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Community-Based Models for Entrepreneurship

Objectives. Increase understanding of community-based entrepreneurship modelsLearn how other communities are implementing elements of these modelsExplore Extension's role in helping communities implement these principles. Agenda. Introduction

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Community-Based Models for Entrepreneurship

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    1. Community-Based Models for Entrepreneurship

    2. Objectives Increase understanding of community-based entrepreneurship models Learn how other communities are implementing elements of these models Explore Extension’s role in helping communities implement these principles

    3. Agenda Introduction & Overview of Survey – 30 min Supporting Youth Entrepreneurs – 30 min Entrepreneurial League System – 15 min Economic Gardening – 15 min Entrepreneurship Coaching – 15 min Extension’s Role in Community-Support Systems for Entrepreneurship – 30 min

    4. Introduction Economic Development 101 We’ve been here before and communities have responded A new way to think about economic growth

    5. Economic Development 101

    6. Industrial Attraction The economic development tool of choice for the last 30 years

    7. 2007 Industrial Attraction IEDC announced 15 industrial location projects 75+ jobs) 91 local economic development organizations in Indiana 1 in 6 bagged an elephant

    8. A New Model

    9. OSED

    10. Innovation & Entrepreneurship Introduction of new products & processes each year Only 15% of businesses are typically innovators – usually have high growth trajectory When 50% of business are innovators you have an entrepreneurship/innovation culture

    11. Not Always “High Tech” A BBQ restaurant starts bottling and selling sauce A dry cleaners develops a new “green” process and licenses the new process A beauty shop develops a new way to train stylists and goes nationwide http://www.acenetworks.org/upload_files/file/Regional%20Flavor%20June.pdf

    12. The Billion $ Question What makes a community “sticky” when it comes to its entrepreneurs?

    13. Were finally beginning to learn about Entrepreneurs

    14. Think of Entrepreneurship as a Horserace

    15. Entrepreneurship: A Horse Race The Horse – The Business Idea

    16. Entrepreneurship: A Horse Race The Horse – The Business Idea The Jockey – The Entrepreneur

    17. Entrepreneurship The Horse – The Business Idea The Jockey – The Entrepreneur The Track – The Community

    18. Community Support Systems for Entrepreneurship

    19. The Entrepreneurship-Supportive Community Supportive policy environment History, culture, institutional memory Attitudes about failure Collaborative support organizations Celebrate entrepreneurs An information-rich environment

    20. Who’s Job Is it to Tend to the Track? Chamber LEDO Elected Officials Banks Schools/University Extension ???????

    21. Some Models Supporting Youth Entrepreneurs Entrepreneurial League System Economic Gardening Entrepreneurship Coaching

    22. Supporting Youth Entrepreneurship Presented by Jeff Sanson Director, Programs Indiana Council for Economic Education February 7, 2008

    23. Youth Interest in Entrepreneurship Kauffman Foundation survey http://www.kauffman.org/items.cfm?itemID=939

    24. What do Youth Entrepreneurs Need? Opportunities for growth and skill development Supportive communities Role models and mentors Access to networks and resources and markets

    25. An Entrepreneur Lifelong Learning Model

    26. Available at http://www.entre-ed.org/Standards_Toolkit/nurturing.htm

    27. Models of Youth Entrepreneurship Support and Education Youth activities – 4H, FFA Entrepreneurship "Boot" Camps Entrepreneur Showcases / Fairs Integrated Classrooms – overarching theme Courses / Units - Primarily High School and Middle School guided by textbook Business Plan Competitions

    28. For more information Energizing Youth Entrepreneurs in Rural Communities http://www.energizingentrepreneurs.org/content/cr_7/2_000240.pdf Article from RUPRI Center for Rural Entrepreneurship and the staff of HomeTown Competitiveness (HTC)

    29. Resources Youth Entrepreneurship links www.entre-ed.org (good starting point) www.extension.org/pages/Seeding_a_Successful_Future:_Youth_Entrepreneurship RUPRI - Energizing Entrepreneurs Website http://www.energizingentrepreneurs.org/ JOE article on Youth Entrepreneurship http://www.joe.org/joe/1998october/rb2.html

    30. Entrepreneurship Week USA 2008 FEBRUARY 23 - MARCH 1, 2008

    31. Entrepreneurial League System®

    32. About the ELS® Based on two assumptions Entrepreneurs possess a set of skills No two entrepreneurs come with the same set of skills Designed after a pro baseball league Addresses needs of entrepreneurs by level

    33. ELS ® Skill Categories Technical Managerial Entrepreneurial Personal Maturity Skills

    34. Entry into the ELS® One entry point Gatekeeper organization has 6 functions Entrepreneurs' skills are assessed and designated into a league Rookie, A, AA, AAA

    35. Benefits Assistance to entrepreneurs based on entrepreneurs needs Service providers don’t need to be all things to all entrepreneurs For the community, the program is scalable and shows gaps and overlap in services

    36. Where is ELS® Advantage Valley (WV, OH, KY) Central Louisiana North Carolina

    37. Economic Gardening

    38. Economic Gardening Littleton, CO developed and began to execute the strategy in 1989 Focused on “wealth” creation not “job” creation Eliminated all incentives and tax breaks for business recruitment Since 1989, more than doubled the number of jobs from 15,000 to 35 Sales tax revenue tripled from $6.8 million to $19.6 million

    39. Economic Gardening Information Infrastructure Connections

    40. Economic Gardening Information Business information Real estate activity (using GIS) eCommerce training Advanced management techniques systems thinking, temperament, complexity theory, and customer service strategies

    41. Economic Gardening Infrastructure Physical Quality of Life Intellectual

    42. Entrepreneurship Coaching

    43. Entrepreneurship Coaching University of Kentucky Extension Regional in Scope Specialized Training for Coaches Each coach works with 8-10 entrepreneurs

    44. Extension’s Role What work are we currently playing? What roles could we play? What barriers might exist? What do we need to do next?

    45. For More Information Scott Hutcheson Assistant Program Leader, Economic & Community Development Purdue University Purdue Extension & Purdue Center for Regional Development Burton D. Morgan Center for Entrepreneurship 1207 W. State Street, Room 227 765-494-7273 (office) 765-494-3200 (fax) 765-479-7704 (mobile) hutcheson@purdue.edu http://pcrd.typepad.com/ecd (blog)

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