21st century economic development - applied to rural!
Nurturing a Resilient, Self- Renewing Economy Building Entrepreneurial Potential
Entrepreneurial Potential?• We need more opportunities• We need somebody to see those opportunities• Those “somebodies” are entrepreneurs
“21st Century Economic Development”: The Basics MULTIPLE APPROACHES: “Think Tip O’Neill!”* Adds business creation, nonprofit creation, and an entrepreneurial approach tobusiness expansion (to the existing mechanisms for business attraction/recruitment& retention). * Focus strongly on job-creating growth in parallel to supporting non-growth firmsthat provide economic diversity.* Bridging assets (BA) which link and support innovation assets (IA) andentrepreneurial assets (EA) – and does so proactively (not a passive liaison butactively identifying and promoting connections).* Focus on technology as both an end (e.g., a high tech firm) and as a means(e.g., using technology to support firms to be more competitive).
“21st Century Economic Development”: The Basics (p. 2) PARTNERSHIPS & NETWORKS* Works to build genuine partnerships among potential resources and potential clients.* Creates networks of networks by taking advantage of partners’ own networks.* Identifies each partner’s distinctive competence and applies it where needed. THE ‘HEART’ of 21st CENTURY DEVELOPMENT* Understands that at the heart of development are passionate professionals who entrepreneurially identify opportunities to use institutions to help entrepreneurship. • Understands how entrepreneurs, technologies, small firms, large firms, academe and government fit together in a healthy economy that is resilient and growing.
The Economic Development “Puzzle” –and how it fits together 3 6 2 7 5 4 1Note: Here we use the Christensen definition of technology-- “the processes by which an organization transforms labor,capital, materials, and information into products and services of greater value.” In other words, mechanisms that facilitateand support significant growth.
Key Expertise by Domain“Pieces of the Puzzle” Needs Sources of Expertise1) Technology Development Inventory innovation assets TEAMS SBIR/STTR training TechConnect 2) Entrepreneur Development Training in Growth TEAMS (Gazelle) Entrepreneurship Mentoring non-growth IEDA, ISBDC Peer support organizations TechConnect 3) Rural Development Train-the-trainer, etc. IRP/TEAMS/IEDA
Key Expertise by Domain, cont.“Pieces of the Puzzle” Need Sources of Expertise4) Tech/Entrepreneurship Training in Tech Entrep TEAMS TechConnect Service providers Peer support organizations Kickstand,, etc.5) Rural/Entrepreneurship Small business training SBA, ISBDC, Small business mentoring IEDA?, IRP? Add to GEM training TEAMS6) Rural/Technology North Dakota model TEAMS. (fill the pipeline) Governors Office South Dakota model N2TEC, (matchmaking techs to rural) TechConnect7) Rural/Technology/Entrep Train-the-trainer IEDA/TEAMS/TechConnect
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