Dec 10, 2015 | Education, Small Business
Maui Economic Development Board (MEDB) was the local host for the 2016 InnovateHER “Innovating for Business Challenge.” The U.S. Small Business Administration (SBA) launched the nationwide InnovateHER Challenge in August 2015, with the goal of finding products and services that help empower the lives of women and families. This past November, ten Maui finalists proved once again that Maui is a launching pad for empowering entrepreneurs. Each gave a five-minute pitch for their product or service to a panel of judges. The judges took into account criteria such as whether the proposal had a measurable improvement in the lives of community members, potential for commercialization and filled a need in the marketplace.
In a close competition, Pamela Norris of Wailuku was named the Maui winner. Norris won for her product, the ICEBUDDY System, a portable cooling system that utilizes new technology to transport medicine, water and supplies for emergencies. “My lifetime has been spent trying to make a positive difference in the world,” said Norris. “That journey has taken me from teaching everything from the pre-school level to post-graduate, training security and law enforcement officers and directing mental health services. Now this experience has brought me to a point where I choose to focus my talents on developing revolutionary products that serve unmet needs.”
As the Maui winner, Norris took home a cash award from MEDB. She will also have the opportunity to be considered for SBA’s national competition which will be held in Washington D.C. in March 2016 as part of a larger Women’s Summit. If selected, she will compete against other finalists nationwide and have an opportunity to pitch her idea to a panel of expert judges drawn from the private sector. Three winners will be chosen and awarded up to $70,000 in cash prizes.
“I hope SBA continues to grow this competition,” said Gerry Smith, MEDB Director of Business Development. “Not only will programs such as these help women break through that glass ceiling in terms of business and entrepreneurship, but also will provide opportunities to help empower women and families and ultimately help to build communities.”
My winning venture, the ICEBUDDY system, is a portable cooling system that enables ice, water, medication and emergency supplies to be stored and transported easily.
Pamela Norris
Nov 5, 2015 | Education, Small Business
A recent seminar presented by Maui Economic Development Board’s (MEDB’s) Technical Assistance Workshop Series provided a hands-on look at apps available from the U.S. Census Bureau to give small businesses and startups the edge in exploring the demographics of potential markets. Jerry Wong, Data Dissemination Specialist for the Census Bureau’s Los Angeles Region, explained that census data allows business owners to research how to start or expand a business. “My intent is to inform individuals here on Maui, particularly entrepreneurs and company representatives, about the new tools that will assist them in the analysis of locations on Maui for business opportunities through looking at the census data for those specific areas,” said Wong. “This training applies to market research, community analysis and planning, grant proposals and general decision-making, all of which involve the use of statistical information.”
“The purpose of this seminar was to add another tool to each participant’s business toolkit,” said Frank De Rego, Jr., Director of Businesss Development Projects at MEDB. “The two new apps created by the U.S. Census Bureau, Census Business Builder and On the Map, along with Knight Ridder’s Census Reporter, now make accessing census data more user-friendly. As these tools are expanded and improved, they will be invaluable for strategic business planning,” said De Rego.
“We recently opened our first gallery here on Maui,” said Lisa Marie Corcoran of National Geographic Fine Arts Galleries in Wailea. “I very much appreciate this great opportunity to learn how to use census data to benefit our customers and community. Specifically, we are very interested in capabilities for exploring the demographics and socioeconomic characteristics of potential markets on-island,” she explained. “While we estimate 80 percent of our market to be tourist-driven, we want to better understand the community we operate in. MEDB and the Visitor Bureau also do a great job of publishing current and historical demographic data.”
Oct 21, 2015 | Small Business
Do you need capital to grow your company and achieve success?
Come learn from experts in the venture capital industry about how to attract needed venture capital to expand and grow your business. The focus of discussion will be on Silicon Valley-style venture funds. You will gain insights into what venture funds expect in an investment; what motivates them internally and externally; how to secure a meeting with a venture fund; how to prepare for a meeting with a venture fund; and how to structure your company to attract venture capital.
What you will learn
- What is venture capital?
- Why should I seek venture capital?
- How does venture capital work?
- How do I raise venture capital?
- How do I prepare my company for venture capital?
- What are other benefits of having a venture fund invest in my company?
- How do I connect with venture funds?
- What types of returns do their investors expect?
- What type of business models attract venture capital?
- How do I value my company?
- What are the pros and cons for Hawaii companies?
- How do I know that I’m getting a fair deal?
- How do I select a venture capital firm?
The workshop will be Thursday, September 24, 2015, from 9:30 am to 2:15 pm at MEDB’s Malcolm Center, 1305 N. Holopono St. in Kihei. Cost of the workshop is $20. Lunch will be provided. Space is limited, and reservations are required. Click here to register: https://hightechmaui.com/confregister/form-venturecapital.cfm
For more information, contact: Frank De Rego, Jr. MEDB Director of Business Development Projects, frank@medb.org, (808)270-6807.
Oct 14, 2015 | Small Business
By popular demand, Maui Economic Development Board (MEDB) offered two days of the workshop “Minding Your Own Business: Entrepreneurial Psychology Basics and You.” The workshop, part of MEDB’s Technical Assistance Series, is a grassroots effort to help small businesses establish strong systems, processes, tools and best practices to build a solid foundation for success. The Psychology Basics workshop, led by psychologist Dr. Jennifer Johnston-Jones, helped attendees explore their own personal approach to business creation through the double lens of neuroscience and psychology. Through hands-on interactive activities, participants rediscovered their strength, perseverance, and creativity by overcoming perceived limits, and then applied these hard-won lessons in building their businesses.
“During this seminar, attendees experienced live coaching and personalized attention, increased self-awareness, authentic networking, community-building, a possible breakthrough, and laughter and fun,” said Frank De Rego Jr., director of Business Development Projects at MEDB. “We encouraged all entrepreneurs to attend and learn from Dr. Johnston-Jones about how they can realize their potential.”
Dr. Johnston-Jones is an internationally acclaimed speaker, psychologist, executive coach and expert in the psychology of success. She is the founder and CEO of EntrepreneurShift, an app and live-event program which shifts the paradigm from a wealth-based model of success to authentic success via modern neuroscience. “I teach people actionable life-changing steps that accelerate their path toward financial freedom paired with purpose and joy,” said Dr. Johnston-Jones. “With every level of success there is another level of success just beyond the horizon that requires thought, decisions and actions that a coach can help you accelerate or think through.”
“As a business owner, I’m focused and motivated, but I don’t always make time for strategic thinking because I’m busy serving clients and running the business,” said workshop participant Dr. Steven King. “It’s imperative that we learn how to work with the community. Psychological relations have to be understood and this workshop helped me think more strategically about that aspect. It was invaluable!”
Jul 22, 2015 | Small Business
When it comes to understanding one’s financials all types of businesses could use a boost. Such was the overwhelming sentiment by those who recently attended MEDB’s Technical Assistance Series workshop, “Boosting Your Financial IQ,” on Wednesday, July 15th.
Held at the MEDB Malcolm Center in Kihei, over 30 people attended the workshop led by accounting experts from Personal Accountant Inc. – CEO/Founder Lisa Wells, President Anastasia Winslow, and Associate in the Accounting/GE Tax Department Chelsea Smith.
While various industries were represented ranging from agriculture, construction, finance, and hospitality to information services, manufacturing, retail, science/technology services – they all shared a common goal: to learn more about how they can improve their businesses’ efficiency, promote good accounting practices, and ultimately save on their taxes.
“When you work for someone, your financials are done for you,” said Cecelia Hercik, Managing Director of Olavine Spa & Salon in Wailea Gateway Center. “But when you own your own business, you have to create your own accounts and understand what really makes financial sense.”
In addition to covering a variety of financial topics, the workshop also provided an opportunity for attendees to network with each other and to meet with the accounting experts on their own company’s accounting books, financial statements, and business setup.
MEDB’s Technical Assistance Series: Foundations for Business Success was created in an effort to help small businesses establish strong systems, processes, tools, and best practices to build a solid foundation for success.
“It is essential for any business to have a solid plan rooted in sound principles and practice to be competitive,” said Frank De Rego Jr., Director of Business Development Projects at Maui Economic Development Board. “The accounting seminar and the other workshops in the series can help businesses build their human capital in knowledge and skills, thus improving services and systems while giving team members more time to focus on growth strategies and customer care. Ultimately, these strategies will help businesses succeed.”
The “Boosting Your Financial IQ” workshop was sponsored by the County of Maui, Maui Economic Development Board, and Personal Accountant Inc.
The next MEDB Technical Assistance Series workshop, “Minding Your Own Business: Entrepreneurial Psychology Basics and You,” will be held on Tuesday, August 4th. Led by prominent entrepreneurial psychologist Dr. Jennifer Johnston-Jones, attendees will be guided through steps to rediscover their own strength, perseverance, and creativity by overcoming perceived limits then applying those hard won lessons in building their business.
For more information and to register online, visit www.medb.org/minding-your-own-business or contact Frank De Rego Jr. at MEDB: email frank@medb.org or call (808) 270-6807.
Jul 8, 2015 | Small Business
Receive invaluable advice from accounting experts on how to improve your business’s efficiency, promote good accounting practices, and ultimately save on your taxes.
Wednesday, July 15, 2015, 9:30 am – 2 pm
MEDB’s Malcolm Center, 1305 N. Holopono St., Ste. #5 Kihei, HI 96753
Admission is $20 • Lunch will be provided • Reservation required • Space is limited
Register online • Full details
May 20, 2015 | Small Business
Website consultant David Fry’s idea to create an online voting system for nonprofit leaders took home the top prize at the 2015 Startup Weekend Maui. Fry said he and his team from Board.Vote created the beginnings of a viable prototype in less than 54 hours by listening to many tips including those from Startup Weekend facilitator Bryan “Boots” Butteling.
These tips include identifying a solution to a problem; being flexible and adaptable (“pivot and repeat”); and creating a revenue model. Close to 80 residents and visitors attended Startup Weekend Maui, presented by the Maui Economic Development Board. Aspiring entrepreneurs pitched ideas ranging from a stock market game to science education, to Maui-made pickles and a marketplace to help struggling Hana artists and vendors. “All of these could make good businesses on Maui,” Fry said. “We were really just grateful to be selected.”
Board.Vote would feature a Web application that provides greater efficiency in board deliberations and voting. In its research, Board.Vote’s team interviewed 15 local nonprofit leaders and 42.9 percent said they would recommend purchasing the Web app to their board. During his presentation, Fry outlined plans to charge monthly fees for the Web application. After hearing from the judges, Fry said he’s seriously considering charging a yearly fee for Board.Vote. “It was a great suggestion,” Fry said. The next steps for Board.Vote will be to develop the Web application, including a security piece and securing sources of financing. Aside from revenue model, judges recommended entrepreneurs conduct more research into customer validation and product viability. “Everybody had a good idea and there were lots of pros and cons,” Judge Tarik Sultan told the participants. This year’s Startup Weekend converged May 15-17 at MEDB’s Malcolm Center and the Maui Research & Technology Center. Fry said he thought MEDB did a “great” job of coordinating the event and suggested that the participants be invited back for a reunion.
Mar 25, 2015 | Small Business
A workshop on using census data on Maui and webcast on Molokai were a hit for participants, especially those who use numbers to understand what’s happening in the world of business. “The MEDB workshop was excellent and for those of us who use numbers on a regular basis for planning and reporting, this was the most comprehensive census data workshop I have ever attended,” said Jennifer Hawkins, Maui County’s small business advocate on Molokai. “After years of using census data for reporting, I learned that postal ZIP codes and census ZIP codes are not necessarily the same,” she said. “I also learned about helpful tools that will soon be released to aid in locating the data for which one is searching.”
One of these tools, the Census Business Builder, is coming soon to the U.S. Census Bureau’s website. The tool was highlighted during a Maui Economic Development Board workshop, “Using Census Bureau Demographic and Economic Data in a Business Plan,” held February 27 at MEDB’s Malcolm Center in Kihei. Andrew Hait, the Program Planning & Data User Outreach Liaison for the Bureau of the Census in Washington D.C., traveled to Maui to present the workshop. Hait provided an overview of selected, key Census Bureau demographic and economic programs, and how the information from these programs can be used by entrepreneurs and businesses in a business plan and loan application.
The workshop attended by 25 people was also made available to Molokai residents via webcast. Hawkins said it was important to give Molokai residents access to the workshop. “So many times, we have wonderful speakers come to our state and county, but never make it to Molokai,” she said. “As small business advocate, I try to provide access to as many off island resources as I can for Molokai businesses. Data provided by the Census Bureau is crucial for our businesses, whether they are writing a business plan, applying for a grant or just doing market research.”
Mar 18, 2015 | Environment, Small Business, Sustainability
A passion for the o
utdoors inspired John Bendon to create a company that helps others achieve milestones in energy efficiency and environmental design. Bendon, a 1996 Seabury Hall graduate, serves as the founding principal of Green Building Hawaii. “Ultimately, the core focus of what we do is drive value by maximizing performance,” Bendon said.
Founded in 2007, Green Building Hawaii assists commercial and residential clients and conducts training in a number of areas including energy audits, photovoltaic analyses and high performance certifications such as LEED – Leadership in Energy and Environmental Design. With Green Building Hawaii’s guidance, the Hyatt Regency Maui Resort and Spa became the first resort in the state and only the fourth in the world, according to Bendon, to earn a silver level certification under the U.S. Green Building Council’s LEED for Existing Buildings Operations and Maintenance (EBOM). It is also the first building to Maui County to receive this designation. “What’s exciting is that a lot of resorts want to follow Hyatt’s lead,” said Bendon, who’s added more resorts to his clientele list.
Maui Economic Development Board, another Green Building Hawaii client, became the first LEED EBOM certified office building on Maui. “The LEED rating system is the most recognized third party certification for environmentally conscious buildings,” Bendon explained. “I hope more organizations will follow MEDB’s commitment toward promoting renewable clean energy.” Bendon said his team worked with staff at MEDB and at the Hyatt Regency Maui for about a year and a half, reviewing policies and procedures relating to issues such as energy efficiency, waste diversion, green cleaning, and other sustainable operating policies and procedures. “The energy projects are return on investment projects. We help companies both improve the bottom line and the environment,” Bendon said.
Green Building Hawaii has seen an upswing in business. “We’re really busy these days. The awareness is growing in this field and we are starting to work with organizations that did not have these types of issues on their radar even a few years ago.” Bendon said. On his company Web site, Bendon predicts that the next big advances in green building will involve material life cycle assessments and further integration of smart home/building technologies to reduce energy use.
