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"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey
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"Urban Entrepreneurship & Economic Development" Presentation for Leadership Newark and Leadership New Jersey

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This is a presentation I gave on 5/13/2009 at the LNJ and LN session.

This is a presentation I gave on 5/13/2009 at the LNJ and LN session.

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  • 1. Urban Entrepreneurship & Economic Development Jeffrey A. Robinson, Ph.D. Assistant Professor and Assistant Director The Center for Urban Entrepreneurship & Economic Development
  • 2. The Center for Urban Entrepreneurship & Economic Development World-Class Research Innovative Education Economic Development Impact
  • 3. Mission Statement Our mission is to build a world-class research-driven, teaching, and practitioner-oriented urban entrepreneurship and economic development program that will transform the economy of Newark and other urban centers, create wealth in urban communities, and be a model for all urban universities.
  • 4. The Center for Urban Entrepreneurship & Economic Development CUEED Activities Economic Education Research Development Initiatives • Courses: • Newark Projects • Profeta Fund • Urban Entrepreneurship & • Regional Research • Entrepreneurship Pioneers Economic Development I, II • NSF Research & • Social Entrepreneurship Education • Academic Papers & Conferences Dr. dt ogilvie, Director Dr. Jeffrey Robinson, Assistant Director Jasmine Cordero, Managing Director
  • 5. The Center for Urban Entrepreneurship & Economic Development Research Areas Urban Entrepreneurship & Economic Development – Urban Entrepreneurship (wealth creation, business development, community entrepreneurship, job creation) – Technology Entrepreneurship (technology transfer, technology commercialization, incubators, technology clusters, leveraging university patents, green business) – Social Entrepreneurship (social problems solving, social purpose businesses, social investments, green business) – International Entrepreneurship (institutions and entrepreneurial activity, SME’s and developing nations, entrepreneurship towards economic development) – Economic Development (urban institutions and development, economic development and emerging economies).
  • 6. The Center for Urban Entrepreneurship & Economic Development Education Activities • New Courses – Special Topics: Urban Entrepreneurship and Economic Development I & II – Social Entrepreneurship – Introduction to Entrepreneurship (undergraduate) • Course Materials – Case studies – Textbook or casebook (in future) • Development of a Entrepreneurship Major/Concentration – Cross-disciplinary options – MBA and Undergraduate
  • 7. The Center for Urban Entrepreneurship & Economic Development Economic Development Initiatives • The Profeta Fund – Partnership with the Profeta Urban Investment Foundation – $1-2 M venture capital fund assisted by students • Leveraged up to 3:1 debt capital from partners • Entrepreneur Pioneers Initiative – Funded by the North Jersey Partners of WIRED – 1st Generation Entrepreneurs in North New Jersey – 9 month program in collaboration with regional entrepreneurship advocates
  • 8. The Center for Urban Entrepreneurship & Economic Development Businesses that our students have assisted: • The Coffee Cave • Cravings, A Caterer • Newark Art Supply • Simply Britt • Porta-Print Publishing • Love My Cake • Life Sandwiches • Rhythm & Qs
  • 9. The Center for Urban Entrepreneurship & Economic Development Entrepreneurship Pioneers Initiative In Collaboration With … • The Institute for Entrepreneurial Leadership • Greater Newark Business Development Consortium • Rutgers-Newark Small Business Development Center
  • 10. The Center for Urban Entrepreneurship & Economic Development EPI - Program Description Designed for small and medium sized businesses ready for growth … Through the program each entrepreneur receives: – intensive training to help you grow your business, – group and 1-on-1 counseling, – networking opportunities – mentoring over a 9-month period.
  • 11. The Center for Urban Entrepreneurship & Economic Development CUEED’s Impact on Public Policy • Research  Better Policy  Economic Development – Quarterly Meetings with Policy Makers – Policy Briefings on Key Urban Issues and Research – Policy papers based upon center research – Conferences • Upcoming Activities – Policy Paper – “The State of Black Entrepreneurship in New Jersey” – Policy Forum – April 2009 – Policy and Appropriation Proposal - NJ Urban Entrepreneurship Development Initiative
  • 12. Urban Entrepreneurship & Economic Development Jeffrey A. Robinson, Ph.D. Assistant Professor and Assistant Director The Center for Urban Entrepreneurship & Economic Development
  • 13. The Center for Urban Entrepreneurship & Economic Development
  • 14. 16
  • 15. 17
  • 16. The Center for Urban Entrepreneurship & Economic Development Urban Economic Development Primary Mechanism for Economic Development • Job Creation • Housing Development Other Avenues • Education Reform • Entrepreneurship and Small Business Development
  • 17. The Center for Urban Entrepreneurship & Economic Development Quiz #1 – True or False? • Small and medium businesses represent over 99 percent of all employer firms • Small businesses employ half of all private sector employees
  • 18. The Center for Urban Entrepreneurship & Economic Development Small business impact … • 99.7 percent of all employer firms • Employ about half of all private sector employees • Pay nearly 45 percent of total U.S. private payroll • Create more than half of the non-farm private GDP Source: SBA Office of Advocacy
  • 19. The Center for Urban Entrepreneurship & Economic Development Small businesses employ about half of U.S. workers. Of 116.3 million nonfarm private sector workers in 2005, small firms with fewer than 500 workers employed 58.6 million and large firms employed 57.7 million. Firms with fewer than 20 employees employed 21.3 million. While small firms create 60 to 80 percent of net new jobs, their share of employment remains steady since some firms grow into large firms as they create new jobs. Source: SBA Office of Advocacy
  • 20. Social and Institutional Factors that Influence Entrepreneurship Nascent Entrepreneur • Characteristics • Status and Identity Stratification and Process Structure Outcomes • Creating • Institutional • Traditional • Business Entrepreneurship Arrangements Planning • Self-Employment • Social • Social structure Local Context Factors • Funding Entrepreneurship • Polices • Culture • Execution • Social networks • Local institutions Robinson, Robinson and Blockson, working paper
  • 21. Social and Institutional Factors that Influence Entrepreneurship Nascent Entrepreneur • Characteristics • Status and Identity Stratification and Process Structure Outcomes • Creating • Institutional • Traditional • Business Entrepreneurship Arrangements Planning • Self-Employment • Social • Social structure Local Context Factors • Funding Entrepreneurship • Polices • Culture • Execution • Social networks • Local institutions Robinson, Robinson and Blockson, working paper
  • 22. The Center for Urban Entrepreneurship & Economic Development Newark Zip Code - 07103 • Population: 31,465 – 6.9 % White – 84.3% Black – 11.6% Hispanic – 1.7% Asian Home Ownership - 22.5% Average HH income - $20.5K Unemployment – 12.4% Individuals in Poverty -40% Self-Employed – 2%
  • 23. The Center for Urban Entrepreneurship & Economic Development Self-Employment Neighborhood Rate Newark Zip Code Campus Area 1.6% 07102 West Station 2.0% 07103 Broadway/Mt Pleasant 3.1% 07104 Ironbound 5.1% 07105 Valsburg 2.4% 07106 Roseville 2.1% 07107 Clinton Hill 2.2% 07108 Lower Clinton Hill 2.2% 07112 South Station 3.3% 07114 2000 Census Data
  • 24. 27
  • 25. The Center for Urban Entrepreneurship & Economic Development Types of Entrepreneurial Activity • Formal vs. Informal • Traditional Entrepreneurship • Social Entrepreneurship • Self-Employment (solo) vs. Business Ownership (w/ employees) • Number of establishments/new firms
  • 26. The Center for Urban Entrepreneurship & Economic Development Self-Employment Neighborhood Rate Newark Zip Code Campus Area 1.6% 07102 West Station 2.0% 07103 Broadway/Mt Pleasant 3.1% 07104 Ironbound 5.1% 07105 Valsburg 2.4% 07106 Roseville 2.1% 07107 Clinton Hill 2.2% 07108 Lower Clinton Hill 2.2% 07112 South Station 3.3% 07114 2000 Census Data
  • 27. The Center for Urban Entrepreneurship & Economic Development Social & Institutional Influences on Urban Entrepreneurship • Five Types of Local Institutions – Government – Entrepreneurship Support Organizations – Foundations (and other philanthropic organizations) – Religious Organizations (i.e. churches) – Multi-sector Organizations • Social Structure – Race/Ethnicity – Neighborhood characteristics – Social-economic factors
  • 28. The Center for Urban Entrepreneurship & Economic Development If you were mayor and had to choose … Investing $500,000 in to one of these three programs, which would you choose: Option #1 - $500 K in tax incentives for large manufacturing business (estimated 200 new jobs) Option #2 - $500 K in small business development and technical assistance program for 100 business Option #3 - $500 K for a green jobs training program (estimated 100 people trained )
  • 29. The Center for Urban Entrepreneurship & Economic Development Quiz #2 - Which one do you choose? Why? Option #1 Option #2 Option #3 Manufacturing Entrepreneurship Green Collar Training 200 living wage jobs Training Program Program 100 entrepreneurs 100 jobs
  • 30. The Center for Urban Entrepreneurship & Economic Development WHAT DO WE MEAN BY ENTREPRENEURSHIP?
  • 31. High-Growth Teams/ Entrepreneurship Large Scale “Lifestyle Companies” Individuals/ Income Replacement Small Scale Economic Value Creation
  • 32. The Landscape of Entrepreneurship 5.7 Million Firms with Employees in the US (2002) $5-100 M in Receipts 4.5% >$100 M in Receipts .2% $1-5 M in Receipts 14% <$1 M in Receipts 81%
  • 33. The Center for Urban Entrepreneurship & Economic Development Types of Firms • Lifestyle-Income Replacement Firms – Generates income for the entrepreneur – They do not require lots of financial capital to start – You leverage your own skills, talents and abilities – Can be self-employment (i.e. consulting) or part-time (i.e. weekend retail operation) – Ventures with <$1M in revenues – Limited reach or impact • High-Growth Wealth-Generating Firms
  • 34. The Center for Urban Entrepreneurship & Economic Development Types of Ventures • Lifestyle-Income Replacement firms • High-Growth Wealth-Generating Firms – Generates income for the entrepreneur/founder/owner and generates wealth (equity) – You leverage the skills, talents and abilities of many others (including professionals) – This is a full-time endeavor for managers and employees – Prepared for investment, acquisition, merger, and other exit vehicles – Ventures exceeding $1M in revenues – Potential to scale up and expand (multi-units, international, franchise, etc.)
  • 35. Social Venture High-Growth Social Purpose Business Teams/ Entrepreneurship Social Entrepreneurship Large Scale “Lifestyle Companies” Nonprofit & Community Individuals/ Organization Income Replacement Small Scale Economic & Social Value Creation Economic Value Creation
  • 36. Investor Backed Companies Social Entrepreneurship Teams/ Franchises Large Scale Small Business Community-Based Individuals/ (1-13 employees) Organizations Small Scale Economic & Social Value Creation Economic Value Creation
  • 37. The Center for Urban Entrepreneurship & Economic Development Other Types of Entrepreneurship Alternatives to traditional entrepreneurship – Entrepreneurship that has direct COMMUNITY (Social & Environmental) BENEFITS! • Social Enterprise – Entrepreneurial non-profit organizations • Social Entrepreneurship – Using entrepreneurship to address social issues
  • 38. The Center for Urban Entrepreneurship & Economic Development SOCIAL ENTREPRENEURSHIP
  • 39. The Center for Urban Entrepreneurship & Economic Development Social Entrepreneurship: Formal Definition Social entrepreneurship uses entrepreneurial and business skills to create innovative approaches to social problems. These are mission driven organizations focused on the double-bottom line of social impact and financial sustainability or profitability. Key Elements: Pattern Breaking-Socially Important-Sustainable-Scalable
  • 40. Café Reconcile Café Reconcile is a working nonprofit restaurant and the centerpiece of Reconcile New Orleans, a workforce-training program for the city’s at-risk youth. While cooking, washing dishes, bussing tables, and welcoming customers, young people who have been identified as high-risk or have served time in jail gain the skills and confidence they need to enter the hospitality industry. Cuccia co-founded Reconcile New Orleans eight years ago in an abandoned furniture warehouse in an underdeveloped part of town. Today Cuccia, a licensed contractor–turned–restaurateur/community activist, is responsible for site development, administration, marketing, and fund-raising for the organization.
  • 41. A Triple Bottom Line Company
  • 42. City Fresh Foods was founded in 1994 with the mission of utilizing local culinary talent to prepare traditional and home- style meals. Behind our delicious food is a successful business model that incorporates community and economic development to provide organizations with a cost-effective method of meeting their food service needs. City Fresh Foods is located in the Four Corners neighborhood in Dorchester, MA, a community that has been historically bypassed by business investment. Four Corners is evolving into a vibrant, bustling neighborhood. We believe that business is a powerful vehicle for empowering our youth, developing the community, and nurturing the environment. As part of our dedication to our mission, City Fresh Foods: 1. Has relationships with local schools, providing exposure to young adults who might consider the culinary arts profession. 2. Purchases from local organic farmers in season to use the freshest natural ingredients. 3. Recycles and minimizes waste-flow to reduce our impact on the environment. 4. Employs from the community, providing residents with an opportunity to manage, and eventually own the operation. Listed on the Inc. Magazine Inner City 100
  • 43. The Center for Urban Entrepreneurship & Economic Development Eden Organix Valerie Mason-Robinson CEO of Eden Organix of Highland Park, NJ Day Spa and Organic Beauty Retailer B.S. Chemical Engineering Masters of Management 6 FT and PT employees
  • 44. Harlem Children's Zone Founded in 1970, Harlem Children's Zone, Inc. is a pioneering, non-profit, community-based organization that works to enhance the quality of life for children and families in some of New York City's most devastated neighborhoods. Formerly known as Rheedlen Centers for Children and Families, HCZ, Inc.'s 15 centers serve more than 12,500 children and adults, including over 8,600 at-risk children. The emphasis of The Children's Zone work is not just on education, social service and recreation, but on rebuilding the very fabric of community life.
  • 45. Entrepreneurship Opportunity Capital Innovation Networks The success or failure of your venture depends upon how your put these pieces together.
  • 46. Investor Backed Companies Social Entrepreneurship Teams/ Franchises Larger Scale Small Business Community-Based Individuals/ (1-4 employees) Organizations Smaller Scale Economic & Social Value Creation Economic Value Creation
  • 47. The Center for Urban Entrepreneurship & Economic Development Take aways … • Economic development policy can not leave out entrepreneurship • Comprehensive economic development initiatives must include and understand multiple dimensions of entrepreneurship • Think wealth creation not just job creation
  • 48. Urban Entrepreneurship & Economic Development Jeffrey A. Robinson, Ph.D. Assistant Professor and Assistant Director The Center for Urban Entrepreneurship & Economic Development http://business.rutgers.edu/cueed cueed@business.rutgers.edu LinkedIn Group - CUEED

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