Roseville’s City Council on Wednesday unanimously approved $1.16 million in funding over three years for a Roseville Venture Lab, an entrepreneurship center in a city building in downtown Roseville that will be operated by the Growth Factory.
The Growth Factory is a Rocklin-based business accelerator program launched last year by entrepreneur Mark Haney that has a goal of investing $10 million in local funding into 100 local companies over four years to build the startup business ecosystem.
“Timing is everything, and this is the right time,” said Councilmember Pauline Roccucci, during the meeting.
Wayne Wiley, Roseville’s economic development manager, said the city has been trying to identify catalytic economic projects that create jobs, launch companies and increase vitality downtown. The Roseville Venture Lab fits all those criteria, he said.
The venture lab will have regular office hours, and it will have special programming. Some 25% of Growth Factory activities will occur in Roseville. It is expected to open this summer.
The city’s investment will go to providing up to $330,000 toward permanent tenant improvements for the 2,416-square-foot office space on the ground floor of 316 Vernon St., a relatively new building near Roseville City Hall.
The rest of the city money over three years will go toward some staffing and marketing, along with other expenses. The city will also award $50,000 per year in incentive grants to have businesses locate in Roseville.
And over the same time, the Growth Factory will invest $416,000 in rent, programming and salaries for the Vernon Street operation, which will host events, office space and programming.
Some of the proposed programming includes a dreamers program and an innovation challenge. The dreamers program is modeled on the Calling All Dreamers contest in Sacramento that's been produced by the Downtown Sacramento Partnership since 2013. That contest offers retail space to startups.
The Roseville Venture Lab was supported at the council meeting by the Greater Sacramento Economic Council, Roseville Chamber of Commerce, Sierra College and the Carlsen Center for Innovation and Entrepreneurship. The Roseville City Council voted 5-0 to approve the funding. There was no opposition at the meeting.
The Growth Factory began its first 16-week accelerator program last fall with 15 companies. Its second cohort started this month.
The approval for the Roseville Venture Lab is for five years, with two options to renew the lease for five years. It is anticipated the lab would be supported by grants and other money after its initial funding from the city.
