The Chamber of Commerce Hawaii and the Hawaii Technology Development Corp. have chosen eight local companies to participate in the first cohort of their new accelerator program for small businesses and startups.
The accelerator, called Impact SmallBiz, is designed to help strengthen small early-stage businesses throughout the state. The first cohort launched earlier this month and will run through January 2025. Throughout its five-month run, Impact SmallBiz will cover topics including business model planning, financial accounting, employee recruitment and retention, legal and ethical dilemmas, marketing and more.
Here are the businesses that make up Cohort 1: Baker and the Beast; Chun, Cordasco & Associates; Haleakala Supah Shots; HI Frequency Imaging; Kauai Growth; Maui Sunset Adventures; Mindful Work; and Noha Immigration Law LLC.
According to a release from Chamber of Commerce Hawaii and HTDC, each participating business also will be paired with a mentor and receive one-on-one coaching. The mentors include Stan Lau, founder and CEO of Hawaii Tech Support; Edward Ontai, president of DataHouse; and Erin Uehara, owner of Choco lea; among others.
In addition to the mentors, workshops also will be led by local business leaders, including Sarah Guay, president and CEO of Hawaii Employers Council, who will lead a session on talent and company culture, and Mari Villa, CEO of Villa Business Consulting Group, who will cover funding.
In the release, the Chamber and HTDC noted that according to data from the U.S. Bureau of Labor Statistics, 20% of small businesses fail in the first year, and 31% fail in the second year. This program, the Chamber and HTDC said, “aims to give small, local businesses a better survival rate.”
“Our membership of 2,000 businesses represents a broad base of industries. That’s a huge support network and a unique advisory pool to have access to,” Sherry Menor-McNamara, Chamber of Commerce Hawaii president and CEO, told Pacific Business News.
A second cohort with another eight companies also is slated to begin in November and run through March 2025. To be eligible, cohort members must have been in business for at least 12 months, make no more than $75,000 in annual revenue and have fewer than five employees.
Menor-McNamara shared more about Impact SmallBiz with PBN.
How did the Chamber and HTDC come up with this concept, and why was it something you wanted to offer?
This idea was incubated by HTDC. We’ve had a long-standing and successful relationship with the organization and we are delighted to partner with them. What drove us to pursue this is that this program is in direct alignment with our Blueprint 2030, where we identified several areas of opportunity. Key to a better business climate for our smallest businesses is hands-on support with innovation and technology through non-policy initiatives. We believe these types of businesses are the economic engine of our community, yet they are the most vulnerable as the business climate worsens. While it may be easy to start a business here, an inability to sustain and grow puts companies like these in peril.
How did you go about selecting the accelerator participants?
We wanted to have diversity of industries and islands. We selected two companies from Maui, one from Kauai, one from Hawaii Island, and four from Oahu. We also looked at the story of each: how long they’d been in business, where they are in that journey, how mentors could make an impact and their drive to succeed.
How are you hoping this program will impact the participating businesses? At the end of the program, where do you hope these businesses will be in terms of growth, knowledge, etc.?
Our accelerator aims to bring analytics, strategy and vision to businesses that do not have the advisory support that could lead to exponential and sustainable growth. Startups are often lacking the knowledge bank as to how to secure growth funding. For example, Baker and the Beast was missing opportunities to qualify for women-owned business grants and other ample sources due to how the ownership was named. We want these companies to graduate from the cohort with more confidence, intelligence, and a new network of colleagues and a strong sense of resourcefulness that will serve them through the life of their business. In time, we hope they will pay the experience forward to uplift others.
If there is one piece of advice that you could give small businesses in general, what would it be?
Don’t hesitate to ask for help, as there are so many resources and helpful people willing.
Impact SmallBiz accelerator program
Created by: Chamber of Commerce Hawaii and Hawaii Technology Development Corp.
Website: cochawaii.org/impact-smallbiz
