Small Business Forward – Chase for Business – Chase

SCOTT GELLER: Small businesses are a major driver of our economy. And regardless of what stage they are in their development, they continue to need a lot of the same thing. They need access to facilities, intellectual capital. They could need legal help. They could need accounting resources. So, when you bring a lot of like-minded people together in the same industry, the more successful each one of them are, the more successful the group is or the cluster. Clusters are a grouping of small companies operating in a geographically defined area, all in principally the same industry. Clusters benefit from working with nonprofits and the nonprofit plays the role of intermediary. They understand the industry. They understand the geography. They understand the communities. And, therefore, they’re in the best position to determine how to best benefit the companies, the concept, and the industry as a whole. L.A. Cleantech’s a great example of a cluster concept that has done very well. It’s a group of companies in the clean technology space operating within the Los Angeles area. FRED WALTI: Our role is to go out and find the early-stage companies, the– the great management teams, that need help, that are very young, and get them into the marketplace over a period of time. We help them with, really, three things. We give them plug-and-play office space. We give them coaching and mentorship and advisory service and education. And three, we connect them to people that can help. We have a ecosystem of world-class research universities, government institutions, corporate partners, capital. And we connect ’em to the people that they need when they need it. KABIRA STOKES: We are Isidore Electronics Recycling, a social enterprise. We are a full-service electronics, recycling, and repair company here in Los Angeles. We are where you can bring that pile of computers, or phones, or wires, or the stuff you don’t know what to do with. We will make sure that it’s responsibly dealt with. This cluster is a collection of advisors and then a collection of incubated companies. To be able to all share the resources, whether that be the fax machine, or advisors that can help you raise money, it’s amazing. LACI’s really been able to fill in the gaps. They have been unbelievable helping me build a financial model and finding the appropriate sort of attorney to deal with a certain issue. Or I can go to them and say, “I need blank,” and they’ll help me find it. FRED WALTI: We are a very unique organization. We are a public-private partnership that is nonprofit, yet we have very strong connections to the City of Los Angeles, to the County of Los Angeles. KABIRA STOKES: You really are taking on an extended team. And it’s invaluable for a small company to have an extension of your team like that. (VEHICLE ENGINE) FRED WALTI: We are going to build– a new campus, right down the street, about a block from here. And that new campus is gonna be a 60,000-square-foot campus that’s gonna have wet labs, dry labs, R and D facilities, a training center so that we eliminate the– the skills gap between creation of jobs and training for jobs in the future. SCOTT GELLER: Another example of a very successful concept is the Detroit Eastern Market. DANIEL CARMODY: This venerable market attracts 30,000 to 40,000 people each Saturday. And we can actually put food businesses that are in their early stages in front of that kind of market, and provide access to low-cost production space now with help from our friends like at JPMorgan Chase. We provide access to expertise through partnerships with Michigan State University Product Center, an extension and through– a number of means, we’re looking at providing low-cost access to capital, to, really, allow food companies to get started and grow. SCOTT GELLER: J.P. Morgan Chase is very pleased to help support the cluster concept. Our five-year, $30 million commitment in a variety of industries in the following cities: Chicago, Detroit, Los Angeles, Milwaukee, Newark, New Orleans, San Francisco, Seattle, St. Louis, and Kansas City. Coming in 2015, this program will also expand internationally. FRED WALTI: We’re building a cluster that we think will pay out ten, twenty, thirty, forty years from now. So, for us here, J.P. Morgan Chase has been a game changer. SCOTT GELLER: It’s all about accelerating growth today to set up and look forward and set companies up for success tomorrow. KABIRA STOKES: It’s a really good feeling of we’re all in this together. And it’s– it’s an incredibly valuable thing.

, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Post navigation

2 thoughts on “Small Business Forward – Chase for Business – Chase

  1. @Creatively Smart = Social Media Management for Small Business. Visit for more info

Leave a Reply

Your email address will not be published. Required fields are marked *