The past few months have been rough economically, but for Apex entrepreneurs, tough times don’t have to mean dark days. LaunchAPEX is providing some light for local small businesses, whether brand new or in a state of recovery.
In partnership with Apex Economic Development, the Apex Chamber of Commerce, the Town of Apex, Apex Rotary and Apex Sunrise Rotary Clubs, and Wake Technical Community College, LaunchAPEX is a program with a straightforward premise: “To support and develop entrepreneurs and small businesses in Apex, by providing access to business training, business loans, mentoring, and networking opportunities.”
In November of 2018, the first class of entrepreneurs added “LaunchAPEX graduate” to their business resumes after successfully completing ten weeks of instruction. Last year, two more groups went through the program. In a few weeks, the cohort of 2020 will tune in for orientation to what will be an adapted version of LaunchAPEX in light of the ongoing caution surrounding the spread of COVID-19.
What Is LaunchAPEX?
Apex’s innovative and new business concepts, and the capable entrepreneurs responsible for them, are visible all around town and on social media. Some of these enterprises will function best out of a spare room for years to come while others will reach a point where the need for expansion can no longer be ignored. But what happens if an idea or existing business is a solid and profitable one, but the owner does not know how to take either one to the next level? This is where LaunchAPEX comes in.
Curriculum
The ten-week LaunchAPEX curriculum was described by an early graduate as bearing semblance to “a mini-MBA.” Students learn how to identify their specific vision and business concept, they create their elevator pitch, they learn how to do market research and develop marketing plans, they learn about income statements and cash flow, they do a funding needs analysis, and new entrepreneurs learn how to launch their business.
Instructors
Launch programs exist in towns throughout Wake County and the curriculum and instructors are provided by Wake Tech through grant money included in the college’s budget. Instructors are recruited and vetted by Wake Tech, although an instructor may not necessarily be a Wake Tech employee or faculty member.
LaunchAPEX’s instructor teaches the entire ten-week program because, as the Town of Apex Economic Development Director and LaunchAPEX Program Director Joanna Helms explained, “He’s building a relationship with [the entrepreneurs]. He is learning about them and what makes them tick, so he can best help them. The people in the class are in a lot of different stages with their company or startup. He gets to know them and not only instructs the class as a whole, he acts as a mentor as well and helps them with the different challenges they have.”
Ideal class size is 12 to 15 because, as Helms points out, “You need at least 10 to get some good synergy going, but if you have more than 20, it loses some of the intimacy and personal time that the instructor and classmates can give each other.”
Mentors
Mentoring is a key component to the success of the LaunchAPEX program. “We hand-select all of our mentors for this program,” Helms said. “They go through an application process just like the class participants do. We keep a database of mentors because we want to make sure we have a bank of them waiting in the wings [that could match with] the current applicants of a class, or if a mentor says, ‘I’m busy this season but check me out next season for mentoring.’ We’ve had a lot of good businesspeople and Apex folks who’ve stepped up and said, ‘I’d love to be a mentor and walk this journey with this person for the next six months to a year.’”
Applicant Qualifications
To be considered for acceptance to the program, a small business owner is expected to meet the following criteria:
Entrepreneur lives in Apex.
Entrepreneur has an idea, product, or service that can generate profit.
Entrepreneur demonstrates a need for financial and business resources.
Entrepreneur will be interviewed by members from the LaunchAPEX board.
Entrepreneur will attend weekly classes for 10 consecutive weeks.
Entrepreneur is willing to communicate regularly with a mentor.
To expand on the qualifications, Helms added, “To be successful in this program, you really have to have either subject matter expertise or have done enough research to be at a point where you’re ready to take that next step into starting or expanding your business. We have had some participants who have been in business for a good while, but they’re stuck at a plateau and can’t figure out how to get to the next level. Or they say, ‘I’ve been spending all my time doing XYZ and I haven’t built a network to take me to the next level,’ or, ‘I don’t know how to market; I’ve been relying on friends and family and word of mouth and I need to develop a business marketing plan.’ They just need that extra something, and this curriculum can give them that.”
Application Process
Typically, information sessions are held over the summer and the board holds one-on-one interviews with every applicant before notifying participants in early August of their acceptance into the cohort. The first class, an orientation session, is held in late August. Instruction finishes and a graduation event is held in early November.
In Light of COVID-19
The stay-at-home orders and economic downturn this spring raised concerns about whether or not a LaunchAPEX class would, or should, take place this year. And if it did, what changes needed to be put in place to ensure participant safety and to assist the many established businesses that were struggling. A significant question to consider was, “Is this the right time for LaunchAPEX to help people start new businesses or try to take their current business to the next level?”
In early May, Helms and her fellow Launch program directors from across Wake County met with the Wake Tech curriculum contact. They discussed options that made sense going forward, some of which involved altering the course material to focus on reopening or recovering a business rather than launching a new one.
Having all of the program directors engaged in the decision making was important because, as Helms described, “If just one program came to Wake Tech and said, ‘We want to pivot and instead of launching new businesses we want to help existing businesses reengage,’ it’s not going to have as much weight as if all the Launch programs across all of Wake County say, ‘For the next 6- to 12-month period, we would rather engage in recover or relaunch.’”
In late June, the decision was made to proceed with selection of a fall cohort for 2020. Helms explained that information sessions would be held, and applications accepted, through July and the course will run from August 31 to November 9. She added, “The class instruction will all be done virtually. It will be the regular curriculum but will also give time and effort to assist those class participants that may need to revise or adjust their intended business idea due to the COVID-19 pandemic.”
Now, more than ever, Helms is grateful for the partners who she refers to as “the backbone of the program.” In addition to Wake Tech, the Chamber of Commerce, Apex Economic Development, and the Rotary Clubs, are the volunteers. “The folks that give up their time to be mentors, to be on the board of directors, to screen the applicants—it’s a grassroots program. The Town of Apex has been very supportive; the previous Town Council and [our current] Council want to see it thrive in Apex. We’ve been very fortunate.”
For details about the LaunchAPEX program, or if you are interested in becoming a mentor, visit launchapex.org. You can also email launchapex@apexnc.org and follow LaunchAPEX on Facebook for more information.
