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NEXT STEPS: Open For Business CVC Business Plan Competition Network Community Vitality Center

NEXT STEPS: Open For Business CVC Business Plan Competition Network Community Vitality Center. A Catalyst for Creating Real Impact in Real Communities. Community Vitality Center.

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NEXT STEPS: Open For Business CVC Business Plan Competition Network Community Vitality Center

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  1. NEXT STEPS: Open For BusinessCVC Business Plan Competition NetworkCommunity Vitality Center A Catalyst for Creating Real Impact in Real Communities

  2. Community Vitality Center • The mission of the Community Vitality Center (CVC) is to serve as a catalyst for innovative projects and initiatives designed to improve the vitality of non metro communities. • Community Entrepreneurship • Community Philanthropy • Community Vitality Policy Studies

  3. Entrepreneurship in the U.S. • Global Entrepreneurship Monitor (GEM) estimates 10.5% of adult U.S. population is engaged in entrepreneurial activities • 36 % of U.S. Entrepreneurs are age 45-64 • 1 female Entrepreneur for every 1.5 male entrepreneurs, with parity in 45-65 age bracket

  4. Entrepreneurial Participation • GEM- Highest U.S. Entrepreneurial participation are those with high school diploma • Entrepreneurs without a high school diploma tend to focus more on self-employment • Those with college degrees tend to have alternative employment opportunities

  5. Micro Entrepreneurs – 5 or less employees • ISED - Aspen Institute – Low-Income Entrepreneurs reduced reliance on govt. assistance by 61 percent or $1,679 per year. • 72% of low income micro entrepreneurs experienced gains in household income over 5 years. Average gain was $8,485. • 53 % moved out of poverty • CFED- 49% of low-income micro entrepreneurs survived 5 years – comparable to national avg.

  6. Entrepreneurship in IowaCVC - 10 Community Forums • CVC- 50% of Participants Entrepreneurs • 32% involved in a startup business • 19% thinking about starting a business. • Generated 20 Ideas for Community Entrepreneurship Checklist (see www.cvcia.org)

  7. CVC - 10 Community Forums • 88% favored local partnerships and community initiatives to create entrepreneur development, business startups, & seed capital programs. • 67% favored linking local entrepreneurs to regional expertise, networks, regional development groups, and industry clusters for specific ventures. • 11% favored self-help entrepreneurship solely as a private sector initiative without public sector involvement.

  8. CVC – Communities of Distinction • 8 nonmetro communities, 75 leaders: local gov’t, econ. develop., healthcare, & education • All identified at least one homegrown business started in an earlier decade but is now a major employer in the community. • None could identify local entrepreneurship programs in place beyond revolving loan funds. • All were very interested in what could be done locally on a cost-effective basis, underscoring Iowa’s potential.

  9. Open For Business Concept: Join CVC Network & Sponsor a Local Business Plan Competition • Encourages Business Start-ups Locally • Establishes a Venue to Identify, Attract, & Develop Local Entrepreneurs • Sends Message that Community is Willing to Encourage & Support Entrepreneurs • Sends Message that Community IS Open For Business!

  10. Business Plan Competitions • Brings Forth New Ideas for Potential Businesses • Encourages best practices in business plans for developing viable enterprises • Business Plan Competitions can be designed to offer technical and financial assistance to the best and most viable potential projects • BPC’s are Locally Designed, Owned and Managed • BPC’s builds local community E-ship capacity

  11. CVC-Community BPC Network • 7+ Iowa Communities sponsoring BPCs • $5000 to local sponsor to help organize • +$1000 for Extension Involvement • +$1000 for regional SBDC Involvement • Community must locally pledge $10,000 or more in Awards for BPC winners • Share Lessons-Learned and Best Practices at Annual Community Entrepreneurship Academy

  12. Getting Started: #1. Organize a Community Entrepreneur Development Team • Organize a broad-based CED Team • Entrepreneur support is different from other ED Strategies • More networks = more potential business prospects • Inclusiveness contributes to success as long as Executive Committee can manage process

  13. Attorney Accountant Banker Business Start-up Services Insurance Successful entrepreneurs Existing companies interested in growth Development Corps/Chambers Utilities Angel Investors Local Colleges Local Extension Regional SBDC K-12 School Tech & Entrepreneur Teachers Healthcare Entrepreneurs Local Government Potential Mentors Local “spark plugs” Community Benefactors Ag Entrepreneurs Faith-based groups Who Should Be on The Team?

  14. #2. Conduct Local Inventory of Entrepreneur Development Assets • Map local assets using CVC Checklist • Provide a one point of contact for entrepreneurs to access local information and networks • Create a resource notebook for contacts and referrals • Raise awareness of what is available and how to access local networks

  15. #3. IF CED Team Sees BPC as Priority – 10 Important Tasks! 1. Develop Outline of Program & Timeline 2. Seek Pledges (cash or in-kind) for BPC awards 3. Apply for CVC-BPC Network mini-grant 4. Identify & Select Judges 5. Develop Application, Marketing & Publicity Plan

  16. CED Team – 10 Important BPC Tasks! 6. Accept & Screen Applications 7. Offer training (SBDC Fast Track, etc.) 8. Review & Screen Business Plans 9. Select and judge finalists 10. Follow-up w/startup assistance & pledges

  17. Other Suggested Tools • Develop a list of “gaps” or “niches” that would be a welcome addition to the entrepreneurial support system in your community • Conduct workshops to assess alternatives for filling the gaps and niches locally and/or by building linkages to external resources • Create entrepreneurial peer groups and mentoring networks so each entrepreneur doesn’t have to “re-invent the wheel” • Fairfield Entrepreneurs Association • Ag Ventures Alliance • Entrepreneurs say they learned 85% of what they know from other Entrepreneurs

  18. Questions to Ask and Answer on Business Plan Competitions • Why create a business plan competition? • How would we fund prize dollars? • What kind of criteria should we use? • How should we select judges? • What types of business plans do we want to encourage? Targeted industry clusters? • What happens if the winner can’t secure 100% of capital? Are there local coaches & mentors? • How should we promote the competition? • How should we manage the competition as it progresses?

  19. Community Vitality Center • Dr. Mark A. Edelman, Director • Phone: 515-294-3000 • E-mail: cvc@iastate.edu • Website: www.cvcia.org

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