Agenda

• Welcome/introductions• Program history and expectations• Agency roles• Discussion on Entrepreneurship• What and who in a community?• Important Dates.• Adjourn

History

• Economic Development Working Group– Stakeholder Survey– Statewide Response– Primary Focus of ED Professional

• Business Attraction, BR&E, Infrastructure Development

– Formal Training and tools on ED reflects primary focus (Conferences, BBC, OJT etc…)

– Entrepreneurship was identified as a medium range focus, However…..

History• Entrepreneurship is at the top of the list of

tools that respondents want to learn more about and become familiar.

• Entrepreneurship is a key driver in local economies wanting to diversify.

• ED professionals want to learn more about grants/loans and how one might support small business startups and sustaining businesses who want to grow. We are seeing this in some recent independent examples.

HEA 1252 (2011)

• IEDC/SBDC and OCRA are charged with connecting business proposals of students enrolled in an entrepreneurial program at in-state educational institutions to communities interested in seeking new business attraction.

OCRA

• Establish a Program for Students

• Promote a Program with OCRA

• Review Student Business Plans with SBDC

• Conduct preview event and auction

IEDC/SBDC

• Engage Communities with potential of the program

• Promote a Program with SBDC

• Review incentives and assist in preparing bids

• Participate in preview event and auction

What does this mean for Students?• Provide Opportunity to match a business plan

and ideas.• Seek input from experts in field.• Make a pitch to potential supporters of their

plans.• An opportunity to embed in a welcoming

community and have a support system.

What does this mean for communities?

• Exploring potential and partnerships• Exploring incentives

• What can the community bring to the table?• Are there regulatory parameters?• Does not have to be monetary

• Finding the right match• Managing expectations

• Failure is a possibility.• Responding to challenges

Entrepreneur

• What is the definition?

• What does it mean?

• Young people are looking more at quality of

place

• “Mom and Pop” vs “Gazelle Hatching”

• Legacy transfer.

• Resource and Research (SCORE, Kauffman)

Community Thoughts

• Infrastructure• Human Capital• Assets• Surveys• Plans• Ordinances• Incentives• Quality of Place

“Incentives” to Consider• Experienced entrepreneurs who can serve as mentors• Active network of peer entrepreneurs• Attorneys with expertise in intellectual property• Accountants and business services (marketing, graphic design, etc.)• Pool of qualified potential investors• Available space at reduced or no cost• Health insurance• High-speed broadband• Presence of patents and intellectual property • Openness to Diversity• Other young people (i.e., young professionals network)• Community amenities

Community Thoughts• What assets are there to stimulate start-up businesses?

• Who should be on the community team to attend the April 25 session?

• What should be part of the community plan/ordinances to attract business in general?

Dates to remember

• March 15 Monticello-Ivy Tech• March 22 Indianapolis-Government Center• March 28 Scottsburg-Mid-America Tech Park• April 5 Huntingburg-TBD

– Register at: http://www.in.gov/ocra/2654.htmALL TIMES for the Regional Workshops: 9-11:30AM

• April 25 Young Entrepreneur Expo• University of Indianapolis

What to Expect

• Overview and update of the program• Examples of entrepreneurship in communities• Brainstorming session• Who should be part of the team at the exposition on

April 25.• One on one Technical Assistance with the YEP team.

Timelines

• OCRA– Work with Communities

on bid packages on if a good match is found.

– Community submit bids after April 25 event.

– Announcement in June

• IEDC– Continued engagement

with Student finalists– Assist student in

selecting bids from communities.

– Announcement in June

Questions?

Thanks to:

• Indiana Small Business Development Center• Indiana Economic Development Corporation• Purdue Center for Regional Development• Ball State University-Building Better Communities• Rural-Urban Entrepreneurship Development Institute

at Indiana State University• Center for Applied Research at University of Southern

Indiana • Indiana Economic Development Association

Contact Information• ISBDCNoelle DunckelProgram Coordinator--ISBDCOne North Capitol, Suite 700Indianapolis, Indiana 46204317.232.0160ndunckel@iedc.in.govwww.isbdc.org

• OCRAMichael ThissenSenior Advisor-OCRAOne North Capitol, Suite 600Indianapolis, Indiana 46204317.509.0657mthissen@ocra.in.govwww.ocra.in.gov