Feeding the leaders

BY JIM GARTIN

As economic development corporations, like the Greater Fargo Moorhead Economic Development Corp , focus on ways to support economic prosperity, it’s important to understand the importance of grow th from within. Local business expansions and new business startups are major drivers of wealth creation and job grow th Fostering a healthy business environment that supports and encourages entrepreneurship and risk taking is critical for long-term economic success

On behalf of the GFMEDC, I had the pleasure of leading an educational session for the Fargo Moorhead West Fargo Chamber of Commerce in May on "Cultivating an Entrepreneurial Community.” Joining me on the panel were Greg Tehven from Emerging Prairie, Brittany Sickler from the U S Small Business Administration and John Cosgriff from Nor th Dakota State University’s Technology Incubator.

The presentation focused on the importance of having a robust entrepreneurial community, and the ways various agencies and organizations help create and sustain this pivotal ecosystem.

Our discussion was driven by Brad Feld’s book “Startup Communities: Building an Entrepreneurial Ecosystem” and focused on three key areas:

1 What a startup community could potentially look like

2 The different types of groups involved in the entrepreneurial community as described in Feld’s book.

3 How a strong entrepreneurial ecosystem impacts you as a community member or business leader.

Feld's main premise is that in order to establish and sustain an entrepreneurial community, the process "must be led by entrepreneurs ” Feld refers to the entrepreneurs as leaders. "The boots on the ground and the key decision-makers are the entrepreneurs, ” he wrote

Other organizations like economic development organizations, chambers of commerce, universities, lenders and service providers are defined by Feld as

“feeders.” These organizations provide support, sponsorships, funding, educational programs, connections and overall act as cheerleaders for the leaders (entrepreneurs)

In the end, feeders have to leave their institutional egos at the door and focus on the process and overall benefit that a strong entrepreneurial ecosystem can provide. Easier said than done, but necessary for a strong outcome.

Feld continues to outline four additional points impor tant to building a successful entrepreneurial ecosystem.

The first is that the process is a long and arduous task, maybe up to a 20-year window Second, he states that it’s important to support failure as well as success. Feld uses the analogy “it's a marathon not a sprint” in describing the process in Boulder, Colo , the community his book is premised on His third and fourth points focus on inclusiveness and community engagement It is open to everyone to participate, support or contribute energy Finally, activities and programs surrounding the community must be substantive.

In conclusion, a strong entrepreneurial community will provide long-term sustainable new growth for any community It has become harder and harder for communities to go out and attract new companies to move or create satellite offices Large incentives are usually required for new attraction programs with no assurances of value for dollars spent.

Entrepreneurs are the home team and usually stay in their original location as they grow and prosper This region is covered with entrepreneurial startups whose names are household business icons: Bobcat, Case New Holland, Amity Technologies, Microsoft (Great Plains Software), John Deere Electronic Solutions (Phoenix International), Sundog, Appareo Systems, Intelligent InSites and Myriad Mobile to name just a few PB

Jim Gartin President

Greater Fargo Moorhead Economic Development Corp jgartin@gfmedc com

Twitter: @careerfm