Momenteum LLC was retained for three months for an amount not to exceed $50,000 to assist in building a core group of entrepreneurs and a network that could be sustained.  They were to also provide input on various projects and marketing.

Momenteum spent three weeks in Shakopee and met with a number of entrepreneurs and companies and identified seven companies or individuals that could form a core group to begin to create a network.  In August, that group met and discussed issues that they were facing from hiring to financing to boosting search engine optimization. That core group includes individuals that are serial entrepreneurs to several startups.  The groups has agreed to meet for the next three months.  As part of the process, two individuals were able to connect and learn that they were working on concepts in the same space and are now sharing resources and ideas to improve their products.

We have also had several meetings with Minnesota State University and are working on finalizing programs that can be held in Shakopee.  

Momenteum is also working on several projects that will hopefully be announced before the end of the year that could have a dramatic impact on the community's business network.  The city was recently invited to join the Angel Capital Association, which will be providing additional educational resources to the community.

Momenteum will also be working with city staff on finalizing our application to the federal EDA for what was formerly known as the Innovation Center and has now been renamed "The Hub."  Attached is a diagram of the draft programming.  We have met with the EDA staff and received additional direction on how to make our application more competitive. This will include adding some items to support startup companies.

The EDA budget has an adequate balance for 2020 to continue to fund this program.