Nine Commandments for Creating Entrepreneurial Communities

Transcription

1 Nine Commandments for Creating Entrepreneurial Communities

2 Entrepreneurial Communities Possess a critical mass of entrepreneurs who are actively engaged in capturing new market opportunities. Their contribution must be sufficient to continually replace any decline in economic activity from existing businesses within the community.

3 Commandment #1 Identify community assets as part of a strategic vision

4 Dino versus Jaws Flexibility Adjustability Adaptability

5 Commandment #2 Celebrate the uniqueness of your community

6 The Power of Unique B eautification projects O ddities T heater H istorical

7 BC Tourism Industry At A Glance 2010 Generated $13.4 billion in revenue Provided $6.5 billion to British Columbia s GDP Includes 17,943 tourism-related business establishments Employed 127,400 people Paid wages and salaries of $4.4 billion Supported 15.7 million overnight visitors

8 Commandment #3 Retain youth in the communities

9 State Strategies for Youth Retention Iowa: Happy meal incentive Maine: Tax credit for college graduates Indiana: Scholarship program for technology graduates Wisconsin: Big bang proposal Pennsylvania: Keystone Innovation Zones Oklahoma: Project 1000 New Hampshire: 55% Initiative

10 Economic Impact of the Nonprofit Art Industry British Columbia Total Expenditures through BCAC $9,569,009 Full-Time Equivalent Jobs 80,000 Local Government Revenue Federal Tax revenues $2150,462 $2,156,734 $26,150,462 BC Tax Revenue $13,008,696

11 The new world is a truly global economy, driven by information, ideas, and discoveries. It is a creative economy where art and culture are the building blocks of innovation, invention and understanding. - Speech from the throne, Province of British Columbia

12 Business Plan Competition Objectives Learn from business experts Network with top professionals Improve business strategies Receive insight from mentors Present plan to angel investors

13 BC Business Plan Competitions The BCIC-New Ventures competition gives early-stage B.C. innovators and entrepreneurs access to technology leaders, business education and $235,000 in prizes. The Okanogan Young Entrepreneur Competition is a Dragons Den style competition tailored to middle and high school students, which takes (mentored) participants through 3 task stages: Innovation, Finance, and Marketing. Enterprize 2012 is Canada's largest business plan competition. Students from across the country compete for top prize consisting of $10,000 dollars, strategic industry mentorship, and learning opportunities at every stage of the selection process.

14 Commandment #4 Provide technical assistance for local businesses

15 8 Stages of Business SUSTAINABILITY EXPANSION JOB CREATION GROWTH ESTABLISHMENT START UP SEED IDEA

16 Top 5 BC Origin Exports to the World 2011 Coal and solid materials made from coal Lumber Chemical wood pulp Liquefied petroleum $7.1 billion $3.8 billion $2.6 billion $1.9 billion Copper ore and concentrates $1.7 Total $32.7 billion

17 BC Export Awards 2012

18 Export Communities Have......a vision of world trade...an understanding of others culture and their dynamics...the drive to define, measure and open markets

19 Commandment #5 Provide access to capital

20 Potential Funding Sources Self funding Friends and family Credit cards Home equity credit loan Government loans Angel Investors Venture capital

21 21 st Century Banker Aggressive Receptive to new ideas Knowledgeable of different financing programs

22 Commandment #6 Promote innovation in the schools

23 Commandment #7 Promote intrapreneurship in the workplace

24 That s a good idea, but It s against company policy It s not practical It s not necessary We don t have the resources It will cost too much We ve never done it that way Our customers (or vendors) won t like it It needs more study It s not part of your job Let s make a survey first

25 That s a good idea, but Let s sit on it for a while That s not our problem The boss won t go for it The old timers won t use it It s too hard to administer Why hasn t someone else suggested it before? Let s form a committee We should wait until the economy improves Who else has tried it? Is it best practice?

26 Intrapreneurs People within a business or corporation who take direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation

27 Strategies to foster a culture of innovation Set up a formal structure for intrapreneurship Ask for ideas from your employees Assemble and unleash a diverse workforce Design a career path for your intrapreneurs Explore government incentives for innovation Prepare for the pitfalls of intrapreneurship

28 Commandment #8 Support a well rounded, think local first program

29 Think Local First Because Good for the environment More money stays in the community Know the people who make what you eat Makes community unique

30 Commandment #9 Support infrastructure systems that ignite economic growth

31 U.S. Infrastructure Report Card 2009 Aviation Bridges Dams D C D Drinking Water D- Energy D+ Hazardous Waste D Levees D- Public Parks & Recreation C- Rail C- Roads D- Schools Solid Waste C+ Transit D D

32 The Canadian Infrastructure Report Card

33 Canadian Infrastructure Report Card