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Clicking with Entrepreneurship: Entrepreneurial Communities and Place Based Economic Development. Deborah M. Markley Managing Director and Karen A. Dabson Director of Program Development 2006 CDS Annual International Conference St. Louis, MO June 28, 2006. Overview. - PowerPoint PPT Presentation
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Clicking with Entrepreneurship:
Entrepreneurial Communities and Place Based Economic
Development
Deborah M. MarkleyManaging Director
andKaren A. Dabson
Director of Program Development
2006 CDS Annual International Conference
St. Louis, MOJune 28, 2006
RUPRI Center for Rural Entrepreneurship
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Overview
Importance of Place in Community Development
Entrepreneurship as a Core CD Strategy Making the Case Entrepreneurs & Entrepreneurship Defined
Communities that Click – Lessons from the Field
Next Steps for Communities
RUPRI Center for Rural Entrepreneurship
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Why Place Matters
Rural Communities ARE different from their urban and suburban counterparts. Culture of dependency Limited access to resources Isolation, lack of connectedness
No two RURAL communities are alike. Different characteristics, needs, capacities
no “one size fits all” solutions; community-based approaches most effective.
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What is Place Based Economic Development?
Begin with understanding and appreciation of local assets and context what are the unique sources of competitive advantage?
Build on those local assets place based is asset based.
Move away from “waiting to die” or “waiting to be saved” mentality “building your own.”
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Entrepreneurship as a Core Community Development Strategy
Making the case for entrepreneurship as a place based economic development strategy Role of entrepreneurs and entrepreneurial activity
in a national and global context. Role of entrepreneurs in small communities.
Entrepreneurs and entrepreneurship defined Exercises
Elements of successful entrepreneurship practice
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Role of Entrepreneurs and Entrepreneurship
Global Entrepreneurship Monitor Project – comparative international study concludes:
Positive and significant relationship between entrepreneurial activity and economic growth
No countries with high levels of entrepreneurial activity have low levels of economic growth
National Commission on Entrepreneurship report: Small entrepreneurs responsible for 67% of inventions and
95% of radical innovations since WWII Small group of high growth entrepreneurs (5-15% of all firms)
created 2/3 of net new jobs in late 1990s Not all high tech (Jiffy Lube)
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Role of Entrepreneurs in Small Communities
Economy in most small communities is essentially composed of small enterprises …
Main Street businesses Self-employed Small manufacturers and other businesses Microentrepreneurs
Some of these are truly entrepreneurial in their ventures.
National Commission on Entrepreneurship report: Fewer than 5% of companies achieve high growth But, high growth companies exist in all regions, in places like
Dickinson, ND and Twin Falls, Idaho
RUPRI Center for Rural Entrepreneurship
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Arguments for Entrepreneurship as a Core CED Strategy
Traditional economic development strategies, i.e., recruitment, aren’t working in most rural places
Scale of economic activity more suited to smaller, rural communities
Greater ability to match assets, limited resources with market opportunities
Bottom Line: Creating an entrepreneur-friendly community/region makes it easier to attract and retain industry and other business.
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Entrepreneurs and Entrepreneurship Defined
Entrepreneurs people who create and grow businesses
Entrepreneurship the process through which entrepreneurs create and grow businesses
Entrepreneurship Development the infrastructure of public and private policies and practices that foster and support entrepreneurship
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Understanding Entrepreneurial Talent
Potential Aspiring – Desire to own a business (includes youth) Start ups – Have taken the first steps to actually start a
business Business Owners
Survival – Create enterprises to supplement family income when options are few
Lifestyle – Pursue a certain lifestyle or personal goal through choosing self-employment
Entrepreneurs Growth – Proactively expand businesses that result in the
creation of jobs and wealth Serial – “Repeat entrepreneurs” – create several growth
businesses throughout their lifetime
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Exercise #1 – Identifying E Talent
Take a few minutes and use the checklist to identify entrepreneurs in your community.
Place them on the E Talent Mapping Worksheet.
Share a really interesting or unique entrepreneur you have identified with the group.
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Targeting Entrepreneurial Talent
Entrepreneurship Development involves creating an infrastructure to support entrepreneurs.
But, with limited resources, most communities must make strategic decisions about what types of talent to target.
Choice based on your “sweet spot” where development goals, capacity and E talent intersect
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The “Sweet Spot”
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Exercise #2 – Targeting E Talent Look at the Targeting Pros and Cons Checklist
Identifies the benefits and challenges of targeting different types of E talent.
Think about your community’s goals, capacities, and the E talent you identified earlier
Where is your “sweet spot”? Take a few minutes to fill in the Targeting
Worksheet What type of E talent is most strategic for your
community to target?
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Elements of Successful Practice Successful entrepreneurship initiatives …
Focus on entrepreneurs Build on assets Encourage collaboration and take a systems
approach Strategically target entrepreneurs Are rooted in communities but branch out into
regions Engage youth as a means of changing the culture Celebrate community and entrepreneurial success
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Communities that Click – Lessons from the Field
HomeTown Competitiveness (HTC) Kellogg EDS recipient
Four pillars Leadership Youth engagement Retaining wealth transfer (charitable
assets) Entrepreneurship
Story of Valley County NE (pop. = 4,647)
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Communities that Click – Lessons from the Field
Georgia’s Entrepreneur Friendly Communities Program
Facilitated by state regional marketing managers but driven by communities.
Steps: Build a leadership team Educate community about benefits of entrepreneurship Enhance links to regional and state resources Map assets, including identifying and visiting entrepreneurs Visit from Georgia Tech review team to help develop strategy
14 communities designated to date Story of Coffee County (pop. 37, 413)
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Communities that Click – Lessons from the Field
Building a System in Northeast MN Historical commitment to regional
collaboration in economic development Focus on entrepreneurship, particularly micro,
through Northeast Entrepreneur Fund Commitment to taking a “systems approach”
to entrepreneurship development Story of the Arrowhead Entrepreneurial
Development System
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General Themes
Entrepreneur driven Many and unique partnerships Utilizing strengths, assets from within Taking a regional approach Engaging people not usually invited to
the table (youth, minorities, aging) Sharing and celebrating together
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Next Steps for Communities Start really listening to entrepreneurs give
them a chance to be heard by economic development leaders.
Start visiting community businesses Who are they? What are their plans?
Actively engage youth expose them to entrepreneurship through business mentors.
Map the assets you have to encourage and support entrepreneurs (include partnerships) Get a copy of Energizing Entrepreneurs to help you chart a course.
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Exercise #3 – 5 Things You Will Do When You Get Home
On an index card, write down 5 things you will do when you get back to your community because of the information shared in this workshop.
Share one of your “to do” items with the group.
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Contact Information
RUPRI Center for Rural Entrepreneurship www.energizingentrepreneurs.org
Deb Markley, Managing Director and Director of Research [email protected]
Karen Dabson, Director of Program Development [email protected]
Thank You!