1. 2019~2019 Transformation Strategy (Draft) Entrepreneurial Ecosystem
An entrepreneurial ecosystem is the social and economic environment affecting the local or regional entrepreneurship. Businesses located within places serving as incubators for creativity, innovation, and entrepreneurship have a greater chance of success.

2. Downtown Staunton Assets
Physical: historic architecture, developed streetscape, revitalized buildings, 98% occupancy Cultural/Arts: localvore culture, 15 non-profits, Shakespeare, RR Smith Center, Heifetz, galleries Institutions: supportive government and Council, MBU, BRCC, Stuart Hall, Tourism Department
Associations: Staunton Fund, Main Street, SDDA, The Hub, Chamber, Bicycle Pedestrian Advisory Committee History: Historic Staunton Foundation, preservationist culture, Planning and Economic Development Departments Individuals: Ambassadors, local experts, seniors with experience, property and business owners, students

3. LOVE Downtown Research
In 2015, the SDDA conducted a Stakeholder Survey to evaluate our programming and to get valuable insight into what our stakeholders need from the Association.
Out of 43 Responses, 60% were retailers.
Biggest Business Concerns
Business management 19.23%
Financing %
Employees %
Facilities/Equipment %
In 2016, the SDDA implemented a Community Perception Survey with help of Arnette Muldrow. A survey summary and “Top 25” list of activities was created to guide the SDDA in strategic work planning. We received 871 responses. The word cloud revealed most used language was
LOVE Downtown

4. TRANSFORMATION STRATEGY
Create a supportive Entrepreneurial Ecosystem designed to support all businesses by offering cooperative health insurance and select HR services. Staunton has amazing start up assets that will assist with financing and business planning, but not as much support available for businesses once they open and nothing for Human Resource management. This deficit, combined with our community assets, is an opportunity for the SDDA to offer more robust member benefits to both existing and new businesses. An Association Health Plan would strengthen the Downtown economic environment by giving workers a boost and make the downtown jobs more desirable by offering insurance benefits.

5. Measuring Success
Employee Retention: better benefits attract better candidates
Employee Pride: self-sufficiency builds confidence
Business Profitability: *it costs a average of $3500 to hire an $8hr employee
Building leaders: owners can grow their team over time
Building legacy: workers can work towards owning their own business
Healthy businesses: businesses operate at a higher level of performance
Faster growth: owners can concentrate on growth rather than hiring
*Recruiterbox “The cost of Hiring New Employees” (Infographic)

6. Investigate and research starting an Association Health Plan
Activities
Economic Vitality
Investigate and research starting an Association Health Plan
Find experts to assist
Find firm to administer
Promotions
Host worker fairs
Create promotional piece about worker benefits/wellness
Create Social Media campaign and publicity: healthy community
Organization Employer/worker survey Round Table to discuss and plan Create jobs page on SDDA website Make benefit of SDDA membership
Design
Design maps for public transit, bike racks, free parking
Parking do’s and don’ts one-sheet for new employees
Parking pledge for business owners

7. Insured and healthy employee population
Intended Outcome
Insured and healthy employee population
Downtown competitive player in the local/regional job market
Employees proud to work stay working Downtown
Business owners plan strategic growth because of stronger workforce
Workers can afford to live Downtown
Upper Floor development due to housing demand
Resident-focused businesses open
SDDA members increase
SDDA Mission
The Staunton Downtown Development Association is a nonprofit association established to enhance Downtown Staunton’s economic environment as a center of commerce while maintaining the character and integrity of the City’s central business district as an attractive place to live, work and visit.