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  • Deborah Markley Tami Hornbeck Facilitator Storyteller

    COMMUNITIESUnlimited

  • Leadership Team Welcoming Remarks

    • Vicky Williamson • Amber Thurston • Melody Harmon • Chris Brown • Ryan Lee • Charlie Smith • Brad Johnson

    1

  • Introducing… WealthWorks… is an approach to economic development that connects a region’s assets

    to market demand in ways that build rooted wealth for local people, places and firms.

    brings together a range of public, private and non-profit sector partners who have self-interest in the outcomes and an openness to discovering shared or common interests.

    focuses on building a sector rather than individual and unrelated businesses.

    Prosperity Summit Stakeholders… Take a moment to reflect on your self-interest in being here today and where you see an opportunity in Agriculture/Sustainable Agriculture. Write down on a card. Go around and share name/organization and your self-interest in this sector.

    2

  • Overview of WealthWorks Goal: Advance a region’s prosperity by building

    wealth that sticks

    WealthWorks is a bridge between community development (voice, empowerment, organizing) and

    economic development (attraction, retention, entrepreneurship).

    3

  • Principles or Design Elements 1. Focus on creating wealth, broadly defined, and

    aspire to do no harm. 2. Build lasting livelihoods by intentionally including

    economically-marginalized residents. 3. Root wealth in local people, places and firms

    through local ownership and influence. 4. Use a systems approach – WealthWorks Value

    Chains – to build value in existing and emerging sectors.

    4

  • #1: Investing in and Building 8 Capitals

    Wealth is not just money.

    Wealth is the reservoir of all assets that can

    contribute to the well- being of people, places

    or economies. Every place has wealth.

    5

  • Defining Wealth Broadly The Capital The Definition Individual Skills, education, physical health, and mental wellness

    Intellectual Knowledge, resourcefulness, creativity, and innovation

    Social Trust, relationships, and networks

    Cultural Traditions, customs, and ways of doing

    Natural Natural resources

    Built Infrastructure – for example, buildings, sewer systems, broadband, roads

    Political Influence on decision makers and shakers

    Financial Savings and investment

    All are required to grow and sustain a healthy economy over the long-term!

    6

  • Building Your Stock of Wealth Turning on the tap = Investment

    To maintain or increase the quantity and quality of the capital, you need to invest.

    7

  • Building Your Stock of Wealth Letting water out = consumption

    As long as the investment coming into the bathtub comes in faster than the water that drains out, the stock will increase.

    8

  • Building Your Stock of Wealth Reinvestment is key to maintenance

    Aspire to Do No Harm You don’t build your stock of wealth by draining one form at the expense of another.

    9

  • #2: Build Lasting Livelihoods

    “Lasting livelihoods” means… − Low-income residents are doing better today, with

    improved skills to qualify for higher-paying jobs. − They are earning more and building careers. − They are putting something aside for the future, e.g.,

    building assets, so they are more resilient. − They have better future prospects so they can give back

    their time, talent, and even treasure to the community.

    10

  • Recognize Your Assets, Including Those on the Margins

    • Many places harbor underutilized assets ̶ people’s know-how and energy, natural resources, buildings, influence, connections… – that are not contributing to the broader economy.

    • Underutilized assets can be connected, developed, and linked to markets in ways that create wealth.

    • Economically-marginalized people and places are resources – and they (and everyone) will do better if they are connected to larger economies.

    • Need to include all, but too often economically-marginal are excluded

    11

  • Many Roles for Low-income People and Firms

    • As explorers helping to identify opportunity and demand • As producers/entrepreneurs adding value to a good or service

    connected to market demand, and increasing skill and ability in the process

    • As employees of businesses producing goods or services, or of organizations supporting WealthWorks value chains

    • As consumers of higher quality/lower cost goods or services produced by or leveraged by WealthWorks value chains

    • As investors, owners, or co-owners, gaining, retaining and building wealth that sticks

    12

  • #3: Wealth without Ownership isn’t Rooted Capitals that are “owned” locally build wealth.

    • Ownership means you capture and control the flow of benefits from the capitals over time. It creates enduring, stable benefits.

    • Benefits – e.g., income, know-how, better technology – flowing from local ownership of capitals can be re-invested and re- circulated locally, enriching many.

    • Preserving local ownership or control over your capitals can increase the chances of preserving local jobs.

    • Local ownership is an anchor that helps wealth stick.

    13

  • Dimensions of Ownership

    Ownership and control looks like… − Many locally-owned businesses committed to the

    community − Local access to certificates or two-year degrees

    through the community college − Local endowment in the community foundation or

    affiliate − Other examples?

    R

    14

  • #4: Tie wealth to place and connect regionally

    WealthWorks Value Chains connect local production to regional demand to bring fresh money into rural

    communities, defined as:

    A network of people, businesses, institutions, and non-profits

    who collaborate to meet market demand for specific products or services –

    each advancing individual self-interest while together creating greater local wealth.

    15

  • Relationships…Relationships… Relationships

    • Build relationships with other community partners to focus on a sector (today’s Summit!!)

    • Build relationships with demand • Build relationships with other producers, suppliers, etc. • Build relationships with support partners (e.g., educational

    institutions, financial institutions, Cooperative Extension) • And many, many others!

    Coordination role is central and critical!

    Storyteller is here to share her experience.

    16

  • WealthWorks in Action

    Turning the challenges of region

    into opportunities by building upon assets and resources

    to develop a new economic sector.

    COMMUNITIESUnlimited

    17

  • Arkansas Delta: Landscape of Contrasts

     Poverty rate > 22%  Extractive agricultural

    economy based on commodity crops

     Many minority farmers and small scale farmers struggle to stay on land

     ADTEC renewable energy training programs can’t place graduates due to lack of jobs

     Rich with entrepreneurial spirit

     Economic base: Agriculture – Some of most fertile farmland in the country

     870,000 acres of land fallow during winter season

     Excellent network of two-year colleges

     Culture: Fried catfish, hushpuppies, french fries, living off the land – hunting, fishing farming

    18

  •  Researching Camelina varieties on ASU and PCCUA test plots since 2011 as energy crop

     Winter oilseed crop for Delta: Plant in October, harvest early May

     Crushed into oil and Omega 3-rich meal for feed

     Rotational crop for soybeans, summer vegetables

    Camelina

    19

  • 20

    Micro-Bio-Refinery

     2011: Technology developed at Mid-South Community College as a teaching tool; 200,000 gallon annual capacity

     Compact, fully automated, waterless, multiple feedstocks

     Generates ASTM standard fuel that can be blended with petroleum diesel or used alone (B100) in any diesel engine

     Interest in commercializing the technology

     Low capital investment for entire refinery installation

  • Waste Vegetable Oil

     DeWitt had successful recycling program initiated in 2012; adding WVO Recycling

     Hub of 10 county waste vegetable oil recycling district through efforts of Southeast Arkansas Economic Development District

     Cost savings for city water, sewage systems

     Sources of WVO -Jail -Hospital -Schools -Campgrounds -Lodges -Fried

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