Archive for the ‘News’ Category

Last month, Mike Kazmier, CTO, of Avail TVN (now Vubiquity) introduced a critical element of business growth – “access to efficient and affordable middle-mile bandwidth.”  Kalispell and the greater Flathead suffer economically from this scarcity of access to Tier 1 POPs and economical bandwidth.  

But let us fast forward to current developments under foot (and overhead). No ONE company or industry is large enough to solve the challenges of this access by themselves, but recent collaboration between Montana organizations has turned the possibilities for economic development in northwest Montana a shade brighter.  Three local partners, The Health Information Exchange of Montana (HIEM), Ronan Telephone Company and MontanaSky Networks have coordinated their build-out of a new regional middle-mile fiber optic network by exchanging services on their respective networks. This collaboration promises to bring a new era for local access to the middle mile high speed IP data network to the Flathead. This effectively resulted in the leveraging of two independent federal funding programs to create a $30 million middle mile infrastructure stretching from Missoula up through Polson, Kalispell, and to Whitefish as well as from Kalispell to Libby.  The three organizations continue to serve their respective markets; the HIEM serves the network of hospitals, health clinics and higher education. The collaboration between Ronan Telephone Company and MontanaSky Networks is providing competitive service to governments, K-12, other carriers and the commercial markets. 

These uncommon partners are a fascinating case study on achieving a shared solution that begins to address their unique challenges. The impact for economic development and local businesses is the additional choices, efficiency and competitive rates for their local data transport communications needs. This collaboration also enhances the future prospects for beneficial economic development in the Flathead. A secondary benefit of this build out has been the demand for the installation of fiber optic cabling in western Montana and the growth of a local organization, Spligitty Fiber Optic Services, Inc.   Montana West Economic Development is assisting this respected local contracting company reach their growth potential.  The presence of the Spligitty utility trucks in the Valley is direct proof of the middle-mile fiber optic developments that Mike Kazmier feels is integral in attracting and developing business in the Valley.

 These advancements are perhaps as hidden from sight as the fiber itself. In an effort to bring light to the new middle-mile build out in our region, Montana West Economic Development is hosting a Round Table discussion on May 21, at the FVCC Arts and Technology Building, from 8:30 – 10:30. Panel participants will include the 3 partners mentioned above to present on the fiber architecture and the economic advantages this brings to the Flathead and northwest Montana.

Need Financing to Grow Your Business?

It is rare that a business is able to support 100% of its growth through profits. The good news is you’re growing.  The tricky news for the first-time borrower is there a myriad of financing options you need to navigate.  You have heard the words fly by – bootstrapping, angel investors, conventional loans, gap financing and venture funding.  Determining a match for you will depend upon your business phase, management expertise, current financial performance, underlying purpose for capital, and size of your opportunities. And the answer to these conditions will dictate the package of information your funder will require.

Yes, it can be a jigsaw puzzle, identifying your fit among these variables. But regardless of your company’s position, you can count on the two key requirements from potential investors or lenders – a business plan and financial documentation. That includes, a balance sheet, income statement and cash flow.

While not everyone needs a formal business plan,  a start up or growing company that needs significant capital and more than a year to show profitable growth should map out how much time and money (your burn rate) it’s going take to reach its destination. Your business model should be clearly articulated, quantified and supported by researched assumptions. In short, this is not just a show for the banker – it is YOUR narrative on YOUR analysis of what you are going to do with the money and how you’re going to pay it back.

Management will be assessed based upon the integrity and effective use of financial statements and, of course, performance.  Historical financial statements should be accurate and present a clear portrayal of the company’s performance.

The counselors at Montana West Economic Development can help you assess your “lend-ability” and, if needed, advise on strengthening your position or explore alternative strategies for a more productive outcome.

Montana West has also furthered its commitment to drive growth of the local economy by establishing a loan fund that is available to local businesses that need assistance qualifying for traditional bank financing. While we do evaluate the capacity for a loan to be repaid, our application requirements allow for a more flexible analysis.  To date we have invested $10.8 million into the local economy in the form of loans for this very purpose. To find out more contact Tina Oliphant, VP of Finance at Montana West Economic Development: tina@dobusinessinmontana.com.

 In Montana Town’s Hands, Guns Mean Cultural Security

Convention center feasibility for the flathead:

Montana West and Flathead County Economic Development partner to perform feasibility study for development of a convention center:

Kalispell, Montana – February 22, 2013– The Flathead County Economic Development Authority and Montana West Economic Development Corporation are partnering with a Midwest Company with Montana ties to perform a feasibility study for the development of a  convention center, 150 room hotel, and indoor water park in the Flathead Valley. The developer projects the development will create over 400 positions and the hotel will contribute approximately $2.5 million annually to the Montana Bed Tax.

The project is planned as a resort complex with jogging and biking trails, outdoor ice skating rink and cross country trails. The convention center is planned to accommodate groups of 1500 and banquets of 2000 persons. At least six entertainment venues are proposed annually at the convention center. The indoor water park of 45,000 square feet will have the latest water park features including a wave pool. The projected investment of the development will be approximately $70 million, and depending on the results of the feasibility analysis, is planned for a 2015 opening. It will be dedicated to the memory of the developer’s late wife who passed away from Cancer.

Flathead County Economic Development Authority and Montana West president Kellie Danielson stated “There have been conversations in the local communities the past few years about the benefit of a convention/event center. I am pleased that a developer is willing to invest in a discovery process of the sustainability of an amenity community stakeholders have long thought they needed.”

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If you would like more information about this topic, please contact Jessica Rogers at 406.257.7711 or email at jessica@dobusinessinmontana.com.

E-2: February 26th Is Your Business Idea Any Good?

Evaluating a business idea and finding private investment can be tricky, so…is your business idea any good? This E-2 event will help you evaluate and answer these five simple business questions:

1. What problem are you solving?
2. Who will pay you for that solution?
3. What will they pay for that solution?
4. Do you have the skills to create and sell the solution?
5. Who would be willing to invest in your business based on the four questions above?

About the Speaker:

Liz Marchi is currently the Fund Coordinator for the Frontier Angel Fund, LLC, Montana’s first angel fund. She is working with the Governor’s Office of Economic Development to build the Montana Angel Network and Innovate Montana. In addition she chairs the Advisory Board of the Flathead Beacon.

Liz has a background in legislative and public policy issues related to business growth and development at both the state and federal levels. She served for seven years as President and CEO of Montana West Economic Development and the Flathead County Port Authority, focusing on marketing, communications, and access to capital for economic and entrepreneurial development. She has been recognized for her vision and courage in bringing the entrepreneurial imperative to rural areas.

Liz currently resides with her husband, Jon, on a ranch outside of Polson, Montana, where she sells natural, Montana-raised Wagyu (Kobe) beef and registered Angus.

Tuesday, February 26
Where: FVCC, Arts and Technology Building, Room 139
When: 12:00-1:00 on the Fourth Tuesday of Each Month, January – June, September and October
Attendees are welcome to bring their lunch and enjoy it during the presentation.
To RSVP contact Kim Morisaki, Kim@DoBusinessInMontana.com or 257-7711.

This FREE business seminar is open to the public. E2 is a forum for entrepreneurs who want to know other entrepreneurs in the region. E2 is about being inspired, mentored and educated through the experience of others. E2 is sponsored by Montana West Economic Development and hosted by Flathead Valley Community College

“Ever wondered what it takes to be an entrepreneur?” This is the question that headlined the Startup Weekend Missoula event page in January and the answer to this question starts with an idea. Startup Weekend events happen around the globe and consist of long weekend workshops to pitch ideas, form teams and start companies. It is a 54 hour event where startup enthusiasts, developers, designers, marketers and product managers come together to share ideas, form teams, build products and launch startups. Final business model presentations are given to a panel of judges the last day of the event and then the winner is announced.

The first place winning team of this year’s event was fairly small, consisting of a developer from Missoula, a non-profit executive director from Helena, Tyler Weber the chief administrative officer of Northwest Imaging in Kalispell and a Montana West Economic Development board member. Recognized for his web-based software application “ShiftAuction” developed to help improve scheduling of employee shifts at the Imaging Center, Tyler has high hopes for his team’s new web application geared toward non-profit organizations. The application “iwillhelpout.com” is a web application that facilitates filling open roles for an event. The team name “Slots” suited this year’s winners well as the initial idea for iwillhelpout.com was to build a self-select schedule for a poker game night, thus filling the slots for the event at the attendee’s availability. By the end of the weekend Team Slots had functional software and five paying customers. “It’s going to be flexible enough and vanilla enough to use for any application, it saves communication time and” Tyler states, “it is positioned toward non-profits but you can still use it for other things.” As it says on the website, this application does one thing and does it well making volunteer sign-up easily accessible and uncomplicated.

Montana West Economic Development is excited to cultivate an entrepreneurial community through programs like Entrepreneur–to-Entrepreneur organized by Kim Morisaki. Learn more about evaluating a business idea at the next E-2 event on Tuesday, February 26^th. Liz Marchi, the founder of the Frontier Angel Fund will be this month’s presenter. The event will be held in the FVCC Arts and Technology Building, at 12:00, and you are welcome to bring your own lunch.

A NEW COURSE AT FVCC:

 In collaboration with several partners, FVCC will offer a spring course entitled Multifunctional Agriculture: Creating New Markets for Your Business. The course will help farmers and ranchers to translate opportunities in multifunctional agriculture into personal business plans. The 8 week (4 sessions) course will be held between January and March 2013.

 Maarten Fischer, the instructor for the course, has been at the forefront of developing multifunctional agriculture in the Netherlands and Europe in the past 12 years, both from the angle of farmers and ranchers and from business development. Inspiring entrepreneurs and experts will act as guest speakers.

 This course is intended for farmers and ranchers that have ideas that could translate regional opportunities to their business. The course will be hands-on, highly interactive and custom made to the group’s ambitions and ideas.

 What You Will Learn: 

• Types of multifunctional agriculture, including agri-tourism, education and others
• Best practices in marketing these new services
• Co-operative models
• Relevant zoning, liability and health and safety regulations
• Public and private funding for investments

 For more information, contact the instructor: Maarten Fischer at 406.260.7840

 To register call: FVCC Continuing Education at 406.756.3832