West O‘ahu entrepreneurs, get your ideas ready — a new small business incubator program from the City and County of Honolulu's Office of Economic Revitalization can help transform them into reality.
Idea2Biz is a 13-week cohort-style program — targeting aspiring entrepreneurs from the Wai‘anae Coast — that aims to turn "entrepreneurial ideas into viable businesses through mentorship, education and resources facilitated by experienced business professionals," the city said in an announcement Tuesday.
According to the city, 20 participants will each receive specialized weekly training sessions covering a variety of topics; personalized mentorship; access to OER's O‘ahu Business Connector network and partners; guidance on business registration, banking relationships and market positioning; and will be eligible to receive at least $1,250 in early-stage funding upon completing the program.
OER Executive Director Amy Asselbaye said in the announcement that the program represents office's "commitment to fostering economic growth from the ground up."
In an email exchange with Aloha State Daily, Asselbaye said the Idea2Biz program stems from priorities set by the Economic Revitalization Commission, under the O‘ahu Comprehensive Economic Development Strategy Plan.
"The commission, comprised of O‘ahu residents with expertise in small business, finance, sustainable economics and community development, saw a clear need to help people — especially in distressed communities — get the training and support they need to start or grow their own small businesses," she said.
West O‘ahu was chosen for the pilot cohort because data shows a strong need for economic development in the Wai‘anae Coast communities, according to Asselbaye.
"Federal and state data indicate that unemployment rates in the area are twice as high and median incomes are lower than the rest of O‘ahu," she said. "That is why it is important to start the pilot cohort there — to bring meaningful entrepreneurial training with local resource providers into the community. Looking ahead, OER plans to expand and adapt the program to multiple locations around the island."
Small businesses are a critical part of the local economy. Asselbaye says they make up 99% businesses on O‘ahu and employ more than half of the state's workforce.
"When local people start and grow their businesses, they create jobs in their communities, strengthen and diversify O‘ahu's economy, and give back to the communities where they do business," she said. "OER is working to build a strong economy using real-world data and stories to create programs that improve the quality of life for every community, small business and ‘ohana."
According to Asselbaye, the program will be operated with city general funds.
The application period for Idea2Biz opens Thursday and will close on June 2. Apply online at oahubusinessconnector.org/idea2biz.
The program will run June 17 through Sept. 13, and will culminate with a graduation ceremony where participants can showcase their new businesses.
In-person professional development workshops will be held Tuesdays at the Kalanihoʻokahā Community Learning Center in Nānākuli.
According to the city, program partners include the Waiʻanae Economic Development Council, Patsy T. Mink Center for Business & Leadership, XLR8, Native Hawaiian Chamber of Commerce, Council for Native Hawaiian Advancement, Hawaiʻi USA Federal Credit Union and Pakini Loan Fund.
Stephanie Salmons can be reached at stephanie@alohastatedaily.com.
