by Amy, Posted Dec-30-2011 in Happenings, Hatch, Springboard News Everyone said “Buying a building is really hard; it’s a huge undertaking, it’s a big challenge, and so on… yes, it is. But, people do it, don’t they? Can it be harder than running a nonprofit? Well, combine the two, and you have a really REALLY big challenge! So, we took a run at the Broadway Furniture building, going all the way to the last day. We did what other developers do, gathering funding, tenants, and designs. (It’s not THAT hard after you assemble the right professionals). And, we even got the loan term sheet. However, it came in the day AFTER our due diligence deadline, and the sellers said no go. Apparently, they need a quick cash sale before their bank comes calling. So, we are looking for other buildings…
Happily, the work we have done to date is not wasted. Most of the work is applicable to any building, and it has helped shape our criteria and our partners. We’ve gotten new funding from the Harbourton Foundation and Irving Levin, who continue to push us to make this happen. So, we have a few buildings up our sleeve, and new ideas. Stay tuned. And have a great New Year Holiday!
by admin, Posted Nov-16-2011 in Hatch The Hatch Leasing Invitation is now available! Thanks to Erin Fitzgerald for her hard work in creating it! Since we are in the planning stages, early tenants get a great deal of say on their space. Have a look and give us a call to discuss: 503.452.6898.
Visit the Hatch website at www.hatchthefuture.org.
by admin, Posted Oct-22-2011 in ChangeXchange, Hatch The ChangeXchange as designed was an experiment. Much like it’s role model the South African Social Innovation Exchange, we built it to nurture social change. We brought in over $10,000 of local investments in the first four weeks! That was in 2009. Since then other tools have emerged, and the SEC is poised to provide support for crowdfunding. As a result, we are shifting our strategy to encompass three realities:
- The SEC Regulations (possible) shift to allowing the inclusion of community investing into for-profits such as B-Corps. In 2009 our lawyers said “nonprofits on ChangeXchange only!” and so we complied (being afraid of lawyers in general back then…). But, the increase of viable social enterprises that are NOT nonprofits is moving the needle toward a general interest and trust in donating to for-profits. We want to include them in the next revision.
- Usability. Like all things Web-based, our users have changed, and the functionality of the site also needs to change. We are in the process of streamlining content and improving usability. All good things come, of course, but not free or fast.
- Hatch: A Community Innovation Lab. We are making a run at buying a 50,000 sf building in Portland, Oregon to create a community innovation lab, building the ecosystem and infrastructure for social enterprise, easing the pain of startup, and accelerating successful impact. The ChangeXchange will be a key piece of this local initiative as a funding strategy. Together this will provide a model for implementation in any locale.
Bear with us… the small but mighty get things done, but it takes longer sometimes (than any of us would like).
by admin, Posted Sep-20-2011 in Buying the Building, Hatch We’re thrilled to announce the Hatch Building Development Team: Shiels Obletz Johnsen is the Development Project Manager (SOJ); Allied Works is the architect(!); KPFF is the engineering firm; and the Special Projects Group of Howard S. Wright is the General Contractor team. We are still working through assessments, surveys, and studies, but we’re making progress. It’s an extraordinary group of professionals who value what Hatch will offer to the community.
We’ve also formed a Hatch Financial Leadership Team–a group of people in the community who are helping make Hatch a reality, lending expertise, strategy, creativity, and connections. Special thanks to Carl Talton of Portland’s United Fund Advisors for always being willing to work out kinks. Next post I’ll share the details of this new team.
Springboard Innovation Plans Hatch Incubator – By Christina Williams
It now sits as a furniture store along Portland’s new eastside streetcar line between Broadway and Weidler, at 228 N.E. Broadway. It’s a sprawling building of the sort that begs for redevelopment.
Springboard Innovation has such a plan on its drawing board, aiming to turn the building into Hatch, a community-oriented business incubator for social-benefit companies that fall somewhere in that gray area between the for-profit and nonprofit realm.
The target market is unique. So is the financial and corporate structure behind the Hatch venture…
Read the full article.
by Amy, Posted Aug-14-2011 in Hatch  A wall of Hatch possibilities Paul and I have been interviewing architects (and developers, engineers, general contractors, and everyone in between) as we continue the Hatch due diligence process. Last week it was Allied Works’ turn. They have a reputation for innovative space design–museums, national music centers, PNCA, etc. and so they were high on our list.
We were shown into a large white room (of course), and turned to see a wall artfully covered with images of the Hatch building, along with other related imagery. I cried out, “Oh no!! Someone else is after our building?!!”
They grinned. It dawned. Ah. I didn’t get it. They had done it for us. (In my defense, no one else had.) They had gone out, taken pictures, and laid them out to explore the site visually for us. Perhaps it is standard protocol, but I was touched.
This was the real deal. It was more than cool. It was extraordinary. To be with people who routinely imagine possibilities was a surprise. I saw images and ideas flicker across Brad and John’s minds as they talked about their other projects such as Disney and Pixar. I heard them talk reverently about The Process, and, I began to see. While they listened attentively as we rattled on about our ideas and objectives, this was their language, their profession, their world. They were inviting us in, as we were inviting them in. Even if we can’t afford them (we can’t) or they don’t accept the job, it was an afternoon to remember. You can see it on Paul’s face.
Thank you Brad and John, and Allied Works, and a universe that allows these little moments of wonder, spark, and connection to happen. They are what make Hatch extraordinary.
by , Posted Aug-10-2011 in Hatch, Return on Investment  “Why do you want to buy a building? Couldn’t you lease?”
We hear that sometimes, and it’s understandable.
Here’s one short answer:
Because it makes for a beautiful and effective Money-Go-Round.
Buying the building means that every single cent of every person renting or leasing in the building does explicit good. Here’s a break down:
- a portion of everyone’s rent helps pay down the loans used to buy the building; that increases our equity in the building which becomes an enduring endowment for Springboard.
- another portion of everyone’s rent pays interest on the building purchases loans; as all lenders are mission based it goes to support and sustain organizations and people committed to the mission.
- a third portion pays goes to maintain and enhance the Hatch building itself, supporting the environment for social innovation.
- finally there is a portion of rents left over which goes to support classes and workshops in the building.
So you pay your rent, get a great place to work, then instead of that money leaving our system and going to some commercial landlord, it loops back round and does all the good above.
We think that’s a good use of money. What do you think?
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