According to the Small Business Administration (SBA), 80 percent of businesses fail in the first ten years. Washington State University Vancouver has a new Business Growth Mentor and Analysis Program (MAP) aiming to reduce that rate. The program launched last year, with a $22,000 grant from J.P. Morgan Chase. The awards banquet for the first group of eight clients will be held on Thursday, May 5th.
“Business owners know how to do what they do,” said Ron Bertolucci, senior vice president and nonprofit niche team leader at First Independent Bank. “But the human resources, marketing and financial challenges make it difficult as they are transitioning into success.”
Bertolucci teaches Management Ops 492 at WSU Vancouver, one class from which the business growth program draws its student consultants.
“Our goal is to make a difference in the economic development of the community,” said Joseph Cote, Business Growth MAP faculty chair. Therefore, said Cote, the program targets businesses who meet the following criteria:
• The client’s needs must be consistent with the learning goals of at least one WSU Vancouver class.
• Businesses must be three to five years old and preparing to move into their “next level” of growth.
• If the business grows, it would create local, high-paying jobs, create multiplier effects and synergistically contribute to regional economic development.
Business Growth MAP projects involve several players:
• Clients – businesses that need help to grow.
• Partners – financial institutions, chambers of commerce, investment firms, business associations and other community leaders that screen and
refer clients.
• Mentors – experienced individuals who work with clients to clarify their needs, facilitate interaction with student teams, and monitor follow-up effects.
• Advisors – recent business graduates who work with student teams to ensure project quality.
• Student teams – business students taking classes related to client projects.
• Instructors – WSU Vancouver faculty that provide expertise and advice to student teams and work with mentors and advisors.
• Supporters – organizations that provide funding and other support needed to make the Business Growth MAP program possible.
The Business Growth MAP gives preference to businesses that are owned by or serve diverse populations, especially low-income and minority groups, or businesses with a social or environmental mission, in keeping with the strategic priorities of WSU Vancouver.
Vancouver-based The Creative Network Inc., a company specializing in job placement for creative and marketing people, was part of the first group of program participants. Gail Czech, company president, said she needed help integrating social media into her business and marketing plan.
“The students were articulate, inquisitive, and very thorough in their investigation,” said Czech. “It’s a wonderful program – it helps students see the real world, and opens [business owners’] eyes to new ideas.”
Oscar Luna, Business Growth MAP program coordinator, said he hopes the business growth program will eventually be able to accommodate 50 projects per year. But, he said, to reach this goal will require “a lot of recruiting” of partners, mentors, and clients, as well as additional funding.
“I see MAP becoming a hub between the business community and the university,” said Luna.
For More Information
Businesses wishing to participate in Washington State University Vancouver’s Business Growth Management and Analysis Program as clients, mentors, or advisors should contact Oscar Luna, Program Coordinator, at oluna@wsu.edu.
Other organizations and businesses, such as financial institutions, chambers of commerce, and business assoc-iations interested in becoming a program partner should contact the Program Chairman, Joseph Cote, at cote@wsu.edu.
