In an interview with Invest:, Shana Ostrovitz, executive director of 1909, discussed the organization’s support for Palm Beach County’s entrepreneurs. She highlighted the success of businesses scaling up and attracting investments, as well as the impact of experienced individuals from established startup environments, fostering growth in sectors like Fintech and climate tech.
What specific resources and support does 1909 offer to entrepreneurs and small business owners?
1909, a non-profit 501C3 organization named after Palm Beach County’s founding year, was established to support entrepreneurs and small business owners. Over the past five years, we’ve provided various resources to founders in different industries, offering business education, mentorship, affordable workspaces, and other tools to remove barriers to business creation. This support is crucial for our community, as small businesses are vital in creating jobs, retaining income locally, and upholding Palm Beach County’s cultural relevance. Our main goal is to foster the growth of local businesses in our community.
What specific challenges and highlights has the organization faced over the past year?
It’s been an exciting yet challenging year for us. We’ve seen significant growth in our organization, and the local entrepreneurial startup ecosystem. Due to increasing demand, our location in downtown West Palm Beach has become too small. We needed more space and resources to support the growing startup community. However, we faced challenges with our growth plan due to the rising commercial real estate prices in Palm Beach County. We knew our efforts at 1909 were critical to assure that local businesses did not get pushed out and retained support during this period of geographic growth. Despite these challenges, there is increased investment in the entrepreneurial ecosystem and more available capital. We’re thrilled to see businesses reaching new heights, hiring more, securing funding, and expanding operations..
This is the moment we’ve prepared for over the past five years, and we are thrilled to share that we secured a new location that is double our current space and will be able to support more businesses and growing business in Palm Beach County for years to come.
I’d also like to emphasize the significance of our collaborative initiative launched by 1909 in 2023, the Entrepreneurial Ecosystem Builders group. It is comprised of organizations from Palm Beach County dedicated to understanding gaps, exploring opportunities, and collectively supporting founders and startups. Through partnerships with entities like FAU’s Tech Runway, Global Ventures, FPL’s 35 Mules, the Hispanic Entrepreneurs Initiative, and the South Florida Tech Hub, we’re ensuring a unified effort toward economic development and supporting the future of our county. This collaboration is essential to avoid working in isolation and missing opportunities. It’s been an exciting journey working with these groups, and I foresee substantial progress will arise from this collective effort.
How has the rapid growth of businesses and entrepreneurs in Palm Beach affected 1909’s work?
Demand for xxx is high and we’re seeing more individuals from developed entrepreneurial environments bringing valuable experience. These people offer significant knowledge and talent, originating from markets with increased funding and a larger pool of available talent for companies. They bring expertise and best practices to guide and elevate our work. Various industries are emerging here, like the notable growth in Fintech (financial technology) and climate tech. Additionally, there was a rise in direct-to-consumer (DTC) product businesses during COVID. This influx of people from advanced startup ecosystems, as well as the growth of the local businesses, is quite compelling as they help us progress to the next level. It’s an exciting time as we build upon our existing foundation with the support of these experienced individuals.
What specific adjustments have been made to membership in response to growth over the past year?
We’ve witnessed substantial growth. Requests for office membership are on a waitlist, and we’ve noticed the emergence of businesses moving forward to the next phase. After successfully supporting so many early-stage startups, we are now assisting companies in the scale-up phase. They’re expanding, hiring, handling more significant finances and altering their needs. Unlike other acceleration programs,1909 is uniquely catering to these second-stage companies without set end-dates. Our upcoming larger space will accommodate teams of up to 10 people, which is a pivotal development. These firms, often involved in Series A fundraising, significantly contribute to Palm Beach County’s talent pool.
What specific methods do you use to promote the visibility of 1909?
Over the past five years, we’ve built a strong reputation within the innovation community. As an organization built and led by founders, we have a strong connection and understanding of those we serve. People who come to 1909 seeking community and support get involved. It’s not just entrepreneurs finding us, but investors and corporations as well. They see the value of engaging with innovation and talent. It’s interesting to see these people drawn to us, noticing our momentum and the success of the companies we’ve supported.
What is the impact of 1909 programs and its contributions to supporting local businesses?
The accelerator program is our signature six-month initiative conducted once a year, focusing on aiding early-stage entrepreneurs. We deeply engage with anywhere from 10 to 20 selected individuals to validate their business ideas thoroughly. Over the years, approximately 120 entrepreneurs have graduated, collectively raising $5 million and employing many members of the community. Furthermore, this program provides opportunities for underrepresented entrepreneurs to thrive. Sixty percent of the businesses who have gone through our programs are women and minority owned.
Another one of our programs, called “Project 1909,” was born during the COVID pandemic to support brick-and-mortar businesses lacking digital infrastructure. Through micro-grants and leveraging 1909 talent, we assisted nearly 30 local businesses, collaborating with West Palm Beach city, Downtown Development Authority, and the Knight Foundation for sustained support. We have continued this program to make sure the local small business community is supported during a period of rapidly increasing costs.
What specific events does your organization offer to foster business growth within the community?
Our community is crucial for business and learning. Peer mentorship is vital. We arrange programs and events for our members to access talent and knowledge within the community. For example, we host Monday “early risers” sessions each week, where members are encouraged to share their goals and challenges, fostering support and knowledge. We also hold speaker series with successful founders for learning and interaction with more seasoned entrepreneurs. Training events also help our community learn new skills, such as public speaking, financial modeling, SEO and more. Events create opportunities for partnerships through socials, pitches, and more.
What role does 1909 play in strengthening the Palm Beach County workforce?
Creating business leaders for companies that give back to the community is crucial. We seek those who care about a larger cause, not just their own success. 1909 is fostering an environment where founders care about their impact on Palm Beach County, South Florida, and the world. We aim to remove barriers like lack of capital and knowledge that hinder talented individuals from underrepresented communities from solving major problems. Over the past five years, we’ve helped companies grow, generating $37 million for Palm Beach County and creating 220+ jobs. Early-stage startups truly impact our community’s future. I’m truly excited about the work and foundation we’re building.
What specific amenities have you observed people seeking in workspaces post-pandemic?
First and foremost, people are seeking out community. They want to be part of something larger than themselves – to be around others, learn and socialize, and feel that energy and support. As the workspace is the container, there is an importance in how that space is built out. Ours is intentionally designed to forge creativity and allow people to be their best selves while inspiring community and connection. This is something that is not always achievable at home or in their company’s workspace. Our goal is to create the dynamic environment that they desire, and people really appreciate it.
What key factors contribute to Palm Beach County’s success as an appealing hub for business and entrepreneurship?
We need to continue to provide support and resources for the budding entrepreneurial ecosystem so we can truly see the full potential of Palm Beach County. Traditionally, this area has heavily relied on real estate, but we’re now seeing a positive shift to more diverse industries emerging. This change is crucial to retain and attract young talent, and to create more job opportunities and enrich our economic ecosystem. The trend of graduates leaving Palm Beach County and not returning is slowing due to emerging opportunities in diverse industries. The businesses we’re supporting locally are creating the industries and jobs of the future which will inspire young talent to stay or even to move here. It’s critical for us to maintain focus on cultivating the foundation we’ve established because it’s just the beginning, with much more yet to come. Many upcoming companies are just starting, and I anticipate a significant shift in the coming years.
Where do you envision 1909 and the Palm Beach entrepreneurial and business landscape in the next few years?
I’m thrilled about the current phase of our work. We’ve transitioned from supporting early-stage companies to now addressing the needs of second-stage businesses. This shift prompted us to expand our support programs and double our space to accommodate larger, growing teams in 2024. Our new scale-up programming focuses on vital areas such as talent recruitment, financing, legal assistance, and operational infrastructure, drawing on best practices from global markets.
We’re actively engaging with various organizations globally to bring these practices to Palm Beach County, aiming to retain businesses here rather than seeking support elsewhere. This strategy also positions us to attract growth-stage companies to our area. With increasing demand and energy, we’re anticipating remarkable growth with new success stories every day.
