| Name | Christine |
|---|---|
| Last Name | DiPietro |
| Home Address | 1015 Brynewood Ter Chattanooga, TN 37415 United States |
| Organization Name | The Company Lab |
| Describe Your Role In The Organization | As Director of Programs at The Company Lab, Christine oversees all programming, including curriculum and quality of programming. |
| Organization Address | 1100 Market St #100 Chattanooga Chattanooga, TN 37402 United States |
| Website | https://colab.co |
| Best Phone Number To Reach You | 336-978-4140 |
| Alternate Phone Number | |
| Email Address | christine@colab.co |
| Alternate Email Address | info@colab.co |
| Please Describe Your Project In Detail | O.LAB’s Consumer Goods Accelerator will take 10-12 companies for a 12 week accelerator program. Consumer goods include restaurants, food trucks, clothing, and any products sold directly to individuals. Companies participating in the accelerator program must have at minimum tested their product in the market and demonstrated a complete proof of concept. The Consumer Goods Accelerator Program promote’s economic resilience through ensuring product market fit and training founders in budgeting, accounting, and other business skills. The program will include weekly content on specialized subjects including wholesale, online optimization, brand strategy, scaling production and reaching investment, as well as mentor matching and 1:1 coaching. |
| Please explain how your project meets the requirements of the American Rescue Plan | CO.LAB’s Consumer Goods Accelerator Program supports non-tech enabled, but still highly scalable businesses in the consumer goods industry. With buying behaviors changed by the pandemic (convince, home consumption are more important now), consumer goods businesses need support and will have an opportunity to either reset or accelerate. Studies show that attending an accelerator increases startup survival, employee growth and the ability to raise capital. The interim final rule from the U.S. Department of Treasury, Sections 602(c)(1)(A) and 603(c)(1)(A), recognize that certain industries, such as tourism, travel, and hospitality, were disproportionately and negatively impacted by the COVID-19 public health emergency. CO.LAB’s consumer goods accelerator supports consumer goods companies and founders, many of them who started new businesses during the COVID-19 health crisis. Entrepreneurial activity is important for economic growth. CO.LAB has a proven track record working with communities that are disproportionately affected by the COVID-19 health crisis. Since 2016, CO.LAB has been committed to supporting non-traditional business owners, with 43% of founders not white and 57% female. More recently, the Company Lab has increased our commitment to diversity. In 2020, 65% of CO.LAB founders were female and 53% were not white. In 2021, 81% of CO.LAB founders were female, and 53% not white. CO.LAB remains committed to diversity in all of our projects and programming. |
| Where would your project take place? | The Edney Building |
| How much will your project cost in total? | 134305 |
| Do you have any matching funding sources from other local governments, private entities, non-profits, or philanthropic entities for your project? | Yes |
| Please describe the source and list amounts of any other funding. | Foundations, Launch TN, CO.LAB's budget |
| What portion of the project are you asking the city to fund? | 80% of the project, totaling $100,728.75 |
| If funded, when would your project start? | June 1, 2022 |
| How long would your project take to complete? | 3 years |
| What milestones would you use to measure your project’s progress? | -10 companies in program -$150K in revenue generated by companies in first 6 months after each program (this budget includes 3 programs: 2022, 2023, 2024) - 10 new jobs created by each program cohort |
| How would you ensure accountability and transparency throughout the project lifecycle? | CO.LAB reports to foundations, Launch TN, and the City of Chattanooga on our progress. |
| If successful, how would your project benefit the community? | The Chattanooga entrepreneurial ecosystem is full of consumer product founders who are trying to make their business a reality. Entrepreneurship makes economic independence a reality for many people, and accelerators strengthen new businesses and make them more likely to increase revenues and create jobs. |
| How will you attract community buy-in for your project? | CO.LAB works closely with community partners, including Proof and Launch Chattanooga. |
| Is there anything else you would like us to know about your project? |