9a Presentation Maritime Blue Progress Report
Item No. 9a Date of Meeting July 14, 2020 Maritime Blue/Port of Seattle Partnership Advancing Washington State's Maritime Industry Building a Blue Economy: A Progress Report Port of Seattle signed MOU last July with Washington Maritime Blue to advance maritime economic development initiatives Maritime Blue has made significant progress and produced good results in first year 2 Maritime Blue Partnership Initial Goals 1. Develop and pilot a maritime accelerator program that will nurture promising maritime companies and entrepreneurs; 2. Develop financing networks and programs for small and emerging maritime companies; 3. Advance development of the Port's maritime innovation center Provide administrative support for the maritime innovation center advisory committee 4. Supporting forums, projects and strategies to reduce maritime greenhouse gas emissions; and 5. Advance and advocate for maritime workforce development Memorandum of Understanding and subsequent Port service contracts have cemented a productive partnership 3 Maritime Blue Innovation Accelerator Four-month program taking no equity. Diverse stages and sectors. Mentors from business development and maritime/ocean. Attracting diverse funding and capital; public, debt, equity, VC, Impacts, grants, etc About the Program (Turned Virtual) Over the 4-month duration of the accelerator, the cohort was guided /01 STAGE /02 STAGE /03 STAGE through learning sessions covering the following range of topics Pre-Launch Validation Growth We've selected curriculum that is Market Research Go-to-Market Strategy Hiring applicable regardless of stage --for some, Testing & User Feedback Startup Legal Toolkit Business Development courses may be an opportunity to refresh Customer Discovery Team Expansion People Operations Product Development Customer Experience Sales goals and objectives, and for others, they Build Online Presence Fundraising Expansion Strategy may be entirely new learnings. These Business Planning Customer Acquisition Digital Marketing sessions have been led by industry Pitching Content Marketing Data & Analytics experts. Financial Modeling Social Impact M&A/Exit Strategy ADDITIONAL PROGRAM SUPPORT The cohort had the opportunity to engage 1:1 with dedicated mentors and the Maritime Blue Innovation Mentoring Sessions Personal Development Social Events Product-Focused Events Accelerator programming team 1-on-1 With Mentors, Productivity, Wellness Networking Events And Weekly Standups, User- Experts, Labs Managers And Leadership Community Gatherings testing, Pitch Practice + throughout the journey. And WEiRs Demo Day Maritime Blue Innovation Accelerator - Metrics "I entered this Accelerator program as a marine biologist trying to do something good for the environment and muddling along as a businesswoman trying to make that happen. As a result of this Accelerator program, I now have goals, a growth strategy, know what my value proposition is and how to digitally market that to highlight my competitive advantage". Nicole Baker Net Your Problem How did Covid Impact this initiative Maritime Blue Innovation Accelerator - Metrics 11 Startups Chosen (from 200 + applications) 9 from US, 7 from WA State, 5 from King County 3 Women founders, 3 POC founders/co-founders Launch Event 157 Registered Showcase Event - 500 + Registered, 350 unique visitors Wins and Deals 1 Angel investment 2 Series A Equity Rounds being negotiated, 6 major customer contracts signed, 4 major customer contracts being negotiated, 500% increased revenue Capital Landscape Study There is a particular need for early-stage capital. Venture Capital is NOT seeking out Maritime. Clusters, incubators, & accelerators can create vetted and supported pipelines of new deals Government and philanthropic grants can help de-risk investments. . Blue Economy Funding Portal - MVP A searchable database portal that lists funding sources and opportunities for maritime companies (early stage to established) A system to identity new investment opportunities Dashboard showing investment opportunity trends Youth Maritime Collaborative A partnership between service providers, educational institutions, and employers to make maritime an accessible option for low-income youth and youth of color. Youth Maritime Collaborative MB was chosen by the Port to administer the Youth Maritime Collaborative initiative and implement programs that increase access to maritime career pathways for youth of color and girls MB has worked to develop YMC's organizational capacity: Developed 2020 operational plan, budget and milestones Developed a resource database for maritime youth workforce development Secured further funding for YMC activities Youth Maritime Collaborative Internships Secured 10 private sector employers for Logos here "Launch 206" summer internship program for 18 Seattle Public School CTE students o Workforce Development Council providing stipend for interns o Interns will earn High School credits o Goodwill designed and implemented Equity Training for the maritime employers hosting interns City of Seattle funding internship program for college bound students with interest in STEM and Maritime Blue Forward: Thriving, Washington State Ferry Electrification Low Seattle Waterfront Decarbonization Strategy Carbon JIP: Puget Sound Pilot Zero-emission Feasibility Study Industry JIP: ZF3: Zero-emission Foiling Fast Ferry JIP: Green Hydrogen for Tacoma Maritime BLUE FORUM R&D Pathways for Maritime Energy Solutions Industry Members Organizational Research Partners A Strategic Alliance for Institutions Maritime Innovation and Sustainability A partnership to implement Washington State's Strategy for the Blue Economy - a thriving maritime economy, a healthy ocean & marine environment, equitable & resilient communities. Public Partners Global Enterprise for the Blue Economy Organizational Development & Sustainability Current Board of Directors include: Chair - Joshua Berger, WA Commerce Kyle Johnson, Jamestown S'klallam EDA Vice-Chair - Lauren Offenbecher, SSA Marine Cosmo King, ioCurrents Vice-Chair - Eleanor Kirtley, Green Marine Vesa Koivumaa, Wartsila Secretary - Simon Geerlofs, PNNL Dennis McLerran, Cascadia Law Group Treasurer - Deloit Wolfe, Impact Washington Bob Miyamoto, University of WA - APL Ann Avary, NW Center of Excellence for Marine Barbara "b.g." Nabors Glass, Seattle Goodwill Kurt Beckett, Northwest Seaport Alliance Amy Scarton, Washington State Ferries Commissioner Fred Felleman, Port of Seattle Andy Stewart, Amazon Ex-Officio, Rep. Gael Tarleton, WA State Legislature The organization has taken significant steps towards organizational sustainability by diversifying revenue, increased operational capacity and Board leadership. 17 Funding Facts and Figures Projected 2020-21 Revenue 2018-20 Revenue Membership/Sponsorship 8.4% Program Revenue 5.5% Membership/Sponsorship 10% Program Revenue (JIPs) 7.7% Philanthropy 0% Events .9% Philantropy 7.7% Events 6.4 % Federal 39.3% State 25.9% Federal 31% State 18% Local (incl PoS) 25.2% Local (incl. PoS) 19% Total Revenues 1.5 years = $1.27M Annual Budget = $1.94M Port Funding = $300,000 Port Funding (projected) = $250,000 Maritime Blue Partnership Based on our Memorandum of Understanding the following priorities have been established for partnership with Maritime Blue over the next year: o advance second round of maritime innovation accelerator program o Expand Youth Maritime Collaborative career connected learning initiative o Collaborate on greenhouse gas reduction initiatives that positively impact Port operations o Diversify funding sources and develop strategic plan for MB Board development MB will be in second year of funding to administer Youth Maritime Collaborative initiative ($100,000) Economic Development Division is recommending authorization/execution of $150,000 to support accelerator program and MB organizational development o Will seek authorization of new contract at August 11th Commission meeting Memorandum of Understanding and subsequent Port service contracts have cemented a productive partnership 19 Appendix 20 2016 Economic Impact Study, Community Attributes Maritime Sector's Economic Impact Deep Decarbonization: Accelerate the transition of Washington's maritime industry to a low-carbon future. 13 Sie Thriving, Initiative 1: Initiative 2: Initiative 3: (ITE0] Low-carbon maritime technologies Low-carbon shore side Strategies for emissions Industry GLI LE infrastructure (LTR Blue Innovation: Drive the commercialization of emerging blue technologies. nitiative 1 p 2 Initiative 3 itiative 4 Digital transformation jodernization of BolElgeht a Aaritime Innovatior Working Waterfronts: Lead the nation in efficient, clean, and safe maritime practices across all sectors of the industry. Growing initiative 1: initiative 2. Initiative3: Gateways SUEfg Infrastructure& regulatory breen Gateway JE) Workforce Development: Next generation of an inclusive and diverse maritime workforce with technological expertise and access to clean, healthy, living wage jobs. zistientury J MAUIRi? : ive | initiative2 Lareer pipeline, pathways, & connections inclusivity, support, & outreach Cluster Coordination: A formal cluster organization will drive implementation of Washington Maritime Blue to ensure a 17 INET strong maritime industry founded on competitive companies and an attractive business environment. FORTHE GOALS MARITIMEUeLel World-Class Blue Focus: Blue Forum: Blue Forward: Blue Force: Blue Finance: Cluster Communications & B Knowledge Sharing JIP* & Business Training & ZING Marketing Services Education Investment *Joint Industry Projects (JIP) What Does a Cluster Organization do? General cluster development Innovation collaboration Knowledge collaboration Networking activities Set research priorities R&D and education initiatives Facilitate collaboration Facilitate funding / financing Build international relationships Strengthen the knowledge base Accelerate tech development Direct Advisory services' Improve practices and efficiency Joint industry projects Attract investors and talent ' Communications and marketing Drive commercialization Connect to education and training Advocacy and awareness 23
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