STRATEGY 2: Grow existing businesses and industries in the region.

Objective Priority Actions

A. Diversify the region’s economic base towards highskilled jobs.

1. Increase the number of high-skilled jobs across the region by 25 percent over the next five years to attract more workforce.

B. Create and provide an ondemand library of resources, guidance, and training.

1. Work with government organizations and other departments across the IND15RPC region to create a list of documents and resources and create a website to house the materials. [See Governance Strategy 3, Objective 2]

2. Work with local businesses and industries to determine what information and other materials they need help finding and create a website to help redirect and connect people to additional resources, training courses, education opportunities, and other programs.

C. Develop a more robust directory of resources & opportunities for businesses and the community.

1. Work with local businesses and industries to determine what type of information and opportunities they need help finding and create a website to redirect them to those resources.

D. Coordinate “Buy Local” holidays for the entire region to support the recovery of downtowns or commercial districts.

1. Create an annual event that supports local businesses and markets the event to encourage residents and visitors to shop.

2. Work with local businesses to help market the event by encouraging extended hours, sales, and partnering with other local events such as festivals, farmer’s markets and the national “buy local” Saturday after Black Friday.

Objective Priority Actions

E. Develop e-Commerce training and assistance programs for small businesses to diversify and expand their customer base.

1. Work with experienced individuals who specialize in E-commerce training to create a class for people who are looking to integrate new methods and expand their business.

2. Develop a brochure, handout, or other informational pamphlet with resources to help business owners learn about e-commerce, its benefits, and how to integrate the technology into day-to-day business operations.

F. Promote the development of underutilized spaces by re-imagining new uses and matching new business owners with building owners.

1. Create an inventory of buildings across the IND15RPC region that are vacant and market them for new uses to attract developers and business owners.

G. Encourage businesses to reevaluate their business plans and redefine themselves and their markets.

1. Encourage business owners to learn about business operation models from the small business administration to increase business and create a better work environment for employees.

2. Develop a mentoring program that matches business owners together to allow for the sharing of knowledge and experiences including how to weather down markets and re-invent and pivot in their markets.

1. Contact the SBA and develop a relationship with the local representative to provide resources and information to the businesses in the region.

H. Work with the Small Business Administration (SBA) to provide local classes about running a business, business registration, and other resources the SBA offers.

2. Utilizing existing platforms, connect small businesses to the SBA to take advantage of everything they have to offer.

3. Identify first-time business owners who might need extra help to succeed. These could include women, minority, or immigrant populations who are starting a business for the first time and need additional resources.

Strategy 3:

Foster an environment that promotes innovation through support for entrepreneurialism, micro, small, and medium-sized industries from within.

About The Objectives

The third strategy is focused on growing innovative opportunities locally across the IND15RPC region. It is important to note that while the region can attract existing businesses from outside the immediate area to come to the area, there could be several young entrepreneurs with ideas but no money or place to begin starting their businesses and experimenting. Local businesses and governments can help grow local talent by supporting these residents and helping to provide space, funding, and equipment to use to get started.

There are five objectives that help support this strategy.

Angel Investors

Angel investing is when a private investor provides financial support for small startup businesses and entrepreneurs in exchange for partial ownership of the business. Angel investors could be family, friends, or someone who believes in the entrepreneur or business endeavor. Most often, angel investors help a business startup but can also help bring in additional support if the company is new and just starting up.

One of the benefits of angel investing is that the investor can add value to the company through knowledge of running a business, their own contacts, and attracting additional financing. A person who just started a business with limited knowledge and experience will experience difficulties, but with support will be able to not only learn about the hardships but address them with the help of the investor’s previous experience. Similarly, a person who just starts a business likely does not have any personal contacts. The investor can open the door to being able to network and meet with additional contacts the investor may have. So long as the startup is successful, the angel investor can continue to help leverage funds from other sources including contacts and venture capital funds.

Additionally, angel investing is different than applying for and receiving a loan. Loans are required to be paid back on top of collecting interest. Angel investors invest their personal funds in exchange for ownership in the business instead of requiring that the initial investment is paid back. There is the risk of the angel investor not making the investment back if the business fails. If the business grows then both the entrepreneur and investor benefit.

Incubators and Makerspaces

Incubators and makerspaces are shared spaces for people to share materials, tools, and expenses. These places are often used by entrepreneurs who are trying to create a product or launch a business at a more affordable rate. The idea of sharing materials and tools allows those who may not have the disposable income to buy their own materials and tools the ability to use them for very little cost. Since these spaces are often designed with the intent of allowing people to be collaborative and work in groups, people may decide to partner up and create a business or product together instead of working independently.

Incubators and makerspaces are different from one another. Incubators specifically target businesses that are technologyfocused including software development and other STEM fields. Mentors, high-level education opportunities, and networking are a few resources that would be found in these spaces. Makerspaces differ slightly from incubators in that they are more of a learning space that combines similar experiences of being in a classroom and industrial center. The space allows for people to use any available equipment and materials at a low cost and help entrepreneurs start their businesses.

What are Entrepreneur in Residence Programs?

Most often, the main objective of entrepreneur in residence (EIR) programs is to bring venture capitalists and entrepreneurs together and start their partnership. These programs already have a management team integrated into them, which means venture capitalists do not have to find one to work with themselves, and the management team helps to notify venture capitalists of ideas to invest in.

These entrepreneur in residence programs can vary slightly depending on who owns the program. Some businesses may use a similar approach but have a consultancy focus. This means that instead of investing in a person’s idea, the business would bring in entrepreneurs directly to help solve problems or come up with new ideas. Typically, these entrepreneurs would be experienced in the field of work.

Entrepreneur in residence programs can be government-sponsored where money is given to the program to help drive entrepreneurship across the county. EIR programs can also be created by a non-governmental agency to help improve knowledge and skills about a particular subject matter. This approach often involves investing in education, so experienced staff members would be available to help guide entrepreneurs. Finally, EIR programs can be set up through a specific organization or business. The main reason an organization would start an EIR program is to work towards optimizing business operations and to increase sales or come up with new ideas. They can be used by businesses to bring in experienced individuals who can offer expertise in other matters as well, especially if a business is trying to enter a market it is not currently a part of.

Objective Priority Actions

A. Identify angel investing networks to develop a business accelerator program for the region.

1. Identify angel investing networks and make presentations about business ideas and products.

2. Market innovative programs and the entrepreneurial spirit of the communities across the region to attract investors and programs.

B. Create an innovation ecosystem by providing incubators and makerspaces.

1. Develop spaces that can be made available for innovators, entrepreneurs, and others looking to learn and expand their skills for an affordable price or membership fee.

2. Encourage the development or rehabilitation of sites that are easily accessible to members of the community.

3. Partner with local businesses and industries to help fund equipment and materials, teach skills, and seek out talent for their own companies.

C. Build awareness around business support programs and resources in the region.

1. Develop a group for business owners, entrepreneurs, and other professionals to meet and talk about business operations.

2. Develop a list of resources for various business support needs including marketing, hiring, e-commerce, dayto-day operations, problem-solving strategies, and updating business policies.

Objective Priority Actions

D. Provide counseling, mentoring, and other instructional programs for startups, and facilitate innovators bringing new technology to the regional marketplace.

1. Reach out to experienced professionals and business owners who could help mentor and guide young innovators, entrepreneurs, and business owners through the hardships of starting businesses.

2. Encourage bringing in other professionals from outside the region to host seminars and events about business.

3. Create a program or conference opportunity for showcasing ideas and new business opportunities to investors and other business owners who might be interested in starting a business within the IND15RPC region.

1. Identify future industries the targeted industry study that are critical to the region in the future.

E. Create an industry review council to provide insight and expertise on skills, technology, and commercialization opportunities.

2. Identify a broad cross-section of leaders within the community from a variety of businesses and industries including those that are associated with these targeted industries, educators, economic development professionals, etc.

3. Form the council to provide input to the IN15RPC Board and committees as well as other municipal and county governments who may prepare policies that impact the attraction or expansion of businesses to the region.

F. Promote and market “Entrepreneur in Residence” programs.

1. Develop and support a model entrepreneur-inresidence program that can be used by businesses across the region.

2. Create an informational brochure about entrepreneur in residence programs and why they are beneficial for both employers and employees.