Designed for second-stage companies that are trying to get over the hump to continue their exponential growth, the Washington State Department of Commerce has launched its new program, Thrive!.
Thrive connects second-stage CEOs with subject matter experts on a range of business issues. Addressing the company’s most pressing issues, these experts provide access to data, analytics, best practices and strategies that are usually not accessible to companies at this stage of growth. This information can be used to overcome roadblocks related to human resources, finances, operations, marketing, sales, international trade and a range of other business issues.
“Since its introduction three years ago, Commerce’s second-stage program has helped 39 businesses across the state find innovative ways to increase growth and revenue,” said Lisa Brown, Commerce director. “Where the original program focused solely on external issues, Thrive! examines internal and external roadblocks to growth, since one can often affect the other.”
Research shows that historically, companies that have completed a second-stage program like Thrive! experience a 15% to 30% increase in revenue.
Thrive! uses a framework based on the Edward Lowe Foundation’s highly successful System for Integrated Growth (SiG). Once accepted into the program, the company’s CEO will discuss roadblocks to growth during a Needs Assessment Call with the team leader. The next step is a SWOT (strengths-weaknesses-opportunities-threats) Call with a team of specialists who will perform the necessary research. The entire program is conducted via phone and through a secure online portal. The total program takes four to eight weeks to complete and requires 8 to 12 hours of the CEO’s time. If desired, there is an after-care program available to help the company maintain momentum.
Commerce picks up the cost of the Needs Assessment and SWOT calls, which cost $1,275. The company pays the fees for the rest of the research and consulting time, which is $3,000.
More information about Thrive! as well as a link to the application for the program is available at http://startup.choosewashingtonstate.com/programs/thrive/.