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NEXT STEPS: For Rural Entrepreneurship Development in Iowa Community Vitality Center A Catalyst for Creating Real Impact in Real Communities.

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Presentation on theme: "NEXT STEPS: For Rural Entrepreneurship Development in Iowa Community Vitality Center A Catalyst for Creating Real Impact in Real Communities."— Presentation transcript:

1 NEXT STEPS: For Rural Entrepreneurship Development in Iowa Community Vitality Center A Catalyst for Creating Real Impact in Real Communities

2 Community Vitality Center The mission of the Community Vitality Center (CVC) is to serve as a catalyst for innovative projects and initiatives designed to improve the vitality of non metro communities. Community Entrepreneurship Community Philanthropy Community Vitality Policy Studies

3 Entrepreneurship in the U.S. Global Entrepreneurship Monitor (GEM) estimates 10.5% of adult U.S. population is engaged in entrepreneurial activities 36 % of U.S. Entrepreneurs are age female Entrepreneur for every 1.5 male entrepreneurs, with parity in age bracket

4 Entrepreneurial Participation GEM- Highest U.S. Entrepreneurial participation are those with high school diploma Entrepreneurs without a high school diploma tend to focus more on self-employment Those with college degrees tend to have alternative employment opportunities

5 Micro Entrepreneurs – 5 or less employees ISED - Aspen Institute – Low-Income Entrepreneurs reduced reliance on govt. assistance by 61 percent or $1,679 per year. 72% of low income micro entrepreneurs experienced gains in household income over 5 years. Average gain was $8, % moved out of poverty CFED- 49% of low-income micro entrepreneurs survived 5 years – comparable to national avg.

6 Entrepreneurship in Iowa CVC - 10 Community Forums CVC- 50% of Participants were Entrepreneurs 32% involved in a startup business 19% thinking about starting a business. Generated 20 Ideas for Community Entrepreneurship Checklist (see

7 CVC - 10 Community Forums 88% favored local partnerships and community initiatives to create entrepreneur development, business startups, & seed capital programs. 67% favored linking local entrepreneurs to regional expertise, networks, regional development groups, and industry clusters for specific ventures. 11% favored self-help entrepreneurship solely as a private sector initiative without public sector involvement.

8 CVC – Communities of Distinction 8 nonmetro communities, 75 leaders: local gov’t, econ. develop., healthcare, & education All identified at least one homegrown business started in an earlier decade but is now a major employer in the community. None could identify local entrepreneurship programs in place beyond revolving loan funds. All were very interested in what could be done locally on a cost-effective basis, underscoring Iowa’s potential.

9 Getting Started: #1. Organize a Community Entrepreneur Development Team Organize a broad-based CED Team Entrepreneur support is different from other ED Strategies More networks = more potential business prospects Inclusiveness contributes to success as long as Executive Committee can manage process

10 Who Should Be on The Team? Attorney Accountant Banker Business Start-up Services Insurance Successful entrepreneurs Existing companies interested in growth Development Corps/Chambers Utilities Angel Investors Local Colleges Local Extension Regional SBDC K-12 School Tech & Entrepreneur Teachers Healthcare Entrepreneurs Local Government Potential Mentors Local “spark plugs” Community Benefactors Ag Entrepreneurs Faith-based groups

11 #2. Conduct Local Inventory of Entrepreneur Development Assets Map local assets using CVC Checklist Provide a one point of contact for entrepreneurs to access local information and networks Create a resource notebook for contacts and referrals Raise awareness of what is available and how to access local networks

12 Other Suggested Tools Develop a list of “gaps & niches” that would add to the local entrepreneurial support system. Consider CVC’s Business Plan Competition Network or other Awards & E-ship Recognitions Create entrepreneurial peer groups and mentoring networks so each entrepreneur doesn’t have to “re-invent the wheel” Fairfield Entrepreneurs Association Ag Ventures Alliance Conduct workshops to assess strategies for filling the gaps and niches locally and/or by building linkages to external resources Entrepreneurs say they learn 85% of what they know from other Entrepreneurs

13 Community Vitality Center Dr. Mark A. Edelman, Director Phone: Website:


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