Roseville launches entrepreneurship center

Roseville businesses will be able to benefit from the Roseville Venture Lab, a new entrepreneurship center opening this summer at 316 Vernon St. in Downtown Roseville. Roseville Venture Lab is powered by the Growth Factory, a nonprofit organization based in Rocklin. The Growth Factory is a startup accelerator with an accompanying early-stage venture fund that builds and invests in startups primarily focused in FinTech, MedTech and GovTech industries," according to Roseville city officials. Roseville City Council approved the lease and agreement between the city of Roseville and the Growth Factory during the May 18 Roseville City Council meeting. According to Roseville Economic Development director Wayne Wiley, the Roseville Venture Lab will receive the first allocation of funds given to the city of Roseville from the American Plan and Rescue Act of 2021, also known as "APRA funds". The Roseville Venture Lab will cost approximately $1,165,000, according to Wiley. American Rescue Plan Act (ARPA) funds will cover the cost the building costs or the operational costs of the Roseville Venture Lab. In addition, Wiley estimates that the city of Roseville will receive approximately $115,000 in lease revenue over the next five years. The Roseville Venture Lab will focus on six main initiatives that correlate with Roseville's goal of "maintaining economic vitality," according to Wiley. The first initiative, space activation, will increase downtown pedestrian traffic resulting in downtown business patronage. With innovation challenges, the Roseville Venture Lab will be able to identify opportunities within corporate and civic organizations to provide innovators a chance to engage leaders to test and validate solutions. The Roseville Venture Lab will also launch the Roseville Rising "Dreamers" Program as one of their main initiatives. This program will "catalyze" the launch of new, main-street businesses in downtown Roseville, according to Wiley. Through partner programs, the Roseville Venture Lab will ensure leaders and subject matter experts are given support. The Roseville Venture Lab will reach community engagement and enrichment by holding entrepreneurial events in the community by collaborating with strategic partners. The final initiative aims to maintain an inclusive economic and workforce development by building access to skills development, educational programs and apprenticeship or internship opportunities to underrepresented residents. Wiley outlined some of the project benefits as "growing the entrepreneurship ecosystem and bringing awareness and assistance with the marketing of our community and region" and an increase in downtown business activity. "Small businesses account for approximately 45 percent of economic activity in the United States and make two-thirds of all new jobs," Wiley said. "Information technology has also been the number one driver of job growth over the last five years." More than half a dozen Roseville residents from the entrepreneurship community spoke in support of the Roseville Venture Lab. "I am on a mission to ignite the entrepreneurial revolution right here in the hometown we love because as entrepreneurs succeed, the people of Roseville succeed as well," said Roseville resident and entrepreneur Mark Haney. " There's all kinds of opportunities created when an entrepreneur has success." Added Growth Factory co-founder and board director Rick Spencer, "Roseville has all the infrastructure and all the leadership needed to be a world class city and with entrepreneurship, they can drive economic development and make that happen.". Roseville Area Chamber of Commerce Chief Executive Officer Rana Ghadban spoke in favor of the Roseville Venture Lab at the meeting. According to Ghadban, the Roseville Area Chamber of Commerce has more than 1,100 members of Roseville's business and nonprofit community members. "The launch of this Entrepreneurship Center will really foster an innovative ecosystem in our city to further build our community strength," Ghadban said. Roseville City Council unanimously approved the lease and agreement for the Roseville Venture Lab, courtesy of The Growth Factory. While an official date for the grand opening has not yet been announced, officials from The Growth Factory and the city of Roseville stated that the Roseville Venture Lab will open later this summer.