36 Degrees North

PROJECT PURPOSE

To aid in the Tulsa region?s recovery from COVID-19 and help address significant small business, workforce, and economic issues that arose from the pandemic, 36 Degrees North (non-profit corporation) is seeking $25 million in one-time funding to scale its existing, proven programs through the development of an entrepreneurial support center in the currently vacant, 110k sqft former Otasco warehouse in downtown Tulsa. Through its coworking, accelerator, and state-certified incubator programs, 36°N currently supports over 300 businesses that employ over 1500 people and have generated over $375 million in economic impact. Unemployment, business downsizing and closures have increased considerably due to the pandemic, resulting in increased needs for infrastructure, workforce and programmatic support to aid impacted individuals and small businesses as they start, re-start, and recover. 36°N purchased the vacant building and secured financing from a local bank for all design, engineering and pre-development work, and also has term sheets to complete renovations. Working with numerous community partners, the development of this entrepreneurial center will allow 36°N to consolidate its existing locations and programs into one ?hub? and considerably expand its capacity to serve entrepreneurs, provide training, increase workforce capacity, and grow economic impact, opportunity and equity for generations to come.

EVIDENCE

36°N publishes an annual report that outlines the performance and impact of the entrepreneurial support programs it facilitates and runs. In addition, 36°N has been recognized by the International Business Innovation Association and the Global Accelerator Network as an industry leader and award-winning organization for its programs and impact. The US Department of Commerce has also awarded 36°N financial grants for its entrepreneurial training programs through the Economic Development Administration. Finally, the Oklahoma Department of Commerce recognizes 36°N and its program as a state certified incubator.

POPULATION DESCRIPTION

This entrepreneurial support center project is located in a Severely Distressed Census Tract with a poverty rate of 30.5% where individuals were disproportionately impacted by the pandemic. The programs housed within the facility will be designed to prioritize aid and support for these individuals. In addition, 36°N has launched several programs that will be housed within the facility and focused specifically on women, the LatinX community, and underrepresented entrepreneurs - all of which have also been disproportionately affected by the pandemic. These include hosting quarterly female-founder pitch nights, a four-month accelerator program for growth-stage female founders, and in-house childcare facilities to support working mothers. Additionally, 36°N has partnered with local organizations to launch and host the Hispanic Entrepreneurs Academy, a 10-week business bootcamp delivered completely in Spanish, and the ACT Accelerator for black & brown entrepreneurs. Finally, the community of small business owners and service industry workers were disproportionately impacted by the pandemic and forced to close their businesses and/or lose their jobs. Entrepreneurial and workforce training programs housed at the facility will specifically support and aid these individuals as they upskill talent and start or restart their businesses.

PERFORMANCE MEASURING

Annual performance of the training & support programs within the entrepreneurial center will be collected through CRM software & member surveys and include: Total number of businesses housed in the entrepreneurial center Total number of jobs created or retained Total number of entrepreneurs served Total number of workshops & training sessions Total amount and source(s) of funding secured by entrepreneurs Total direct-effect economic impact (in $) on the Tulsa region The data required for these metrics is currently collected throughout the year and is a requirement of program acceptance & participation. In addition, these metrics are shared publicly in the 36°N Annual Impact Report.

ONGOING INVESTMENT AMOUNT

$

ONGOING INVESTMENT DESCRIPTION

None

ONGOING INVESTMENT REQUIRED

Able to continue operation without additional funding from the State of Oklahoma