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Strategic University Center and Economic Development District Alliances that Build Stronger Regions in Southeast Missouri
- 1. Leslie Seabaugh, Regional Planner
- 2. •Resource for interns •Quarterly Economic Analysis •True Cost Benefit analysis
- 14. Farmington IDA Strategic Plan Cape Girardeau Entrepreneurship Assessment
Editor's Notes
- I’ve been with the Southeast Missouri Regional Planning Commission for 6 years. My primary responsibilities include administering the regional Homeland Security program, watershed planning and managing our revolving loan program.
- Several of the Regional Planning Commission staff are graduates of SEMO University, so the EDD is well aware of the valuable resource in the backyard. The relationship between the University and the EDD began in the early 90’s when the University started providing interns to the EDD. Shortly after that, the University started supplying the EDD with Quarterly Economic Analysis Reports for the region. These reports included the usual suspects like Industry Employment and Wage Trends, Projections, Clusters, Pull Factors, etc. In 2001, The University provided their services in developing a True Cost/Benefit Analysis for one of our counties and Holcim US, a cement company. The company decided to invest in the region spending approximately $900 million in development and construction and providing over 250 permanent jobs.
- In 2013, the University Center (Institute for Regional Innovation and Entrepreneurship) at Southeast Missouri State University was established with a grant from the U.S. Economic Development Administration to help stimulate entrepreneurial growth and development in Southeast Missouri and beyond by: Developing a Pipeline of Entrepreneurs Cultivating Technology Exchange/Innovation Improving Access to Capital Promoting Regional Market Opportunities Optimizing the Regulatory Environment
- Also in 2013 SEMO, University began developing a student learning laboratory for cultivating creativity, innovation, and entrepreneurship.
- Southeast has revitalized a vacant storefront into a launchpad for creative and innovative businesses. Catapult Creative House was made possible by a generous gift from Southeast alumnus Charles Stamp Jr., vice president, Public Affairs Worldwide, at Deere & Company. Total cost of the Catapult Creative House venture is $1.95 million. Financing for the project also has been provided through city and state grants awarded to the Missouri Innovation Corporation, a 501(c)3 established by Southeast Missouri State University, along with additional private donations and University funds. The EDD preformed environmental assessment for the project and administered the state grant
- Upon opening in 2015, this student-run venture provided students from all Southeast disciplines the opportunity to spawn ideas and test business models — leading or participating in creating, developing and selling innovative products and services. The facility offers specialized work space that supports experiential learning opportunities, taking students from the idea and concept stage, to prototyping and product/service development, to commercialization.
- Starting in 2014, the University Center began hosting Regional Entrepreneurs & Leaders Conferences. Attendees learn from local and regional leaders through round table discussions, breakout sessions, and speakers. Attendees also have the opportunity to network with other entrepreneurs, economic development practitioners, and exhibitors.
- With efforts primarily focused in rural areas, the Missouri Innovation Corporation supports entrepreneurs in their efforts, and also supports communities in their efforts to create an ecosystem that will attract, retain, and advance small businesses. This is a 501c3, non-profit arm of the University Center.
- With access to the resources at the university, the cooperation with partners and the knowledge and direction of the Board, Missouri Innovation Corporation is able to foster business and community development and facilitate the process of innovation to enhance the regional economy.
- Economic Development Administration • United States Department of Agriculture Small Business Administration America's SBDC Delta Regional Authority Southeast Missouri State University • Missouri Department of Economic Development • Missouri Technology Corporation • Missouri SBDC • Missouri Association of Councils of Government • Ewing Marion Kauffman Foundation • Kauffman FastTrac • Operation Jump Start
- MIC preformed a Regional Entrepreneurship Assessment & Strategy for the Regional Planning Commission in 2014 The study drew data from : A regional survey An interactive focus group The National Establishment Times Series Industry Cluster Analysis Traded versus local cluster analysis An innovation index
- From those data sources the University Center was able to identify the region’s strengths Human capital Growth in cluster industries Multiple financing options available Healthy Balance of small and large businesses Regional Planning Commission and Missouri Department of Economic Development support development initiatives
- The Region’s challenges were also identified, which included Decreasing youth population Limited access to technology Perception of lack of access to capitol Market opportunities are easily accessible in all counties State and local regulations are not positively viewed
- As a result of that Regional Assessment, The University Center conducted an Entrepreneurship Assessment for the City of Cape Girardeau, the largest community in the area. AND The Regional Planning Commission has produced a Strategic Plan for an Industrial Development Authority in the region The Strategic Plan included Long and short term goals SWOT analysis Asset inventory/diversification analysis ALSO AS A RESULT of the identification of the region’s strengths and challenges, the EDD has recently submitted applications to Delta Regional Authority for Farmington Incubator and Disaster Recover and Resilience Planning Workshops
- In 2014, the University Center received a $1 million investment from USDA Rural Development. (1% low interest loan for re-lending, 30 year term) The Intermediary Relending Program, a revolving loan, fund was established to help entrepreneurs in the region secure financing for their new or existing small businesses. The EDD provides Loan Fund Servicing and Fund management. The EDD has no risk in the program but receives the reward of loan servicing fees and developing relationships with the borrowers. Should the borrowers continue to grow and need additional capital, the EDD could offer the service of their revolving loan fund for gap financing. Three loans have been made to date and one has been since paid off.
- Additional USDA funds have been made available through the rural Microentrepreneur Assistance Program ($50,000 grant) The EDD provides loan servicing for these funds as well Two Loans have been made to date
- The region benefits from the Small business and Entrepreneurship training offered at the University Center By offering varied workshops, presentations, and InnovateU training courses, the MIC educates hundreds of aspiring and established entrepreneurs on a wide range of topics and skills every year. Courses offered include Launch U Course and Competition (a 36-hour facilitated course that coaches aspiring and early-stage entrepreneurs through business planning, pitching, and tracking (including financial forecasting) to ensure their business concept is feasible.) expanding Usability/Payments & Payroll in QuickBooks Online ED Printing Roadshow Sources and Small Business Financing Etc.
- In partnership with the University Center, Delta Regional Authority’s program, The Delta Entrepreneurship Network, hosted the Delta Challenge a series of pitch competitions Delta Challenge pitch competitions were held in the region. Two local business Delta Challenge winners received a $1,500 Delta Entrepreneurship Network fellowship to participate in a special segment of the New Orleans Entrepreneur Week (NOEW).
- The University Center also houses the Small Business and Technology Development Center (SBTDC) offers comprehensive services at little to no cost. It's our goal to make sure that you have the resources you need to succeed. BUSINESS CONCEPTION Feasibility Study Preparing a Business Plan BUSINESS DEVELOPMENT Marketing & Merchandising Evaluating Financing Options BUSINESS ANALYTICS Market Analysis Business Metrics TECHNICAL ASSISTANCE Reviewing Loan Proposals New Product Development This services benefits not only the business owners but also the EDD. We can recommend our revolving loan applicants seek technical assistance from the University Center on their business plans.
- Through coordination with the University Center and the EDD Delta Regional Authority hosted a two day seminar open to businesses and local leaders on economic development and post-disaster recovery • Disaster preparation measures and building capacity for recovery • Strategic planning for disaster recovery • Proactive disaster risk management • Business assistance after a crisis • Maximizing response speed and effectiveness • Alignment with Federal government response measures • Working with emergency management, law enforcement, and fire protection entities • Small business assistance and industry recovery • Business retention and expansion before and after a disaster • Assessing the economic impacts of a major disaster • Crisis communications • Federal resources for disaster planning and mitigation • Infrastructure and building back better communities • Neighborhood revitalization • Economic diversification
- The partnership with EDA’s University Center at Southeast Missouri State University has been extremely fruitful to the Regional Planning Commission and communities and businesses in the region. We look forward to what the future hold as other opportunities arise.