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Building Entrepreneurial Communities in Maryland Erik R. Pages EntreWorks Consulting Maryland Rural Summit 2005 October 27, 2005.

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Presentation on theme: "Building Entrepreneurial Communities in Maryland Erik R. Pages EntreWorks Consulting Maryland Rural Summit 2005 October 27, 2005."— Presentation transcript:

1 Building Entrepreneurial Communities in Maryland Erik R. Pages EntreWorks Consulting Maryland Rural Summit 2005 October 27, 2005

2 10/27/2005Copyright EntreWorks Consulting 2005 2 What Do We Know about Entrepreneurship? Jobs! 5-15% of U.S. firms create 2/3 of net new jobs. Innovation. Entrepreneurs account for more than half of all technological innovation. Prosperity. 1/3 of difference in national growth rates is due to entrepreneurship. Presence. 11% of US adult population is trying to start a business.

3 10/27/2005Copyright EntreWorks Consulting 2005 3 What Do We Know about Entrepreneurship in Rural America? Breadth not Depth Rural America has lots of entrepreneurs, but few high-growth businesses. We must grow all businesses, but especially world-class businesses!

4 10/27/2005Copyright EntreWorks Consulting 2005 4 How to Do It?: A New Economy Demands A New Approach Its Not the Ingredients, its the recipe – There is no silver bullet We dont need new programs – We need a new mindset Culture of Collaboration – Collapse of old Community Anchors – Opportunities for New Leaders

5 10/27/2005Copyright EntreWorks Consulting 2005 5 Entrepreneurship Policy: Whats Different? Focused on Individuals, Not Companies Operates Through Business Networks Training/Education as Key Policy Levers Ultimate Objective: Create an Entrepreneurial Eco-System

6 10/27/2005Copyright EntreWorks Consulting 2005 6 The Entrepreneurial Eco-System Business Culture that Embraces Start-Ups – Higher Risk Tolerance – Entrepreneurs vs. Large Firms Networks of Entrepreneurs Networks of Service Providers – A Start-up Cluster? Creates a Virtuous Cycle – Civic/Philanthropic Leaders – Mentors/Angels

7 10/27/2005Copyright EntreWorks Consulting 2005 7 Myths About Entrepreneurship We need technology! – Most entrepreneurs are low-tech. We need venture capital! – Funds only 2,000-3,000 firms per year. – 70% of funds to 5 states. We cant be Silicon Valley! – Entrepreneurs exist everywhere.

8 10/27/2005Copyright EntreWorks Consulting 2005 8 Creating the Ecosystem: What Works? Increase the Supply of Entrepreneurs Build Entrepreneurial Networks Enhance Capital Access Reward Entrepreneurial Behavior

9 10/27/2005Copyright EntreWorks Consulting 2005 9 1) Increase the Supply of Entrepreneurs Entrepreneurship Education from K-16 Adult Training--Focus on Technical Schools Openness to NewcomersImmigrant Entrepreneurs Universities as Talent Magnets – Hit Underserved Markets (e.g. Engineers, not MBAs)

10 10/27/2005Copyright EntreWorks Consulting 2005 10 Building the Pipeline: Some Models UtahTraining for Guidance Counselors Louisiana Tech (and others): Entrepreneurship programs in Engineering Schools REAL Enterprises ( National Foundation for Teaching Entrepreneurship ( ) Nebraska EDGE: State Funds for Customized Training (

11 10/27/2005Copyright EntreWorks Consulting 2005 11 2) Build Entrepreneurial Networks Networks as the Hub of the Eco-System Peer Learning as Central Role Activities: Training, Mentoring, Investment Screening and Matching, Networking

12 10/27/2005Copyright EntreWorks Consulting 2005 12 Building Networks: Some Models Blue Ridge Entrepreneurial Council ( Kansas Enterprise Facilitation Eastern Maine Development Corporation (Incubator w/o Walls) Nevada/California: V3 Accelerator Program (

13 10/27/2005Copyright EntreWorks Consulting 2005 13 3) CAPITAL ACCESS If you build it, will they come? – Demand vs. Supply of Capital Myths about Venture Capital Filling the Gaps – Equity vs. Debt – Seed Capital

14 10/27/2005Copyright EntreWorks Consulting 2005 14 Best Practices? Capital Literacy Build Better DealsBack to the Pipeline! Angel Networks ( – Minnesota, Kansas Equity Funds –

15 10/27/2005Copyright EntreWorks Consulting 2005 15 4) Reward Entrepreneurial Behavior Entrepreneurs as New Civic Leaders – Issues around Old Economy Culture Tell Stories – Importance of Local Stars and Anchor Firms Create Awards Programs – Entrepreneur of the Year

16 10/27/2005Copyright EntreWorks Consulting 2005 16 Honoring Entrepreneurs: Some Ideas Ernst & Young Entrepreneur of the Year Appalachian Regional Commission Springboard Awards ( Springboard: Women Entrepreneurs ( Kentucky Science and Technology Corporation: IdeaFestival; Newspaper Profiles (

17 10/27/2005Copyright EntreWorks Consulting 2005 17 The Big Picture: A New Model Few new program initiatives – No Silver Bullets Initiatives are Low-Cost, but Long-Term Soft cultural factors predominate BOTTOM LINE: An economic development challenge requiring non-economic development solutions.

18 10/27/2005Copyright EntreWorks Consulting 2005 18 Your Challenge: What to Do When You Go Home Today Become a Champion! (Or Help Recruit One): Do It Yourself! Collaborate: Bring Everyone in the Tent! Experiment – Start Small – But Think Big! Start Fast!

19 For More Information: Erik R. Pages EntreWorks Consulting 3407 North Edison Street Arlington, VA 22207 703-237-2506

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