Welcome to the third edition of Shoots, where I highlight examples of 21st century entrepreneurialism in unexpected places and / or demonstrating principles of increasing future importance.
When I searched for summer and full-time jobs in Honolulu in the mid 1980s, the entrepreneurial landscape consisted of long-held family businesses, medical and dental practices, legal and accounting services, retail stores and restaurants. My clumsy efforts to secure any job in my preferred field of marketing came up empty. I was also not ready to start my own business in Hawaii or anywhere else. The startup world always intrigued me, but until recently I never felt I possessed the idea, drive or fortitude required to take the plunge myself.
In the fall of 2018, I was co-writing an HBR article on emerging investment opportunities. I enthusiastically dove into my research of crowdfunded investment sites, which included those focusing on loans to individuals and small businesses, investments in art, real estate and collectible cars, and of course, startups. I also learned about making these investments and defer taxes using IRA funds. I was unaware of an entirely new ecosystem being built under my nose.
I was brought into this project by my co-author, Eddie Yoon, who also grew up in Hawaii. We interviewed startup veterans and CEOs, including Nick Tommarello, the CEO of Wefunder. Wefunder strives to level the playing field for both investors and companies seeing investment capital. On the investor side, Wefunder allows any adult, not just wealthy people and those they know, to invest in innovative, emerging businesses across the country. For companies in any location, not just those in startup hotbeds like Silicon Valley and Austin, Wefunder provides a platform to promote their business and access investors they would not find on their own. Wefunder intrigued me. I soon invested in a few companies on the platform, including Wefunder itself. On a trip to San Francisco I attended an inspiring Wefunder showcase of early stage companies founded by immigrants and/or females.
It is through Wefunder that I found a way re-engage with the Hawaii business community. I came across a few businesses based in Hawaii raising funds on the platform, including Impact Hub Honolulu, a co-working space located in the emerging Kakaako neighborhood in Honolulu. I researched their business, reviewed their pitch documents online and their Q&A with potential investors. I was moved to invest for several reasons. The business itself and the risk/reward tradeoff of the revenue share investment were obvious pluses, but most importantly, I was delighted to support the Honolulu startup community all the way from New York.
I planned to visit Honolulu a few months later and decided to email George Yarbrough, Impact Hub Honolulu’s co-director and co-founder. I had not yet met George in person or talked with him on the phone. I provided a bit of background and asked him if he would be interested in hosting a workshop led by me. I wanted to give back to emerging Hawaii business myself. I proposed covering my Growth Jumpstart process, an approach that helps any business define and prioritize near- and long-term actions to drive growth. While I had done many Growth Jumpstart projects, I had not shared the content in workshop form before.
George not only agreed to host me; he also introduced me to others in the Honolulu startup community prior to my arriving there. Doors opened with surprising speed, with warmth consistent with the Aloha Spirit. Not only did I connect and meet with those in George’s orbit, they invited others to my workshop and referred me to people they knew. This happened in the span of 48 hours. George also sat with me and reviewed my workshop documents prior to the meeting. I had not done business in Hawaii and had not lived there for over three decades, so he helped to “local-ize” my presentation. The workshop was a resounding success – sold out, happy participants and strong follow-up. I was able to introduce people in my network to Impact Hub. In the months to come I was able to advance relationships that have continued to strengthen.
I visited Impact Hub again in February and the space was bustling. I met Nam Vu, George’s co-founder and caught up with George over lunch. They are pushing hard to open a second location in Hawaii Kai, an affluent bedroom community in East Honolulu. Hawaii Kai is a 20-minute drive into downtown (much worse when there is traffic) and there is a single artery between the two. Hawaii Kai currently lacks productivity spaces like those offered by Impact Hub. It will indeed be an Impact Hub for Hawaii Kai. If you are looking for a reasonably-priced place to work in Kakaako or Hawaii Kai, reach out to Impact Hub. I will also introduce another option to you shortly.
I am excited for the future of Impact Hub Honolulu and the Hawaii startup community as a whole. And I am appreciative of the pro-business environment both are nurturing from the grass roots, one that manifests two of Hawaii’s best values – sharing and connecting for the benefit of all.
Mahalo for reading! If you enjoy reading these stories and seek to learn more about Market Junctions and how we work with businesses of any size, please reach out to me at kyle@marketjunctions.com.
Kyle Okimoto is the founder of Market Junctions, which helps businesses to ignite movements with authenticity, passion and clear direction. He is the creator of the Resiliency Map, a process anyone can use to increase their resilience by drawing from their own experience and that of others. He is an investor and advisor in startups ranging from Cadence (high yield short term alternative investments), AltoIRA (self-directed retirement accounts for alternative investments), Aris Technology (robotic quality control laser scanning). Kyle has a small investment in both Impact Hub Honolulu and Wefunder.
