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Rural Entrepreneurship - Erik Pedersen

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This presentation was part of the Growing Entrepreneurial Communities Summit, a practitioner-focused summit designed to help economic development and small business practitioners effectively create economic growth through entrepreneurship in local communities. The 2018 Summit, subtitled Entrepreneurship on the Edges, focused on providing information and practitioner insight in how to effectively develop disadvantaged urban and rural communities using entrepreneurship-led development strategies.

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Rural Entrepreneurship - Erik Pedersen

  1. 1. Growing Entrepreneurial Communities Summit Rural Communities on the Edge April 25, 2018 Presented By: Erik Pedersen, Vice President of Entrepreneurship
  2. 2. • Places Matter – Every community is someone’s hometown. • Communities on the margin have assets and value. • Failing communities come at a cost. • Successful regions are built on successful communities. • Failing communities can begin to threaten our social compact. Why Should We Care?
  3. 3. Shift Toward Community Engagement and Empowerment “We think that one thing that makes NetWork Kansas unique and more impactful is that in 2007 they committed to a ground game, or the E-Communities strategy. We feel that this was critical.” Don Macke Co-Founder of the Center for Rural Entrepreneurship Lincoln, NE
  4. 4. • Competitive process • Community definition (town, cluster of towns, county) • Local leadership team and financial review board • Creation of locally controlled loan fund (60/40 match) • Loan fund – Seat on the Bus – Collaborative Strategic Planning Entrepreneurship (E-) Communities
  5. 5. Entrepreneurship (E-) Communities 61 in 2018
  6. 6. • 61 local financial review boards • 459 loans totaling $13.23M, to 438 businesses (as of 3/31/18) • 16% of total loan package (leveraged $68.2M other capital) • 48% in towns with population <5K • 45% startups, 33% expansions, 17% purchase • 26% retail, 20% restaurant, 5% mfg, 49% service • 12% business failure rate (13 of the 53 still paying on their loan) • 19% of loans paid in full (88 of 459 loans) Entrepreneurship (E-) Communities – Loan Fund
  7. 7. • 61 local financial review boards • 459 loans totaling $13.23M, to 438 businesses (as of 3/31/18) • 16% of total loan package (leveraged $68.2M other capital) • 48% in towns with population <5K • 45% startups, 33% expansions, 17% purchase • 26% retail, 20% restaurant, 5% mfg, 49% service • 12% business failure rate (13 of the 53 still paying on their loan) • 19% of loans paid in full (88 of 459 loans) Entrepreneurship (E-) Communities – Loan Fund
  8. 8. • 61 local financial review boards • 459 loans totaling $13.23M, to 438 businesses (as of 3/31/18) • 16% of total loan package (leveraged $68.2M other capital) • 48% in towns with population <5K • 45% startups, 33% expansions, 17% purchase • 26% retail, 20% restaurant, 5% mfg, 49% service • 12% business failure rate (13 of the 53 still paying on their loan) • 19% of loans paid in full (88 of 459 loans) Entrepreneurship (E-) Communities – Loan Fund
  9. 9. • Questions we ask: Where do you want to focus? What initiatives will lead to growing your entrepreneurship-led economic development strategy? • Youth (31 local events, 700+ students) • Existing Businesses • GRB: 2 communities, 40 businesses • Destination BootCamp: 10 communities, 64 businesses) • Second Stage Businesses (87 thru Economic Gardening) Entrepreneurship (E-) Communities – Seat on the Bus
  10. 10. • Hodgeman County (SW KS) • Population 1,893 (102nd out of 105 KS counties) • County seat is Jetmore • Location: proximity to large city, highways, etc.. • Primary industries: • Challenges: What does an E-Community Look Like?
  11. 11. • Hodgeman County (SW KS) • Population 1,893 (102nd out of 105 KS counties) • Location/Geography characteristics: 40 miles from Dodge City (27,000 pop), HorseThief Reservoir • Primary industries: Agriculture, Government (Hospital, City/County), Hunting (local outfitters, motels, restaurants, B&B), • Challenges: Population decline, Limited Employment Opportunities, Access to Broadband, Mainstreet revival/retail What does an E-Community Look Like?
  12. 12. Hodgeman County, Kansas 17.0% -5.1% -66.7% -23.5% 45.2% 19.7% -1.7% -2.6% 6.2% -5.0% -80.0% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 Figure 4. Percent Age Cohort Change, 1990-2000 30.7% -13.9% -72.3% -48.1% 42.3% 3.4% 11.1% -4.7% 7.3% -19.2% -80.0% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 Figure 5. Percent Age Cohort Change, 2000-2010
  13. 13. • City of Atchison (NE KS) • Population 11,021 • Unique characteristics: (*maybe say it’s home to Benedictine?) • Location: proximity to large city, highways, rivers, etc.. (*important info to help the national audience picture the community) • Primary industries: • Challenges: What does an E-Community Look Like?
  14. 14. • City of Atchison (NE KS) • Population 11,021 (increased approx. 1,000 from ‘00 – ’10) • Location/Geography characteristics: 35 miles NE of KC Int’l Airport, Missouri River town est. in 1858, hometown of Amelia Earhart • Primary industries: Bradken Steel Foundry, MGP Ingredients (distilled spirits, food ingredients), Education (Benedictine College, Maur Hill – Mount Academy, Highland CC Tech Center, Riverbend International School, USD 409) • Challenges: Generational poverty, aging housing stock, white collar job opportunities, retail development, brain drain What does an E-Community Look Like?
  15. 15. Atchison County, Kansas 12.7% 21.7% -8.0% -43.7% -19.8% 0.1% -4.1% -1.0% -0.5% -0.8% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 Figure 4. Percent Age Cohort Change, 1990-2000 7.0% 33.0% 17.1% -43.1% -29.1% 1.2% 5.9% -1.6% 3.0% -8.2% -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 Figure 5. Percent Age Cohort Change, 2000-2010
  16. 16. Contact Us! Facebook: /networkkansas Twitter: @networkkansas LinkedIn: NetWork Kansas E-mail: epedersen@networkkansas.com www.networkkansas.com

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