Entrepreneurship and Small Business Development, 2103 Tennessee Basic Economic Development Course


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Maureen Collins‐Williams
University of Northern Iowa

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Entrepreneurship and Small Business Development, 2103 Tennessee Basic Economic Development Course

  1. 1. Small Business andEntrepreneurship DevelopmentMaureen Collins-WilliamsDirector, Entrepreneurship OutreachUniversity of Northern IowaMaureen.Collins-Williams@uni.edu#McWillie
  2. 2. Introduction to Entrepreneurship1 A Changing Economy2 Trends in Entrepreneurship3 Who Are Entrepreneurs?Microenterprises, Small BusinessInnovators and Venture Companies4 What do Entrepreneurs Need?5 Putting it TogetherAny SweetReason, Clarksville, Tennessee
  3. 3. Changing Economy1800 85% of American Workforcein Agriculture1945 43% of American Workforcein Manufacturing2000 The New Economy
  4. 4. The New EconomyKnowledge DependentRooted in TechnologyInnovation DrivenGlobalHarris VaccinesAmes, Iowa
  5. 5. Current Economic Driverso Functional Performance Improvements• Digitalization• SpeedWhat’s Next?o Broad-basedTechnology Innovations• Nano• Bio• GreenA Better Sunscreen?
  6. 6. 565,000 businessesper month in 2010543,000 businessesper month in 20115.9% Drop*Robert Fairlie, Kauffman Index of Entrepreneurial Activity, 2012Target ClickEntrepreneurship Trends
  7. 7. Recession-reactive Entrepreneurs areMore Likely to Start SoleProprietorships than Employer Firms*Technology hasEncouragedHome Based Business*RobertFairlie, KauffmanIndex ofEntrepreneurialActivity, 2012The Business Concierge ProgramUniversity of Northern IowaEntrepreneurship Trends
  8. 8. Entrepreneurship Benefitsthe Regional EconomyDiversified Local EconomySticky BusinessLocal DecisionsNet Sum JobsNimbleMaggie Vandewalle, ArtistChattanooga, Tennessee
  9. 9. Business TA/TrainingNetworksCommunity Infrastructure(Including Business Space)CapitalElements of Support“An economy’s prosperity is highly dependent on a dynamicentrepreneurship sector” -GEM Study 2010
  10. 10. Business TechnicalAssistance andTrainingo 1:1 Consultingo Classroom Trainingo Workshops/ Seminarso MentoringElements of SupportHeraHub: San DiegoWomen Only CoWork
  11. 11. Capitalo The Right Kind ofCapital at The RightStage of theBusiness Life Cycleo Access to CapitalResourcesRoots Organic MarketElements of Support
  12. 12. Networkso Like MindedIndividuals Innovate,Solve Problems,Create Solutions andAccelerate Outcomeso Peer, Professionaland SocialEntreBashElements of Support
  13. 13. Community Infrastructureo Entrepreneurship IsSomething To Aspire Too Failure Is a LearningOpportunity, Not a Stigmao Physical and CulturalResources Are In PlaceGoogle Get Online EventElements of Support
  14. 14. Micro-enterpriseSmall BusinessInnovatorVenture CompanyAround The Corner Productions,Cedar Falls, IowaThe Entrepreneurship Spectrum
  15. 15. Micro-EnterpriseVery Small Business Ventureso < Five Employeeso Owner Operatedo Less than < $35,000Clustered in Retail/ ServiceOften Home-basedProfits?Shoe Fetish
  16. 16. MicroenterpriseTechnical Assistanceo Mentoring Over Counselingo Classes/WorkshopsNetworkingo Peer, Club, 1:1Community Infrastructureo Facilities: CoWorks, PopUps, Public Spaceo Respect for Churn“Scrap”
  17. 17. Micro-EnterpriseCapitalo Microlending• <$35,000• Soft Credit/Collateral• Shorter Termso Grants• Community Foundationso Crowdfunding• Indiegogo• KickstarterMaggie Vandewalle, ArtistChattanooga, Tennessee
  18. 18. Small BusinessLife-Style Companieso <50 Employeeso Normal Profits$50k- $500k FinancingMost IndustriesThe Sweet Granada,downtown Emporia, KS
  19. 19. Small BusinessTechnical Assistanceo Counselingo Classes/Workshopso Business SpaceNetworkingo Professional /Industry OrgsCommunity Infrastructureo P & Z, Broadband
  20. 20. Small BusinessCapitalo Commercial Lenders Sweet Spot Cliento SBA Loan Guaranteeso Revolving Loan Funds (Gap Financing)Angelique Moss-GreerNashville,Tennessee
  21. 21. InnovatorOpportunistExtra-Normal ProfitsNew Economy DriverPopulate Startup Communitieso Easily Boredo Serial Entrepreneurso MaleDowntown T-RexStartup CommunitySt. Louis, MO
  22. 22. InnovatorTechnical Assistanceo Informal• Access to Capital and TalentNetworkingo SocialCommunity Infrastructureo Culture (More Bohemian, the Better)Bagolita’sNorth Liberty, IA
  23. 23. InnovatorCapitalo Local Angelso Crowdfunding?o Formal Angelso Commercial Lenders(sometimes)IndieGoGoBugASalthttp://bit.ly/14Ydalq
  24. 24. Venture CompanyTechnology Transfer/Innovationo Intellectual Property Assetso Universities, Fed LabsManagement Teamso Mostly MenEmerging IndustriesI-Tracker
  25. 25. Venture CompanyTechnical Assistanceo Business IntelligenceNetworkingo Management Team/ TalentCommunity Infrastructureo Higher Ed, Labs, WorkforceInnovation Incubator
  26. 26. Venture CompanyCapitalo Second Round SBIR, STTRo Formal Angel Investmentso Venture Capital• Multiple Rounds
  27. 27. As an economic developer, you will not be able tomake someone an entrepreneur. Your charge willbe to partner with local & regional serviceproviders to create an ecosystem where allaspiring entrepreneurs can thrive.27
  28. 28. Technical Assistance and Trainingo Small Business Development Centerso SCOREo Community Collegeso Universities/ Private Collegeso Extensiono Micro-Enterprise Orgo Economic Development Orgo Main Street Programso Entrepreneurial CentersFederal, State and Local Assets
  29. 29. Capital Providerso Community Foundationso Peer Lending/ Crowd Fundingo Micro-Loan Fundso Main Street Communitieso City/ County/State Govo Commercial Lenderso ED Organizationso Angel Investment Groupso Venture CapitalistsFederal, State and Local Assets
  30. 30. Networkerso Chambers of Commerceo Main Street Programso Industry Organizationso Civic OrganizationsFederal, State and Local Assets
  31. 31. Community Cultureo Local Governmento County Governmento Community Leaderso Main Street Programso Existing Entrepreneurso Chambers of Commerceo School SystemsFederal, State and Local AssetsWinField, OklahomaMain Street Program
  32. 32. Ultimate Objective:To Create AnEntrepreneurshipSupport System“A New Economy Demands A New Approach.We Don’t Need New Programs- We Need a New Mindset”.-Erik Pages, Entreworks ConsultingPutting It All TogetherGoodBlogs, Inc.
  33. 33. Entrepreneurship SupportProgramsMyEntre.NetMyEntre.Net offers online technical assistance, capital, and networking to smallbusiness owners through a changing array of programs including a concierge, cashcontests, a database of resource providers and an online idea exchange.www.myentre.netNorth Carolina’s Rural Entrepreneurship Development SystemThe project seeks to improve and broaden entrepreneurial support services in thestates 85 rural counties, ensuring that they reach current and prospectiveentrepreneurs in their home communities.www.ncruralcenter.org/entrepreneurship/development.aspOklahoma Entrepreneur Ready Community CertificationOklahoma provides a certification of ‘Entrepreneur Ready’ to communities whoengage in a series of efforts to support entrepreneurs.http://www.entrepreneurready.com/