Case Study
The Broken Token receives state tax credit, expands in North County
ServiceEconomic Incentive Consulting
ServiceStrategic Partnerships
ServiceMarketing/Visibility
CHALLENGE
After seven successful years in business, Escondido-based The Broken Token was ready to grow. Founder Greg Spence was considering leaving California for a state that offered lower operating costs and more tax incentives. In order to stay in North County, the company needed to find financial support. That’s where Innovate78, the partnership between Carlsbad, Escondido, Oceanside, San Marcos, and Vista which is administered by EDC, stepped in.
SOLUTION
Innovate78 assisted The Broken Token in applying for a California Competes Tax Credit through the California Governor’s Office of Business and Economic Development, and connected Spence to other local business owners via virtual Innovators Events.
Additionally, Innovate78 and EDC worked with key regional media outlets to gain The Broken Token additional visibility for its story.
RESULT
The Broken Token secured a $150,000 California Competes Tax Credit that will help the business stay in North County. With this tax credit, the company is expanding to a new Vista facility, adding 20 to 30 new jobs over the next five years, and investing more than $1 million in capital expenditures and machinery.
Through Innovate78’s virtual Innovators Events, Spence has teamed up with other local business owners for long-term advice and support.
Finally, Innovate78 and EDC secured The Broken Token media placements in five regional outlets to tell the company’s story to a wider audience of potential customers and talent. Check out The Broken Token’s story in Oside News, Vista Press, News Break, San Diego Metro, and ABC 10.
“I wish I would have known about Innovate78 earlier. It wasn’t until we hit that growth wall that we started looking for options. It’s a great way to get a direct line to the cities who are there to help businesses continue to grow.”
-Greg Spence, The Broken Token CEO & Founder
ABOUT THE BROKEN TOKEN
Founded by Greg Spence in his garage, The Broken Token creates high quality storage for board game pieces. The Broken Token just purchased a 15,000-square-foot manufacturing space in Vista where they will move all operations into this winter–the company’s fourth expansion in North County. They currently have 40 employees in Escondido.