LOUISVILLE, Ky. (Feb. 6, 2018) – In celebration of GLI’s EnterpriseCorp’s progress in 2017 and momentum into 2018, the region’s only entrepreneurial support organization issued an annual report and announced ambitious goals for 2018.
“GLI CEO Kent Oyler declared it the ‘Year of the Entrepreneur’ at Annual Meeting last month,” GLI VP of Entrepreneurship and Talent, Lisa Bajorinas said. “EnterpriseCorp had a stellar 2017, which was reflected in Greater Louisville’s startup successes. Our team is ready to take our clients, the region’s most promising companies, to the next level in 2018.”
The major achievements from 2017 include the identification of 17 “Million Dollar Babies,” 10 of which are current or former EnterpriseCorp clients. “Million Dollar Baby” refers to a company that has either raised at least $1 Million in a single equity round of investment or crossed the threshold for the first time of $1 Million in sales revenue. The ability to accomplish either of these is an indicator of potential success because only 5 percent of startups worldwide achieve $1 Million in revenue, according to Fortune citing an Association for Corporate Growth study.
“This is a metric that reflects the health of our startup community. No other city is using it currently, but we are starting to see significant interest in benchmarking from our peer cities,” Bajorinas explained. “2017’s goal was only ten of these companies, 2018’s is 12 and we are already beginning to see local companies crossing that line.”
In total, EnterpriseCorp assisted 39 startup companies generate $19.9 Million in venture capital and angel investment. That investment was instrumental in creating 178 new jobs with an average annual salary of $55,744.
EnterpriseCorp launched several pilot programs to assist entrepreneurs in 2017 that are growing this year. RevIt, a program that connects startups with marketing professionals to offer specialized advice, will now be held as a two-day session. Mentor Louisville just completed its first official round of “match-making” events in January and is planning to facilitate more connections every quarter of 2018. The Sales Intensive Workshop for companies looking to increase their early customer acquisitions will be held quarterly and when the need is identified by local startup founders.
EnterpriseCorp is also engaged with several major events outside of the organization scheduled to take place in 2018 including the Endeavor International Selection Panel, the return of Steve Case’s “Rise of the Rest” Tour, and the opening of a yet to be name Entrepreneur Center in NULU.
“It is already shaping up to be a transformative year for both our organization and the entrepreneurial community on the whole in Greater Louisville. There are clearly big things ahead and we will be there every step of the way to make sure they reach their full potential,” Bajorinas said.