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 gov’t, 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 Iowa’s 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 BPC’s are Locally Designed, Owned and Managed BPC’s 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 doesn’t 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 can’t 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 cvc@iastate.edu cvc@iastate.edu E-mail: cvc@iastate.educvc@iastate.edu Website: www.cvcia.org