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Driving Real EconomicGrowth For Waco
Hustle is the physical hub for Start Up Waco, providing access to co-working space, resource connections, training, mentoring and development programs. Located in the center of the Texas Triangle, our goal is to become a destination for entrepreneurs, innovators and startups.
What is Start Up Waco & Hustle?
Start Up Waco is a Texas nonprofit organization formed via collaboration of cross-sector partnerships that aspire to lead Waco’s entrepreneurial support efforts and elevate Waco as a hub for business innovation. We are dedicated to engaging the Waco community to embrace a culture of innovation, entrepreneurship and new thinking by empowering entrepreneurs and innovators to build and grow successful businesses. Located in the Woolworth Suites in the heart of Downtown Waco, our co-working accelerator space, Hustle, provides amenities, programming and resources to foster startup growth. By connecting the dots between valuable resources and budding innovators and entrepreneurs, Start Up Waco aims to transform our city into a place where all who strive can succeed.
Start Up Waco leadership traveled across the country to Nashville, TN, Greenville, SC and Des Moines, IA learn first-hand what it takes to compete for talent and tech-oriented businesses that bring high-value jobs. A focused team from the larger group crafted the current Start Up Waco operating plan by conducting interviews with Waco-area entrepreneurs and support organizations. The research showed that Waco has a wealth of support for entrepreneurial individuals and businesses, but that support is fragmented and disconnected. There are gaps, especially for technology-based startups and underserved groups, including women and minority entrepreneurs who have previously not had access to vital resources needed to grow a successful business.
Start Up Waco’s success means making Waco a vibrant entrepreneurial city that attracts and retains talent, building our economic base of firms that create high-value jobs.
America was founded on the idea that individuals can create their future, called the entrepreneurial spirit. The economic future of America depends on entrepreneurial business growth that is responsible for most new job creation. To succeed, entrepreneurs must move forward in big steps, turning their ideas into reality. These step changes demand processes, culture, and tools that are quite different than those needed for the steady growth of ongoing businesses, and naturally involve higher risks. These ventures are best supported by a flourishing, densely connected network of people and entrepreneurial resources – often referred to as an entrepreneurial ecosystem.
Start Up Waco (SUW) will help to unlock the full potential of Waco’s entrepreneurial ecosystem by working towards the following strategic goals:
1. Maximize the impact of existing entrepreneurial resources by connecting, gathering impact measurements, supporting, and promoting them. Common needs among these organizations will be addressed through community-wide training events.
2. Fill resource gaps in the Waco entrepreneurial ecosystem by creating a co-working space called Hustle, developing early stage capital funds, forming a mentoring program that makes finding the right expertise easy, and curating a resource library portal for entrepreneurs.
3. Build a culture that fosters and celebrates entrepreneurship by promoting a full range of events that celebrate and empower all entrepreneurs and support organizations in the community.
SUW will make a significant impact in the local community and surrounding metro areas through increased revenue from businesses that engage, increased volume of start ups, increased jobs through those start ups, increased venture capital in the region, and better paying jobs. Hustle and Start Up Waco will drive real economic growth for Waco.
Research done on other cities with similar programs gives us the following examples of ROI:
|Dallas Entreprenuer Center||2013-2016||Idea Village – New Orleans||2000-2016|
|Companies (out of 270)||66||Companies||5854|
|Jobs (Full time)||960||Jobs (Full time)||2928|
|Average salary||$60,000.00||Annual average revenue||170 million|
|Average total revenue||87.7 million||Annual economic impact||200 million|
|Funding Raised||155 million|
|Economic Impact||130 million|
SUW will also work to improve the local Entrepreneur Support Organizations (ESO’s) which will have an indirect impact
on the vibrancy of the community. As the ESO’s improve and become more connected, the entrepreneurs will easily be
able to find the resources, tools, or answers they need. SUW will also create a culture that empowers and celebrates
entrepreneurship and innovation, encouraging everyone to get into the game and take the risks necessary to start a new
business or innovate an existing one.
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