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This presentation was given as part of a two-day course for Economic Development Professionals sponsored by the Ohio Economic Development Association and focuses on entrepreneurial approaches to economic development and highlights the success we are having with the Dublin Entrepreneurial Center.
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Small Business Development & Programs
Technology-Led Development
• Small Business & Entrepreneurs• Elements of Support• Small Business Incubation• Economic Developer Roles• Technology-Led Development• Technology Commercialization• Example: Dublin Entrepreneurial Center
Overview & Agenda
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Small Business & Entrepreneurs
• Economies are driven by small businesses– 4,000 and 7
• Large businesses get the attention• New business generation• Who’s in the garage today?• Where are businesses located?• Focal points…
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Small Business & Entrepreneurs
• Unemployed talent pool– Difficult replacing prior position and salary– Starting a small business helps displaced
workers to get back into the economy. Job for 1
– Many would never have considered starting their own business otherwise
– Have corporate know how, lack start-up insight
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Small Business & Entrepreneurs
• Characteristics– Innovative, nimble, non-descript– Strong community ties– Resource scarcity
• Capital, knowledge, time, experience, access
– Likely to falter and fail– Generate wealth slowly– Need support
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Elements of Support
• Technical assistance– Business Plan, Grant Apps, Staff Development, marketing
and product development, improve design and process, bookkeeping
• Providing business space– Affordable, flexible terms, easy termination, resources
• Financial assistance– Preparation, connecting
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Small Business Incubation
• Entrepreneurial centers, accelerators & incubators – Oh my!
• What is incubation?– Place, rent levels, terms– Expertise– Shared support services– Networking and connection opportunities
• Timelines…
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Small Business Incubation
Practitioner Objectives• Cluster focus – technology, bioscience
etc.• Economic diversification• Revitalization• Others?
• What does your community need?
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Cluster Based Economic Development
• The Columbus Region is recognized for the following clusters:– Transportation/Logistics, Business & Professional Services,
Financial Services, Advanced Manufacturing, Automotive, Personalized Healthcare, Tourism, Arts & Entertainment
– Government
• The talent and the support structure, related to these clusters, help small business growth– Software & Support Firms, Network of financial institutions
and VCs, a Major Research University, and 120,000 local college students
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Economic Developer Roles
• What should practitioners’ role be?– Technical assistance?– Financial assistance/access?– Marketing?– Expertise?
• Who in the room…• Political fortitude
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Economic Developer Roles
Source: Business Model Generation, page 247by Alexander Osterwalder and Yves Pigneu
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Economic Developer Roles
• Partner!
• Practitioners can’t be everything to all people
• Need for collaborators to fill in gaps• Create an environment where it all can
come together, easy access
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Economic Developer Roles
• Set the conditions– Marshal resources– Connections, connections, connections– Place– Purpose– Self organizing groups– Think periphery (get out of the way)
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Economic Developer Roles
• Resources– CentralOhioEntreprenuers.org– NBIA www.nbia.org– Community Capitalism by Daniel Gross and Heather
Smith
– Entrepreneurial Signature Programs– Small Business Development Centers– SCORE– Local entrepreneurs, business leaders– Bankers, lawyers, accountants
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Technology-Led Development
• Third Frontier Program• Ohio Tech Angels – 2nd largest in
America• TechStart: $22.5 million venture
development program• Coached 1,153 startups over five years• Invested 16.4M in 93 technology
startups• Raised $338M for funded/incubated
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Technology-Led Development
• TechColumbus– Award winning technology incubator– 750+ members – communities, businesses
and individuals– The nation’s only non-profit IT testing lab
and data center– 15 county region– Satellite community entrepreneurial
centers
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City of Dublin
• TechColumbus partnership• Demographics• Economic Development Team
– 3 City employees, 7 consultants
• DEC Team– 3 City employees, 4 entrepreneurial contractors
• Key initiatives• Setting conditions
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City of Dublin
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Dublin Entrepreneurial Center
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Dublin Entrepreneurial Center
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Dublin Entrepreneurial Center
• Not an Incubator??• Economic Development Team initiative• 45,000 square feet – 4 floors• April 2009 - Grand opening (95%
empty!)• 2009 Goals – Brand Facility, Flexible Space, Establish
Programming & Resources
• 22 companies by end of 2009
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Dublin Entrepreneurial Center
• April 2010 – 1 year anniversary• 2010 Goals – Continue ‘09 Goals
– Plus expand to 2nd Floor, develop Green Integrator
• Green Integrator – 12 green companies• 2010: 200+ events & 3,000+
attendees• Entrepreneur Camp – Dublin
Apprentice• 1st Quarter 2011: 53 companies
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Dublin Entrepreneurial Center
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Dublin Entrepreneurial Center
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Dublin Entrepreneurial Center
• How?– Think, plan, and speak forward– Deliver– Team
• “We” accomplishes more than “I”• No room for egos or agendas
– Flexibility– Market the audacious & exceed
expectations
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Dublin Entrepreneurial Center
• Why is it successful?– Setting the conditions– Vision and direction– Hands-off leadership– Committed team– Self-organizing groups– Diversity – Talent Rich– “Arms wide open”
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Dublin Entrepreneurial Center
• What is important?– Company success– On-site expertise– Community– Collaborators
• SBDC, CIFT, ALT, JASCO, TechLife Ohio, BW3’s, Worley Law,• Possitivity, Huntington Bank, Sunny Street Café, Vivid Front• High Speed Air, Commercial One Realty
– Education and networking– Branding
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Dublin Entrepreneurial Center
• What is being planned for 2011?– Global Economic Development Center
• Expansion to 1st floor• Leveraging international demographics• Identifying resources, Collaborators, external
groups• Hosting initial events beginning in April
– Expansion of Entrepreneur Camp– Café?– The Sky is the Limit
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Thank You
Rick CoplinVenture Development
Director
TechColumbus
Email: [email protected] LinkedIn:
www.linkedin.com/in/rickcoplin Twitter: www.twitter.com/RickCoplin
Blog: MidWest TechBizhttp://rickcoplin.blogspot.com
www.techcolumbus.orgwww.DECinDublin.com
Chaz FreutelOwner
Get-U-ConnectedGreenVenturePartners
Email: [email protected] LinkedIn:
www.linkedin.com/in/chazfreutel www.Get-U-Connected.com
www.DECinDublin.com
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