I just came across this project in Saint John, New Brunswick called PropelSJ, with a stated aim of creating 32 new information and communications technology (ICT) companies in the next 36 months. This is similar to what I recommended as a prescription for the NB learning industry in Rx for NB Learning, minus the aggressive timeline.
The PropelSJ strategy is to:
- formalize and operate a growth focused ecosystem for entrepreneurs
- invest in a targeted plan
- strengthen the knowledge environment by expanding the educational focus
This is all good stuff, but lacks details for me to get too excited yet.
Since PropelSJ is focused on ICT (a.k.a. IT), let’s compare it with the IT mecca of the world – Silicon Valley. Here’s some advice on what to do from Guy Kawasaki, in How to Kick Silicon Valley’s Butt:
- Focus on educating engineers
- Encourage immigration
- Send the best and brightest to Silicon Valley
- Celebrate your heroes
- Forgive your failures
- Be logical
- Don’t pat yourself on the back too soon
- Be patient
Guy also advises what you SHOULD NOT do:
- Don’t focus on “creating jobs”
- Don’t pass a special tax exemption
- Don’t create a venture capital fund
- Don’t provide cheap office space and infrastructure
There is much more to read in this article, as well as many comments for and against Guy’s advice.
I look forward to watching PropelSJ over the next 36 months. It’s a big challenge.
PropelSJ has been active for at least two years and I know that they have successfully incubated several startup companies. It is an interesting approach that is city-focused versus regionally-based and for that reason alone may be more successful as the influence of politics and the need for widespread consensus is lower. Jeff Roach used to be the GM – I’m not sure if he is still there but he had some good plans.
Thanks for the update, Ben. There sure isn’t much info on the website to make it look like an operation that’s been in business for 2 years, though.
You say that PropelSJ has been active for two years. Does that mean that some 20 +/- companies have already been created?
It’s strange that their front page is so quiet but in April they co-hosted an angel investor summit with the National Angel Association:
http://www.propelsj.com/angelsummit/
In May they announced a city-wide free Wifi strategy called ‘freespots’:
http://www.enterprisesj.com/en/admin/data/docs/06-05-01-WiFi-freespot-Brand-Media-Release.pdf#search=%22propelsj%22
The first 4 companies incubated were Brovada, VoteMail, Mariner Partners and Maximum RPM. I believe they had over 12 companies incubated/launched the last time I checked but Jeff would know more (info@propelsj.com /
tel:(506) 642-9029).
Thanks again for the info, Ben. It looks like PropelSJ is doing a fairly good job in achieving its mission.