01
Building an economy for all
We served 89 Bay Area businesses in 2020:

• 86% were owned by women or people of color
• 51% were owned by women
• 28% were owned by Black entrepreneurs
• 24% were owned by Asian / Pacific Islander entrepreneurs
• 10% were owned by Latino(a) entrepreneurs

02
Accelerating great companies
Of these companies, 67 received extensive hands-on advising and support through their participation in ICA’s accelerator programs and/or investment portfolio. These companies represented:

• $87MM in total revenues, with an average revenue of $1.30MM
• 734 jobs
• $26MM in total wages paid

03
The pandemic hits home
In March, when the shelter-in-place order was enacted in the Bay Area, it affected ICA-supported businesses across the board:

• 34% closed temporarily
• 23% reduced operations
• 56% cut employee hours
• 44% furloughed workers
• 35% permanently laid off employees
• 29% lowered wages

04
A rapid response
Launched two weeks after shelter-in-place orders went into effect, the Rapid Response Liquidity Fund addresses entrepreneurs’ dire funding needs, with terms that reflect the unprecedented urgency of the moment:

• 0% interest loans of up to $150,000
• No payments required for 12 months
• No credit checks or collateral

05
Filling the gap
11 days after ICA launched the Rapid Response Liquidity Fund, entrepreneurs began to receive our funding:

• ICA deployed $1.40MM in emergency loans to 30 ICA entrepreneurs, with an average loan size of $47K
• 86% of recipients indicated that funding met their emergency capital needs
• ICA deployed funding to companies within 14 days of receiving a completed application, on average
• 90% of recipients were women and/or people of color

06
Building Resilience
We also adapted our coaching and capital offerings, and created new programs to support our entrepreneurs:

• The Resilience Lab Accelerator launched in June and served 24 companies, 96% of which are run by people of color and/or women.
• ICA served an additional 23 entrepreneurs through workshops and office hours dedicated to addressing the impact of the pandemic.
• In total, ICA’s emergency-response initiatives helped 72 companies navigate the crisis.

07
Job losses were high
Many ICA-supported companies had to downsize their workforces:

• Investment portfolio companies saw job losses of 23%
• Accelerator companies saw job losses of 41%
• Resilience Lab Accelerator companies saw job losses of 50%

08
But some jobs were hit harder
Jobs losses varied by industry, and part-time jobs represented the bulk of the cuts.

• Overall, jobs declined by 34%, led by a loss of part-time jobs in the heavily impacted catering industry
• Catering businesses accounted for 63% of jobs lost and all food-related businesses accounted for 82%
• Part-time jobs comprised 79% of all jobs lost

09
A living wage
But while part-time jobs did decline, ICA-supported companies continued to pay a living wage to their workers:

• The average wage at ICA companies was $26.55—19% higher than the Living Wage defined by the MIT Living Wage calculator for Alameda County
• ICA companies increased average wages by 4%.

10
Adapting to grow
Job and revenue losses were to be expected. But the entrepreneurs ICA supports are resilient, resourceful, and tenacious. They changed course and met the challenges head on:

• 72% added new products
• 53% increased online sales
• 42% launched new customer acquisition channels

11
Continued growth
And with ICA’s support, a number of companies continued to raise growth capital:

• Accelerator and investment portfolio companies raised $15.22MM in new investments, excluding any emergency relief funding

12
ICA's support makes a difference
The challenges of last year inevitably took a toll on our community. However, the impact of the crisis varied, and companies with a longer working relationship with ICA tended to fare better:

• Companies in ICA’s investment portfolio increased revenues by 14% with average revenues of $4.07MM
• Accelerator companies increased revenues by 8% with average revenues of $1.11MM
• Companies that sought emergency assistance via the Resilience Lab Accelerator—71% of which were engaging with ICA for the first time—saw revenue declines of 27%
• Companies that received Rapid Response funding, 59% of which were engaging with ICA for the first time, saw a decline of 4% in revenues

13 The road ahead
While it is too soon to measure the long-term impact of ICA’s support, here’s what we know so far:

• All companies that received emergency support from ICA stayed open in 2020
• In 2021, companies are hiring again and overall jobs are up more than 2%
• 94% of the companies that ICA has served since since 2016 are still in business, with only one closure due to the COVID-19 pandemic