6k Presentation, Maritime Blue Partnership
Item No. 6k Date of Meeting August 11, 2020 Maritime Blue/Port of Seattle Partnership Promoting Economic Recovery through Maritime Innovation Advancing Maritime Innovation Seeking authorization for to execute contract with Maritime Blue to advance maritime economic development initiatives Seeking competitive waiver for $300,000 twoyear contract 2 Advancing Maritime Blue Partnership Agreement will specifically: Advance another maritime business accelerator program (2nd round); Support development of a prioritized strategic plan and budget for 2021-2022; and Support Blue Forums and events that advance the State's Blue Economy strategy (including greenhouse gas reduction). 3 Maritime Blue Partnership Results Developed maritime "Ientered this Accelerator program as a marine biologist trying to do something accelerator good for the environment and muddling along as a businesswoman trying to make Completed analysis of that happen. maritime industry funding gaps (and funding sources As a result of this [Maritime Blue} Accelerator program, I now have goals, a Supported Port's Maritime growth strategy, know what my value proposition is and how to digitally market Innovation Center that to highlight my competitive Worked to reduce maritime advantage". greenhouse gases Nicole Baker Net Your Problem 44 Appendix 5 Success: 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 6 Success: Capital Landscape Study & Maritime Industry Funding Portal Study showed 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 Resulted in A searchable database portal that lists funding sources and opportunities for maritime companies . 7 Success: Advancing the Youth Maritime Collaborative MB administers the Youth Maritime Collaborative initiative and implement programs that increase access to maritime career pathways for youth of color and girls MB developed YMC's organizational capacity: Completed 2020 operational plan, budget and milestones Developed a resource database for maritime youth workforce development Secured further funding for YMC activities Placed 19 students into "Launch 206" summer internships with private maritime companies 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 8 Reducing Maritime Greenhouse Gas Emissions Maritime Blue has worked collaboratively with the Port and other stakeholders to reduce greenhouse gas emissions: NW Ports Clean Air Strategy Update Seattle Harbor electrification planning Industry engagement and Demonstration Project management Digital solutions for efficiency Technology standardization Infrastructure improvements 9 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 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 11 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 Seeking authorization of new contract at August 11th Commission meeting Memorandum of Understanding and subsequent Port service contracts have cemented a productive partnership 12
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