MILL RACE CENTER FOR ENTREPRENEUERSHIP AND INNOVATION

1. WE CONTINUED TO OPERATE MILL RACE COWORKING AS A SHARED WORKSPACE FOR NEW BUSINESS FOUNDERS AND STARTUP COMPANIES IN THE CEDAR VALLEY (PROVIDING SUBSIZED COST SPACE & SUPPORT) UNTIL THE END OF FEBRUARY 2021, AT WHICH POINT THE OPERATIONS AND MANAGEMENT OF THE PHYSICAL SPACE WAS TRANSITIONED OVER TO GRAVITATE COWORKING. THERE WERE OVER 30 ACTIVE COMPANIES OPERATING OUT OF MILL RACE COWORKING, A MAJORITY OF WHICH REPRESENT STARTUP COMPANIES BASED LOCALLY IN CEDAR FALLS. THE KEY OBJECTIVE IS TO PROVIDE A PHYSICAL SPACE FOR ENTREPRENEURS AND NEW STARTUPS TO WORK, CONNECT WITH AND LEARN FROM ONE ANOTHER. RED CEDAR CONTINUED TO PROVIDE ACCESS TO A NETWORK OF MENTORS AND ADVISORS THROUGH PROGRAMS AND WORKSHOPS EVEN WHILE NO LONGER MANAGING THE PHYSICAL OFFICE SPACE AT 200 STATE ST, CEDAR FALLS, IA.

2. WE CONTINUED TO RUN SEVERAL ENTREPRENEUR TRAINING PROGRAMS FOCUSED ON SUPPORTING EARLY-STAGE, FIRST-TIME BUSINESS FOUNDERS. WE CONTINUED TO HELP MENTOR AND PROVIDE SUPPORT FOR THE BLACK BUSINESS & ENTREPRENEUR ACCELERATOR (BBEA), A BLACK BUSINESS-FOCUSED BUSINESS TRAINING PROGRAM WITH 15 PARTICIPANTS IN THE FIRST COHORT THAT FINISHED IN FEBRUARY 2021. THE PROGRAM GRADUATED A SECOND COHORT OF 15 MORE COMPANIES IN THE FALL. RED CEDAR HELPED TO GRANT WRITE AND SECURE ALMOST $600,000 IN FUNDING FOR THE BBEA PROGRAM THROUGH THE STATE OF IOWA AND THE KAUFFMAN FOUNDATION. THE KEY OBJECTIVE FOR THESE PROGRAMS IS TO HELP NEW BUSINESS FOUNDERS LEARN FASTER AND REDUCE THE RISK OF LAUNCHING THEIR NEW BUSINESS. THEY COVER THE BASICS OF BUILDING A SUSTAINABLE BUSINESS MODEL, FROM IDENTIFYING YOUR TARGET CUSTOMER AND THE PROBLEMS THEY FACE, TO THE ACTUAL EXPENSE AND REVENUE STRUCTURE OF THE BUSINESS. SEVERAL OF THE PROGRAMS, INCLUDING BBEA, WERE GEARED ESPECIALLY TOWARD SUPPORTING BUSINESSES THOUGH THE ECONOMIC CONSTRAINTS OF COVID.