Megan Dowell has built a successful business around home remodeling services. Still, she saw potential to do more by developing affordable housing. While she had plenty of experience in remodeling, she knew there was more to know as an emerging developer.
“I needed some kind of mentorship,” explained Dowell, a licensed builder and owner of Do-Well Remodel in Holt. “As a business that is primarily performing home remodeling, I was hoping to diversify our skill sets and offer more as a business.”
That’s when she discovered the Lansing SEED Academy, which describes itself as “designed to build capacity for emerging developers, enhance their ability to undertake projects and increase their competitiveness as Lansing’s real estate market grows.” It is backed by the Lansing Economic Development Corp. and Grow America, a nonprofit supporting development in low-income communities.
“One of the biggest challenges aspiring developers have is access,” said Kris Klein, president and CEO of the Lansing SEED Academy. “Access to capital, access to technical knowledge and access to networks that are critical to getting projects off the ground. Many individuals have strong ideas and a desire to invest in their communities, but they often lack the road map to navigate the development process.”
Through the academy, Klein said, “we’re addressing those barriers by providing structured training; one-on-one technical assistance; and direct connections to industry professionals, leaders and experienced developers who can help guide them through real-world challenges.”
GETTING THE RESOURCES TO SUCCEED
Dowell said she was “excited to hear that they offer mentorship. The SEED Academy cohort frequently offers meetings and gatherings to meet others in the same field. They also offer opportunities to ask questions for larger development companies, so we can get a good idea of how to move forward as emerging developers.”
She added, “I did take a five-day class to go over how to pitch proposals to banks. Exactly what I wanted. We were able to complete a small group project that closely resembled a put-together presentation in preparation for developing a certain area of Lansing. We were able to present this to local investors, developers and the city while explaining our position on this project.
“While these were just for fun as a practice example, it was engaging and gave us a good look at how proposals work,” she added.
Dowell also has access to Lansing’s Small Business Development Center.
“It had a plethora of resources, including marketing, advertising and even winning a grant to use toward our first website,” she said. “We’ve loved working with them to ensure that we are pointed in the right direction. We’ve gotten referrals for accountants, marketing agencies and software developers.
“Finding a good group of other women business owners has also come in clutch,” she continued. “I meet quarterly with other women owners, who have had similar issues or are further along in their businesses. We ask questions, offer insight and refer each other to people who could help with our existing bottlenecks.”
Plus, it’s not specific to the trades.
“Some of these women own insurance companies, boating companies and all sorts of businesses,” Dowell said. “Finding a good group of people where you can just exist and be acknowledged for the information you can provide is incredibly liberating.”
NEW INSIGHTS SUPPORT HIGHER AMBITIONS
Not only has the program given Dowell new advocates, but it has also expanded her horizons.
“My new ambition is still solidifying, but it’s unquestionably more than just one to two houses,” she said. “We’ll see how far we get, but I’m working with other local entrepreneurs to create something new. If things go to plan, my ambition would be to work directly with the city of Lansing to build affordable housing in one of Lansing’s wards.
“I watch as the Holmes and Pleasant Grove Project or the Miller Plaza grow, and I see stars,” Dowell said. “I would love to be working on a project like this and implement my ideas for Lansing. I think it would be really cool to revitalize a part of Lansing that has been underserved, and use my knowledge and understanding in the trades to get it done.”
That kind of spark has been contagious.
“The momentum we see from our participants has been incredibly encouraging,” Klein said. “To date, we’ve had 20 graduates who are now collectively working on a development pipeline of approximately $20 million, which is a strong indicator of both the program’s impact and the real projects taking shape in our community.”
People interested in the academy, which is free for selected participants, are encouraged to contact the Lansing EDC Development Programs Coordinator Aurelius Christian by email at aurelius@lansingedc.com.
