Regional Economic Development Growing Entrepreneurs and Creating Jobs in Rural Iowa Case Study Tim Putnam Associate Director NIACC John Pappajohn Entrepreneurial Center

Who are we? John Pappajohn Entrepreneurial Center –Jamie T. Zanios, Director –Tim Putnam, Assistant Director Small Business Development Center –Ted Bair, Director North Iowa Business Accelerator/Incubator –Mark Olchefske, Director Iowa Workforce Development –Terry Schumaker, Economic Development Director

Who Do We Serve? EVERYBODY! –Start Up –Growth & Retention –Succession

We Mean Business! 44% of New Jobs come from New businesses 55% of New Jobs come from Expanding businesses 1% of New Jobs come from Relocating businesses

Services Available From NIACC & JPEC Business Counseling & Planning Financial Programs Training & Ongoing Education Mentorship's and Internship’s K-14 Entrepreneurial Education

Birth of a New Company Latham Hi-Tech Hybrids Family owned supplier of multi-stack corn hybrids Incorporated in late 2004 Established collaborative relationships with Monsanto and Latham Seed Worked with Ted Bair (SBDC) and Mark Olchefske (Accelerator) on business plan preparation and VNI presentation Currently meeting or exceeding all business plan metrics Worked with Jamie Zanios and Tim Putnam on funding sources

Latham Hi-Tech Hybrids 3 rd place ($10,000): 2006 Iowa business plan competition Venture Network of Iowa presentation $100,000 Wellmark convertible loan $400,000 in funding commitments following VNI/IVCEC Jobs - Create 60 Pro-Reps = $75,000 income in rural communities Future plans include development of “Latham University” at NIACC to train sales and service professional

Long Term Business Development Software Development Company Creates and supports computer software for the long-term care, skilled care, assisted living, and rehabilitation industries. FastTrac ® GrowthVentures ® identified business skills and honed business plan. 1997/2001 Needed funding to develop, integrate and market a comprehensive financial software and management system

Multiple Funding Sources Raised nearly $1,700,000 –IDED –North Iowa Venture Capital Fund –Wellmark Venture Capital Fund –Local Investors –Traditional Debt Financing 15 new jobs today and estimated to create total of 30 new jobs.

Positioning for Mature Growth 40 year old manufacturer of food supplements for beef, swine and other animals –NIACC JPEC/Accelerator assisted in creating a 5 year strategic plan, working on new high growth plan for next 5 years that will triple company sales from $30M to $50M –Using Continuing Education for Lean Manufacturing implementation –260E and 260F

Business Succession Manufacturer of Custom ID Plates & Labels –Owner ready to retire –Easily movable/outsourced business –Sale could mean loss of 45 jobs –JPEC worked with management team to enable purchase –Working with JPEC gave management team credibility with owner –New owners working with JPEC to implement new strategic plan –Using Continuing Education for Lean Manufacturing and VIX/Three Page Operating Plan

These People Mean Business! NIACC-JPEC: Jamie T. Zanios (641) or Entrepreneurial Education: Tim Putnam (641) or SBDC: Ted Bair (641) or Accelerator & Incubator: Mark Olchefske (641) or 260E & 260F: Terry Schumaker (641) or Smart Start & FastTrac: Dana Heimbuch (641) or Custom Training: John Schladweiler (641) or Lean Manufacturing: Jody East (641) or 3 page Business Operating System: Bill Burdick (641) or Internships: Laura Merfeld (641) or