The One Spark board of directors said Tuesday afternoon the 2016 edition of the crowdfunding festival will be a one-day event, April 6.
Following the free public festival on Wednesday — in conjunction with the April Art Walk — a private “Shark Tank-type event” intended to connect some of the projects showcased at the festival with venture capitalists will be held Thursday and Friday, said spokeswoman Kristen Sell.
The abbreviated festival was announced Tuesday morning to a group of Downtown residents, property owners and other urban advocates by Chris Byers, One Spark chief operating officer.
Elton Rivas, event co-founder and CEO, was originally scheduled to make a presentation, but resigned from the organization this month.
One Spark was kept on the agenda despite his departure, said Jake Gordon, CEO of Downtown Vision Inc., which hosted the stakeholder meeting.
He said after Rivas’ resignation became known, people contacted DVI wondering what they could do to help preserve the event.
“Elton leaving was big,” Gordon said. “Obviously, One Spark has been an amazing amenity for Jacksonville and for Downtown.”
The changes for the festival, which was four days in 2013 and five days in 2014 and 2015, began in August, when plans were announced for a three-day event.
That’s also when Peter Rummell, One Spark board chair, said he would no longer cover the financial losses of the event.
Over the first three years, Rummell contributed about $3.5 million of the $6.1 million expenses of One Spark.
Income for the first three festivals was reported at about $1.5 million.
Gordon said it’s important Jacksonville not lose the festival and equally important the festival not lose momentum.
“There’s no chance it will be One Spark as we know it,” he said. “But it’s encouraging the organizers are still planning to do something.”
The organization that markets Jacksonville as a destination for convention travelers and tourists has been able to use One Spark as a way to compete for business.
“The shine it put on Jacksonville compared to other cities was wonderful,” said Paul Astleford, CEO of Visit Jacksonville, the convention and visitors bureau for Jacksonville and the Beaches.
One Spark also brought business to hotels, restaurants and entertainment venues.
According to a survey conducted by the University of North Florida Public Opinion Research laboratory during the 2014 five-day festival, One Spark attracted 260,000 attendees and had a $1.8 million direct economic impact on the community.
The total included 1,600 hotel room nights representing a direct expenditure of more than $1 million.
Astleford also cited the festival’s emphasis on entrepreneurs as an element of the community that set Jacksonville apart from competitors.
He also said as long as a focus remains on Jacksonville’s commitment to entrepreneurship and innovation, the number of days might not matter and adding the direct access to venture capital is a step forward for One Spark.
“I’m not so concerned about the festival side,” Astleford said. “There will be a short-term negative impact, but there is the potential for it to be better.”
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