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Idaho’s thriving startup scene is capturing the interest of entrepreneurs, offering a mix of business opportunities and a fulfilling lifestyle.
Small businesses are taking note, as Capitol on Tap reveals that Idaho boasts the nation’s eighth lowest labor costs. This affordability factor is particularly advantageous for startups with limited initial cash flow.
The state’s 13.84% rate of new employer business actualization underscores its business-friendly environment, meaning that nearly 14 out of every 100 business ventures blossom into employers within two years. As a testament to their impact, Idaho’s startups are generating 6.1 jobs per 1,000 residents, solidifying their role as catalysts for economic growth.
For entrepreneurs and small business owners seeking to capitalize on this momentum, there’s a range of organizations poised to offer support and resources. Whether it’s mentorship, funding assistance, or networking opportunities, here are some organizations helping entrepreneurs and small business owners embark on their journeys of success:
Entrepreneurs’ Organization Idaho (EO Idaho)
The Entrepreneurs’ Organization (EO) is a global, peer-to-peer network of more than 17,000+ influential business owners with 213 chapters in 60+ countries. Jeremy Ames, President of EO Idaho and an experienced entrepreneur himself, relocated his business from Washington state to Boise several years back. His motivation was clear: to elevate employees’ quality of life and tap into Boise’s vibrant business community.
Ames’s views resonate with fellow business owners who’ve recognized Boise’s unique fusion of work-life balance and resource availability, making it an appealing hub for businesses and families. Despite not being a hotspot for venture-funded startups, he added, Boise boasts a robust network of entrepreneurs driving local commerce.
“If you look at ‘salt of the earth’ companies of people who are selling goods and services, there are surprisingly a large number of them,” he added.
EO Idaho operates in two ways, as Ames explained. The organization has a basic membership requirement for core members and also runs an Accelerator Program. This program is aimed at businesses generating $250,000 or more in revenue, helping entrepreneurs reach the milestone of one million dollars in revenue. This is a significant point where businesses can start expanding their support team beyond their initial requirements.
“It’s a big threshold, and we look at it as getting people to a place where they’re not pulling their hair out and losing their mind,” Ames added.
Addressing challenges, Ames pinpoints the cost of living and state taxes as significant concerns. “Relative to similar-sized communities, Boise’s cost structure can be demanding,” he says, acknowledging the potential deterrence for businesses setting up shop.
Despite the obstacles for businesses in the region, Ames highlights the benefits of Idaho’s business landscape, including a vibrant business community, a healthy work-life balance, resource accessibility, a community-centric culture, and a strong network of entrepreneurs contributing to the local economy.
Ames encourages business owners to utilize EO’s platform in Idaho for fostering camaraderie, finding solutions, and achieving growth through peer-to-peer meetings that facilitate the exchange of shared experiences and collaborative problem-solving. “For co-founders or small business owners, EO offers an unparalleled community and network,” He added.”My growth has come through EO.”
SCORE Treasure Valley
Starting a small business involves a mix of excitement and challenges, particularly for first-time entrepreneurs entering the complex world of business ownership.
SCORE, a nonprofit organization, functions as a resource partner of the U.S. Small Business Administration (SBA), offering support to small businesses and aspiring entrepreneurs throughout Idaho. It serves as a vital resource by providing a wide array of free resources, tools, and expert guidance, contributing to the growth and success of businesses in the region.
“In my experience, entrepreneurs are often very overwhelmed by the process. Especially if it’s their first business that they started, they’re just looking for direction,” said Peter Buzzard, SCORE chapter co-chair and mentor.
A central component of SCORE’s approach to guiding entrepreneurs is helping them develop a comprehensive business plan. Buzzard clarifies that a business plan doesn’t necessarily have to be a complex document, it can start with a concise tool called a “business model canvas.” This one-page canvas allows entrepreneurs to outline essential elements, such as their value proposition, customer segments, competitors, pricing strategy, and business model.
“A lot of times we use what’s called a business model canvas as kind of a starting point where in a single sheet of paper, we can kind of map out all the different elements that a business owner needs to think about,” he said.
Mentors, like those provided by SCORE, also play a pivotal role in helping new entrepreneurs identify “blind spots” in their plans. These mentors guide entrepreneurs through the myriad decisions they need to make, from legal considerations to hiring practices, added Buzzard.
“Having somebody like a SCORE mentor, having some sort of a business mentor to help them kind of uncover all the things that they hadn’t thought about,” he said. “We help entrepreneurs uncover the ‘blind spots’ to their dreams.”
Buzzard underscores the value of organizations like SCORE in alleviating entrepreneurs’ concerns and helping them plan more effectively.
“A lot of it is planning, helping them think through the things that they’re going to run into,” he said. “All of our mentors are volunteers and business professionals that have been there, done that, and in most cases, owned multiple businesses. We provide a sequence of steps to new entrepreneurs, helping them to build confidence, so they can successfully accomplish their goals.”
Boise Entrepreneur Week: Fostering Tech Growth and Innovation in Idaho
“Our vision is to democratize access to entrepreneurship, making it more accessible to people from all walks of life,” Tiam Rastegar, the CEO and executive director of Trailhead, the organization behind BEW.
BEW stands out for its unique structure, with diverse tracks catering to different facets of entrepreneurship. These tracks encompass a wide range of topics, from startup and growth strategies to corporate innovation, reflecting the comprehensive nature of modern entrepreneurship.
One of the remarkable features of BEW is the considerable amount of prize money offered, totaling $210,000. The prize money is awarded without any equity stake, providing an opportunity for participants to secure funding without relinquishing ownership in their ventures.
“Our goal is to give away $210,000 in prize money,” said Rastegar. “We reward them with cash and we don’t take any equity in return in the company.”
Previous winners include Lovevery, a company blending technology and a subscription model for baby toys, and Killer Creamery, a low-carb ice cream brand. These accomplishments underscore how BEW nurtures startups beyond its annual event.
“Boise Entrepreneur Week is once a year, but year round, we’re in the business of helping early stage entrepreneurs succeed,” said Rastegar.
As the upcoming BEW approaches in October, Rastegar invites the community to explore the event’s offerings. The comprehensive schedule, expected to launch in late August, promises a diverse range of sessions, workshops, and networking opportunities.
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