When efactory opened in 2013, we pulled together area resources that could fill niches for small business owners, and we made many of their services available in our business suite at 405 N. Jefferson Ave. This includes:
- GOCAPS
- Multicultural Business Association
- Missouri Enterprise
- Missouri Department of Economic Development
- APEX Accelerators
- Score of Southwest Missouri
- Springfield Tech Council
- JAG Missouri
- UniteNews
These organizations officing alongside our business consultants create a one-stop shop approach. This was intentional to make sure entrepreneurs, innovators and regional employers could focus on creating viable businesses and jobs, and not have to search high and low for access to resources.
Through this approach, we’ve seen a positive impact on the region as we’ve continued to expand our services. From startup businesses needing assistance or office space to growing businesses that need additional skills and business support, we’ve built out a full range of services all in one place to help Springfield and the region thrive.
As businesses grow, we’re equipping talent throughout the ranks to be prepared for whatever is thrown at them. Beyond expert-led professional development courses, we also provide incredible spaces for brainstorming, leadership team retreats, board meetings and special events.
Facilitating Growth for Missouri’s Businesses
Businesses that are scaling, with 10-99 employees, face a unique set of needs and challenges.
“Unlike startups or larger corporations, mid-size businesses often find themselves in limbo where they’re either too big to be considered small or not large enough to enjoy extensive support networks,” said Lance Coffman, business consultant at the Missouri SBDC at Missouri State University’s efactory.
These businesses are now getting special attention in Missouri. The Missouri SBDC and Edward Lowe Foundation have partnered to offer Elevate in cooperation with the Southern Missouri Innovation Network. This program provides participating second-stage companies custom business consulting solutions and virtual CEO roundtables with their peers across the state.
“Targeting businesses with 10 to 99 employees and annual revenues ranging from $1 – 50 million dollars, the Elevate program fills a crucial niche in the local economy,” Coffman said.
Second-stage companies, though relatively small in number, play a disproportionately large role in driving employment and economic growth.
“Second-stage businesses often grapple with isolation and a lack of resources that are tailored to their needs,” said Coffman. Furthermore, many of these business owners may be unprepared for the management and leadership challenges they face, as they may not have received adequate formal training.
Why Elevate works
Elevate is built around the idea that as a company grows, the demands upon a CEO change. The peer roundtables provide a forum for participants to share insights and challenges then ideate around solutions. Due to the careful curation of these roundtables, participants can be candid as they are assured confidentiality and that participants are not direct competitors.
The other half of Elevate allows participants direct access to expert business consultants. Here, participants identify areas of growth and receive personalized guidance. In many cases, they also receive hugely valuable reports that open new pathways for growth.
“Participating businesses have reported significant increases in sales, capital investment and annual revenues,” Coffman said. “By harnessing the expertise of seasoned consultants and fostering collaboration among peers, the program equips businesses with the tools they need to thrive in a competitive market.”
Find out more and apply at efactory.missouristate.edu/elevate
By Nicki Donnelson
