Dell Gines, Federal "Reserve Bank of Kansas City, presentation to U.S.SourceLink conference 2015. "Growing Your Own Entrepreneurship"

1. Growing Your Own Economy:
Intentionalizing Relationships
Dell Gines, MBA, CEcD
Federal Reserve Bank of Kansas City
Sr. Community Development Advisor

2. The Federal Reserve Bank
The views in this presentation do not
necessarily represent the views of the Federal
Reserve Bank of Kansas City nor the Federal
Reserve System.

3. The Federal Reserve Bank of
Kansas City Perspective
The mission of the Community Development
department of the Kansas City Federal Reserve
Bank is to support the economic growth objectives
of the Federal Reserve Act by promoting
community development and fair and equal access
to credit.
Our job is to serve as a neutral convener of
resources between those who have and those who
don’t, because we know all segments of the
population, including the less advantaged, benefit
from both economic growth and fair and equal
access to credit.
The Grow Your Own Guide provides a
high level overview of what it takes
to conduct entrepreneurship based
economic development.

4. Federal Reserve Bank of
Kansas City
The Tenth District consist of Nebraska, Oklahoma, Kansas,
Colorado, Wyoming and portions of Missouri and New Mexico

5. Economic Development Is
About This…

6. And This…

7. And This…

8. And This…

9. What We Will Talk About
1. Ecosystems
2. Intentionalizing Relationships
3. Measurement

10. The Blended Model
Economic
Development
Community
Development
Workforce
Development
The lines are becoming
progressively and by
necessity increasingly
blurred between the major
models of development.
Entrepreneurship
based economic
development fits
in the intersection.

11. Defining Economic Development
“Fostering a dynamic environment where economic
opportunities can be discovered, taken advantage of
and maximized to their fullest extent to create
balanced and sustainable economic growth, jobs, a
positive sense of ‘place’ and an improved quality of
life in a defined geographic region.” – Dell Gines

12. Entrepreneurship Based Economic
Development Defined
Entrepreneurship based economic development is an economic
development strategy that places its primary emphasis on the
creation and support of entrepreneurs and small businesses to
achieve development goals within a defined geographic
region.
IT IS NOT:
Anti intelligent attraction and retention strategies.
IT IS:
Pro creating a “best fit” approach to economic development
that takes into account current and future possibilities.

13. The Five C’s of the
Entrepreneurship Ecosystem
The Business
Owner
Capital
Financial
Resources
Capability
Entrepreneur and
Owner Skillset
Connection
Resource &
Relationship
Network
Culture
The local
communities’
perception and
support of
entrepreneurship
Climate
Regulatory,
Economic
Development &
Policy
Environment

14. The Transparent Ecosystem
Foggy and Fragmented
One of the largest complaints we
hear from individuals seeking to
start or grow a business is that the
service system is complex and hard
to navigate
Transparent
and
Connected

15. Intentionalizing Relationships
•Social Capital
•Serendipitous Connections
•Creating Formal & Informal Space

16. Intentionalizing Relationships
Social Capital
Social capital refers to the collective value of all "social
networks" [who people know] and the inclinations that arise
from these networks to do things for each other ["norms of
reciprocity"]. – Harvard Kennedy School
Social Capital = Trust Reciprocity

17. Intentionalizing Relationships
Building Social Capital
1) Repeat exposure to others tends to lead to greater
confidence that others can be trusted (assuming that parties
respect conditions 2 and 3 below);
2) The parties are honest in their communications; and
3) The parties follow through on the commitments they make.
Visit -http://www.hks.harvard.edu/saguaro/pdfs/skbuildingtoolkitversion1.2.pdf
For the tool kit.

18. Intentionalizing Relationships
Serendipity
ˌserənˈdipədē/
noun
noun: serendipity; plural noun: serendipities
the occurrence and development of events by chance in a happy
or beneficial way.

19. Intentionalizing Relationships
Serendipity in Our Space
It is the ideation, awareness of opportunity, the unique
connections that evolve from being around individuals in non-
formal times and spaces.
• The coffee break
• The conference buffet line
• The bathroom

20. Intentionalizing Relationships
Creating Formal Space for Relationships
How can we do it or do it better?

21. Intentionalizing Relationships
Creating dense and connected entrepreneurial ecosystem networks

22. Measurement
Things to consider measuring
1. How many new providers have you connected with in a year
2. How many providers have you connected to other providers
3. How many referrals have you sent to other providers
4. How many networking events have you created or attended
5. How many providers have you directly brainstormed with or
partnered with
6. How many collaboration groups do you belong to
7. How many conferences have you attended

23. 10 Qualities of the New Era EDO
• Leadership Facilitator
• Vision Oriented
• Strategy guider
• Network weaver
• Information Discoverer & Broker
• Collaboration catalyst
• Culture Transformer
• Policy Advocate
• Long Run Focused
• Business Spectrum Champion

24. Contact
Dell Gines
Sr. Community Development Advisor
Federal Reserve Bank of Kansas City
dell.gines@kc.frb.org
(402) 221-5606
For more information & resources
http://kansascityfed.org/community/
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the address above.