Grow the Future- Part 3: Talent Attraction and Amenities Key Factor in Owensboro Growing Entrepreneurs

Talent and quality of life are two issues that go hand-in-hand in our strategy to attract and grow entrepreneurs in Greater Owensboro. Quality of life and amenities are the Number One Factor in young people choosing a place to live. Greater Owensboro must give equal weight to the attraction, development and retention of a young professional workforce as has been given to the attraction of new companies. To do this the community, through the Grow the Future Partnership, will develop a strategy to both develop and recruit human capital to the region.

Human capital plays a much more important role in the success of companies and communities. Skilled human capital is at a premium. Not only do employees switch jobs more often, the growth rate of the workforce is slowing. Cities today are competing furiously to attract and retain the coveted demographic: highly skilled workers ages 25-44. Research has shown that young professionals such as these look for a place to live first, and then they find a job, as a result quality of life amenities are critical in attracting and retaining this age group.

It is no longer the job that is the lure, it is the community itself. The good news is that many entrepreneurs are choosing smaller towns to avoid business unfriendly environments of large urban areas. But a vibrant scene of entertainment, arts, and a thriving downtown-- with residential areas, loft spaces and an “urban village” --can serve as a magnet in attracting people here. One glance at the Inc. 500 list of high growth companies and you will notice that many entrepreneurs are growing their companies in towns and regions much like Owensboro!

Finally, our partnership will work to plant the seeds of entrepreneurship in our young people to let them know that they can create opportunities for themselves and compete in a global marketplace right here in Owensboro. Programs such as Junior Achievement- high tech style-- and enhanced opportunities in science, technology, and engineering at our high schools, colleges, and universities will get our young people excited about applying the technology that surrounds them into commercial ventures at home. All will help cultivate an entrepreneurial culture to “Grow the Future.”

Grow the Future- Part 2: Emerging Ventures Center for Innovation provides Support for Entrepreneur Growth

Our effort to “Grow the Future” by supporting homegrown high growth companies will gain momentum this fall with the opening of the Emerging Ventures Center of Innovation, part of the Greater Owensboro Commerce Center economic development partnership. Emerging Ventures brings together in one location the resources entrepreneurs need to make their ventures successful.

Emerging Ventures will include the a new Owensboro Office of the Central Region Innovation and Commercialization Center, part of the Kentucky framework that supports high technology development. Linking Owensboro to the state ICC –framework will be critical to growing capacity to support high tech company growth, particularly with the assets and developments in the biotech-oriented plant natural product industry.

The region is building a high tech cluster through Kentucky Bioprocessing and the Owensboro Cancer Research Program, which is a partnership between the University of Louisville’s James Graham Brown Cancer Center and the Owensboro Medical Health System. These partners are working together to perform cutting edge cancer research, work with start-up companies developing drugs, and provide full scale bioprocessing of pharmaceuticals and plant natural products.

“Many of the products on which KBP works will be developed by individuals, university researchers and very small companies,” said Hugh Haydon, Chairman of Kentucky Bioprocessing. “This new program is a strong tool in helping to attract and grow these companies and is good news for both Owensboro and KBP.”

Kentucky BioProcessing offers a unique pilot and full-scale bioprocessing facility with the physical, human and intellectual infrastructure in place to complete any processing without excessive experimentation. It offers small start-up companies huge savings in capital expenses. KBP has created a program that can work with multiple companies and start-ups in the life science industry.
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Emerging Ventures will provide technical support and start-up assistance to entrepreneurs, scientists, and small business people perfecting and maturing their ideas and business concepts. It will be located on the Third Floor of the Commerce Center with an anticipated opening in the Fall 2007.

Emerging Ventures is a public-private partnership. Private investment has come from the Owensboro Medical Health System, U.S. Bank, and the Messenger-Inquirer. Public funding has come from the City of Owensboro, Daviess County Fiscal Court and the Central Region Innovation and Commercialization Center.

In addition to the Central Region Innovation and Commercialization Center, Emerging Ventures will include the office of the Owensboro Small Business Development Center operated through Murray State University, and the Owensboro Chapter of the Service Corp of Retired Executives (SCORE). For detailed information about the services provided by Emerging Ventures, please visit the website http://edc.owensboro.com/entrepreneurship/Emerging_Ventures/Index.php.

EDC Welcomes Madison Silvert, October 1

On Monday the Greater Owensboro Economic Development Corp. will welcome Madison Silvert as the organization’s first-ever vice president focusing solely on entrepreneurs, high growth and high tech business development. For a review of Silvert’s background, click here to read Keith Lawrence’s Messenger-Inquirer article about him being named to the position.

Silvert will head the newly formed Emerging Ventures Center of Innovation, part of EDC’s “Grow the Future” partnership. As this work begins to take shape, we will include several entries reviewing the “Grow the Future” partnership.

Grow the Future- Part 1: Home Grown Strategy to Make Owensboro Place “Where Entrepreneurs Grow”

At the August Rooster Booster Breakfast the EDC and Chamber of Commerce unveiled a new partnership working to make Owensboro a place “Where Entrepreneurs Grow.” The partnership includes agencies, schools, colleges, and economic development organizations called “Grow the Future” to support homegrown high growth companies competing in a global marketplace. The partnership is the result of months of planning and discussion with local entrepreneurs about the benefits and barriers to doing business in the region. The Partnership will focus efforts on four broad areas:

1. Providing supports for entrepreneurs and innovation
2. Implementing strategies to develop and attract talent to the region
3. Focusing on improved amenities and quality of life that will attract talent
4. Organizing community seed capital and assets to support business start-up.

To remain competitive Owensboro must think differently about how to foster sustained economic growth in these ultra-competitive times. Regions like Owensboro cannot count on business recruitment or outside investment as the only means for economic growth in the future. In today’s worldwide marketplace, competition no longer comes just from the business next door or county down the road. Competition can come from any person, anywhere on the globe with a good education, a good idea, and a good internet connection. For decades this region has pinned hopes for economic prosperity on landing the big one--on recruiting the big industry which will offer lots and lots of jobs. This model was quite effective, until globalization. Unfortunately, in recent years it has led to slow job growth, declining business start-ups, a reduction in the percentage of young adults in our population, a decline in the percentage of citizens with four-year college degrees, and ultimately, the feeling of powerlessness. It's time to take control of our destiny and to stop relying on Frankfort, or Washington, or a corporate CEO 2,000 miles away to ignite our economy! Greater Owensboro must give equal weight to the attraction, development and retention of a young professionals and entrepreneurs as has been given to the attraction of new companies. To do this the community will need a strategy to both develop and recruit and nurture the development of innovation and entrepreneurship. The best long-term strategy in light of the evolving economy is to build on the talent and skills already existing in the region through a homegrown strategy to support people with dreams of starting new businesses or expand existing businesses. Make no mistake; the EDC is not backing away from working to attract companies to locate in Owensboro. We will continue to work with the state and others to recruit and try to attract outside investors to our region. The recruit and grow strategies must work together—the more the region grows through our entrepreneurial efforts, the more companies and investment we can successfully recruit.

Next week: Part 2- Emerging Ventures Center for Innovation To read more about economic development strategies based on entrepreneurship please go to the following links: Economic gardening; National Assessment of Entrepreneurship; Economic Development Administration; the Future of Economic Development Today