Bottom Line Blog Office of Economic Development

Bottom Line

News from Seattle's Office of Economic Development

Local clean technology companies create environmentally sustainable business

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clean-tech-open1Want to learn more about how local technology companies are “greenovating”—or interested in investing in clean technology for your own home or business? Officials at the Clean Tech Open Pacific Northwest will announce twelve semi-finalists in its first annual clean technology business competition at a special event on Thursday, June 25th. Open to employees of competing companies as well as the public, the event will highlight twelve regional companies whose proposals represent outstanding innovation and sustainability in the technology field.

The semi-finalist announcement comes less than a month after a study from the Pew Charitable Trusts declared that “the nation’s clean-energy economy is poised for explosive growth.” The Clean Tech Open and the city of Seattle—recently ranked as the #3 city in the nation for clean technology start-ups—are poised at the center of this growth. A record number of participants at the 2009 Open reflects this rapidly expanding interest; this year, the open received 275 applications to participate – up dramatically from 125 entries in 2008.

The Clean Tech Open solicits business proposals and pitches from young clean energy start-up companies. Semi-finalists participate in an intensive weekend of education, consulting, and mentoring, then submit a 20-page business plan and give a 15-minute pitch to a panel of expert judges. From these semi-finalists, twelve finalists (six from the Open’s California region; three from the Pacific Northwest; and three from the Rocky Mountain region) will compete in the national competition for a chance at the National Prize Package, which includes a large cash award.

The Pacific Northwest Semi-Finalist event is open to paid contestants of the 2009 competition, members of the public interested in the Clean Tech Open or clean tech start-ups, and volunteers.

Visit enterpriseSeattle’s Clean Tech Open event page for more information on how to register for the event.

Seattle’s economic recovery agenda begins with music business

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city-of-music-logo1On Tuesday, May 26th, the Seattle City Council voted 5 to 3 to repeal the admissions tax on small music venues that employ live musicians. Signed into law by Mayor Greg Nickels in June, the legislation will encourage the employment of live musicians and the opening of more live music venues, driving economic development in neighborhoods across the city.

The repeal was originally proposed as part of a long-range economic development package for the music industry, and the Mayor’s Office of Film and Music projects that it will contribute to the opening of eight new music venues in the next several years. The sales and businesses taxes from these venues and the projected increase in the health of the music industry will likely significantly exceed the foregone revenue from repealing the tax.

The exemption is only one aspect of a renewed focus on the music industry for the Mayor, whose City of Music initiative promotes Seattle as a hub for musicians and live music. A 2008 economic impact study on music in Seattle showed that the music industry creates 11,155 jobs and $1.2 billion in sales for the city.

Read the Mayor’s full press release on the tax exemption here.

CTED releases guide for small businesses in Washington

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Many resources are available for small businesses in Washington, but it can be hard to know where to look. A new, comprehensive guide from the Washington State Department for Community, Trade and Economic Development (CTED) is an important tool for small businesses at all stages of development.

The CTED guide provides small business owners and entrepreneurs with instantly accessible information on important federal, state, and local agencies, business associations, economic development centers, government contracts, Innovation Partnership Zones, and more. It also provides tools and resources for developing a business plan and business structure.

In support of green practices, the guide will only be published electronically. Click here to access the CTED guide and other business resources.

June marks 120-year anniversary of Seattle’s Great Fire and the birth of Seattle Public Utilities

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June 6, 2009, marks the 120th anniversary of Seattle’s Great Fire, which started in a cabinet shop on 1st and Madison and demolished 64 acres of the downtown business district in one day. In the wake of the disaster, which the city’s poorly developed, privately-held water system could not contain, Seattle voters voted 1,875 to 51 to install a municipal water system, thus founding Seattle Public Utilities (SPU).

SPU soon developed the Cedar River Watershed, which provided water as well as electricity to most of the city. After more than a hundred years, this watershed is still the primary source of clean drinking water to the city.

From 1889 to 2009, low cost power, water, and other public utilities have fueled business growth in Seattle and the Pacific Northwest.

For more information on the Great Fire, the Cedar River Water Supply, and the history of Seattle Public Utilities, visit Historylink, a free online encyclopedia of Washington state history.

Helping businesses navigate the American Recovery and Reinvestment Act

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recovery-small1In these difficult economic times, many businesses are trying to maximize earnings and minimize tax burdens. The American Recovery and Reinvestment Act of 2009 (ARRA) contains tax incentives and other programs which can provide relief for both large and small businesses.

For businesses unfamiliar with the ARRA, the IRS has just released a guide to the act’s most important provisions.

The U.S. Small Business Administration (SBA) can also provide assistance to small businesses that have been hurt by the economic downturn. SBA’s America’s Capital Loan Program, or ARC, provides an immediate influx of capital to formerly profitable small businesses that are now struggling to remain solvent.

To learn more about how the City of Seattle is seeking federal stimulus funds, or how stimulus money is being spent across the city, visit the Mayor’s economic recovery website.