Your Entrepreneurial Ecosystem
Your Entrepreneurial Ecosystem

What Is Business Retention and Expansion and Is it Right for Your Community

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Interested in learning some about Business Retention and Expansion (BR&E)? Texas A&M AgriLife Extension Service has a new publication out on BR&E. The publication discusses what BR&E is generally and then focuses on two types of BR&E: the classic business visitation program, and the industrial cluster retention and expansion program. It also discusses why it would probably be good for your community! Check it out at the link below:

http://agrilifelearn.tamu.edu/Business-Retention-and-Expansion-p/eag-046.htm

Coverage on my team’s effort to use big data to aid rural economic development

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My co-PI, Dr. Linda Neihm, and our project to use big data in support of rural economic development received some more coverage. As I note in the article, big data are continuing to grow, but research and extension struggle with best practices for utilization of that data, especially in the development of practical uses. We know that there are numerous factors that influence the survival and growth of rural businesses, but current efforts have not yet utilized big data to dig into the relative importance of those various factors. Our work will do just that.

Read more at: https://www.hs.iastate.edu/news/2017/09/12/linda-niehm-big-data/

Moving Forward from Data to Goals

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Using data to guide local economic development efforts is essential to remaining competitive in a quickly evolving economy. Examining data can help leaders identify changes, new opportunities, and emerging issues and make decisions that reflect the entire community rather than merely the perception of a vocal or influential group. As we continue to get more and more sources and detailed data, often questions may turn to how to convert data into actionable goals. Check out this new article by Drs. Craig Carpenter and Rebekka Dudensing to learn about various conversion strategies and the importance of how the goals are written themselves.

http://agrilifelearn.tamu.edu/Translating-Data-Survey-Results-into-SMART-Goals-p/eag-047.htm

Getting the Community Involved in Local Development Efforts

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Getting the community involved in local and regional development efforts is fundamental to the successful creation and implementation of development plans. Community involvement not only improves community and economic development outcomes by utilizing local knowledge and networks, but can also grow community cohesion and vitality, as members feel more invested in the place that they live. Residents are more likely to embrace development proposals when invited to contribute their opinions and shape efforts to reflect their challenges and needs. Furthermore, shaping the efforts to reflect the challenges and needs of community members can only improve those efforts. Similarly, community members are more likely to be invested, and, in turn, more willing to invest the time to implement the proposals.

 

Read more in a new publication out by Dr. Rebekka Dudensing and me: http://agrilifelearn.tamu.edu/Getting-Community-Involved-in-Local-Development-p/eag-045.htm

Implementing Community Goals Successfully

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Communities often create outstanding economic and business development strategies only to lose momentum after the planning stage. In fact, many good plans end up sitting on a shelf because they are never implemented. How can your community avoid this problem? Read more in a new publication out by Dr. Rebekka Dudensing and me: http://agrilifelearn.tamu.edu/Implementing-Community-Goals-Successfully-p/eag-044.htm

Kauffman Foundation Report on Entrepreneurial Ecosystem Importance

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The Kauffman Foundation is a great organization for those of us that are interested in supporting entrepreneurship. The foundation is involved in many aspects of supporting entrepreneurship including academic research and outreach efforts.

The foundation recently released a report on the important role of entrepreneur development organizations and their activities. The report focuses on the experiences of Kansas City and St. Louis, but generalizes the finding such that they are applicable to areas around the United States.  The report, and the increasing prominence of the Kauffman Foundation, highlight how entrepreneurial ecosystems are becoming recognized as an important way to stimulate innovation and economic growth. The report also outlines how entrepreneurship feeds into new venture development, and, in turn, economic development.

See more at: http://www.kauffman.org/what-we-do/research/2017/entrepreneurial-ecosystem-momentum-and-maturity

Entrepreneurial Ecosystem Foundations: Education

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Following up on the last post, another foundation of your entrepreneurial ecosystem is education. Education of a business owner is linked to higher chances of business continuation and higher levels of employment growth. Even average education of the local population is linked with higher chances of business continuation and higher levels of employment growth.

Given the importance of education, reports from the USDA, like “Rural Education at a Glance, 2017 Edition,” are invaluable. These reports are particularly valuable for rural areas, because rural areas have historical struggled with lower education levels compared to metro areas. Specifically, compared with rural (nonmetro) areas, urban (metro) areas have historically had a higher share of adults with bachelor’s, postgraduate, and professional degrees.

While rural areas have improved in terms of the nominal levels of high school and bachelor’s degree completion, the relative increase has left them still further behind metro areas in terms of the percent of the population with a bachelor’s degree. In their new report, the USDA finds that between 2000 and 2015, the share of metro adults with at least a bachelor’s degree grew from 26 to 33 percent, while in rural areas the share grew from 15 to 19 percent. On the positive side, the report points out that the share of rural adults with less than a high school diploma did improve significantly, dropping to 15 percent in 2015, close to the share for urban adults (13 percent), and that the share of adults with an associate’s degree was also similar in rural and urban areas.

See more at the USDA’s report at the link here: https://www.ers.usda.gov/webdocs/publications/eib171/eib-171.pdf?v=42830

Entrepreneurial Ecosystem Foundations: Rural Health

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There are many important factors related to your entrepreneurial ecosystem, but the factors that makeup the foundation of your entrepreneurial ecosystem are of particular importance. In general, this foundation is comprised of workforce development, public policy, physical infrastructure, and healthcare. Despite these factors being the foundation of your entrepreneurial ecosystem, particularly in rural areas, healthcare is often difficult to measure. Even outside of rural areas, there are limited resources available for those interested in rural health.

In an effort to increase the understanding of issues in healthcare related to rural areas, the Centers for Disease Control and Prevention just launched a new site today focusing on issues around rural health. A series of reports will follow and will be posted to the site.

As the website notes, “Some rural areas have characteristics that put residents at higher risk of death, such as long travel distances to specialty and emergency care or exposures to specific environmental hazards. Rural Americans tend to have higher rates of cigarette smoking, high blood pressure, and obesity. Rural residents report less leisure-time physical activity and lower seatbelt use than their urban counterparts. They also have higher rates of poverty, less access to healthcare, and are less likely to have health insurance. All of these factors can lead to poor health outcomes.”

See the link here for more information! https://www.cdc.gov/ruralhealth/

CDI Texas 2017

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Community development and entrepreneurial support activities are becoming increasingly common in Texas and around the country. For example, CDI (Community Development Institute) Texas 2017 will take place March 6-9, 2017. CDI Texas 2017 is presented by Lone Star College in The Woodlands.

From their flyer, “CDI is a national training offered in multiple locations and endorsed by the Community Development Council (CDC). CDC is a nonprofit organization founded to promote the advancement of community development professionals through the accreditation of educational programs, professional certifications, and the development of community volunteer leaders. The program consists of three, four-day training sessions which can be completed in subsequent years at the same site location or by fast tracking to multiple sites within the CDI network in a single year. CDI training is offered at the following locations: CDI Central, CDI Midwest, CDI Northwest and CDI Texas.”

The curriculum is designed to have offerings for most levels of experience with community development and includes three different years in their curriculum.

See the flyer below for more information:

http://www.lonestar.edu/departments/cdi/CDI_Texas_2017.pdf