Creating a Successful “Entrepreneurial Ecosystem”

In Main Street districts, one of the best ways to fill vacancies, and prevent new ones, is to foster a setting that is attractive to entrepreneurs and where small businesses can thrive.  The buzz word nowadays for that setting is “entrepreneurial ecosystem,” which refers to the elements outside the individual that encourage entrepreneurship and increase the probability of a successful business following a launch.  That ecosystem is what attracts, or repels, a business from locating in an empty storefront.

entrepreneur-ecosystem

Entrepreneurial activity in the U.S. is up 60% and at its highest level since 2005, according to the newest Global Entrepreneurship Monitor (GEM U.S. Report) with retirees looking for a second career and younger adults driving the trend.  The market is ripe.

Energizing Entrepreneurs was developed by the Center for Rural Entrepreneurship to provide a roadmap for communities looking to build their own Entrepreneurial Ecosystems. It is a great resource for communities, organizations and individuals who want to learn:

  • Why it’s so important to become an entrepreneurial community;
  • The elements of a support system for entrepreneurs;
  • Assessment tools to develop a local strategy;
  • How to understand and connect to entrepreneurs; and
  • The importance of creating, measuring and sustaining local impact.

Exploring the opportunity is a first step and DHCD’s Building Entrepreneurial Economies program can support the effort!

Learn more >>

Advertisements

Main Street and Wine; a Great Pairing

Virginia’s thriving wine industry is boosting the state’s economy and local Main Street districts alike with a total impact of approximately $1.37 billion annually, according to a newly released economic impact study. This figure is an increase of 82 percent from the last study conducted in 2010.

“…one of our top agriculture goals was to make Virginia the preeminent East Coast destination for wine and winery tourism, and I am pleased our efforts are helping make this a reality,” said Governor McAuliffe. “This new study shows that this growth is being driven by small wineries, which demonstrates that the increased rural economic development is truly beneficial to local communities.”

The report showed that from 2010 and 2015, the number of wineries increased 35 percent, from 193 to 261. The number of full-time equivalent jobs at wineries and vineyards saw a 73 percent increase, from 4,753 to 8,218. Wages from jobs at wineries and vineyards increased 87 percent during the same time period as well, from $156 million, to $291 million.

Tourism to Virginia wineries also showed impressive growth. The number of people visiting wineries grew by 39 percent, from 1.6 million visitors in 2010 to 2.25 million visitors in 2015. At the same time, wine-related tourism expenditures grew dramatically from $131 million to $188 million, a significant 43 percent increase.

Culpeper’s Hoptober Fest 2016

Wine and Virginia’s downtowns make a great pairing.  Culpeper Renaissance Inc. expanded their wildly successful craft beverage festival to twice a year and the downtown features several shops that sell local craft beverages, Culpeper Cheese Company and Vinosity.  In Staunton eonophiles can visit Yelping Dog for a their wine fix, and don’t miss Saturday tastings at Vintages by the Dan in Danville. However it is done, Main Street recognizes the local economic impacts of partnering with regional craft beverage producers.

Check out the full 2015 Economic Impact Study of Wine and Wine Grapes on the Commonwealth of Virginia and don’t forget to visit the Virginia Wine Marketing Office for more information on the industry statewide.

Main Street Insurance Program Announced

program-by-the-numbersRecently, Main Street managers have been asking about options for the insurance required for their organizations. Although we don’t endorse any program, we wanted to make you aware that the National Main Street Center, together with National Trust Insurance Services (NTIS), has announced the Main Street Insurance Program. For every insurance package a Main Street program secures through NTIS, NTIS will in turn provide financial support to the Main Street America movement nationally.

National Trust Insurance Services is the for-profit subsidiary of the National Trust for Historic Preservation and, thus, the “sister” organization to the National Main Street Center. NTIS was created in 2003 to address the growing issues and concerns regarding proper insurance coverage for historic properties as well as the organizations that work to maintain them. They have extensive experience insuring individual historic properties, small businesses, and preservation organizations.

NTIS currently works with 300+ Main Streets, offering comprehensive insurance products, including General Liability, Blanket Event Liability, Directors & Officers Liability, and Volunteer Liability, just to name a few. In addition, NTIS offers  General Risk Management and Contractual Risk Transfer guidance to their clients.

NTIS will be hosting a webinar through the National Main Street Center on Risk Management & Main Street on Wednesday, February 15. They will be able to answer any questions about the program, quote process, and how to protect yourself and your organization from the common risks that threaten Main Street organizations.

If you are interested in learning more about the packages NTIS offers and the process to obtain a quote, please visit the NTIS website, or contact their Main Street representative, Shannon O’Hare, at 443-529-0396 or sohare@mdpins.com.