creating entrepreneurial friendly communities - smart growth
TRANSCRIPT
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Creating Entrepreneurial Friendly Communities
Westmoreland County Community and Economic Development Summit Sept 9, 2010
Walt Whitmer, Extension Associate, Penn State Cooperative Extension, Assoc. Director, Northeast Regional Center for Rural Development
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IDEAS WE’LL EXPLORE..
• Why Focus on Entrepreneurs?• Hallmarks of Entrepreneurial‐Friendly Communities• Exploring The Role of Local Governments in Entrepreneurial Development• Assessing Your Community• Building a Strategy for Making Your Community More Entrepreneur Friendly
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THE STARTING POINT…
• Many rural communities are facing serious challenges and/or changes to their economic vitality and sustainability• Many are facing shrinking resource bases –human and tax • Others face the challenges of making the most of emerging economic and entrepreneurial activity
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WHAT WE KNOW…• Traditional economic development approaches
are generally not working
• There is a strong positive relationship between economic growth and entrepreneurship▫ Counties with high levels of entrepreneurial activity have exhibited greater rates of economic growth
• Most new job growth (2/3rds) and innovation are coming from small firms
SOURCE: RUPRI Center for Rural Entrepreneurship
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WHY SHOULD COMMUNITIES CARE?
Almost everything local governments do either affects or is affected by local economic vitalityEntrepreneur development is an increasingly important aspect of this vitality
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COMMUNITIES ARE INCREASINGLY...Looking to re‐energize their economies from withinRecognizing the role of entrepreneurship as a key rural economic development strategyTaking account of their assets Mobilizing inclusive partnerships Developing a systematic approach to revitalizing communitiesThinking regionally
How well are you competing in this evolving environment?
SOURCE: RUPRI Center for Rural Entrepreneurship
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KEY DISTINCTIONS…Entrepreneurshipprocess through which entrepreneurs create and grow enterprises
Entrepreneurial developmentthe infrastructure of public and private supports that facilitate entrepreneurship
Entrepreneurial communitiesthose where significant economic and social entrepreneurial activity exists and where there is an effective system of entrepreneurship development
SOURCE: WK Kellogg Foundation
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LOCAL GOVERNMENT OPPORTUNITIES & OPTIONS• Entrepreneur development, while driven by private sector opportunities is most successful in communities that pay attention to entrepreneur’s needs and the environment in which they operate.
This requires purposeful, objective and well informed decision‐making
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HALLMARKS OF AN ENTREPRENEURIAL FRIENDLY COMMUNITY
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ENTREPRENEURIAL COMMUNITIES HAVE…
• Effective Leadership that can be mobilized• A Belief that local people can make a difference • Presence of entrepreneurs & potential entrepreneurs in the pipeline• A Business friendly environment that ▫ encourages new business starts ▫ allows business expansion with a minimum amount of red tape and bureaucracy
• Nourishment of entrepreneurial activity ‐ civic recognition & support
SOURCE: RUPRI Center for Rural Entrepreneurship
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ENTREPRENEURIAL COMMUNITIES HAVE…
Business and entrepreneurial development opportunities ◦ training, mentoring, & network‐building programsAvailability of financing through local, regional and national investor channelsLocal and regional networks for ◦ business growth and expansion ◦ specialized assistance (e.g. marketing and international trade)
A culture that embraces diversity that recognizes the importance of creativity, new ideas and innovation
SOURCE: RUPRI Center for Rural Entrepreneurship
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DEVELOPING A STRATEGY -MAKING YOUR COMMUNITY MORE ENTREPRENEUR FRIENDLY
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KEYS TO SUCCESS
• Knowledge• Commitment •Development • Coordination
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ASSESSING YOUR COMMUNITY’S ENTREPRENEURIAL FRIENDLlNESS
• Community Organizations and Services Impacting Entrepreneurs
• Community InfrastructureImpacting Entrepreneurs
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Assessment Areas To ConsiderOrganizations & Services
Municipal and County Government Small Business Development CentersTourismEconomic Development Agencies/OrgsMain Street and Downtown ProgramsBusiness AssociationsK-12 Education Post Secondary Education Financial Institutions FoundationsWorkforce Investment Bds, Career Links, State Government
Infrastructure TelecommunicationsBroadband AccessTransportation - networks, capacityEnergy – cost, availability, capacitySewerWater
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INITIAL STEPS• Put together a broad‐based, and well rounded team or advisory committee• Gather local and regional partners • Get the facts• Organize your efforts• Ask the right questions• Keep a close eye on outcomes,
timelines, and accountability• Leverage your resources!
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POLICY STEPS
Focus on entrepreneurship as a core, longstanding economic development strategy Invest in innovative community and regional projects Invest in community capacity‐building Encourage: ◦ entrepreneur networks◦ systems of service providers◦ No “wrong door”
SOURCE: RUPRI Center for Rural Entrepreneurship
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EXPLORE COMMUNITY ROLES • Zoning and subdivision – setbacks,
signage, parking, mixed use etc• Transportation – access, flow etc• Infrastructure – water, sewer,
telecommunications• Regional issues and considerations• Residential and recreational amenities• Quality of life and education resources• Taxation
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LEVERAGE REGIONAL ASSETS
• Build Economies of Scale• Compile Information About Complimentary
Regional Assets• Share Resources• Provide Opportunities for Entrepreneurs to
Network and Share• Catch The Eye of Grantors and Other
Supporting Organizations
SOURCE: University of New Hampshire Cooperative Extension
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LEVERAGE REGIONAL ASSETS
• Expand the pool of human capital• Get political powers to notice• Create a vested public • Don’t be afraid to ask for help• Exercise patience
SOURCE: University of New Hampshire Cooperative Extension
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BUILD COMMUNITY AWARENESS• Utilize the media• Organize a community
entrepreneur seminar or lecture series
• Implement a community visitation program
• Use case studies • Develop information
directories• Invest in existing
entrepreneurs
• Provide hands‐on trainings and workshops for community leaders
• Hold community‐action planning sessions
• Incorporate principles of entrepreneur into K‐12 curriculum
• Focus on successes but learn from mistakes
SOURCE: University of New Hampshire Cooperative Extension
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QUESTIONS TO CONSIDER…What are the greatest unmet needs of entrepreneurs needs in your community/region?How vibrant is the network of entrepreneurs in your community/region?Do you have the commitment, resources, and/or information you need to begin assessing how entrepreneurially friendly your region or community is?
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SELECTED RESOURCES• Regional Listening Sessions – Lessons from the Northeast ▫ http//www.nercrd.psu.edu/Publications/rdppapers/rdp37.pdf
• Penn State Cooperative Extension▫ http://www.economicdevelopment.psu.edu/Programs/entrepreneur.html
• eXtension – Entrepreneurs and Their Communities ▫ http://www.extension.org/pages/Entrepreneurs_and_Their
_Communities_Information_Briefs
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ADDITIONAL RESOURCES• Mapping Rural Entrepreneurship▫ http://www.wkkf.org/DesktopModules/WKF.00_DmaSupport/ViewDoc.aspx?LanguageID=0&CID=294&ListID=28&ItemID=2743791&fld=PDFFile
• 2008 New State Economy Index▫ http://www.kauffman.org/uploadedfiles/2008_state_new_economy_index_120908.pdf
• RUPRI Center for Rural Entrepreneurship▫ http://www.energizingentrepreneurs.org/
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KEEP IN MIND…
• Entrepreneur development is a process• Successful entrepreneurship can be facilitated by a supportive infrastructure of public and private support• “Home Grown” economic development = jobs, income, tax revenue, and very often enhanced quality of life • Any individual, group, entity or community can be entrepreneurial
SOURCE: RUPRI Center for Rural Entrepreneurship