Port of Seattle Business Accelerator 2024 Mid-Session Recap

It’s time to check back in with the 10 businesses attending the 2024 Port of Seattle Business Accelerator Cohort. We are excited to update you on what our busy participants have been up to over the last few weeks. Through the Port of Seattle, various businesses selected to participate in 2024’s cohort. The participants are gaining unique insights from coveted mentorship access and also discovering contract opportunities in the many industries that the Port oversees.

Foundational Insights: Human Resources, Underwriting and Self-Evaluations

Over the last few weeks, program participants in the Accelerator have focused on key areas critical to business success. The participants tackled human resources challenges with an engaging and informative session by Suzan Sturholm from All Things HR. Participants also gained a deeper understanding of underwriting assessments when seeking funding and how to self-evaluate their businesses using strengths, weaknesses, opportunities, and threats analysis. (SWOT) These foundational topics have provided valuable insights into the complexities of running and scaling their growing businesses.

These discussions have been invaluable, especially as this led to several one-on-one coaching sessions. These sessions focused on helping participants explore the best approaches for securing lines of credit or loans for real estate and office purchases. As the participants move forward, the cohort will dive deeper into accounting topics.  They will follow that up with a full curriculum on the bid and sales process, marketing techniques, and strategies. The group is eager for the upcoming sessions, and excited about the opportunities for growth.

Ani Hoeng of HH Energy, LLC  says, “What I am most excited about is connecting with mentors and small businesses. The biggest lesson so far is analyzing our business as a whole and finding the areas we can improve, like doing a budget analysis, evaluating the need for a loan, and obtaining the funding early, rather than later in the project. “

Port of Seattle Panelist Presentation

At the midpoint of the Accelerator program, the cohort had the chance to connect with industry experts during the Mid-Session Panel and networking event. The Port of Seattle guest panelists shared their experiences and offered key insights into upcoming Port of Seattle projects, helping businesses understand how to successfully position themselves for contracts.

• Tin Nguyen, Director, Waterfront Project Management, discussed the Waterfront Capital Programs and Maritime Improvement Plan, highlighting how community engagement and environment are key priorities in Port projects.
• Angela Peterson, Assistant Director Central Procurement Office, gave guidance on being a responsive bidder. Angela then introduced VendorConnect, the Port’s procurement platform, which provides a centralized tool for accessing contract documents and submitting bids. Angela says, “It’s how we talk to you, and how you talk to us.” She stressed that understanding VendorConnect and the temporary site supporting VendorConnect is essential to becoming a responsive bidder. VendorConnect also acts as a tool that ensures businesses have access to the same opportunities as larger firms.
• John Wellons, Aviation Chief Development Officer, discussed the Capital Improvement Plan and enlightened the cohort on the over 160 active projects, including terms such as “mega projects” that have a certain dollar threshold. He went on to detail some of these mega projects which include major airport renovations, and the contract, program, and project management opportunities within them.

Changing Opportunities: Supporting Businesses

The Port of Seattle Business Accelerator Cohort continues to prioritize the inclusion of businesses in contracting opportunities and through collaboration with Business Impact NW. Business Impact NW serves small businesses by assisting with access to business coaching, capital, and more. These businesses face unique challenges that the cohort helps to alleviate by increasing access through guided training, industry mentorship, and a hands-on, step by step program that encourages newer businesses to expand through contractual opportunities within the Port of Seattle.

The participation of local businesses is crucial in areas like construction, environmental services, and engineering. John Wellons, Aviation Chief Development Officer, emphasized during the Panel Presentation, “There is so much work out there. I hope that you are continuously looking at our website and monitoring the various projects coming out because there is a huge need for our contractors.” He adds, “I encourage everyone in the room to reach out to find out how you can be a part of that.”

An Interactive Discussion

During the panel discussion the cohort participants learned more about  business relationships, bid prices, operational challenges and more. Multiple cohort participants began engaging in a deeper discussion, led by structured questions. This covered sustainability, awarding contracts, and financial challenges.

One cohort participant, Larry Jaquot of Industry Erectors, shared his insight. “Everyone goes through a hands-on education in contracting, and it can take several years before you see a profit, because everything you are making, you are putting right back into your operating account.” He discussed struggles of just starting out in his business while being responsible for his growing family. Larry emphasizes, “Go to every training session, every class, and continue to learn and grow. This industry will eat you alive if you don’t know how to dance with the machine.” He adds, “You’re going from ground zero and you pay for everything you get, so these connections and training programs can lead to huge opportunities.

While discussing small business assistance, Mian Rice, Diversity in Contracting Director, Port of Seattle, brought up the PortGen. He states, “Depending on project sizes, some were beginning a year or two in advance. The PortGen was developed to assist small businesses to get ahead and be considered for those future projects.” He advises, “I would encourage folks to consider those PortGen projects to potentially get on those teams earlier and get on the radar.”

Stay Active In The Process, A Lesson of Loss

The conversation focused on the importance of building and maintaining relationships, adhering to procurement processes, and leveraging the guidance provided throughout the cohort. In particular, the importance of small business bidding on some of these smaller contracts, a major focal area, is highlighted by one of the panelist’s experiences. He discusses a missed opportunity that could have been avoided and was a costly mistake for contractors.

Delmas Whittaker, Director of Marine Maintenance, offered this advice: “Be patient and follow the process. A lot of people will say they have their own way, but it’s not working for them; follow the process.”

He encourages those small businesses to go after those contracts, giving an example of one unfortunate experience. “I’ve been doing PortGen for a lot of years, dealing with different companies, including dealing with snow removal companies for the airport and taxiways, where they would have received a guaranteed amount of money, and I didn’t have one small business that bid on the contract!” This situation resulted in the financial loss for small businesses who may have been awarded the contract, but never bid for it- a tough lesson of loss and missed opportunity from not being active with bidding.

Networking with Mentors

Directly following the engaging conversation from the panel discussion, a vibrant scene of networking and gathering kicked off. Mentors and mentees engaged in lively chatter, filled with questions, experiences, and ideas.

The Port of Seattle understands the power of having the right connections. This opportunity to network with industry experts adds valuable insight for the cohort participants. Through in-person networking events, the Port of Seattle Business Accelerator program provides support designed to help these businesses flourish.

Larry Adeyemi– Green Project Solutions Group, LLC  states, “Going forward, now that we know the faces who run the programs, we know who to go to. We look forward to reaching out for more contracts, because right now we are doing lower-level contracts, and we will be focusing on more sustainable bidding.” He exclaims, “We are excited; it’s more opportunities!”

Looking Ahead

As the mid-session event marks the halfway point of the program, the cohort members are preparing for the next phase of their journey. The cohort will continue to engage with their mentors as they move forward on successfully pursuing their own contracts, ensuring they are fully prepared for future contract procurement.

One of the most exciting aspects of the journey lies in the unknown, but these 10 are certainly on their way to expansion and potentially future mentors to next year’s participants. With the support and knowledge gained from the Business Accelerator program, these businesses are geared towards a successful future.

Nancy Goodin of Evolve 8 Design says, “The cohort puts a more attainable spin on the kind of hoops we have to jump through for contracts that can seem overwhelming at first.  This program provides a framework, paced out in a very doable format, and guides us through the process, with people who can help support us along the way.”

As the cohort narrows down, we are excited to announce the upcoming graduation ceremony for this year’s Port of Seattle Business Accelerator 2024. In addition to the Business Accelerator, participants with APEX Accelerators will also be at the joint graduation ceremony on December 11, 2024. Congratulations to participants of both cohorts and we commend you for all your hard work!

For more information on how to attend the graduation, please click here. 

To connect with a Business Coach and find out about upcoming cohorts for your business, please click here.