Purdue Hutcheson Extension Presentation

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Presentation on Open Source Economic Development and Economic Gardening

Transcript of Purdue Hutcheson Extension Presentation

  • Extensions Vital Role in Open-Source Economic Development

    Galaxy III Celebrating the Extension System: Strengths, Diversity, &

    Unique Qualities September 17, 2008 Indianapolis, Indiana

    Scott Hutcheson, Assistant Program LeaderEconomic & Community Development

    Purdue Extension

  • Economic Development 101

    Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.

  • Our Grandfathers Economy

    Wealth was built at a rate the world had never before experienced

    First Curve Wealth driven by vertical business models

  • The S Curve Caught Up with Our Grandfathers Economy

    Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.

  • The First and Second Curves

    Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.

  • We live in an Open-Source World

  • We live in an Open-Source World

  • From Hierarchies to Networks

  • The 2nd Curve is Our Grandchildrens Economy

    Second Curve Wealth driven by network business models

  • The job of our generation is to manage the transition between our grandfathers economy and our

    grandchildrens economy.

    Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.

  • Open Source Economic Development

    Linking and Leveraging

    Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.

  • Open Source Economic Development

    No Single Strategy Many Strategies

  • OSED Strategies Are Asset-Based

    2nd Curve strategies involve linking and leveraging assets in five asset networks:

    Brainpower Innovation Quality places Community Stories Civic Collaboration

    Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.

  • Success in the 2nd CurveCommunities will prosper in the Second Curve with balanced strategies that...

    Build world class brainpower Translate brainpower into wealth through

    innovation and entrepreneurship networks Create quality, connected places where hot

    spots can develop Create new stories about the community Continuously strengthen habits of civic

    collaboration

  • Integration of Perspectives

    Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.

  • Building Word-Class Brainpower Early Childhood Pre-K K-12 Technical programs Community college Universities Workforce Development Lifelong Learning

    Brainpower

  • The average community knows more about its solid waste system than it knows about its brainpower system.

  • Mapping Brainpower Flow

    Source: Ed Morrison, Distributed under a Creative Commons 3.0 license.

  • What is Extensions Role in the Brainpower Game?

    Be seen as an Extension of the university the entire university

    Bring STEM/SET resources to the community

    Bring stakeholders together to map the flow of brainpower

  • Innovation & Entrepreneurship

    Introduction of new products & processes each year

    Only 15% of businesses are typically innovators usually have high growth trajectory

    When 50% of business are innovators you have an entrepreneurship/innovation culture

  • Innovation is Not Just High Tech

    A BBQ restaurant starts bottling and selling sauce

    A dry cleaners develops a new greenprocess and licenses the new process

    A beauty shop develops a new way to train stylists and goes nationwide

    http://www.acenetworks.org/upload_files/file/Regional%20Flavor%20June.pdf

  • A Tale of Two Entrepreneurs Cities

  • A Tale of Two EntrepreneursA Tale of Two Entrepreneursand Two Citiesand Two Cities

    Founded in Washington (State) in 1971 Initial investment - less than $8,000 2006 sales were $7.8 billion Created 145,800 jobs This is their founder

  • A Tale of Two EntrepreneursA Tale of Two Entrepreneursand Two Citiesand Two Cities

    Founded in Washington (State) in 1971 Initial investment - less than $8,000 2006 sales were $7.8 billion Created 145,800 jobs This is their founder This is their logo

  • A Tale of Two EntrepreneursA Tale of Two Entrepreneursand Two Citiesand Two Cities

    Founded in Washington (State) in 1971 Initial investment - less than $8,000 2006 sales were $7.8 billion Created 145,800 jobs This is their founder This is their logo

  • A Tale of Two EntrepreneursA Tale of Two Entrepreneursand Two Citiesand Two Cities

    Founded in Indiana in 1985 Initial investment - less than $2,000 2006 sales were $1 billion Created 14,743 jobs This is their founder

  • A Tale of Two EntrepreneursA Tale of Two Entrepreneursand Two Citiesand Two Cities

    Founded in Indiana in 1985 Initial investment - less than $2,000 2006 sales were $1 billion Created 14,743 jobs This is their founder This is their logo

  • A Big Difference Between A Big Difference Between Starbucks and Papa JohnStarbucks and Papa Johnss

  • A Big Difference Between A Big Difference Between Starbucks and Papa JohnStarbucks and Papa Johnss

  • The Billion $ QuestionThe Billion $ QuestionWhat makes a community sticky when it comes to its entrepreneurs?

  • WeWere finally beginning to learn re finally beginning to learn about Entrepreneursabout Entrepreneurs

  • Think of Innovation and Think of Innovation and Entrepreneurship as a HorseraceEntrepreneurship as a Horserace

  • Innovation & Entrepreneurship: A Horse Race

    The Horse The Innovation

  • Innovation & Entrepreneurship : A Horse Race

    The Horse The Innovation The Jockey The Entrepreneur

  • Entrepreneurship

    The Horse The Innovation The Jockey The Entrepreneur The Track The Community

  • Community Support Systems for Community Support Systems for Innovation & EntrepreneurshipInnovation & Entrepreneurship

    Taking Care of Taking Care of the Trackthe Track

  • The Innovation and Entrepreneurship-Supportive

    Community Supportive policy environment History, culture, institutional memory Attitudes about failure Collaborative support organizations Celebrate innovations andentrepreneurs An information-rich environment

  • WhoWhos Job Is it to Tend s Job Is it to Tend to the Track?to the Track?

    Chamber? LEDO? Elected Officials? Banks? Schools/University? Extension?

  • Economic Gardening

    http://www.littletongov.org/bia/economicgardening/

  • Economic Gardening Littleton, CO developed and began to

    execute the strategy in 1989 Focused on wealth creation not job

    creation Eliminated all incentives and tax breaks for

    business recruitment Since 1989, more than doubled the

    number of jobs from 15,000 to 35 Sales tax revenue tripled from $6.8 million

    to $19.6 million

  • Economic Gardening

    Information Infrastructure Connections

  • Entrepreneurship Business Information Network (eBIN)

    Inspired by the Economic Gardening Model Partnership of

    Purdue Krannert Business & Economic Library Purdue Extension Small Business Development Centers

    http://pcrd.typepad.com/ecd/2007/08/coming-soon-to-.html

  • Help entrepreneurs answer questions like: What other products or services are out there that are

    similar to mine? Who are my potential customers and how do I reach

    them? What are my potential customers like? What are the latest trends in my industry? What legislative issues could effect my business?

  • Marketing Lists Business & Company Resource Center - US and International

    company database with profiles, financials, rankings, company history, industry overview, and related associations.

    Reference USA - US company database that includes subsidiaries and divisions. Provides brief profiles and contact information with very powerful search capabilities for generating lists of potential customers or competitors.

    Industry Trends Bizminer - Contains market analysis and financial analysis for 100s

    of industries. Excellent source of information for small business planning with 3 yrs of data for developing projections and financial targets.

    MarketResearch.com (Academic) - Demographic and market-specific research information.

    Frost Market Reports - Manufacturing and technology-related market research information. Coverage is international in scope.

    eBin Data Resources

  • Customer Profiles Choices III - Survey of consumer buying and media habits.

    Significant flexibility to determine potential target markets and advertising opportunities.

    MediaMark Reporter - This database provides profiles of American consumers - who they are, what they buy, what they think, and how to reach them.

    Journal Articles and Business News Business Source Premier - Business magazine and journal article

    databases; significant full-text with deep historic back file. Also contains company profiles, SWOT analysis, industry profiles and market research briefs.

    Factiva - General news, magazines, business news, international publications and US newspapers content. Also contains public company profile/financial information.

    Regional Business News - Regional (US & International) business magazines.

    eBin Data Resources

  • Legislative Lexis Nexis Academic - US laws, regulations

    and court cases at the national and state level. Also contains significant news/newspaper content as well as company information.

    RIA Checkpoint - Tax laws, rulings, and regulations.

    Agribusiness Agricola - Agricultural database of journal