Exploration Summit is an innovative, interactive museum of science and technology designed for kids aged 0 to 99. Our mission is to create unforgettable experiences that entertain and inspire, encouraging a passion for STEAM (Science, Technology, Engineering, Arts, and Mathematics). Our vision is to establish a premier destination that ignites a love for STEAM in children and adults alike.
Colorado Springs is one of the fastest growing cities in the US but it is severely underinvesting in the education of our 6-12 year olds beyond the walls of a classroom. While there are multiple options for 0-6 year olds including Focus On The Family and the Pikes Peak Children’s Museum, kids between the ages of 6 and 12 have limited options for entertainment beyond trampoline parks, nerf wars, and roller rinks. None of which provide anything more than “a place to get your energy out.”
While these places are wildly popular, they're the only options for older kids to get them out and about. In fact, our elementary classes had to travel all the way to Denver an hour and a half away for a field trip because we just don’t have enough options locally.
The years between 6 and 12 are crucial for developing interests and aspirations that eventually lead to college and career choices. Trampoline parks and roller rinks are popular with this age group because they walk away saying “Look what I can do! Did you see what I did? I did that!”
Imagine, however, a place that balances the fun of a trampoline park with the inspiration of a science and technology museum. A place kids can say “Look what I can do! Did you see what I did? I did that!” with STEAM. That’s what Exploration Summit is all about. Not only will it be fun for kids, but it’ll also inspire them during some of their most formative years. We will teach kids what THEY can do using modern tools laying the foundation for more fervent exploration.
We surveyed 40 museums in the US located in similarly sized cities with a common mission and demographic. Here is what we found:
- The number of people who visited the museums compared to the number of potential visitors (otherwise known as the penetration rate) ranged from 1.21% to 7.78% with an average of 3%
- The state with the highest penetration rates is Colorado Museums with the highest penetration rates were appealing to all ages, not just children
- There is a strong correlation between the square footage of a museum and it's penetration rate, all be it museums encounter the law of diminishing returns as they reach the limits of their their population and tourism markets
We then narrowed the list down to museums in cities with similar tourist traffic and a similarly sized building we have targeted. Here is what w e found:
- A reasonable penetration rate we can expect for Exploration Summit is between 1.27% and 3.25%
- With an average price per ticket sold of $22, we can reasonably assume a revenue range from ticket sales between $6.6M and $17.7 M
- Colorado Springs has enough local population and tourism that we can reasonably anticipate having support to expand the museum beyond our 60,000 sq foot home once established
Exploration Summit will be targeted towards:
- Local Residents: El Paso County is home to almost 750,000 residents including Colorado Springs, Falcon, Monument, and Black Forest (census.gov). Nearly a quarter of residents in Colorado Springs have school aged children.
- School Groups: With 17 school districts in El Paso County (assessor.elpasoco.com) and an ever growing home-school population, we will be an accessible and educational option for field trips so every child has the chance to experience Exploration Summit!
- Day Campers: Our facility will host numerous day camps throughout the year designated to provide a safe and fun environment for kids to enjoy on school breaks while their parents work during the day.
- Tourists: While Colorado Springs is already a draw to over 24 million
tourists a year from all over the world (visitcos.com), Exploration Summit will be a "must do" for visitors.
- Corporate Clients: Local companies looking for a unique venue to host corporate events, conferences, and team-building activities will find a well equipped, unique, and entertaining option with us.
- Youth Programs: We will have unique experiences designed for youth programs such as scout troops or church youth groups where group leaders can direct their students in team building, social events, or earning badges.
We have chosen to operate as a B-Corporation in conjunction with a non-profit foundation, allowing us to prioritize our mission while maintaining flexibility to respond to economic changes and competitive pressures. This model also ensures we can offer competitive compensation to attract and retain top talent. This model allows us to:
- Prioritize Our Mission: At Exploration Summit, our primary goal is to inspire curiosity and a love for learning in science, engineering, and technology through unforgettable experiences. By adopting the B-Corp model, we can stay true to this mission, ensuring that every decision we make aligns with our core values of education, innovation, and community impact.
- Be Flexible with unknown Economic Challenges: The B-Corp model allows us to balance our mission with the need for financial sustainability. We have the ability to generate revenue through ticket sales, memberships, events, and partnerships while also seeking out grants and donations. This dual approach ensures we can weather economic fluctuations and competitive pressures, providing a stable and lasting institution for the community.
- Offer Competitive Compensation: To achieve our ambitious goals, we need the best and brightest minds on our team. The B-Corp model enables us to offer competitive compensation packages, to attract and retain top talent who are passionate about our mission. This ensures that we have a dedicated and skilled workforce driving Exploration Summit forward.
- Leverage a Non-Profit Foundation for Scholarships: While we operate as a B-Corp, we are also committed to accessibility and inclusivity. We will establish a non-profit foundation dedicated to offering scholarships and subsidized tickets, ensuring that children and families from all backgrounds can experience the wonders of Exploration Summit. Additionally, our foundation will provide scholarships for employees of Exploration Summit to attend University. This foundation will allow us to extend our impact beyond our immediate operations in order to support our community in impactful ways.
- Model Ourselves After the Best: We are inspired by successful institutions that blend non-profit and revenue-generating activities, such as the Museum of Science and Industry (MSI) in Chicago, Sci-Port Discovery Center in Shreveport, and Adventure Science Center in Nashville. These models have shown that it is possible to deliver high-quality educational experiences while maintaining financial health.
- Stand with Visionary Companies: We join the ranks of visionary B-Corp companies like Ben & Jerry's, Patagonia, Etsy, and Allbirds, who have demonstrated that businesses can thrive while making a positive impact. These companies use scientific research, sustainable practices, and innovative approaches to create products and services that benefit society and the environment. We are proud to be part of this community, leveraging our educational mission to inspire the next generation of innovators.
To learn more about our vision for Exploration Summit including exhibits, camps, and programs, feel free to visit explorationsummit.net. For our complete business plan, you can read more here: https://drive.google.com/file/d/1EOfivdfVJ0xUn2yCtOEnIRCT0eKCQQ2z/view?usp=sharing
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