DATE: November 10, 2020
SUBJECT:
Title
RESOLUTION AUTHORIZING AMENDMENT NO. 1 TO THE BLUE ECONOMY INCUBATOR AGREEMENT WITH SWELL ADVANTAGE LTD., CONSENTING TO AN ACQUISITION OF SWELL, ACCEPTING PAYMENT OF $150,000 (150% OF DISTRICT'S FINANCIAL CONTRIBUTION TO SWELL'S PILOT PROJECT) IN EXCHANGE FOR ENDING SWELL'S FUTURE OBLIGATIONS TO THE DISTRICT, AND TERMINATING THE AGREEMENT
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EXECUTIVE SUMMARY:
On June 20, 2017, by Resolution 2017-085, the Board of Port Commissioners (Board) authorized an agreement with Swell Advantage Ltd. (Swell) to advance the development of a smart marina management application. The agreement included a District contribution of $100,000 in support of a one-year pilot project to build a minimum viable product of Swell's software technology (Attachment A). The pilot was completed in collaboration with a local marina in San Diego Bay. The design development of the smart marina management application assists marina managers to understand how individual boaters use their facility, how efficiently operations are running, and if the marina is maximizing slip revenues. Through this successful pilot project, the District enabled and accelerated smart marina management technology that benefits the marina industry, which in return benefited the District tenants to increase their revenues and customer experiences.
Since the completion of the pilot project, Swell has continued the development of its software technology in partnership with marina experts, has generated sales across North America, and has established strategic technology partnerships. Despite this success, Swell believes their technology needs to be incorporated into a broader suite of features to become a more marketable product for a wider variety of potential customers. Swell's success was noticed with an offer to acquire Swell. Swell believes this acquisition will allow it to accelerate its technology development under new management to better service the marina industry. ...
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