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NEXT STEPS: Open For Business CVC Business Plan Competition Network Community Vitality Center

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NEXT STEPS: Open For Business CVC Business Plan Competition Network Community Vitality Center A Catalyst for Creating Real Impact in Real Communities – PowerPoint PPT presentation

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Date added: 11 August 2019
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Learn more at: http://www.cvcia.org
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Title: NEXT STEPS: Open For Business CVC Business Plan Competition Network Community Vitality Center


1
NEXT STEPS Open For Business CVC Business
Plan Competition Network Community Vitality
Center
  • A Catalyst for Creating Real Impact in Real
    Communities

2
Community Vitality Center
  • The mission of the Community Vitality Center
    (CVC) is to serve as a catalyst for innovative
    projects and initiatives designed to improve the
    vitality of non metro communities.
  • Community Entrepreneurship
  • Community Philanthropy
  • Community Vitality Policy Studies

3
Entrepreneurship in the U.S.
  • Global Entrepreneurship Monitor (GEM) estimates
    10.5 of adult U.S. population is engaged in
    entrepreneurial activities
  • 36 of U.S. Entrepreneurs are age 45-64
  • 1 female Entrepreneur for every 1.5 male
    entrepreneurs, with parity in 45-65 age bracket

4
Entrepreneurial Participation
  • GEM- Highest U.S. Entrepreneurial participation
    are those with high school diploma
  • Entrepreneurs without a high school diploma tend
    to focus more on self-employment
  • Those with college degrees tend to have
    alternative employment opportunities

5
Micro Entrepreneurs 5 or less employees
  • ISED - Aspen Institute Low-Income Entrepreneurs
    reduced reliance on govt. assistance by 61
    percent or 1,679 per year.
  • 72 of low income micro entrepreneurs experienced
    gains in household income over 5 years. Average
    gain was 8,485.
  • 53 moved out of poverty
  • CFED- 49 of low-income micro entrepreneurs
    survived 5 years comparable to national avg.

6
Entrepreneurship in Iowa CVC - 10 Community
Forums
  • CVC- 50 of Participants Entrepreneurs
  • 32 involved in a startup business
  • 19 thinking about starting a business.
  • Generated 20 Ideas for
  • Community Entrepreneurship Checklist
  • (see www.cvcia.org)

7
CVC - 10 Community Forums
  • 88 favored local partnerships and community
    initiatives to create entrepreneur development,
    business startups, seed capital programs.
  • 67 favored linking local entrepreneurs to
    regional expertise, networks, regional
    development groups, and industry clusters for
    specific ventures.
  • 11 favored self-help entrepreneurship solely as
    a private sector initiative without public
    sector involvement.

8
CVC Communities of Distinction
  • 8 nonmetro communities, 75 leaders local govt,
    econ. develop., healthcare, education
  • All identified at least one homegrown business
    started in an earlier decade but is now a major
    employer in the community.
  • None could identify local entrepreneurship
    programs in place beyond revolving loan funds.
  • All were very interested in what could be done
    locally on a cost-effective basis, underscoring
    Iowas potential.

9
Open For Business
  • Concept Join CVC Network Sponsor a Local
    Business Plan Competition
  • Encourages Business Start-ups Locally
  • Establishes a Venue to Identify, Attract,
    Develop Local Entrepreneurs
  • Sends Message that Community is Willing to
    Encourage Support Entrepreneurs
  • Sends Message that Community IS Open For Business!

10
Business Plan Competitions
  • Brings Forth New Ideas for Potential Businesses
  • Encourages best practices in business plans for
    developing viable enterprises
  • Business Plan Competitions can be designed to
    offer technical and financial assistance to the
    best and most viable potential projects
  • BPCs are Locally Designed, Owned and Managed
  • BPCs builds local community E-ship capacity

11
CVC-Community BPC Network
  • 7 Iowa Communities sponsoring BPCs
  • 5000 to local sponsor to help organize
  • 1000 for Extension Involvement
  • 1000 for regional SBDC Involvement
  • Community must locally pledge 10,000 or more in
    Awards for BPC winners
  • Share Lessons-Learned and Best Practices at
    Annual Community Entrepreneurship Academy

12
Getting Started 1. Organize a Community
Entrepreneur Development Team
  • Organize a broad-based CED Team
  • Entrepreneur support is different from other ED
    Strategies
  • More networks more potential business prospects
  • Inclusiveness contributes to success as long as
    Executive Committee can manage process

13
Who Should Be on The Team?
  • Attorney
  • Accountant
  • Banker
  • Business Start-up Services
  • Insurance
  • Successful entrepreneurs
  • Existing companies interested in growth
  • Development Corps/Chambers
  • Utilities
  • Angel Investors
  • Local Colleges
  • Local Extension
  • Regional SBDC
  • K-12 School Tech Entrepreneur Teachers
  • Healthcare Entrepreneurs
  • Local Government
  • Potential Mentors
  • Local spark plugs
  • Community Benefactors
  • Ag Entrepreneurs
  • Faith-based groups

14
2. Conduct Local Inventory of Entrepreneur
Development Assets
  • Map local assets using CVC Checklist
  • Provide a one point of contact for entrepreneurs
    to access local information and networks
  • Create a resource notebook for contacts and
    referrals
  • Raise awareness of what is available and how to
    access local networks

15
3. IF CED Team Sees BPC as Priority 10
Important Tasks!
  • 1. Develop Outline of Program Timeline
  • 2. Seek Pledges (cash or in-kind) for BPC
    awards
  • 3. Apply for CVC-BPC Network mini-grant
  • 4. Identify Select Judges
  • 5. Develop Application, Marketing Publicity
    Plan

16
CED Team 10 Important BPC Tasks!
  • 6. Accept Screen Applications
  • 7. Offer training (SBDC Fast Track, etc.)
  • 8. Review Screen Business Plans
  • 9. Select and judge finalists
  • 10. Follow-up w/startup assistance pledges

17
Other Suggested Tools
  • Develop a list of gaps or niches that would
    be a welcome addition to the entrepreneurial
    support system in your community
  • Conduct workshops to assess alternatives for
    filling the gaps and niches locally and/or by
    building linkages to external resources
  • Create entrepreneurial peer groups and mentoring
    networks so each entrepreneur doesnt have to
    re-invent the wheel
  • Fairfield Entrepreneurs Association
  • Ag Ventures Alliance
  • Entrepreneurs say they learned 85 of what they
    know from other Entrepreneurs

18
Questions to Ask and Answer on Business Plan
Competitions
  • Why create a business plan competition?
  • How would we fund prize dollars?
  • What kind of criteria should we use?
  • How should we select judges?
  • What types of business plans do we want to
    encourage? Targeted industry clusters?
  • What happens if the winner cant secure 100 of
    capital? Are there local coaches mentors?
  • How should we promote the competition?
  • How should we manage the competition as it
    progresses?

19
Community Vitality Center
  • Dr. Mark A. Edelman, Director
  • Phone 515-294-3000
  • E-mail cvc_at_iastate.edu
  • Website www.cvcia.org
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