Supporting Entrepreneurs in Maine: From Incubation to Acceleration, From Start-Up to Scale-Up! Erik R. Pages EntreWorks Consulting January 28, 2014

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1 Supporting Entrepreneurs in Maine: From Incubation to Acceleration, From Start-Up to Scale-Up! Erik R. Pages EntreWorks Consulting January

2 2 My Talk Today What are We Trying to Do? Where Does Maine Stand? The Good News The Bad News From Incubation to Acceleration How to Get There Closing Thoughts

3 3 What are We Trying to Do? START: Spur New E's INFORM: Train "Better" E's GROW: Build "Better" Businesses PROSPER: Create Wealth & Jobs

4 4 Maine: Doing the Right Thing Key Partners are engaged: Governments: Local govts., LDDs, SBTDCs, etc. Higher Ed: U of Maine System Innovation Engineering, Colby, Blackstone Entrepreneur Initiative, etc. Local Leaders: Mobilize Maine, Maine Entrepreneurs etc. Innovative Non-Profits: Build a Biz, Coastal Enterprises, Women, Work & Community Entrepreneurs and their Networks: MTI, Top Gun, MCED

5 5 But... The State of Entrepreneurship in Maine, Take 1: Start-Ups

6 6 The State of Entrepreneurship in Maine, Take 2: Jobs by Firm Size

7 7 The State of Entrepreneurship in Maine, Take 3: The Bottom Line Maine presently ranks 39 th in State Science & Tech Index But low rank mainly due to weak R&D inputs and limited S&T workforce Maine ranks 25 th for Risk Capital & Entrepreneurial Infrastructure BOTTOM LINE: Important Progress is Under Way!!

8 8 Moving Ahead: What is Needed? Creation of New Service Models: From Incubation to Acceleration Better Engagement of Education and Workforce Systems More Innovative & Entrepreneurial Workforce Better Coordination of Existing Resources and Service Providers

9 9 EDCM- January 28, 2014 From Incubation to Acceleration What We Do Now: Incubate! Typical Services: Coach Start-Ups Develop Biz Plans Make Traditional Loans Help Lower Costs Incubators Tax Credits Training Subsidies What We Should Do: Accelerate! Growth Services: Expand Markets (e.g. exports) Stimulate growth sectors (e.g. clusters) Link to Global Networks (e.g. accelerators) Coaching/Mentoring Provide equity finance (e.g. CDFIs, angels, etc.) Business Model Innovation Talent Development

10 10 How to Get There.... Effective acceleration and growth efforts require similar investments in capacity building that: SPUR AMBITION: Grow More Ambitious Entrepreneurs NETWORK: Provide Linkages to Growth Opportunities INVEST: Provide diverse sources of capital GROOM: Develop more local talent as entrepreneurs and as employees.

11 11 AMBITION: Growth Services Models---Accelerators Accelerators Tend to be for-profit Work via Boot Camp Model Start Fast, Fail Fast Examples Tech Stars ( Y Combinator ( DreamIt Ventures (

12 12 AMBITION: Some Other Models to Consider Build Stronger Peer Networks for Entrepreneurs PIPELINE Entrepreneurial Immersion (KS/NE) Maine s Top Gun Build Stronger Support Networks, too!!

13 13 AMBITION: Business Model Development The Business Innovation Factory Genome ( COLLABORATE Connect across sectors and disciplines INSPIRE Link entrepreneurs to new possibilities every day TRANSFORM Tweaks Won t Do Experiment daily to create a wholly new vision

14 14 INVEST: Rethink Local Capital Needs Develop and exploit new tools for financing Angel funds CDFIs Crowdfunding Better use of underutilized capital pools Revolving Loan Funds (EDA, USDA) SBA 504 Loans Develop New Funds to Help Firms Scale Up State Clean Energy Bond Financing effort as model?

15 15 Growth Services: Economic Gardening Often used to refer to general approach that focuses on nurturing home-grown businesses. In reality, it refers to deployment of a targeted set of services focused on business growth. Focused on Second Stage Firms (those with employees) These include: Information Infrastructure Connections

16 16 GROOM: Embed Entrepreneurship in the Community... Engage Students Startup Weekend ( Awards and Competitions Community Colleges (NACCE President s Commitments) Engage the 1099 Workforce Engage Educators and the Workforce System

17 17 The Data: Job Growth in the 1099 Economy

18 18 Support the 1099 Economy Coworking Spaces A New 3 rd Place? Global Coworking Census 2,500 cowork sites worldwide 781 in U.S.

19 19 Suggestions for Workforce Embrace Youth Entrepreneurship Programs Build a Biz Maine NFTE ( Link to existing programs (JA, FFA, 4H, Boy/Girl Scouts,etc.) Embrace Self-Employment Assistance Programs Infuse Entrepreneurship into Skills Partnership programs (SECTORS Act)

20 20 Talent Development: Key Principles Make Everyone an Innovator Embrace 21 st Century Skills Build Career Ladders Build Skills Partnerships

21 21 A Recap Entrepreneurs thrive within systems, networks, and interconnected webs But, these systems don t happen overnight And they are regional, national, and global in scope: THINK BIG!! Capacity building begins at home But, it can t stop at home! Make Everyone an Innovator!

22 Thanks!! For More Information: Erik R. Pages Newsletter Sign-Up:

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