Bringing Local Businesses, Community, Anchor Institutions and Key Stakeholders Together in Jersey City
By Aleksandra Lacka and Amanda Charleson
The Local Economy Working Group with the support of Ignite Institute at Saint Peter’s University and Rising Tide Capital, a non-profit organization dedicated to helping entrepreneurs start and grow their businesses, strives to gain a deeper understanding of entrepreneurs and small business owners in Jersey City. The ultimate goal is to help design programs and initiatives that will effectively reshape the local economy and revive Jersey City’s business environment. Aleksandra Lacka, with assistance of Amanda Charleson, designed and conducted a multi-phase primary research study that is uncovering key insights around challenges Jersey City entrepreneurs are facing.
This research study has consisted of: 1). An ongoing Facebook Community of Jersey City entrepreneurs; 2). Series of in-depth individual interviews with twenty entrepreneurs in their homes or work environments; 3). A group ideation workshop hosted by Ignite Institute at Saint Peter’s University, in which entrepreneurs took part in structured brainstorming exercises to identify key challenges and come up with creative solutions to address them.
During this workshop, entrepreneurs identified the following as the key challenges they currently face: the lack of vision for development in some Jersey City neighborhoods; the lack of common working spaces, such as kitchens, office space, and artist studios; the lack of local funders and investors; and the lack of a centralized database that lists all local funders, investors, and business grant programs. The entrepreneurs brainstormed a range of innovative and creative solutions to address their challenges.
Many of the entrepreneurs are offering unique products and services in the local marketplace and looking for opportunities to build local partnerships and access capital and expertise. Some of the local entrepreneurs in attendance who are working to build a more vibrant entrepreneurial community include Lenore Holtz, owner of Brownstone Concierge; Angela McKnight, owner of Angela Cares, Inc.; Niambi Cacchioli, owner of Bloombsbury Sq. and co-proprietor of 942 Summit; Tim Keating, owner of Earthbilt, LLC; and Stephanie Kumar, owner of Yoga in the Heights; Daniel Grunes, owner of Taproot Organics; Beatrice Johnston, owner of Brand Excitement; Kate Howe, 6th Borough Market.
In order to create a vision for development, the entrepreneurs believe that the community members and city officials must come together to research the different neighborhoods, understand the history of these neighborhoods, and develop a common vision for future development. The new vision should first be executed in the most challenging neighborhood, and then be continued in other neighborhoods. A significant contribution would be the collective buy-in of key stakeholders. Also, institutions such as Saint Peter’s University have great potential to serve as incubators to help implement the new vision.
To address the working spaces challenge, entrepreneurs suggested that vacant buildings, kitchen incubators, and Hudson County Community College would be valuable resources for space. A virtual mall could serve as a new platform for businesses that don’t have physical locations. In addition, the current legal structure should be revisited so that entrepreneurs are allowed to sell products that they cook and bake in their homes.
In order to connect entrepreneurs with local funders and investors, the entrepreneurs came up with solutions to incentivize investing and to highlight local businesses. A membership club for the local community could offer community discounts, raise money for entrepreneurs, and plan events such as a Jersey City Entrepreneurs Week. Angel investors would have the opportunity to be involved in these events and match the raised funds.
The implementation of a centralized database would also connect entrepreneurs to funding, investments, and grants. The entrepreneurs believe that a website directory should list the entrepreneurs in need of funding, as well as list all of the funding possibilities for these entrepreneurs. The database could support business advertisements, and could also be a tool for business pitch competitions and various funding kits.
Institutions like Ignite Institute at Saint Peter’s University as well as the Rising Tide Capital are of paramount importance in catalyzing the local entrepreneurial community and creating strong engagement platforms—for collaborative planning and idea implementation—that bring together local businesses, community, anchor institutions and key stakeholders in Jersey City.
About Aleksandra Lacka
Aleksandra is a strategic insights expert with entrepreneurial mindset continuously focused on finding innovative, cutting-edge solutions to answer her clients’ business objectives and inspire thoughtful action. Her work spans many categories including finance, retail, healthcare, beauty and luxury among many others. She’s always experimenting with new methodologies and pushing the envelope when it comes to thought leadership projects she initiates. Her latest initiatives included global research on Millennials in 10 Most Fashionable Cities, The Evolution of US Luxury Landscape and The Future of Connected TV. Prior to ZenithOptimedia, Aleksandra worked at Unilever where she supported brand development and launch of Clear in the US, one of Unilever’s biggest investments in North America. She also held positions with Zenith Media and GfK, where she spearheaded research initiatives across multiple clients, categories and countries. Aleksandra holds a Bachelor’s of Science Degree in Urban and Regional Studies from Cornell University and is particularly passionate about helping develop sustainable economies that support, nourish & inspire entrepreneurial activity.
About Amanda Charleson
Amanda graduated from the University of Michigan in May 2013, with a B.A. in Art & Design, a Multidisciplinary Design Minor, and a Certificate in Entrepreneurship. She’s passionate about consumer behavior, branding, and design, and she has always had an appreciation for entrepreneurship. University of Michigan’s Entrepreneurship Practicum encouraged her to explore the methods of interviewing potential consumers; she greatly enjoyed the process of listening to people, as well as understanding and interpreting their insight. She recently pursued her interest in consumer insight at FIT Research & Development, a user-oriented product development firm, during an internship program in Israel. Through this experience, she gained a greater understanding of the relationships between consumer behavior, branding, and design. Furthermore, FIT R&D’s location in Bat Yam’s Design Terminal—a common studio, retail, and exhibition space for designers—enabled her to partake in a wonderful atmosphere of passionate entrepreneurs.