Strategy Description:

Small entrepreneurial businesses account for the majority of new jobs in the US economy, and small businesses provide an important buffer for most households and for economic regions in between "new" and "old" economies. It is proven that regions can foster entrepreneurial spirit and activity and directly affect small business formation. There should be a regional effort to expand entrepreneurial activities and opportunities in ways that will enhance the economy.

Key Components:

There are many actions that the region could take to foment entrepreneurialism, including but not limited to the following:

• Analyze and understand the level of entrepreneurial activity in the region. This analysis includes:

• Study and plot business start-ups, year to year

• Identify and know entrepreneurs

• Evaluate local financial issues that affect entrepreneurs

• Recognize and endorse the current efforts and build upon them in the future.

• Assist the current entrepreneurial efforts from the CBICC and Penn State via the incubator and at "Innovation Park" (see Strategy 4: Multi-municipal Planning and Zoning)

• Explore and enrich opportunities to entice creative student entrepreneurs to stay in the Centre County region

• Create a mentoring program for businesses that have "made good" to assist others – an alumni recognition and service program

• Prepare the region’s workers for the "new economy" and expand the labor pool, including the following:

• Improve early math and science education

• Emphasize technology training

• Develop an economic development strategy that uses amenities to make the region more attractive to the "new economy" workforce

• Employ short-term fixes like:
• Expand immigration programs for technically skilled personnel
• Employ the growing population of senior citizens
• Consider expanding opportunities for telecommuting and "home" businesses

• Re-examine the role of the University in all areas of entrepreneurial development:

• Make technology transfer and licensing rules business-friendly

• Expand entrepreneurship training and assist students who seek to start a new business while in school

• Work with local business to enhance the University’s role in training, recruiting and retaining quality students and workers

• Explore ways for the University to assist local "mom and pop" businesses or "home businesses"

• Support networking to provide a forum for information sharing among entrepreneurs. Informal local networks of and for entrepreneurs are the essential links that accelerate the growth of an entrepreneurial economy. The region can expand this type of networking in the following ways:

• Organize around a public institution affiliated with a local government or the University, or around a private institution

• Promote incubator development in areas of special economic interest to the region beyond "high-tech," such as agriculture business, home businesses, etc.

• Recognize the importance of "mom and pop" small businesses and entrepreneurs and focus the role of this type of development to downtown or commercial districts.

• Re-examine the role of the boroughs and townships as "initial contacts" and use them to both identify these businesses and to distribute information to them

• Re-examine the role of the Chambers of Commerce or Downtown Investment District (DID) as "initial contacts" and use them to both identify these businesses and to distribute information to them

• Continue to provide support. There are various ways to do this, including the following:

• Recognize the role of these high-growth companies in the local economy by:

• Making entrepreneurship a priority in economic development plans
• Creating awards for innovation and entrepreneurship

• Have entrepreneurs and small businesses represented in economic development organizations

• Partner and complement efforts from the Commonwealth and federal programs

• Eliminate barriers to entrepreneurship

• Policy changes
• Taxes
• Culture
• Money

The strategy is applicable throughout the region.

Implementation:

Penn State University and the Chambers of Commerce are currently providing a number of these services; however it will be necessary to determine the "next steps" once these initial phases are complete or as new issues arise. They may continue to lead or to serve as convenors to accomplish this goal in the future. To be successful this effort will require support from the county and municipalities.

Indicators:

• Business start-ups
• Investments in business expansion
• Number of jobs created in small businesses
• Average wage of jobs in new small businesses
• Growth of small businesses in downtown or commercial districts
• Growth of "home" businesses

Funding:

There may be in-direct public cost associated with this effort.