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THURSDAY, AUG. 17, 2017 | IN THIS ISSUE
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Unveiling the Prairie Lights sign on Aug. 11
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The Aug. 11 unveiling of a dozen new and unique signs at downtown Iowa City businesses marked the completion of a successful project to wed art and economic development.
Known as CoSign, the project provided technical support and financial assistance to businesses who hired local artists or designers to create one-of-a-kind projecting signs for their storefronts, and sometimes used signmakers such as Nesper Sign and MediaQuest to fabricate or install them.
Downtown Iowa City was the first community to complete the project in a national expansion of the program, which was created by the American Sign Museum in Cincinnati with support from the Haile/U.S. Bank Foundation.
Businesses that were selected for and completed the program received $600, as did the artists who created their designs. It was typically a fraction of the overall costs of designing, fabricating and installing the sign. Business owners like Jan Weissmiller of Prairie Lights can see a long-term payoff in making their store more visible, and enhancing the image of the area.
"I can't tell you how many people we had call from the street before we the sign, saying, 'I can't find your store,'" Ms. Weissmiller said.
Projecting signs are easier for pedestrians to see than signs mounted flat on buildings, known as fascia signs, according to Tod Swormstedt, founder of the American Sign Museum. However, many cities imposed regulations to block them in the 1970s due to visual clutter.
"Iowa City was kind of an ideal place to launch this project," Mr. Swormstedt said, noting that city leaders were willing to revise the sign ordinance to allow projecting signs in the area, and that the community is full of independent businesses who value local flavor. One of his personal favorites was the Daydreams Comics sign, which he said perfectly reflected the personality of the business.
MidWestOne Bank was presenting sponsor for the project, organized locally by the Iowa City Downtown District.
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iotaMotion raises $2M in seed funding round
University of Iowa startup and medical device developer iotaMotion Inc. has raised $2 million in a seed funding round to fuel the development of novel robotic systems for cochlear implantation surgery.
The company says its technology, based on research within the UI Carver College of Medicine's Department of Otolaryngology, will enable surgeons to achieve more precise, individualized solutions for patients experiencing various types of hearing loss.
IOTA-Soft is the brand name for the company's robotic-assisted insertion device, which will allow surgeons to advance cochlear implant electrodes with the precision of robotics. The company says the controlled insertion will allow for less surgical variability in outcomes and results, helping to protect existing structures in the ear.
"The reception and excitement from both the cochlear implant community and strategic investors is a testament to the clear clinical need and the surgeon-centric robotics-assisted systems we are developing," Dr. Chris Kaufmann, an otolaryngology resident at the UI and founder of iotaMotion, said in a press release.
The company was spun out of the UI in 2015 by Dr. Kaufmann and Dr. Marlan Hansen, a professor of otolaryngology and co-founder of iotaMotion. Since its founding, the company has received both National Science Foundation and National Institutes of Health SBIR grants totaling $1.7 million, with the aim of developing an implantable system that will allow post-surgical adjustment of cochlear implants.
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SBA approves $9 million in loans in July
The U.S. Small Business Administration last month backed 33 loans to Iowa businesses worth nearly $9 million, including five in the Corridor.
Corridor businesses securing SBA-backed loans in the month included:
- Softronics Limited, of Marion, which received $1 million
- Carlson's Cleaning Company, of Washington, which received $150,000
- Ace Refrigeration of Cedar Rapids, which received $200,000
- Cedar Ridge Family Chiropractic LLC, of Center Point, a new business receiving $75,000
- Diamond Painting, of Cedar Rapids, a new business receiving $20,000
Those loans totaled $1.45 million, representing a second month of improvement over May's one-year low of $732,500. Corridor companies receiving loans reported creating 11 jobs and retaining 75 more as a result.
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Last call for pitch applications at Innovation EXPO
Entrepreneurs interested in pitching at the Entrepreneurial Development Center's upcoming Innovation EXPO in Cedar Rapids should act fast: The application period closes at midnight on Friday.
In the PitchLab, eight startups will pitch their companies to a panel of business experts for feedback. In the Seed & Venture Forum, eight early-stage entrepreneurs will pitch to a panel of venture capital experts from across the state. Both opportunities at the Sept. 19 expo will provide Iowa entrepreneurs with a venue to practice their pitches and gain visibility for their business ideas.
"The event is a unique opportunity for Iowa's fast-growing and innovative businesses to network with each other and develop partnerships that could help them scale at a faster rate," EDC President and CEO Curt Nelson said in a press release. "It is also a chance for established business leaders to meet these entrepreneurs and learn more about new products and technologies being developed right here in Iowa."
The event will also feature the Entrepreneur Showcase, featuring 90-plus Iowa companies of all stages in a tradeshow format. Entrepreneurs interested in exhibit spaces should contact Christie Remley at
cremley@edcinc.org or (319) 369-4955.
Startup-stage entrepreneurs can apply to pitch at PitchLab
here, while early-stage entrepreneurs can apply to the Seed & Venture Forum
here.
For more information or to register to attend, visit the Innovation EXPO's EventBrite
page.
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Consulting: Seller financing benefits both sides
In this week's consulting spotlight, Scott Bushkie of Cornerstone Business Services explains the benefits of seller financing when it comes time to sell:
If you're considering selling your business, don't expect to walk away with all cash at close. This isn't like selling a house. Most deals involve some sort of alternative financing. You may be asked to accept an earn out, roll over a portion of equity or (most commonly) provide seller financing.
Even when the M&A market is strong and lenders are aggressively financing business acquisitions, seller financing is often still part of the deal structure. And when there's a downturn or lenders tighten up, seller financing becomes even more important.
Seller financing is the bridge between a buyer's immediate resources and the value they see in your business. Essentially it's a loan from the seller, and the agreement is typically structured with monthly payments over a three to five-year period.
Most of the deals we see have something between 10-30 percent in alternative financing by the seller. The larger the risk (e.g. customer concentration, the owner "is" the business, or a lack of management), the more seller financing a buyer will request.
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From around the web:
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An Iowa State student has created an online Cyclone Gameday apparel business, the Iowa State Daily reports.
- GoDaddy has launched SmartLine, a new service giving small businesses their own phone numbers.
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There is bipartisan support for a small business R&D tax credit bill in Congress, Accounting Today reports.
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Small but mighty
Forward the FREE, weekly CBJ on Small Business newsletter to your friends and colleagues, and share the feeling of being informed! Use our fast, one-minute subscription to the CBJ's newsletters
here, or check out our other subscription options
here.
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Corridor Stocks
NAME |
SYM |
PRICE |
CHG |
%CHG |
AEGON |
AEG |
5.74 |
-0.14 |
-2.33% |
Alliant Energy |
LNT |
41.76 |
-0.32 |
-0.76% |
Deere & Company |
DE |
124.16 |
-2.47 |
-1.95% |
Dow Jones |
^DJI |
21,750.73 |
-274.14 |
-1.24% |
General Mills |
GIS |
57.61 |
0.08 |
0.14% |
GoDaddy Inc. |
GDDY |
41.19 |
-1.07 |
-2.53% |
Great Western Bank |
GWB |
36.31 |
-1.01 |
-2.71% |
Heartland Express |
HTLD |
20.99 |
-0.11 |
-0.52% |
KemPharm |
KMPH |
2.85 |
0.10 |
3.64% |
Marsh & McLennan |
MMC |
77.21 |
-0.94 |
-1.20% |
MidWestOne |
MOFG |
32.74 |
-0.12 |
-0.37% |
Pearson |
PSO |
7.82 |
-0.09 |
-1.08% |
Pepsico |
PEP |
118.39 |
-0.71 |
-0.60% |
Principal Financial |
PFG |
62.90 |
-2.26 |
-3.47% |
QCR Holdings |
QCRH |
43.55 |
-1.20 |
-2.68% |
Rockwell Collins |
COL |
122.88 |
-2.57 |
-2.05% |
S&P 500 |
^GSPC |
2,430.01 |
-38.10 |
-1.54% |
Tanger Factory |
SKT |
24.32 |
-0.16 |
-0.65% |
Procter & Gamble |
PG |
92.07 |
-0.37 |
-0.40% |
United Fire Group |
UFCS |
42.97 |
-0.10 |
-0.23% |
U.S. Bank |
USB |
51.73 |
-1.12 |
-2.12% |
Wells Fargo |
WFC |
51.83 |
-0.86 |
-1.63% |
West Bank |
WTBA |
21.05 |
-0.50 |
-2.32% |
Whirlpool |
WHR |
171.56 |
-2.55 |
-1.46% |
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Short-Term Event Planner
Aug. 17
BizMix: Miron Construction
,
by
Cedar Rapids Metro Economic Alliance and Marion Chamber, 4-6 p.m., Miron Construction Co., 335 French Court SW, Cedar Rapids. BizMix brings together area professionals for casual networking over complimentary hors d'oeuvres and cocktails, and is hosted by a different member business each month. Free for members, registration not required. For more information, call (319) 398-5317.
Aug. 18
Corridor Job Club,
by Iowa City Area Development Group, noon-1:30 p.m., Hiawatha Public Library, 150 W. Willman St., Hiawatha. This meeting will feature local employers, including the University of Iowa, Rockwell Collins and Frontier, who will share tips and advice on applying for positions within their companies. Free. Contact DaLayne Williamson at dwilliamson@icadgroup.com with questions.
Iowa City Chamber Golf Classic 2017
, by Iowa City Area Chamber of Commerce, 11 a.m., Pleasant Valley Golf Course, 4390 Sand Road SE, Iowa City. This four-person best shot tournament will begin with a complimentary lunch at 11 a.m., followed by a single shotgun start at noon. Event will happen rain or shine. Cost: $13-$540. For more information or to register, visit bit.ly/2f69Rp3.
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Headlines from CBS2/FOX 28
These news items are provided by CBS2/FOX 28
University of Iowa President Bruce Harreld is reassuring students that hate groups are not welcome on campus after a white supremacist rally in Charlottesville last weekend led to deadly violence. In the letter, Mr. Harreld denounced the KKK, white supremacists and neo-Nazi groups who "who use public universities as a backdrop for their violent theater." You can read the full letter
here.
T
hese news items are provided by CBS2/FOX 28
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CBS2 Chief Meteorologist Terry Swails'
Weather First Forecast
A cold front has passed through and now drier air is moving into Eastern Iowa. Clouds will linger through the first half of the day and keep temperatures in the mid- to upper 70s this afternoon. It will be breezy with winds picking up out of the west at 15-25 miles per hour.
Skies will gradually clear tonight and temperatures will fall down into the mid- to upper 50s. There will be more sunshine Friday and temperatures will be slightly warmer with high temperatures near 80. A weak disturbance will move through late Friday and lead to a few scattered showers and storms.
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