Building Regional Entrepreneurship & Innovation Support Systems Rural Entrepreneurship Convening Nebraska City, Nebraska November 9, 2010
A Question to my Facebook FriendsWhat is the most helpful thing the public sector can toto help you start and grown your business?“No idea, never had any help from the government except paperwork and huge tax bills.”“Reduce the red tape. Period. Their intervention does absolutely nothing to help. Stay away.” “Tax abatements and incentives” “Access to resources that are usually only available to larger companies – market research, mentoring from successful executives, etc.”
Points to Cover• Our Analogy• Our Model• Our Process• North Central Indiana• Ideas for the Future• Tools & Technical Assistance
Our Analogy: Entrepreneurship & Innovation as a Horserace
A Horse Race• The Horse – The Product or Service
A Horse Race• The Horse – The Product• The Jockey – The Entrepreneur
A Horse Race• The Horse – The Innovation• The Jockey – The Entrepreneur• The Track – The Community
Five Asset Networks– Build world-class brainpower– Translate brainpower into wealth through innovation and entrepreneurship– Create quality, connected places where “hot spots” can develop– Create a buzz with a brand & new stories– Continuously strengthen habits of civic leadership and collaboration
Our Process: Strategic Doing Strategic Planning, developed by corporations over 40 years ago, can be too slow and too rigid for today’s fast-paced world. Strategic Doing is the art of building networks and guiding purposeful conversations that quickly translates shared values into strategies and strategies into action.
North Central Indiana• 14 counties, 15 cities, 5,577 square miles• Two population centers – Lafayette/West Lafayette – 88,362 – Kokomo – 46,074• Most of the region is rural
Background• Purdue University (Indiana’s land grant university) – A mission that includes learning, discovery, and delivery – 69,000 students – “Research 1” Institution – Top rankings in engineering, business, agriculture• $15 million investment from DOLETA in 2006 (Gen1) – Only WIRED initiative led by a university• An additional $18 million leveraged• Four Key Strategies – Developing 21st Century talent – Creating globally competitive industry clusters – Building a regional support system for entrepreneurship – Weaving a supportive regional civic infrastructure
70+ Shareholders• Federal: DOL, EDA, SBA, NIST• Philanthropy: Kauffman, Edward Lowe, Purdue Research Foundation, Community Foundations• State: Economic Development, Workforce Development, SBDC• Higher Ed: Purdue, IU Kokomo, Ivy Tech Community College• Local & Regional: Extension, LEDOs, SBDCs, K-12, Incubators/Tech Parks, Workforce Boards
Investment Portfolio• Entrepreneurship Peer Networks• Energizing Entrepreneurship• Companies to Watch• Eureka Winning Ways• Zoning for Home-Based Businesses• Business Plan Competitions• STEM Entrepreneurship Camp• K-12 Teacher Training• Skunkworks• Economic Gardening• Entrepreneurship Certificate Program• Technology Showcases• Angel Network Events
Return on our Investment (Metrics) • 227 K-12 teachers trained to teach entrepreneurship • 1,536 students (future entrepreneurs) enrolled in entrepreneurship programs • 1,851 existing and emerging adult entrepreneurs trained • 654 new products, services, and top-line growth ideas created • 102 business plans developed • 10 new start-up business launched • 353 jobs created or retained • $3.5 million in industry cost savings realized • $1.6 million in industry sales growth • $4 million in industry sales retained80% of these initiatives have been sustained beyond the initial investment
Ideas for the Future• Economic Development Certificate program• Statewide roll out of Economic Gardening• Export strategy based on connecting Indiana products with Purdue international students
Tools: Industry Clusters Analysis Database, analytical tools, and processes to help regions assesstheir economic competitiveness and create strategies for growth and development Developed by the Purdue Center for Regional Development & Indiana Business Research Center with funding from the U.S. Economic Development Administration
Tools: Occupational Cluster Analysis Analytic tools to explore employment size, growth, location quotient, and shift share for 15 knowledge-based occupation clusters. These tools help regional leaders understand their workforce and educational situation inorder to bridge the gap between workforce and economic development. It is also useful to diagnose how well-positioned the region is to participate effectively in a knowledge-based innovation economy. Developed by the Purdue Center for Regional Development & Indiana Business Research Center with funding from the U.S. Economic Development Administration
Tools: Innovation Index The Innovation Index provides leaders and practitioners with the first tool for comparing a regions innovation performance with that of the United States, a state, or other regions.Developed by the Purdue Center for Regional Development & Indiana Business Research Centerwith funding from the U.S. Economic Development Administration
Tools: Guidelines for Regional Investment Regional leaders can simplify the process of developing a shared framework by first defining their goals in terms of five categories of strategic investment, corresponding to the critical ingredients for competitive regions in today’s global economy.Tools are available at:http://www.statsamerica.org/innovation/ Developed by the Purdue Center for Regional Development & Indiana Business Research Center with funding from the U.S. Economic Development Administration
National Work Workshops, Training, & Technical Assistancehttp://www.pcrd.purdue.edu/What_We_Do/sdb.pdf
Role for USDA-RD Help Create Regions of Shingle-Ready CommunitiesInvest in regional support systems• Focus federal policies, programs, and resources toward promoting regional networks.• Create strong platforms to collaborate across regions to learn “what works.”• Look to “hub” organizations (like universities) that transcend election cycles.
Scott HutchesonAssistant 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)
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