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Dell gines 4.29.15 us sourcelink conference relationships and measurement
1. Growing Your Own Economy:
Intentionalizing Relationships
Dell Gines, MBA, CEcD
Federal Reserve Bank of Kansas City
Sr. Community Development Advisor
2. The Federal Reserve Bank
The views in this presentation do not
necessarily represent the views of the Federal
Reserve Bank of Kansas City nor the Federal
Reserve System.
3. The Federal Reserve Bank of
Kansas City Perspective
The mission of the Community Development
department of the Kansas City Federal Reserve
Bank is to support the economic growth objectives
of the Federal Reserve Act by promoting
community development and fair and equal access
to credit.
Our job is to serve as a neutral convener of
resources between those who have and those who
don’t, because we know all segments of the
population, including the less advantaged, benefit
from both economic growth and fair and equal
access to credit.
The Grow Your Own Guide provides a
high level overview of what it takes
to conduct entrepreneurship based
economic development.
4. Federal Reserve Bank of
Kansas City
The Tenth District consist of Nebraska, Oklahoma, Kansas,
Colorado, Wyoming and portions of Missouri and New Mexico
11. Defining Economic Development
“Fostering a dynamic environment where economic
opportunities can be discovered, taken advantage of
and maximized to their fullest extent to create
balanced and sustainable economic growth, jobs, a
positive sense of ‘place’ and an improved quality of
life in a defined geographic region.” – Dell Gines
12. Entrepreneurship Based Economic
Development Defined
Entrepreneurship based economic development is an economic
development strategy that places its primary emphasis on the
creation and support of entrepreneurs and small businesses to
achieve development goals within a defined geographic
region.
IT IS NOT:
Anti intelligent attraction and retention strategies.
IT IS:
Pro creating a “best fit” approach to economic development
that takes into account current and future possibilities.
13. The Five C’s of the
Entrepreneurship Ecosystem
The Business
Owner
Capital
Financial
Resources
Capability
Entrepreneur and
Owner Skillset
Connection
Resource &
Relationship
Network
Culture
The local
communities’
perception and
support of
entrepreneurship
Climate
Regulatory,
Economic
Development &
Policy
Environment
14. The Transparent Ecosystem
Foggy and Fragmented
One of the largest complaints we
hear from individuals seeking to
start or grow a business is that the
service system is complex and hard
to navigate
Transparent
and
Connected
16. Intentionalizing Relationships
Social Capital
Social capital refers to the collective value of all "social
networks" [who people know] and the inclinations that arise
from these networks to do things for each other ["norms of
reciprocity"]. – Harvard Kennedy School
Social Capital = Trust Reciprocity
17. Intentionalizing Relationships
Building Social Capital
1) Repeat exposure to others tends to lead to greater
confidence that others can be trusted (assuming that parties
respect conditions 2 and 3 below);
2) The parties are honest in their communications; and
3) The parties follow through on the commitments they make.
Visit -http://www.hks.harvard.edu/saguaro/pdfs/skbuildingtoolkitversion1.2.pdf
For the tool kit.
19. Intentionalizing Relationships
Serendipity in Our Space
It is the ideation, awareness of opportunity, the unique
connections that evolve from being around individuals in non-
formal times and spaces.
• The coffee break
• The conference buffet line
• The bathroom
22. Measurement
Things to consider measuring
1. How many new providers have you connected with in a year
2. How many providers have you connected to other providers
3. How many referrals have you sent to other providers
4. How many networking events have you created or attended
5. How many providers have you directly brainstormed with or
partnered with
6. How many collaboration groups do you belong to
7. How many conferences have you attended
23. 10 Qualities of the New Era EDO
• Leadership Facilitator
• Vision Oriented
• Strategy guider
• Network weaver
• Information Discoverer & Broker
• Collaboration catalyst
• Culture Transformer
• Policy Advocate
• Long Run Focused
• Business Spectrum Champion
24. Contact
Dell Gines
Sr. Community Development Advisor
Federal Reserve Bank of Kansas City
dell.gines@kc.frb.org
(402) 221-5606
For more information & resources
http://kansascityfed.org/community/
To sign up for our Community Connections email newsletter please email me at
the address above.
Hinweis der Redaktion
We believe that entrepreneurship is a powerful way to reduce poverty, reduce the unemployment rate, build local community economic stability, and grow economies.
My definition creates a broader focus on the wide range of economic opportunities that may present themselves including employment, entrepreneurship and attraction of major companies. In addition, it focuses on balance and not just growth. This is important when you consider the growing income gap, and the disparity that exists in some communities that leads to other social issues. I also included a positive sense of place. This takes into consideration that smaller towns and communities have a competitive advantage if they have an exciting environment and sense of energy. In many cases it is the small businesses on main street that provide these towns and communities with a unique and attractive identity. Finally, ‘job creation’ is implied in value maximization and balanced and sustainable growth.
Finally, quality of life is (in my opinion) the most important goal of the economic developer. We are in the business of helping individuals within communities have access to opportunities that help them support themselves and their families. This is the noble goal of the economic developer.
The 5 C’s were summarized from the reading of a variety of entrepreneurship researchers. I am particularly fond of the work of Daniel Isenberg, Don Macke, Chris Gibbons and Thomas Lyons. These individuals have all done outstanding research on the subject. In addition they are also practitioners who have sought to help communities apply these principles. Daniel Isenberg in particular focuses on ecosystems in America and abroad and has a much more extensive chart categorized slightly different from mine available online at - http://www.forbes.com/sites/danisenberg/2011/05/25/introducing-the-entrepreneurship-ecosystem-four-defining-characteristics/
Thomas Lyons has developed the Triple AAA system of entrepreneurship development, which focuses on size, type and need. Don Macke is the rural entrepreneurship from the Center for Rural Entrepreneurship. He is a great friend of the Kansas City Federal Reserve Bank.
The most important thing to remember is that the 5 C’s actually interact with each other as well as the entrepreneur. For example, the regulatory and policy climate can influence capital sources. Culture can influence connections and networks. When strategizing for development, the develop has to be cognizant of the interactive nature of all the parts and account for how they influence each other.
Fogginess is a great metaphor for many of our current communities’ entrepreneurship support systems. When you drive in fog you can still drive, but the pace is much slower, finding your turns are much more difficult, and seeing street signs that give direction or tell you when to stop or go are hard to see. From an entrepreneurs perspective a foggy system is very similar. In times of need they struggle to find the appropriate organization, resource or information. This in turn reduces the potential effectiveness of the owner in growing the business.
One of the best things that we can do for our entrepeneurs is develop collaborative systems that are linked together and can refer to other agencies as needed. One of the friends of the Kansas City Federal Reserve Bank is US Sourcelink. This is an online portal that serves as a one stop shop for entrepreneurs as well as provide service providers with tracking systems and measurement. Visit http://www.ussourcelink.com/ for more info.
