Local news. Locally owned.

New effort to grow Idaho startups “50 to the A” could help strengthen local economic base

Fast in the Morning Wild 101
Idaho Business pres. by My 102.7

The Idaho Tech. Council will soon launch a large effort to help homegrown startups in the State of Idaho.

Called Fifty to the A, the idea is to rally the community around helping get nascent businesses to Series A Financing. That milestone is often the first for a small businesses’ growth, and involves outside investment.

Right now, one-to-three Idaho companies achieve A round funding each year, according to Blake Hansen of Alturas Capital, which is a co-chair of the Idaho Tech Council’s Capital Connect group.

“We are looking to get ten companies a year to the A round of funding,” Hansen said. “It’s going to take a massive community effort.”

Fifty to the A: ‘Big,’ but doable goal

Alison Johnson of Holland & Hart, the effort’s other co-chair, said she thinks it’s doable.

- Story continues below ads -
Boise Regional Realtors
The Sundance Company

“It’s a big goal for a community of our size, but we believe it’s achievable,” she said in announcing the project during ITC’s Capital Connecting event Wednesday. “We are asking for the community to help: with funding, with introductions, or even buying the products or services.”

The group will consider is working to set criteria for the list. It is considering a threshold of at least $5 million in funding, or funding that values the company at $20 million or greater. ITC’s annual Idaho Deal Flow Report will highlight the companies each year. Hansen also said they want to launch “A Party,” an event that would celebrate each company that hits the milestone. The events could mix together old-line Idaho companies with startups and community groups.

“We want to get to a different level of collaboration and get the whole community around the effort,” Hansen said.

Johnson said in a time of list after list on the Treasure Valley from outsiders – this can be a homegrown list of success.

The ITC continues work on the project and looks to get it off the ground this spring at its Capital Connect event.

[Oh hey, Boise’s on another list. Why isn’t this exciting anymore?]

Startups can help battle problems Brookings outlined

Last year, the Brookings Institution looked at the Treasure Valley’s economy and its hot growth. It flashed warning signs for the sustainability of prosperity and warned of possible disinvestment. But the report’s authors said a key factor in keeping ahead of possible problems is Idaho’s track record of innovation.

“Idaho’s more intangible capabilities, such as its resilient, pioneering, can-do attitude, constitute invaluable social capital as the capital city strives to transform,” report authors wrote. “The task for policymakers and local leaders is to plant the seeds and to build communities where any citizen can turn luck and grit into an American Dream.”

It’s something the Fifty to the A initiative could help address. Startups in Idaho employ an increasing number of people at often above-average wages. By digging in and growing more companies, it could continue to grow Idaho’s prosperity from the inside out.

“We will be better as a community if we all raise the flag of success,” Johnson said.

Love our stories? Get them delivered straight to your inbox each afternoon. Plus, support BoiseDev's independent journalism.

Popular

You asked: What’s the status of the new WinCo at Chinden and Linder in Meridian?

It's a big project that will add a major grocery destination to North Meridian. But when will construction start? It's...

Local gyms posting they might have to close. What the health department says

You might have seen pleas from gyms across Ada County asking customers to tell the local board of health not to shut...

Related

Watch the replay and learn more: ITC & BoiseDev bring you Idaho Capital Connect & Deal Flow Report

Thusday, the Idaho Capital Connect event happened live online. The annual event showcasing Idaho startups moved from an in-person format to online...

What will Idaho’s offices look like in the future? BoiseDev event considers all the angles

For more than a month, tens of thousands of Idahoans traded busy office places for their homes. But in...
Holland and Hart

Latest

Want a Twinkie with your workout? New product from Boise’s BodyBuilding.com to blend supplements and snack food

Boise's BodyBuilding.com signed an agreement with Hostess Brands to bring the taste of Twinkies to protein powder mixes. The...

You asked: What’s the status of the new WinCo at Chinden and Linder in Meridian?

It's a big project that will add a major grocery destination to North Meridian. But when will construction start? It's...

Local gyms posting they might have to close. What the health department says

You might have seen pleas from gyms across Ada County asking customers to tell the local board of health not to shut...

‘Moral dilemma:’ How one Idaho rafting company dealt with the pandemic

Co-owners Lauren and Chris Demo, of Salmon Raft in McCall, faced one of the biggest decisions for their business and the greater...

Boise Schools unblocks Twitter users after records request, complaint

The Boise School District blocked more than 30 accounts on Twitter, an apparent violation of First Amendment rights.

Note from Don: BoiseDev to add Margaret Carmel to report on a changing Boise and Treasure Valley

I’m pleased to welcome Margaret Carmel to the BoiseDev team, starting August 24th. Margaret covers the City of Boise...