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July 2022 | Volume 38 | Number 7 | AKBIZMAG.COM

Contents

Features

Higher Percent Solutions

Preparing for a rising interest rate environment
By Tracy Barbour

Archipelago of Health

Mission-driven partners provide care in Southeast
By Tasha Anderson

Art of the State

Public patrons fund Alaskan artists
By Rachael Kvapil

Stocking Up on Staff

Finding employees to sell the Alaska experience
By Isaac Stone Simonelli

Swinging North

A national tournament elevates Alaska golf
By Amy Newman

Blue Acres Is the Place to Be

Growing mariculture in Alaska
By Isaac Stone Simonelli

Pet Projects

The growing, growling industry of animal care
By Vanessa Orr

To Road or Not to Road

The latest backspin for the Tongass National Forest
By Isaac Stone Simonelli

Broadband Ready

Nonprofits, tribes, and businesses work to bring reliable internet to rural Alaska
By Rindi White
Balanced Boundaries

Setting the Stage

Foo Fighters prove Alaska is a viable stop for premier touring acts
By Brad Joyal
Donnie Hayes

Setting the Stage

Foo Fighters prove Alaska is a viable stop for premier touring acts
By Brad Joyal
Donnie Hayes
Media & Arts: Setting the Stage

Higher Percent Solutions

Preparing for a rising interest rate environment
By Tracy Barbour

Archipelago of Health

Mission-driven partners provide care in Southeast
By Tasha Anderson

Art of the State

Public patrons fund Alaskan artists
By Rachael Kvapil

Stocking Up on Staff

Finding employees to sell the Alaska experience
By Isaac Stone Simonelli

Swinging North

A national tournament elevates Alaska golf
By Amy Newman

Blue Acres Is the Place to Be

Growing mariculture in Alaska
By Isaac Stone Simonelli

Pet Projects

The growing, growling industry of animal care
By Vanessa Orr

To Road or Not to Road

The latest backspin for the Tongass National Forest
By Isaac Stone Simonelli

Broadband Ready

Nonprofits, tribes, and businesses work to bring reliable internet to rural Alaska
By Rindi White
Balanced Boundaries
Special Section: Best of Alaska Business

About The Cover

Alaska Business Magazine July 2022 cover

Who is that, lying on the ground and looking at clouds? It might be anyone here at our office—abuzz with Best of Alaska Business voting—seeing signs of categories everywhere. It might be anyone from the winning businesses themselves, envisioning the potential to excel in a range of fields, from preparing delicious food and drink to building roads. Or it might be a reader, filled with desires and dreams and wondering who can help fulfill them.

Or maybe it’s all those things filtered through the sensibilities of artist Sarah Glaser, who finds stimulation in the serene outdoors. Who has she portrayed on this month’s cover? “It’s an Alaskan,” she says. “It’s someone finding wonder and joy in being there in the moment.”

We’ve been following Glaser’s work for a while, especially given that she’s a professional welder. Little known fact: our in-house policies actually forbid us from passing up an opportunity to feature a woman that’s equally skilled wielding fire or a paint brush.

Illustration by Sarah Glaser
Alaska Business (ISSN 8756-4092) is published monthly by Alaska Business Publishing Co., Inc. 501 W. Northern Lights Boulevard, Suite 100, Anchorage, Alaska 99503-2577; Telephone: (907) 276-4373. © 2022 Alaska Business Publishing Co. All rights reserved. No part of this publication June be reproduced without written permission from the publisher. Alaska Business accepts no responsibility for unsolicited materials; they will not be returned unless accompanied by a stamped, self addressed envelope. One-year subscription is $39.95 and includes twelve issues (print + digital) and the annual Power List. Single issues of the Power List are $15 each. Single issues of Alaska Business are $4.99 each; $5.99 for the July & October issues. Send subscription orders and address changes to circulation@akbizmag.com. To order back issues ($9.99 each including postage) visit simplecirc.com/back_issues/alaska-business.

From the Editor

I’ve contributed to the Best of Alaska Business (BOAB) awards and special section since we launched them in 2016. Somehow, every year feels almost like I’ve never done it before. Part of that, I’m sure, is because we’ve only done it six times, with year-long breaks in between.

But even with that factored in, there’s something about BOAB that demands, over and over again, that we reconsider what we’ve done and how it can be better—to nerd out for a moment, this end-of-dungeon boss hasn’t quite revealed its final form.

Maybe it’s because we partner with a new local artist for the cover every year, which drives us to find better ways to celebrate them and their work. Maybe it’s because we reexamine the categories year after year, being open to the idea of changing what they are and how many we have.

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Volume 38, #7
Editorial Staff
Managing Editor
Tasha Anderson
907-257-2907
tanderson@akbizmag.com
Editor/Staff Writer
Scott Rhode
907-257-2902
srhode@akbizmag.com
Social Media
Carter Damaska
907-257-2910
enews@akbizmag.com
Editorial Assistant
Emily Olsen
907-257-2914
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PRODUCTION Staff
Art Director
Monica Sterchi-Lowman
907-257-2916
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Design & Art Production
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Website Manager
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Photo Contributor
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BUSINESS STAFF
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Billie Martin
VP & General Manager
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907-257-2905
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907-257-2909
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HR MATTERS
Solving The Great Resignation
Katie Lauwers, Project Coordinator, Consultant
Katie Lauwers Headshot
E

verywhere we look, we are talking about the great resignation. The question at hand is how do we get the right people for the right job, and how do we keep them?

With the rise of the digital age, remote working opportunities, and the mobile job market, the best talent are always job shopping, and if they aren’t shopping, they are being recruited right under your nose. This new digital job market demands employers meet the expectations employees set.

All stages of the employee lifecycle and talent management are critical, starting with proactive scouting and recruiting and extending to offboarding and succession planning, which leaves your employees and former employees feeling respected and paying dual respect back to your organization.

FINANCE
Higher Percent Solutions
Preparing for a rising interest rate environment
By Tracy Barbour
I

nterest rates rose in May for the second time this year. The Federal Reserve (Fed) bumped its benchmark federal funds rate 0.5 percent to a target range of 0.75 to 1 percent. The nation’s central bank applied a quarter-point-rate increase in March and has indicated that it intends to raise rates after each of its five remaining policy meetings in 2022. The Fed also announced plans to reduce its nearly $9 trillion asset portfolio of Treasury and mortgage securities, and it is allowing bonds to mature without reinvesting the proceeds into new securities. The recent moves are designed to curb record-high inflation, which surged to 8.5 percent in March—its highest level since December of 1981.

Mark Edwards Headshot
Mark Edwards
EVP, Chief Credit Officer & Bank Economist at Northrim Bank Northrim Bank
Escalating interest rates is one of today’s most important economic issues, according to Mark Edwards, chief credit officer and bank economist at Northrim Bank. “The Alaska economy showed broad improvements in 2021 and the first quarter of 2022 as it rebounded from the pandemic lows of 2020,” he posted on April 29 in Northrim’s Alaskanomics blog. “A steady recovery of jobs in nearly every sector resulted from improved tourism, rising oil prices, a strong housing market, and consumer liquidity from government stimulus programs. We believe that the potential effects of rising interest rates, high inflation, and supply chain disruptions are the most pressing issues facing the economy in 2022.”
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HEALTHCARE
Archipelago of Health
Mission-driven partners provide care in Southeast
By Tasha Anderson
mscornelius | iStock
Archipelago of Health
Mission-driven partners provide care in Southeast
By Tasha Anderson
A

2018 Pew Research Center report states, “People living in rural areas have longer travel times to the nearest hospital.” It’s not an earth-shattering revelation, by any means, but the details are interesting. According to the report, rural Americans live an average of 10.5 miles from the nearest hospital, while those in the suburbs live 5.6 miles away and those in urban areas are 4.4 miles away, on average. This translates to average travel times of 17 minutes, 12 minutes, and 10 minutes, respectively. These are just averages, and the report recognizes that averages “mask considerable variation in access within community types.”

Image courtesy of Dan Butts.
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Medical Park Family Care, Inc. doctors and patients
Pediatric doctor with her patient
Medical Park Family Care, Inc. doctors and patients
We take great care of moms-to-be and the entire family text
  • Our Doctors in Pediatrics are specialists, and parents.
  • Same day appointments available – in person or telemed.
  • Complimentary no charge pre-natal meeting so expectant parents can meet our doctors and staff to be sure we’re a good fit for the entire family.
  • On-site lab and radiology diagnostics, same day results.
Come in and meet our Pediatric and Family Medicine Providers!
Medical Park Family Care, Inc. - Desiree Pediatrics
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Pediatrics
Dr. Laufer Pediatrics
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Pediatrics
Medical Park Family Care, Inc. logo
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Media & Arts
Donnie Hayes
Donnie Hayes
Setting the Stage
Foo Fighters prove Alaska is a viable stop for premier touring acts
By Brad Joyal
E

ver since Billie Holliday visited Anchorage in 1954 for a gig at the 1042 Club, Alaska has served as a desired destination for musical acts both big and small. While some artists plan a tour stop because they want to check another state off of the list of places they have performed, other acts have viewed Alaska as a new frontier to gain fans willing to spend money on records, tickets, and merchandise. Throughout the ‘70s and early ‘80s, West Anchorage High School’s auditorium served as the preferred venue for large national touring acts. Steppenwolf, Ozzy Osbourne, Bee Gees, Ray Charles, Johnny Cash, and the Grateful Dead performed inside the school’s 2,000-seat auditorium.

The 1983 opening of the George M. Sullivan Arena unlocked new possibilities for Anchorage-area promoters, able to fit more than 8,700 concertgoers. Interior Alaska received its own arena in 1990 when the Carlson Center opened in Fairbanks with a capacity of approximately 6,500. The Beach Boys, Eric Clapton, Jimmy Buffett, Bon Jovi, James Brown, and Elton John are among the many performers who have graced the stage at Sullivan Arena, while Elton John, Toby Keith, Godsmack, and comedians Larry the Cable Guy and Cheech & Chong are some of the many acts that have performed at the Carlson Center.

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Art of the State
Public patrons fund Alaskan artists
By Rachael Kvapli
I

n early May, Nancy DeCherney gave her last presentation as Executive Director of the Juneau Arts and Humanities Council (JAHC) to the Juneau City and Borough Assembly. With retirement on the horizon, DeCherney is shoring up JAHC program funding for the upcoming fiscal year before handing over the keys to current Operations Manager Reggie Schapp, who will serve as interim director. After sixteen years as JAHC’s executive director and more than ten years in various arts administrative roles, DeCherney understands the cycle of arts funding and the adaptation by arts organizations. Most recently, funding and adaptation came to the forefront as the COVID-19 pandemic affected budgets within the industry and health and safety protocols forced arts agencies, arts organizations, and individual artists to feature and sell their work using streaming and virtual technologies.

Tourism
Lena Lee
Lena Lee
Stocking Up on Staff
Finding employees to sell the Alaska experience
By Isaac Stone Simonelli
L

ast year was a record sales year for Forests, Tides & Treasures, a general store in Seward. With strong sales continuing through the off-season, co-owners Cliff Krug and Linda Chichester project a double-digit increase in sales in 2022.

“We survived the pandemic despite the big cut in hours because we were able to maintain an elastic business model and adapt to the challenges before us,” Krug says. “We continuously adapted our merchandise selection to reflect what the visitors who came to Seward wanted.”

Best of Alaska Business
2022 Bests of Alaska Business Awards
W

e recognize that the Best of Alaska Business (BOAB) honors are not definitive, ironclad proclamations of which business in Alaska is metaphysically “best.” That’s a pretty tall order for any award. But in our annual search for the best, we do ask the most qualified group of people we know: our readers. Your everyday interactions with these companies are the most accurate representation of how they work to reach new heights in providing goods, services, and an amazing Alaska experience.

Every year our editorial team reviews the BOAB categories to determine what to keep, what to retire, and what to add, taking into consideration how our readers voted the year previous, as well as suggestions from our sources and partners. This year we have more categories than ever before, which directly serves our goal of recognizing and celebrating as many businesses as we can.

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We represent Alaska Native Corporations in every region of Alaska. Our work includes corporate advice; land management and resource development; permitting and environmental compliance; tax; mergers, acquisitions, and real estate transactions; and government contracting.
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CU1 Mobile Branch
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CU1 Mobile Branch

The CU1 Mobile Branch

In our communities and on the road, we bring the very best in service to Alaskans.

In 2022, you’ll get to see our one-of-a-kind mobile banking truck on the road! The CU1 Mobile Branch is equipped to provide account service to any community on the road system – and we already have plans to visit Kenai, Palmer, Fairbanks and more this summer.

We are proud to provide innovative and community-focused financial service to all areas of Alaska, from Ketchikan to Nome. This people-first spirit started in 1952, when we were founded as an Anchorage teachers credit union! Over time, Credit Union 1 has grown into Fairbanks, Soldotna, Kodiak and more – and we remain uniquely committed to the financial health and happiness of our home state.

This year marks our 70th year serving Alaskans. In the spirit of always moving forward, where could we go next?
Visit cu1.org/mobile-branch to learn more.
Credit Union 1
Best of Alaska Business
Sweet, Snowy, Innovative Artistry
Three creative startups from 2021
By Alexandra Kay
Snowy Berry
C

OVID-19 allowed (or enforced) a pause for reflection, a strategic regrouping that led many Alaskans to seriously consider starting a business. While the class of 2021 is barely past, or still approaching, the first anniversary of their launch, a few of its members have already made enough of a splash that they can be confident of being around for many years to come.

Sweet Innovations By Bri
As a single mother caring for four daughters, Bri Foster found herself cooking more meals at home and entertaining and homeschooling her children during the COVID-19 pandemic. “My girls and I would try new recipes for dinners and desserts,” says Foster. “We would use the time to learn how to read recipes, how to work with fractions and basic math. This helped us with homeschooling.”
We know your business
like nobody’s business.

We don’t just settle on knowing your industry. We live it.

Spotting trends and navigating turbulent waters can’t happen from behind a desk.

The insights come when we put on our hard hats and meet our clients where they are.

Pair this knowledge with human, approachable legal services and you’ll see what it means to be represented by Schwabe.

Thank you Alaska! BOAB St. Elias 2022 Law Firm
We know your business like nobody’s business.

We don’t just settle on knowing your industry. We live it.

Spotting trends and navigating turbulent waters can’t happen from behind a desk.

The insights come when we put on our hard hats and meet our clients where they are.

Pair this knowledge with human, approachable legal services and you’ll see what it means to be represented by Schwabe.

Thank you Alaska! BOAB St. Elias 2022 Law Firm
Schwabe, Williamson & Wyatt P.C.
420 L Street, Suite 400
Anchorage, AK 99501
(907) 339-7125
Schwabe, Williamson & Wyatt P.C.
420 L Street, Suite 400
Anchorage, AK 99501
(907) 339-7125
Best of Alaska Business
Art in the Right Place
Galleries sell slices of Alaska
By Scott Rhode
A

week before her first showing at Stephan Fine Arts, the painter was, in her words, “freakin’ out.” She had been painting for only three years since a midlife crisis prompted her to convert her oversized master bedroom into a studio. Her work, she says, is “very emotional,” arrangements of high-contrast colors, sometimes with expressive drips. A departure from the birds, fish, and mountains portrayed on most of the gallery’s walls.

The artist need not have worried. When the First Friday in May arrived, she was among friends. After all, the gallery is hers.

Stephanie Johnson
Best of Alaska Business
Building from Within
Inclusive neighborhood entrepreneurship
By Kirk Rose
Missy Simms owns Sweet Creations Lollipop Boutique, a neighborhood candy shop in Mountain View.

Akela Space

Missy Simms owns Sweet Creations Lollipop Boutique, a neighborhood candy shop in Mountain View.

Akela Space

Building from Within
Inclusive neighborhood entrepreneurship
By Kirk Rose
T

he data shows we haven’t done enough to make business ownership attainable for the many communities that call our state home. Women, Black, Indigenous, and People of Color are particularly underrepresented in business ownership across Alaska. At Anchorage Community Land Trust (ACLT), we know that to ensure that the next generation of Alaskan business owners reflects our great state, we must do one simple thing: We must believe in and invest in the talented local entrepreneurs that call our city and state home.

Our Alaska story is all about the potential of entrepreneurs and small business owners and what they bring to our communities. By supporting business creation, we build communities from within and empower the next generation of community leadership.

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Tourism
Swinging North
A national tournament elevates Alaska golf
By Amy Newman
Carter Damaska | Alaska Business
G

olf courses in every state and the District of Columbia have hosted a championship for the United States Golf Association (USGA) during its 128-year history. Every state, that is, except Alaska—until this summer.

The 2022 US Senior Women’s Amateur Championship tees off at Anchorage Golf Course on July 30, finally completing the USGA’s scorecard of states.

Janie Ma
Sponsored Content
Busting the Myths About Cyber Insurance
Parker, Smith & Feek logo
Janie Ma
Parker, Smith & Feek logo
Sponsored Content
Busting the Myths About Cyber Insurance
Parker, Smith & Feek logo
Janie Ma
Sponsored Content
Busting the Myths About Cyber Insurance
Over the last two years, as many of us have been forced to suddenly work from home, the dependence on technology to remain connected has reached an all-time high to keep businesses running. As a result, we have seen a dramatic rise in myriad cyberattacks into organizations’ networks. As these attacks increase, so does the need for strong cyber insurance products to protect our businesses, but many have still not considered cyber insurance.

One reason is that many owners don’t understand exactly what cyber insurance can provide. Below, we discuss four common cyber liability insurance myths and the truth about what this coverage can do for your business.

1 Cyber liability policies just provide financial protection.
Most policies also provide resources that can help prevent attacks, as well as manage the fallout from a cyberattack:

  • Breach coach: this is usually an attorney to help walk you through the response process.
  • IT forensic team: this team will investigate the breach and determine how it occurred, and what data was accessed.
  • Legal team: once the IT forensic team has identified the compromised information, this team of attorneys will help identify your notification responsibilities in any applicable jurisdictions. They will also defend your organization against third-party lawsuits.
  • Crisis management team: this is usually a PR firm that can help with necessary public relations.
  • Pre-breach services: discounted IT security services, sample response plans, whitepapers, limit calculators, and IT security news feeds.
2 My organization is too small to be a prime target for cybercriminals.
However, a recent study found that 43% of cyberattacks are against small businesses and only 14% of those are prepared to defend themselves. According to Forbes, an employer with less than 100 employees will experience 350% more social engineering attacks than a larger enterprise. Additionally, cyberattacks occur every 11 seconds and as a result, in 2021, losses from cybercrime damages were anticipated to have reached $6 trillion. There is no size threshold that will make a business immune.
3 A technology E&O policy will provide the same protection as cyber liability.
Technology E&O coverage is intended to cover technology providers and will respond to a failure in the provider’s products or services that results in consequential damages to customers. Cyber liability policies, however, provide first- and third-party coverage for an organization that has been affected by a breach on your network or system. Many technology E&O policies add cyber liability coverage, but these are not the same.
4 Cyber liability policies only cover liability claims.
However, cyber liability is more than a third-party policy and provides many first-party coverages as well:

  • Investigating the breach source
  • Notifying customers that their personal information was exposed
  • Crisis management and business interruption loss
  • Restoring lost data or destroyed assets
  • Damage to physical hardware
  • Regulatory and PCI compliance fines
  • Social engineering and computer fraud crimes
  • Extortion demands

Bear in mind that some of the above causes of first-party loss, such as the unlawful collection of personal data or the failure to follow a company’s privacy policies, may not even include a network breach.

Despite the amount of time and effort spent on cyber controls, all businesses are still vulnerable to attacks. Cyber insurance provides both financial and operational resources than can help you respond to an attack, with limited disruption to get your systems back up and running.

For additional information or questions, please contact:
Janie Ma
jpma@psfinc.com
(907) 865-6868
Agriculture
Blue Acres Is the Place to Be
Growing mariculture in Alaska
By Isaac Stone Simonelli
P

ermit requests for aquatic farms in Alaska are the highest they’ve been for seventeen years, another uptick in the growing interest in the mariculture industry. While oysters continue to dominate, most of the growth is coming through the development of seaweed farms.

“The mariculture industry will provide long-term jobs and opportunities for Alaskans, an independent food source for Alaska, and exports for our economy,” says Governor Mike Dunleavy. “Mariculture development will bolster the economies in coastal communities where much of the seafood infrastructure and experience already exist.”

There were twenty new joint agency aquatic farm applications submitted during the 2022 application period, which closed at the end of April. Of these, sixteen were for seaweed farms, two for shellfish farms, and two were for combination farms. The farms total 7,645 acres of potential new mariculture development.

Each farm, if approved, is another step toward the state’s goal of growing mariculture into a $100 million industry by 2038. Oysters and seaweed are expected to account for more than 60 percent of that annual revenue, with sea cucumbers, king crab, geoduck clams, and mussels making up the difference.

Though wild kelp and shellfish harvests have been part of Alaska tradition for thousands of years, aquatic farming in the state is younger than Pokémon Go. The first commercial kelp harvest occurred in Kodiak in 2017.

Material Flow and Conveyor Systems Inc.
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Small Business
Pet Projects
The growing, growling industry of animal care
By Vanessa Orr
AK Bark
C

helsea Coartney, owner of Unleashed Alaska, decided to open her dog daycare, boarding, and indoor dog park in 2021 as the result of her own experiences as a dog owner.

“I have six dogs, and I wasn’t hugely impressed with the places in town that offer boarding or the places where families can go with their pets,” she explains. “It can be very slushy at dog parks—not to mention cold—and I thought it would be cool to have an indoor dog park where people could come hang out in a temperature-controlled environment and socialize with their friends and their pets at the same time.”

At Unleashed Alaska, members have access to the dog park on weekdays after the doggie daycare closes at 6 pm and on weekends. A key card allows members to enter anytime the need arises. “If your dog likes to do ‘zoomies’ at 2 am, you can bring them here to burn some energy and socialize in a safe place,” Coartney says.

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Phone: (907) 488-5983 • Fax: (907) 488-9830
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HC Contractors’ mission is to provide services and improvements that benefit everyone
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The Solutions Company
Full facility removal, asbestos, remediation, waste management, demolition and site work
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Transportation
To Road or Not to Road
The latest backspin for the Tongass National Forest
By Isaac Stone Simonelli
Fantastic Geographic | iStock
H

alf of Southeast Alaska has no road access to its natural resources. During the 20th century, this fact was a consequence of slow development in a thinly populated territory. As the 21st century dawned, however, whether to allow or forbid roads in the wildest parts of the Panhandle became a political tennis match.

The outgoing Clinton administration served the first volley in 2001 with the Roadless Rule, which banned road building in areas of national forests without road access. This policy has the greatest impact in the nation’s largest forest, the Tongass in Southeast Alaska, where 9.4 million of its 17 million acres lack roads.

Reaching a Powerful Audience
Reserve Ad Space in the 2023 Power List
By Christine Merki, Account Manager
F

or the past five-plus years, I’ve been part of the Alaska Business superstar team. Much has changed since I signed on—we’ve added an assortment of products, features, and live events while eliminating those no longer serving us or our clients.

The Power List has withstood the test of time and lives up to its name every year. The power behind this list is not always obvious, especially as we gravitate more and more towards a digital world. The Power List is the only archive—that I’m aware of— that gives you the vitals of the major industries that form our Alaska economy. That statement and the issue itself carry a lot of heft. But it would take hours, perhaps days, to Google even part of what you find here—the companies and leaders that drive economic activity, contact information, and a synopsis of what goes on inside those businesses. And even if you could find part of the information, chances are you won’t find it all. This year, we did something bold and, I believe, generous. It’s one of the additional features I alluded to earlier. You can now access the Power List digital edition on our website, free of charge. Greg Porter, CEO at Arctic Energy told me why he finds such value in advertising in this issue specifically.

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Telecom & Tech
Broadband Ready
Nonprofits, tribes, and businesses bring reliable internet to rural Alaska
By Rindi White
“W

e believe that however tribes are bringing broadband to their communities is a game-changer, whether it’s by cable or satellite,” says Teresa Jacobsson. “For some of our rural communities, cable is not going to happen, not anytime soon.” Jacobsson is founder and chair of Alaska Tribal Administrators Association (ATAA), a nonprofit created to support healthy tribal administration in Alaska.

the Central Council of Tlingit and Haida Indian Tribes of Alaska
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Connecting Alaska & the World
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We are a wholesale broadband service provider that provides middle-mile backhaul services for last-mile service providers, bringing high-speed broadband to the most strategic place on earth.

Our fiber network is designed to withstand the world’s harshest conditions and are among the most secure form of data connectivity.

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W

e’ve been chasing work-life balance for decades.

Individually, we have contrived all sorts of personal improvements, process improvements, and time efficiencies—and we’ve exhausted ourselves in our efforts to find it. Organizations have spent millions of dollars implementing wellness programs, hiring consultants, and establishing training and learning development centers in order to create it. And yet… balance remains elusive.

It’s because we are chasing the wrong thing.

Inside Alaska Business
Midtown Mall
Two former Sears properties in Anchorage have a new owner. International real estate firm Time Equities, Inc. (TEI) bought the Midtown Mall and the vacant Sears warehouse at Dowling Road and Old Seward Highway from Seritage Growth Properties for $44 million. The investments are TEI’s first in Alaska, expanding its footprint to thirty-five states. Though many mall slots are without tenants, the 164,664 square feet are 81 percent leased.
midtownmall.com

Prismatext
Anchorage app developers Zak Erving and Phil Belleau earned the top prize of $10,000 from the UAF Arctic Innovation Competition for their invention, Prismatext. The computer app blends words and phrases from other languages into English texts, allowing readers to acquire vocabulary in context. Prizes for junior innovators went to a rooftop snow removal vacuum and the “Cluck Box,” an improved package for mailing live chicks.
prismatext.com

Economic Indicators

ANS Crude Oil Production

485,293 barrels
-3.7% change from previous month

6/2/2022
Source: Alaska Department of Natural Resources

ANS West Coast Crude Oil Prices

$123.58 per barrel
10.3% change from previous month

6/3/2022
Source: Alaska Department of Natural Resources
Statewide Employment

362,000 Labor Force
4.9% Unemployment

6/3/2022, Adjusted seasonally.
Source: US Bureau of Labor Statistics
Right Moves
First Bank
Ketchikan-based First Bank has a new CFO for the first time in forty years.
A headshot portrait photograph of Rocky Elerding smiling
Elerding

Rocky Elerding is promoted to the position now that longtime CFO Jim Sarvela is retiring. Elerding was born and raised in Sitka. He earned a degree in finance from the University of Washington and graduated magna cum laude from the University of Washington’s MBA program. He has been with First Bank since 2004. Elerding had been working as Southeast Regional Mortgage Manager.

A headshot portrait photograph of Dawn Wesley smiling
Wesley
To replace Elerding as Southeast Regional Mortgage Manager, First Bank hired Dawn Wesley. Wesley moved away for twenty years but moved back in 2011, gaining experience in the mortgage and insurance sectors.

Alaska Trends

N

onprofit organizations strengthen Alaska in two distinct ways: pursuing their individualized missions for the benefit of their members or clients and generating a significant amount of economic activity. The Foraker Group—which is itself a 501(c)(3) organization—specializes in supporting Alaska’s nonprofits. As part of that mission, and with the support of Credit Union 1, it published Alaska’s Nonprofit Sector: Generating Economic Impact, a report that examines how nonprofits are participating in Alaska’s economy.

While they can be grouped as an economic sector, nonprofits operate in a variety of industries, which in some ways masks their aggregate effects. “We often lose sight of the scale of their impact because nonprofits are not considered to be a single industry,” the report states. “When the state tracks jobs, it classifies them by industries—oil and gas, tourism, healthcare—not by the sector where the work originates—nonprofit, government, or private.”

At a Glance

What book is currently on your nightstand?
American Buffalo: In Search of a Lost Icon by Steven Rinella.

What charity or cause are you passionate about?
Alaska Public Media, Food Bank of Alaska.

What do you do in your free time?
Backcountry snowboard. Whitewater pack rafting.

What’s your favorite local restaurant?
Rustic Goat. Don’t tell anyone, though.

If you could domesticate a wild animal, what animal would it be?
We’re adopting a retired husky from the National Park Service kennels… I think he’s a little bit wild… That’s kind of like a wild wolf.

Sarah K. Glaser climbing in a tree

At a Glance

What book is currently on your nightstand?
American Buffalo: In Search of a Lost Icon by Steven Rinella.

What charity or cause are you passionate about?
Alaska Public Media, Food Bank of Alaska.

What do you do in your free time?
Backcountry snowboard. Whitewater pack rafting.

What’s your favorite local restaurant?
Rustic Goat. Don’t tell anyone, though.

If you could domesticate a wild animal, what animal would it be?
We’re adopting a retired husky from the National Park Service kennels… I think he’s a little bit wild… That’s kind of like a wild wolf.

© Kerry Tasker

Off the Cuff

Sarah K. Glaser
B

etween helping her fiancé track wolves around Healy for three months last winter while working on his PhD in spatial ecology and their trip this summer, spending a week or two at Ruth Gorge in the Alaska Range, Sarah Glaser experienced a burst of creativity. In addition to designing the cover for this issue of Alaska Business, she spent six weeks in Nashville building a soccer stadium.

Art is her life, and welding is her trade. After growing up in Moose Pass, Glaser learned to weld at the state technical school down the road in Seward. For the last six or seven years, she’s mixed construction with illustration. Her website sarahkglaser.be offers her full-color drawings of wildlife, backcountry sports, and aerial landscapes as prints, stickers, and apparel. She says she takes enjoyment from surprising her audience with details hidden in an image. Among her next projects is a harvest handbook for St. Paul Island.

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Thank You Alaska!

Thank you to our friends, neighbors, and valued customers for your ongoing support and partnership, and special thanks to each of our dedicated employees for their continued care, expertise, and ingenuity as we all work together to keep Alaska moving. We look forward to continuing to serve our communities by providing multi-modal transportation and logistics solutions across the entire state!

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Thanks for reading our July 2022 issue!