A Revolution for entrepreneurs
The biz spirit of Memphis got a salute this week that’s going to be worth $100,000 to a savvy entrepreneur. The venture capital company Revolution has announced that Memphis is among five cities to be part of its Rise of the Rest seed fund. ROTR Fund is a $150 million fund launched in December by Steve Case and J.D. Vance and backed by a group of entrepreneurs, executives, and investors.
The company’s Rise of the Rest bus tour is a nationwide event to showcase founders in emerging startup ecosystems across the country. Since the tour launched four years ago, Case and the tour team have traveled more than 8,000 miles on a bus to visit 33 cities and invest in local startups.
This spring, the tour will stop in Dallas on May 7, Memphis on May 8, Birmingham on May 9, Chattanooga on May 10, and Louisville on May 11 to showcase emerging startup ecosystems and invest $500,000 from the ROTR Fund ($100,000 in a local startup at each stop). Google for Entrepreneurs, a Rise of the Rest partner, will provide coaches to help founders with their pitches.
Tennessee is one of the only states with an entrepreneur-resource infrastructure that operates at the state level. CO.LAB in Chattanooga and Epicenter in Memphis, members of this statewide network supported by LaunchTN, will be stops on the tour.
For more info and to get a pitch application, go here. [https://www.events.
Stay and pay
Airbnb says it has turned in more than $300,000 in tax revenue from local hosts to Memphis in 2017.
Last May, Airbnb and the City of Memphis agreed to the arrangement where Airbnb would pay to the city the Memphis Short Term Room Occupancy Tax (3.5 percent) and Tourism Improvement District Assessment ($2 per bedroom per night).
The $300,000 is from money collected between June 1 and Dec. 31, 2017. Airbnb says its guest arrivals to Memphis increased by 79 percent in 2017.
Airbnb also announced that rural areas of Southwest Tennessee experienced significant growth in 2017, with more than 2,400 guests visiting Chester, Decatur, Fayette, Hardeman, Hardin, Haywood, Henderson, Madison, McNairy, and Tipton counties.
Are you ready for an ICE storm?
Employers can be in ICE’s crosshairs when it comes to potential immigration violations. Non-compliance with federal immigration laws can result in significant consequences for your business and employees.
On Wednesday, Fisher Phillips Memphis partner David Jones will discuss the tools a company needs to comply with applicable laws, how to minimize risks for penalties, and prepare a company for a visit from ICE.
Jones represents clients in complex matters relating to immigration benefits and enforcement as well as in proceedings before the Department of Homeland Security, the Department of Labor, the Department of Justice, and the Department of State, as well as in matters related to citizenship status discrimination and export control compliance under the Export Administration Regulations (EAR) and International Traffic in Arms Regulations (ITAR).
“The New I.C.E. Age: Surviving Immigration & Customs Enforcement Investigations” runs from 8:30 a.m. to 10:30 a.m. Feb. 21 at The Great Hall and Conference Center 1900 S. Germantown Road. It’s $25 per person and includes breakfast and a Q&A. Register here.
Delay at the airport
Memphis International Airport (MEM) is moving toward the next phase of its modernization project of the B Concourse and consolidation of all airline, retail and food and beverage businesses into B.
But the airlines are asking for a small delay. During the B Concourse construction, all airlines will operate out of the A and C Concourses (Delta is moving to A, Allegiant to C). MEM’s airline partners have requested additional moving time to get through the busy Spring Break travel season. The airport anticipates closing the B Concourse for construction by the end of March. MEM says this won’t affect construction time or the project’s expected completion in 2021.
Power Players
Inside Memphis Business publishes a list of local Power Players every year. These are the movers and shakers in more than 30 categories who get things done in their respective fields. IMB’s next issue in April will have the complete list. We also publish individual categories in other issues throughout the year, and now we’re featuring individual Power Players in our Tip Sheet.
Today’s Power Player in the Banking: Administration category is Will Chase, Founding President and CEO, Triumph Bank. B.A., History and Business Administration, Vanderbilt University. Attended University College, Oxford University. Graduate, National Commercial Lending School, American Bankers Association (ABA). Founded Triumph in 2005, specializing in commercial banking. Board member, Triumph Bancshares, Inc., Triumph Community Development Foundation, and St. Francis Hospital Governing Board. Former member, Community Bankers Council Division (ABA). Former Board Member, Tennessee Bankers Association. Former President, Chickasaw Country Club.
