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Outreach A ctivities in Entrepreneurship classes

Outreach A ctivities in Entrepreneurship classes. AACSB Northeast Business School Deans’ Conference Presented by Dr. Irina Naoumova , Associate Prof. of Entrepreneurship. The Economic Gardening Concept.

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Outreach A ctivities in Entrepreneurship classes

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  1. Outreach Activities in Entrepreneurship classes AACSB Northeast Business School Deans’ Conference Presented by Dr. Irina Naoumova, Associate Prof. of Entrepreneurship

  2. The Economic Gardening Concept • Economic development approach that helps local businesses grow by providing them customized market data and analysis that helps create new opportunities. • Begun in Littleton, CO in 1987 • Spread to numerous communities • Rural, Suburban and Urban Grow Businesses from the Bottom-Up “A mere 3% to 5% of small firms account for three fourths of jobs created in the United States...Half of America's economic growth derives from firms that did not exist a decade ago.” – Economic Development Quarterly, Feb. 2002

  3. Statistics and Project Objectives • Create a platform to “nurture” small businesses and entrepreneurs • Offer services they could not otherwise afford • CT-EGG will satisfy urgent needs Execution Support – “Arms and Legs” for small businesses • Statistics: 48 companies in 4 years; 7 companies in Fall 2012 Job Growth and Economic Vitality

  4. Support to Small Businesses • Business Needs Assessments • Market Research • Market Intelligence • Business and Strategic Planning • Access to Business Information Databases • Networking • Identify potential funding sources • Training, Coaching, Mentoring • Innovation • Business Services • e.g., Legal, Financial Services, Accounting, HR Not reflective but proactive consulting

  5. Leveraging Existing Resources • Leverage a collaborative group of private, public and academic resources. UHart NE Universities? Academia ? ? Rockville CCATInnovation Pipeline Bloomfield Collaborating to Support Growth East Granby Selected Hart.-area Companies Municipalities Networking And Shared Learning Businesses Avon West Hartford Larger Companies – “Spin-offs” CTInnovations Simsbury Competitive Analysis Marketing Consultants Strategic Planning PR Legal Finance & Banking Acctng

  6. Project Structure • Professors: Irina Naoumova and Fred Wergeles • Phase I • Organizational Analysis/Business Model Analysis • Business Needs Assessments • Phase II • Market Analysis • Competitive Analysis • Phase III • Recommendations to the Businesses/Deliverables Identifying the Candidates and Needs

  7. UHart Projects: 2005 - 2012 • Level 1 (2005-2008)– Business Needs Assessments • Vernon/Rockville • East Granby • Avon • Simsbury • Bloomfield • West Hartford • Over 90 Businesses Served • Level 2 (2005-2012) – Market & Competitive Analyses • High Potential, Fast Track companies • State-wide coverage • Over 85 Businesses Served • Over 400 students have participated Putting the Process Through its Paces

  8. UHart Projects: 2008 - 2012 48 businesses participated in the project; Fall 2012 – 7 companies Wide CT and industry Coverage

  9. How Does it Work?

  10. Business and Market Analysis Reporting Week 10 Analysis Support Data Collection Learning Consulting Tools Week 1

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