SOCIAL EQUITY COUNCIL | Accelerator Committee
March 11, 2022
Special Meeting of the Accelerator Committee of the Social Equity Council
10:00 – 11:00 AM
This was a public meeting via Microsoft TEAMS
Committee Members: Andréa Comer, David Lehman, Ojala Naeem, Ed Shirley, Joe Williams
Call to order
Meeting called to order by Ojala Naeem, 10:00 A.M.
Attendees: Ojala Naeem, Andréa Comer, David Lehman, Ed Shirley, Joe Williams
Staff and other SEC Councilmembers attending: Komla Matrevi, Christine Shaw
Role of the Committee
Ojala Naeem presented a review of the goals and objectives of the Accelerator Committee and this meeting.
Establish Criteria for Accelerator RFP
Ojala Naeem spoke of the responsibility of the Social Equity Council in partnership with DECD & DCP to develop a cannabis business accelerator program to provide technical assistance and support participants, and this will include partnering with cannabis establishments for mentoring and best practices. She spoke of the legislation and the charge to support Social Equity Applicants with an accelerator program. Andréa Comer confirmed that the accelerator will specifically be meant for those who have been verified as Social Equity Applicants by the SEC. A discussion ensued.
Clarify Different Programs
A discussion on the types of topics to be covered by an accelerator.
- mentoring and training for an individual in the industry in the businesses sectors under the license.
- access to capital or know how to achieve capital, either debt or equity.
- tax and accounting
- location/real estate
Funding for the program was discussed. Ms. Shaw noted that the funding for the program is $1,000,000.00 in year, one and $2,000,000.00 in year 2 for the Accelerator. This money doesn’t include the proposed $10 million for loans for the applicants, which will be requested from the Bond Commission.
As next steps, Ms. Naeem will work with the DECD and the Office of the Social Equity Council using the suggestions for topics and activities discussed to develop the RFP. Additional research into best practices will be done. Another meeting in about 2 weeks time may be called for this group to review that to prepare an RFP recommendation for the full council for the April meeting. Ms. Naeem suggested a standing special meeting for the Accelerator Committee for the Second Tuesday of each month at 1:00 PM. All agreed.
Meeting adjourned at 10:56 A.M..
Next meeting: TBD, with the next standing meeting expected on the Second Tuesday of each month at 1:00 PM
Minutes are not final until approved at a subsequent meeting.