Sponsor: Community & Economic Development
Title
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Agreement with Hennepin County for CEO Now Business Institute Programming
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Recommendation
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1. Approve an agreement with Hennepin County for CEO Now Business Institute Programming for the period of March 20, 2024 through December 13, 2024 in accordance with the rates established in the agreement.
2. Authorize the Chair and Chief Clerk to execute the agreement.
3. Authorize the County Manager to execute amendments to the agreement in accordance with the county’s procurement policies and procedures, provided the amounts are within the limits of available funding.
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Background and Rationale
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The CEO Next Business Institute is an established regional county partnership program designed specifically for growing regional second stage businesses. This program provides vital training and data for businesses ready to transition from small to large, who are past start-up stage but are not yet mature. Participants have 10-99 employees and revenue between $1 million and $50 million.
In 2023, Hennepin County developed a complementary program, CEO Now. Like CEO Next, the CEO Now program invests in existing businesses to accelerate growth and expansion. It differs from in that it is geared toward growth minded, early-stage businesses. The purpose of the CEO Now program is to teach new founders the strategic and technical aspects of running a business to build a foundation for long term success, like how to systemize their business and prepare to scale. Participants are private businesses with at least one employee besides the owner, have two years of operating history and at least $250,000 in annual revenue.
By offering the CEO Now program, Ramsey County is better positioned to support emerging and growing businesses, supporting an economically competitive region.
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County Goals (Check those advanced by Action)
☐ Well-being ☒ Prosperity ☒ Opportunity ☐ Accountability
Racial Equity Impact
The Ramsey County Economic Competitiveness and Inclusion Plan calls for several strategies to foster a more economically competitive community including:
• Strategy 6: Develop pathways to entrepreneurship and Black, Latinx, Asian, and Indigenous business ownership.
• Strategy 7: Attract and grow high-wage industry and innovation: technology, advanced manufacturing, and life sciences.
• Strategy 8: Strengthen business retention and expansion infrastructure to support communities.
The Business Institute Programming provides key supports to small businesses to support these strategies.
Community Participation Level and Impact
Community Participation in this board action is to inform the community of programming that comes as a result of a robust engagement process conducted in the development of the Economic Competitiveness and Inclusion Plan.
☒ Inform ☐ Consult ☐ Involve ☐ Collaborate ☐ Empower
Fiscal Impact
The cost for the upcoming CEO Now cohort is not to exceed $46,000. This cost pays for up to 10 Ramsey County participants. Funds for CEO Now are included in the Community and Economic Development operating budget.
Last Previous Action
On January 23, 2024 the Ramsey County Board of Commissioners held a workshop on the department of Community and Economic Development’s small business programming.
Attachments
1. CEO Now Partnership Agreement