Call it the COVID-era Coventure.The Carbondale business incubator has undergone a \u201c180 degree pivot to become a business crisis center since mid-March,\u201d said Coventure executive director Mike Lowe.<\/p>\n
The nonprofit\u2019s purpose, according to its website, is \u201chelp people do good in the world by helping them become great in business.\u201d While that hasn\u2019t changed, it\u2019s how Coventure goes about it that has.<\/p>\n
\u201cSince COVID-19 we\u2019ve had to rethink how we best provide assistance to the valley,\u201d Lowe said.<\/p>\n
Coventure is practicing what it preaches, reinventing itself to help businesses reinvent as well. \u201cWe\u2019ve evolved to become an organization that is most helpful at this time,\u201d Lowe said.<\/p>\n
Finding alternative revenue strategies<\/p>\n
With the economy in upheaval, some companies are seeking ways to make money that were not part of their original business plan.<\/p>\n
One example is Carbondale\u2019s Marble Distillery, which is part of a national trend of distilleries making hand sanitizer. As a way to promote the core business, the distillery includes a bottle of sanitizer with every purchase of at least two bottles.<\/p>\n
Shoemaker 5028 is also making timely products. \u201c5028 has pivoted to make masks,\u201d Lowe said. On the website, weare5028.com, customers can buy a mask or pay to donate one to an essential worker, and essential workers can get one for free. Or, similar to what Marble Distillery is doing, 5028 will include a mask with the purchase of a pair of shoes.<\/p>\n
Another novel way to stay in business is collaboration. <\/p>\n
\u201c5028 shoes is working with other local businesses to make gift baskets,\u201d Lowe said. <\/p>\n
The baskets include a 5028 mask, Landmark Cafe coffee, Marble Distillery hand sanitizer, Osmia Organics hand cream, CBD tincture from Sopris Health & Wellness, Pollinator Chocolate bars, a Lilybart Journal and a card from The Print Shop Artist Space.<\/p>\n
\u201cThere\u2019s a great sense of community in the Roaring Fork Valley, and they\u2019re working together to help each other out,\u201d Lowe said. <\/p>\n
These reinventions are seen as temporary. \u201cIt\u2019s not 5028\u2019s intention to pivot [permanently] from its core product, it\u2019s just taking advantage of a market opportunity. \u2026 This is survival,\u201d Lowe said.<\/p>\n
\u201cThey\u2019re still trying to sell shoes, but gift baskets and masks are saving the day,\u201d Lowe said.<\/p>\n
Lowe also pointed out that businesses can use such opportunities to connect new customers with its core products.<\/p>\n
Increasing operational efficiency, changing business strategy<\/p>\n
Another way to deal with the challenging economy is increasing operational efficiency, which may also include a change in business strategy.<\/p>\n
\u201cWe help businesses identify new supply chain partners and walk out their inventory needs, we provide ongoing coaching about expanding their business model while also tightening the business model to roll out new products as efficiently as possible with minimal impact on operating capital,\u201d Lowe said.<\/p>\n
Carbondale-based mountainFLOW ecowax makes a plant-based ski wax. <\/p>\n
\u201dWe\u2019re working with them to get a bike lube onto the market this summer,\u201d Lowe said.<\/p>\n
The company saw its revenue stream dry up as the pandemic shuttered ski areas.<\/p>\n
\u201cWe had bike products on our radar for a while, but with COVID it got pushed to front and center. A lot of our retail stores are closed, and ski areas are closed,\u201d owner Peter Arlein said. <\/p>\n
Coventure has helped mountainFLOW seek funding and change strategy to launch a new product.<\/p>\n
\u201cCoventure has been instrumental in a lot of stuff we\u2019ve done, lately trying to navigate loan options, taking advantage of funding available. It can be tricky as a small company to navigate the options and keep the lights on,\u201d Arlein said.<\/p>\n
Arlein said he\u2019s looking into traditional liquid oil-based lubes as well as wax-based lubes. <\/p>\n
Anyone interested in a bike lube sample can contact Arlein at peter@mountainflowecowax.com.<\/p>\n
Accessing crisis funding<\/p>\n
Coventure has been working with 32 entrepreneurs and small businesses over the last five weeks, Lowe said. <\/p>\n
\u201cWe helped them go after SBA [Small Business Administration] and PPP [federal Paycheck Protection Program] funds. \u201cThe businesses have collectively received over $1 million,\u201d he said, clarifying that just eight businesses have received the funds so far.<\/p>\n
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Retaining talent and saving jobs<\/p>\n
Part of saving jobs is certainly getting crisis funding, but Lowe said there\u2019s more to it than that. <\/p>\n
\u201cFederal funds are buying companies time,\u201d he said. \u201cWe provide business coaching around finding places they can save money in order to save jobs. … It\u2019s about getting creative about cutting salaries and how people work,\u201d he said.<\/p>\n
Lowe said this work is ongoing, but the results won\u2019t be known right away.<\/p>\n
\u201cAll this work will result in no one losing jobs, but that\u2019s a metric we can\u2019t measure until the end of the year,\u201d he said.<\/p>\n
Networking with state and local partners<\/p>\n
Coventure\u2019s website has a header stating \u201cWe are a State-Wide Collaboration Committed to Economic Resilience\u201d above the logos of several businesses and organizations. <\/p>\n
\u201dWe\u2019re participating in this remarkable network of state and local partners to share information in real time so they can give the best and most up-to-date information so we don\u2019t miss an opportunity,\u201d Lowe said.<\/p>\n
\u201cWe identified a half-million-dollar grant\u201d that\u2019s COVID related, Lowe said. Anew Energy in Glenwood Springs is working with P4P Solar Energy out of Carbondale to secure the loan.<\/p>\n
One of Anew Energy\u2019s products is a 10-foot-tall wind turbine for which the company currently has an order for 200, according to Peter Conarro, owner and co-founder.<\/p>\n
P4P designs large-scale solar installations that also provide shade, such as over a parking area. When used over a canal, the website (p4penergy.com) claims, the installation can significantly reduce evaporative water loss.<\/p>\n
\u201cWe\u2019re teaming up with P4P to add wind turbines on top of solar installations,\u201d Conarro said.<\/p>\n
\u201cThey wouldn\u2019t have even known about the grant if not for the \u2018large conversation.\u2019\u201d Lowe said. \u201cAnd the support of the larger network is helping push it across the finish line.\u201d<\/p>\n
Help the helpers<\/p>\n
While Coventure is helping businesses survive the pandemic, it, too, is an organization needing assistance.<\/p>\n
\u201cThis is a time when we\u2019re leaning into the headwind, but we\u2019re a nonprofit. Support us \u2014 we\u2019re in the trenches saving jobs, we\u2019re thinking long term, and we want to be here for those in danger of closing their doors,\u201d Lowe said.<\/p>\n
Learn more about Coventure at www.coventure.io.<\/p>\n
cwertheim@postindependent.com<\/p>\n