“Coworking” places for the budding entrepreneur in Owensboro

Two locations in Downtown Owensboro, The Creme` and Emerging Ventures, are part of a cutting edge contemporary model for job creation. Here’s how:

A majority of big businesses come from small businesses, and small businesses are started by entrepreneurs... from their homes. But there are limitations to working from home, no human interaction, no place for meetings, no escape from spending most of your life at home.

"Coworking" sites are an emerging trend for a new pattern for working. Typically work-at-home professionals, independent contractors, or people who travel frequently end up working in an isolated way. Wikipedia calls coworking "the social gathering of a group of people, who are still working independently, but who share values and who are interested in the synergy that can happen from working with talented people in the same space." (http://en.wikipedia.org/wiki/Coworking)

Often times, coffeehouses with free WiFi have become preferred locations for coworking. Starbucks has found enormous success as a "third space" attracting this type of activity. In addition to Starbucks, Owensboro has two new downtown locations that are attractive "third spaces" for professionals or independent contactors to gather, both have free WiFi and a creative atmosphere found in larger urban areas. The Creme,` located on Second Street, is the new downtown coffeehouse that opened last week. The free WiFi, comfortable atmosphere, and good food and coffee will be a hit, especially when the outdoor courtyard opens just in time for the nice weather.

The second location is the Emerging Ventures Center on the third floor of the Commerce Center on Third Street. The Center, which is linked to the Kentucky Innovation and Commercialization framework and hosts the Owensboro Small Business Development Center and SCORE, has ample space for entrepreneurs to meet and work with free WiFi, a high-tech conference room and ample resources, including business counselors ready to assist.

As the community-wide "Place Making" strategy begins to develop, look for more opportunities to promote "coworking" and third spaces such as The Creme` and Emerging Ventures.

For more information about "coworking" please see the following links: http://www.cooltownstudios.com/mt/archives/001002.html, http://www.cooltownstudios.com/mt/archives/001273.html

Recruitment of Entrepreneurs, Day 2

By Madison Silvert, EDC Vice President for Entrepreneurship and High Tech Development

Chicago-- It is Day 2 here in Chicago.  Today I had the opportunity to attend a panel at the Chicago Graduate School of Business on what make entrepreneurs tick.  The panel consisted of multiple entrepreneurs, some of which were graduates of the Chicago GSB-- all very successful entrepreneurs.

Interestingly, what I learned very much validates the EDC placemaking initiative.  One of the panelists, Chris Gladwin, the founder of Cleversafe, talked about his latest venture and how he lured talent to his company.  In the software engineer field, a market where a top notch engineer can earn north of six figures a year, Chris was able to lure employees to work for him for nothing more than company equity.  The second year, he was able to pay them half of the market rate, and then eventually pay the market rate.  The idea was to ensure that his employees would be as passionate about his company as he was.  This approach for attracting talent is becoming more and more common, and it demands that, if an employee is going to take a risk by working for your company, that the employee has an attractive place to live.  It is much easier for Chris to use this tactic in a thriving area like Chicago, and would be much more difficult in a community that had limited lifestyle opportunities.  It is clear to me, now more than ever, how important the placemaking initiative is and how it ties not only to economic development, but to recruitment of industry.  Making Owensboro an attractive place to live makes it much easier for employers to attract talented people who value a quality of life that is safe, affordable and fun. 

Following the panel, I was able to meet with several Chicago GSB students about the unique support structure we have for them in Owensboro, and I was able to meet with one individual that is already interested in incubating a business here, much in the way Agent511 has chosen to do.  All in all, Chicago is proving to be fertile ground for entrepreneurial recruitment.

Recruitment of Entrepreneurs, Day 1

By Madison Silvert, EDC Vice President for Entrepreneurship and High Tech Development

CHICAGO--A key to the future economic vitality of our region is entrepreneurship. Small businesses create two out of every three new jobs and account for roughly half of the country's workforce. (see http://www.whitehouse.gov/infocus/smallbusiness/)

As part of my charge as EDC Vice President, it is my responsibility to recruit talent, in much the way we have traditionally recruited manufacturing-based businesses. The idea is to find people who are willing to start their new business in Owensboro.

Today is part of a two day trip for me to the Chicago Graduate School of Business where I hope to find some young entrepreneurs willing to leave the big city behind and start their new business in Owensboro. Already, Jay Malin of Agent511 has announced (http://www.messenger-inquirer.com/Story/venture-clubm28) that he will be using Owensboro as the city in which to incubate his exciting text message marketing company, started with Owensboro native, Ankur Gopal. I met with Jay today to discuss any strategic needs he might have as the company begins to roll out its service in the Owensboro area.

Hopefully others like Jay will realize the benefit of utilizing the untapped market in our area, choosing it over the more saturated markets of Chicago, New York or Los Angeles. A trip to the Chicago Graduate School of Business proved informative, as I attended a classroom panel of entrepreneurs who had started everything from a consulting firm to a financial software company. Members of the class had the opportunity to speak with me about the excellent support available to entrepreneurs in Kentucky and Owensboro, specifically. I was able to espouse the benefits of locating in a city that provides access to startup capital through the city's eMerging Ventures Fund and the state's Kentucky Enterprise Fund, the counseling and mentoring support available through the EDC, Murray State's Small Business Development Center, and the Service Corps of Retired Executives, as well as access to angel investors through the Owensboro Venture Club. It was clear to me that these young entrepreneurs were impressed with the level of support that is available to them in Owensboro, and I will hopefully be hearing from some of them soon.

Tomorrow I will head back to the University of Chicago, and I hope to visit some business accelerators in Chicago to learn some practices that might translate well to our region.

Place Making Strategy on You Tube

The Greater Owensboro Economic Development Corp. in conjunction with the Downtown Development Authority have proposed an aggressive planning process for the future of the region. The “Economic Development through Place Making” initiative will help make Owensboro competitive in the race for talent and investment in the coming years. Click the following link to see the video about the initiative on YouTube: http://www.youtube.com/watch?v=6xVReGyrda4

Work of this level of expertise and scope has never done before in our community. When complete, this initiative will present a step-by-step guide for revitalizing downtown and promoting other growth corridors through:

• New pro-growth policies and incentives
  
• Comprehensive regulatory and code reform
  
• New design and venues with fiscal guidance as to how to leverage public funds for certain projects that can make them a catalyst for future growth
  

The key to future economic vitality for the next 20 years, for over 20 million people from families and young professionals to retiring baby boomers is livability. Place Making is a strategy that communities are using to promote livability. Attracting people with attractive places! A central feature of this is downtown development, but the approach deals with other growth corridors around the region.

This initiative will bring a high level of professional expertise through a customized team to work with our community, with a perfect blend of local, regional, national, and international talent. The strategy will integrate these areas to our downtown and growth corridors

• Linking Riverfront development project to downtown
  
• Live/work and mixed-use development


• Entertainment, residential, and retail venues blending into downtown as an “urban destination.”
  

This was the number one recommendation from We the People. It is also a central theme of the City of Owensboro Strategic Vision—all around it is a recognized community priority.

Owensboro improves ranking on Forbes survey

Owensboro ranked 52nd among 179 smaller metros as good places to start businesses or careers, according to the Forbes Magazine 10th annual Best Places for Business and Careers survey. The ranking include the 112,000 metro area, which includes Daviess, Hancock and McLean counties

Owensboro ranks fourth among the nation's smaller metropolitan areas in the number of colleges per capita.

"Most of the top 50 are towns with large colleges and universities or state capitals," said Nick Brake, president of the Greater Owensboro Economic Development Corp. "Any time you rank that high on a survey in a publication like Forbes, it's good."

Sioux Falls, S.D., topped the list. Saginaw, Mich., came in last.

Owensboro ranked high compared to the 10 peer communities across the country used for measurement comparisions. The only two that came in higher than Owensboro were Dubuque, Iowa (18th) and Jonesboro, Ark. (46th).

In Kentucky, Bowling Green was 12th among smaller metros. Elizabethtown ranked 120th in the survey.

Among large metros -- 240,000 people or more -- Lexington ranked fifth; Louisville, 91st; Hopkinsville-Clarksville, Tenn., 117th; and Evansville-Henderson, 136th.

Owensboro's ranking by category shows:

Colleges: 4; Cost Of Living: 17; Crime Rate: 46; Cost of Doing Business: 47; Income Growth: 80; Net Migration: 110; Job Growth: 118; Educational Attainment: 131; Culture & Leisure: 142
Forbes said in the article, "Common themes for the business-welcoming metros include solid job growth, an educated labor supply and low business costs. Interestingly, six of the 10 metro areas are anchored by capital cities; maybe lobbyist spending boosts an economy."

To see the Forbes list go to the following link: http://www.forbes.com/2008/03/19/best-business-cities-biz-bestplaces08-cx_kb_0319places_land.html

EDC and others working on Film Incentive Legislation

EDC officials have been working with film producers from Hollywood on using Owensboro as a location for motion pictures. Feature films such as these spend approximately $200,000 per day of shooting. Production spending has an economic impact multiplier of 1.695, which is higher than three-quarters of all other industries.

The entertainment industry, including motion pictures, is currently the largest export industry of the United States. Owensboro specifically and Kentucky in general have a unique window of opportunity to attract several motion pictures throughout the coming year, provided an appropriate incentive package is approved.

House Bill 756, sponsored by Representative Tommy Thompson of Owensboro, creates new sections of KRS Chapter 148 to provide individual income tax, corporation income tax, limited liability entity tax, and sales tax incentives for locating a film production facility in Kentucky or filming or producing a motion picture in Kentucky.

HB 756 will encourage…

• Filming and production of motion pictures in Kentucky
• Development of a film industry in Kentucky
• Increased employment opportunities for Kentuckians within the film industry
• Development of state-of-the-art production and post-production infrastructure in Kentucky

Current Kentucky law allows for only a 6% sales tax refund for motion picture production expenditures. HB 756 would create the new incentives for qualified productions in Kentucky. The key ingredient of an incentive package is a transferable tax credit.

The filming and production of movies, TV pilots, series, commercials and corporate videos can bring a healthy flow of revenue to a state. Many other states are already realizing the economic rewards, and it’s time for Kentucky to do the same.

Find your Representative at www.lrc.ky.gov/Legislators.htm

Call 502/564-8100 or e-mail and ask your Representative and Senator to support HB 756.

EDC to Facilitate Community “Place Making Strategy”

EDC will facilitate the development of a bold urbanization and comprehensive implementation strategy to foster “Economic Development through Place Making” for the region.

The process will create a customized team of professional experts in town planning, urban design, public-private financing, and community facilitation. The strategy will be tailored to local needs promoting economic growth and development, focusing on downtown and new destinations, such as around the proposed hospital location. In addition to the EDC, the process will work in conjunction with the newly created Downtown Development Authority and the Downtown Development Corp.

During the past 12 months the community has been engaged in a vibrant discussion of how to make the region more attractive to people. Much focus has been on the development of downtown Owensboro. Others have focused on amenities such as retail, recreational, and entertainment venues both in downtown and in new destinations such as near the new hospital and highway 54. A top priority from the “We the People” process was to transform downtown and insist on a well planned suburban expansion. An urbanization strategy is a key component of the newly adopted City of Owensboro Strategic Vision and a priority for the Daviess County Fiscal Court.

“There is a phenomenal global competition for capital to fuel economic growth in our world today,” said EDC President/CEO Nick Brake. “More now than ever, capital is defined as people or more specifically talent. And the key to attracting talent is livability. This is true for young professionals, growing families, as well as the retiring baby boomers—the key to making any community attractive over the next 20 years for over 20 million people is livability.”

“We want to facilitate a process for the community focusing our efforts on a concept called ‘place making’—attracting people with an attractive place,” said EDC Board Chair Darrell Higginbotham. “We are clearly at a critical crossroads in making Owensboro the place that attracts people.”

“The timing is right for an initiative like this,” said Fred Reeves, Executive Director of Downtown Development. “This effort will put our ideas into practice using professional expertise with a roadmap of how to make it happen.”

The implementation strategy will:

• combine the disciplines of town planning, urban design, public-private financing, and community facilitation, focusing first and foremost on implementation


• include form-based codes and transportation strategies that harness the market’s ability to sustain growth


• tie together a physical implementation strategy for downtown development; new destinations that build on the history of regional entertainment; and the integration of in-town neighborhoods and employment.


• focus on downtown Owensboro as a key player in driving growth and reinvestment in the region. Downtown is critical to the development of a long-term, sustainable growth policy for the region.
  

The EDC looked at several planning groups and development organizations around the country in order to find a customized team for Owensboro. Two experts will visit Owensboro and meet with several groups this week.

Scott Polikov of Gateway Planning in Texas and Michael Huston of Wallace Roberts & Todd, an urban designer who grew up in Owensboro and graduated from Owensboro Catholic High School will form a core of the team. Other members of the team will include an economist/ market analyst, an expert in retail, entertainment venues and convention centers, a professional planner with understanding of zoning and code development, a transportation engineer, and an expert in downtown residential housing.

“The team approach is very flexible,” said Brake. “Any consultant or existing feasibility study can easily be plugged into the work of the team.”

“It will cost money,” said Higginbotham. “And it is our hope that private individuals and corporate citizens of the community can pull together to fund this effort with the EDC and other groups working as facilitators and implementers.”

The initiative will initially focus on the following tasks:

1. Initial infrastructure capacity analysis, streetscape and architectural assets and market assessment, including an identification of key civic, employment, residential, preservation assets.


2. Initial key stakeholder outreach


3. Assessment of regulatory (codes), policy, taxing structure and Certified Institute of Planners (CIP) context


4. Market analysis and trends development scenario identified for baseline


5. Transportation, connectivity, parking and pedestrian assessment


6. Assessment of downtown housing opportunities


7. Community design workshop


8. Development of downtown master plan


9. Fiscal impact and capacity analysis for incentives


10. Identification/support for catalytic projects


11. Development/support of RFQ for developer of arena/hotel/entertainment destination


12. Development of Form-Based Code


13. Community meetings/support for adoption of master plan, code and incentives program


14. Refinement downtown management structure and support for RFQ process for developer of catalytic project.
    

The public reception and discussion about the “Economic Development through Place Making” Strategy will be held on Wednesday, March 19 at Emerging Ventures Center for Innovation on the Third Floor of the Commerce Center.

To make an investment or financial contribution to the Place Making Strategy Fund, please contact Melissa Shelton at 926.4339 or go to http://www.downtownowensboro.org/ and press "Donate."

For more information about "Place Making" please visit the following links: http://www.pps.org/info/bulletin/what_is_placemaking; http://en.wikipedia.org/wiki/Placemaking; http://www.gatewayplanning.com/Gateway_base_frame.html; www.cooltownstudios.com/mt/archives/cat_placemaking.html