smart phone platforms.
“Palo Alto Software’s mission is to help small businesses succeed. We’ve developed this mobile application for the SBA because we understand the importance of having the right tools and resources when starting or growing a business,” said Sabrina Parsons, CEO of Palo Alto Software. “Ideas can strike entrepreneurs at any moment, and having useful resources available through mobile devices could be the impetus that begins the next big company.”
The mobile app will help users connect with SBA district office staff and SBA-affiliated counselors and mentors who can provide free, personalized small business assistance. The user-friendly format of the app will help answer questions such as:
The SBA mobile app also features a built-in startup cost calculator to help estimate the costs associated with getting a business off the ground, plus an SBA partner locator to help users find SBA offices, Small Business and Technology Development Centers, Women’s Business Centers and SCORE.
Users will also have mobile access to SBA video content and social media alerts to provide them with tips on the go. This will include live updates from the SBA’s YouTube channel and from SBA’s Twitter feeds. The free mobile app can be downloaded from the SBA’s website at www.sba.gov/content/sba-mobile-app .
One of the world’s richest business plan competitions is coming back to Michigan this fall.
The Accelerate Michigan Innovation Competition, supported through the collaborative efforts of the founders, the Business Accelerator Network for Southeast Michigan and the New Economy Initiative of Southeast Michigan and the premier sponsors, Business Leaders for Michigan and the University Research Corridor, will return Nov. 16 and 17.
Cash winnings, plus in-kind awards of services, staffing and software valued at more than $1 million will be awarded to top entrepreneurial businesses that make a commitment to locate and grow in Michigan. The Accelerate Michigan Innovation Competition includes a competition for college students with innovative business ideas.
CLICK HERE for more information.
A frequent question we at Strategic Growth Concepts receive from small business owners, or potential small business owners is “How do I know if I can do this? Do I have what it takes to own my own business?”. And we have a lot of answers that we give in response that take into account their particular situation, and many tools that we use to help someone evaluate their potential success as small business owners. However, I recently came across a list developed by Anne Mueller for American Express Open Forum entitled, ’10 Signs You Shouldn’t be a Small Business Owner’ that really caught my attention.
When I clicked on the link I expected to see the usual, “make sure you have money to survive, make sure you’ve written a business plan, and make sure you have a survival ‘plan b’”, but that’s not what I found. Instead I found an insightful list of items designed to help you take an in-depth look at yourself and your situation to determine if you have any chance of being successful as a business owner. It required the reader to be completely honest with himself/herself.
As any business owner (successful or otherwise) and any business consultant can tell you, owning a business of any size (even if its only you) is hard, really hard. It requires sacrifice, and self-discipline, hard work, focus, and the ability to be many things to many people – most of which you have no idea how to be – and many times you have to be them all at once. So being a business owner is definitely not for everyone, and it is certainly a good idea to evaluate yourself and your personal situation honestly before taking the step of becoming one. In our opinion, this article “10 Signs You Shouldn’t Be a Small Business Owner” is a must-read to help you make that decision, and it’s going into our ‘toolbox’ for use with our own clients. We recommend you read it as well.
WASHINGTON, D.C. – Small businesses seeking to grow their businesses and create jobs through exporting can turn to new, free educational videos created through a partnership between the U.S. Small Business Administration, Inc. Magazine and AT&T.
Through the public-private partnership, a series of video modules has been developed to inspire and encourage American small businesses to actively pursue exporting and to educate them on how to do so.
“Winning the future means supporting small businesses that want to grow and create jobs through exporting,” said SBA Administrator Karen Mills. “SBA is very pleased to have partnered with Inc. Magazine and AT&T in the production and distribution of this video series, which will help small firms that are new to exporting or looking for new markets to sell their goods and services.”
The video series, Take Your Business Global, features five main topics that guide small businesses through the process of exporting: Getting Started in Exporting; Planning for Export success; Connecting with Foreign Buyers; Financing; and five Case Studies of successful small business exporters.
The videos begin with answers to the frequently asked question, Why Export? They feature SBA Deputy Administrator Marie Johns; U.S. Secretary of Commerce Gary Locke; U.S. Trade Representative, Ambassador Ron Kirk, and a variety of small business exporters. Other modules feature exporting experts discussing “how-to” take your business global. The videos are posted at www.inc.com/exporting.
“Inc. is proud to work alongside the Small Business Administration and AT&T to provide entrepreneurs with a valuable resource in their efforts to expand their businesses overseas,” said Bob LaPointe, Inc. President. “This video series will educate business owners about what to expect when they launch an international business. “We have put together experienced small business exporters as well as officials from local and national resources to provide a complete picture. Inc. is always happy to help small businesses grow.”
“AT&T is excited to be part of this initiative and to collaborate with the SBA and Inc. magazine,” said Cathy Martine, AT&T Executive Vice President, Small Business Solutions. “We believe U.S. small businesses are engines of innovation, and strongly encourage them to grow by thinking globally and taking advantage of technology. With the emergence of online commerce and digital communications, the potential to export products and services around the world has never been greater.”
Funding for this project was jointly provided by Inc. Magazine and AT&T. Also, Inc. Magazine created the site to host the videos; both firms will distribute DVD copies of the videos and related materials approved by SBA and promote the series in online and print advertising.
The joint program will be launched April 8, at the Cosmopolitan Hotel in Las Vegas, at the Inc. conference GROWCO, an event targeting growing small businesses.
The co-sponsorship agreements will remain in effect through August 31, 2012.
Cosponsorship Authorization # 10-7080-165. SBA’s participation in this cosponsored activity is not an endorsement of the views, opinions, products or services of any cosponsor or other person or entity. All SBA programs and services are extended to the public on a nondiscriminatory basis.
The U.S. Small Business Administration’s Michigan District Office is seeking small business owners for its third round of the Emerging 200 Initiative. Last year, 11 Detroit-based small businesses successfully completed this in-depth training program for senior executives. SBA partners with several Detroit organizations to delivery this program.
“Along with our partners, we’re excited to again offer Emerging 200 and its MBA-style program to Detroit,” said Allen Cook, SBA Michigan Interim District Director. “The Emerging 200 graduates have demonstrated that this program can be a key factor in the success and growth of their businesses. We hope that Detroit’s small business owners will take full advantage of this tremendous opportunity to learn how to increase revenue, decrease costs, and grow their businesses.”
Participation in e200 is free to qualifying businesses. Criteria for participation include having been in business for a minimum of three years, gross annual revenues of at least $400,000, and a business located within the city of Detroit. Participation is limited to 16 businesses.
The six-month training includes approximately 100 hours of classroom time per participant. It will focus on such topics as finance, market development, organization management, strategic planning and growth strategies. CEOs will also have an opportunity to connect with their peers, city leaders, and the financial community.
Those joining the SBA Michigan District Office to bring e200 to Detroit are:
The program begins on April 18. For more information on e200 and how you can apply to participate, please email Constance Payne-Logan at Constance.Logan@sba.gov.
Are you a woman business owner seeking federal contracts? The U.S. Small Business Administration’s March web chat will focus on a new Women-Owned Small Business (WOSB) federal contract program aimed at bringing more WOSBs into the federal contracting arena. Federal contracts can provide women entrepreneurs with the oxygen they need to take their business to the next level. Celebrate Women’s History Month and visit http://go.usa.gov/4BV to get information about the new contract program.
WHO: Michele Chang, senior Advisor in the Office of Government Contracting and Business Development at the SBA, will host the March web chat on “SBA’s New Federal Contract Program for Women.”
WHAT: SBA’s web chat series provides small business owners with an opportunity to discuss relevant business issues online with experts, industry leaders and successful entrepreneurs. Chat participants have direct, real-time access to the web chats via questions they submit online in advance, and during the live session. Participants will gain valuable information on how to participate in the program to gain increased access to government contracting opportunities.
WHEN: March 31, 2011 at 1:00 p.m. (ET); Chang will answer questions for one hour.
HOW: Participants can join the live web chat by going online to www.sba.gov, and click on the web chat event under What’s New. Web chat participants may also post questions before the March 31st chat by visiting http://web.sba.gov/livemeeting/public/dsp_meeting_view.cfm?meetngid=2.
$90 Million Jobs Act Initiative Aimed at Increasing Small Business Exporting
WASHINGTON – Beginning March 1, states can apply for grants from the U.S. Small Business Administration to support efforts to increase exporting by small businesses. The State Trade and Export Promotion (STEP) pilot grant initiative is authorized to provide up to $90 million in grants to states over the next three years.
The STEP pilot grant initiative is aimed at achieving two goals: 1) increase the number of small businesses that want to export and 2) increase the value of exports for those small businesses that currently export. Established by the Small Business Jobs Act of 2010, the 50 states, the District of Columbia and U.S. territories are all eligible to apply for grants, which will be awarded on a competitive basis.
“The global market offers countless opportunities for small business owners who are well positioned to grow their volume and customer base beyond our borders, and in doing so, create good-paying jobs in their local communities,” SBA Administrator Karen Mills said. “These grants, through the partnerships they will create at the state level, will strengthen the support available to help small business take that first step to begin exporting, and for those who are already exporting, grow into additional markets.”
The Jobs Act authorized up to $90 million over three fiscal years, $30 million each year, beginning with the current fiscal year 2011. Individual state project award amounts will vary based on each state’s proposed project plan and budget.
A state may not submit more than one application for a grant under the initiative, but may apply each federal fiscal year through the 3-year term of the pilot grant initiative. Activities that can be supported with grant dollars under this initiative may include: participation in foreign trade missions, foreign market sales trips, subscription services provided by USDOC, design of international marketing products or campaigns, export trade show exhibits, training workshops or other export initiatives that are in line with the goals of the pilot grant initiative.
The STEP pilot grant initiative announcement will be posted at www.Grants.gov on March 1, 2011. The application period will be March 1 through April 26. Awards for the first year of the grant program will be issued in summer of 2011. See more information at www.sba.gov/STEP.
First Contracts Expected to be Awarded through WOSB Program By Critical Fourth Quarter of Fiscal Year 2011
WASHINGTON – Women-owned small businesses can begin taking steps to participate in a new federal contracting program on Friday, Feb. 4, the U.S. Small Business Administration announced today. The new Women-Owned Small Business (WOSB) Federal Contract Program will be fully implemented over the next several months, with the first contracts expected to be awarded by the fourth quarter of fiscal year 2011.
“Implementing the Women-Owned Small Business contracting rule has been a top priority for the Obama Administration and SBA,” said Administrator Karen Mills. “Women-owned businesses are one of the fastest growing sectors of the economy. As we continue to look to small businesses to grow, create jobs and lead America into the future, women-owned businesses will play a key role. That’s why providing them with all the tools necessary to compete for and win federal contracts is so important. Federal contracts can provide women-owned small businesses with the oxygen they need to take their business to the next level.”
The WOSB Federal Contract Program will provide greater access to federal contracting opportunities for WOSBs and economically-disadvantaged women-owned small businesses (EDWOSBs). The Program allows contracting officers, for the first time, to set aside specific contracts for certified WOSBs and EDWOSBs and will help federal agencies achieve the existing statutory goal of five percent of federal contracting dollars being awarded to WOSBs.
On Feb. 4, SBA will release instructions on how to participate in the program, as well as launch the secure, online data repository for WOSBs to upload required documents, on its website: www.sba.gov/wosb. SBA will also release an application to become an SBA-approved third party certifier for this program on that date. This will be the first version of the application. SBA welcomes comments and suggestions on this first version of the application.
During the ramp up period over the next several months, SBA is encouraging small business owners to review program requirements and ensure their required documents are uploaded to the repository. WOSBs also will need to update their status in the Central Contractor Registration (CCR) and the Online Representation and Certification Application (ORCA) to indicate to contracting officers that they are eligible to participate. The General Services Administration is currently updating these systems and they are expected to be completed in April, 2011.
Similarly, the WOSB rule in the Federal Acquisition Regulation (FAR), which is the companion to the SBA rule, is now going through final review, and is also expected to be issued by April. With these pieces in place, SBA expects to see the first contracts awarded through the program by the all-important fourth quarter, when the largest percent of federal contracts are awarded.
Every firm that wishes to participate in the WOSB program must meet the eligibility requirements and either self-certify or obtain third party certification. At this time, SBA has not approved any third party certifiers. Regardless of their certification method, WOSBs must also upload required documents proving their eligibility to a secure online data repository developed and maintained by SBA.
To qualify as a WOSB, a firm must be at least fifty-one percent owned and controlled by one or more women, and primarily managed by one or more women. The women must be U.S. citizens and the firm must be considered small according to SBA size standards. To be deemed “economically disadvantaged”, a firm’s owners must meet specific financial requirements set forth in the program regulations.
The WOSB Program identifies eighty-three four-digit North American Industry Classification Systems (NAICS) codes where WOSBs are underrepresented or substantially underrepresented. Contracting officers may set aside contracts in these industries if the contract can be awarded at a fair and reasonable price, the contracting officer has a reasonable expectation that two or more WOSBs or EDWOSBs will submit offers for the contract and the anticipated contract price is not greater than $5 million for manufacturing contracts and $3 million for other contracts.
Each stage of implementation is part of SBA’s mission to make the Program efficient and user-friendly, and to ensure its benefits go only to qualifying WOSBs. SBA is excited to launch this new program to provide WOSBs with increased opportunities to compete for and win federal contracts, ultimately helping WOSBs create and retain more jobs.
For more information on the Women-Owned Small Business Program or to access the instructions, applications or database, please visit www.sba.gov/wosb.