Erik Pages - Nereta Job Creation Summit 2017
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Erik Pages is renowned for his understanding of the impacts of supporting start-ups and scale-ups to advance economic development growth.
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Erik Pages - Nereta Job Creation Summit 2017
- 1. Erik R. Pages EntreWorks Consulting NERETA 2017
- 2. June 15, 2017 The Rise of Scale-Up Mania Don’t Forget the Home-Grown Innovators How to Support Start-Ups and Scale-Ups Today’s Talk
- 3. June 15, 2017 Start-ups won’t save the economy. But ‘scale ups’ could (World Economic Forum: March 2017)
- 6. June 15, 2017 1. The Power of Economic Diversity: Small and Local Is Good 2. That’s Where the Jobs Are! 3. Playing the Numbers Game 4. Inclusion: Engaging ALL Citizens Why Focus on Home-Grown Innovators?
- 7. June 15, 2017 1) Local is Good More Jobs Less Poverty 2) Smaller is Better Small Firms > Large Firms 1) Economic Diversity: Small & Local is Good! Source: Atlanta Fed (Rupasingha, 2013)
- 8. June 15, 2017 2) That’s Where the Jobs Are!
- 9. June 15, 2017 3% : Share of all Firms that are High-Growth 6%: Incentive “Tip Rate” Incentives “tip” decision of incented firms in only 6% of cases (Bartik 2017) 3) The Buffalo Hunt Vs. Scale-Ups: The Numbers Game
- 10. June 15, 2017 Successful Places Follow Similar Paths that build . . 1. Arcs of Growth 2. Arcs of Opportunity 4) Inclusions: What Works in Rebuilding Legacy Cities?
- 11. How Do We Get Entrepreneurial and Inclusive? The Ingredients Self-Belief Access to Ideas Relevant Skills A Playing Field for Innovators June 15, 2017
- 12. June 15, 2017 Link Entrepreneurship to all Trades training at Community Colleges Bring Incubators and Accelerators on Campus Entrepreneurs in Residence www.nacce.com Community College Entrepreneurship All Area Youth should take entrepreneurship courses in Middle School or earlier Supplement with: Summer Camps Clubs Prize Competitions www.entre-ed.org Youth Entrepreneurship Instilling Self Belief: Entrepreneurship from K through Gray
- 13. June 15, 2017 Ideas: What do Innovators Want?
- 14. New Skills: Start Up AND Scale Up How to Incubate Start Ups! How to Accelerate Scale Ups! Typical Services: Coach Start-Ups Develop Biz Plans Make Traditional Loans Help Lower Costs Incubators Tax Credits Training Subsidies 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 June 15, 2017
- 15. New Playing Fields for Innovators Desire to Connect Seek Ubiquitous Access To Networks-At Home and Beyond On-Line and In-Person A “Third Place” for Innovation June 15, 2017
- 16. June 15, 2017
- 17. June 15, 2017 Kauffman Index Ranks (2017) 23rd in Start Up Activity 16th in Growth Entrepreneurship 5th in Main Street Entrepreneurship How Does Pennsylvania Perform?
- 18. June 15, 2017 We can’t predict where they’ll come from, but we know that . . . They are here in Northeast Pennsylvania! The Next Great Innovator or Entrepreneur?
- 19. Questions? Erik R. Pages EntreWorks Consulting epages@entreworks.net 703-237-2506 www.entreworks.net BLOG: www.entreworks.net/blog Newsletter Sign-Up: http://www.entreworks.net/Newsletter.php June 15, 2017
Notes de l'éditeur
- Thank NERETA, NEPA Etc.
- Today I want to make the case for an inclusive approach to building entrepreneurial ecosystems---a regional network that supports start ups and scale ups. What’s a start Up? What’s a scale up? I’m going to explain why I think this is important and then give you some ideas for how you can do it here.
- It’s headlines like this that make me a little nervous. Big movement afoot to focus more time and resources on scale up or high growth ventures. I’m not totally opposed to this, but I do fear that we throw out the baby with the bathwater. Before I dive into this—let’s ask a question. I want everybody here to picture an entrepreneur in your mind.
- How many picked one of these guys? That’s the problem. Link innovation to high tech and Silicon Valley.
- These are innovators—people from your hometowns here in NEPA. And, I could show similar pictures for anyplace in the US. You have innovators here—you need to nurture them and create more of them. Everyone has the capacity to be an innovator and I want to talk about how you go about helping them find “their inner innovator.”
- So let me make the case for why we need to engage both start ups and scale ups and remain heavily focused on our home grown innovators. I’ll discuss each of these in turn.
- 1) Local is Good: Counties with higher local entrepreneurship rates have higher per capita incomes and job growth and lower poverty rates. 2) Smaller is Good: Smaller local businesses have a more positive impact than medium or large sized local businesses
- Local is good—it’s also where the jobs are! 87% of jobs in a state come from start ups or from companies already in the state!
- This one gets a little complicated. Most of us coming to a meeting like this probably think that incentives and business recruitment is perhaps not the best use of public economic development funds. Let’s compare the numbers. Bartik shows that for every 100 companies that move, 6 would not have made the move w/o incentives. 6% tip rate. 6% not good! High growth ventures—here I’m showing that only 3% of firms achieve high growth. Actual recent no. is a little lower—about 2%. So, odds here aren’t so great either. Dangers of targeting.
- My last point comes from research that looked at how legacy cities (like Scranton and my hometown of Reading) have done over the past 20-30 years. Answer: Not so good. A new study from FED and other partners looked at a few places have done well—Chattanooga, Cedar Rapids, Grand Rapids, and Rochester. Lots of good points—but key takeaway is that you need both pathways to growth and pathways to opportunity. i.e. ways that folks of lesser means can advance themselves. One important pathway to oppty. Is entreprenership.
- So, how do we get more innovative? This is what I’m going to talk about for the remainder of this pitch. --Generate Self-Belief: You can do it! --Access to Ideas: Need to get more ideas and different perspectives. Diversity of all types. --Relevant Skills: Here, I’ll talk about skills needed to grow companies, but it could also mean workforce skills too. --Playing Field for Innovators: Do you have places where innovators can hang out. Where the clash of ideas can happen?
- This is the most important step of all: instilling self-belief. Need to encourage people to take risks, start businesses, do different things. NEPA could do a better job at this—JA and other stuff, but more needed. Need to do more: K through Gray. But, I’ll just talk about 2 strategies to consider: Youth Entrep. Community College Entrep. NACCE: Lackawanna and Luzerne are not members Lehigh-Carbon and Northampton are members.
- Bringing new Ideas to table—also key. This chart comes from CREATE WVA. I think it captures what’s needed in a place that is open to new ideas and has a culture of innovation and entrepreneurship. I want to particularly flag the box on diversity—need to encourage and embrace new and different ideas. Diversity is not just about race and gender. Need to embrace and encourage all kinds of difference.
- New Skills Here I want to talk about the skills related to building companies. You do a good job of incubating start ups. Most places in USA do this OK. You don’t do a good job in scale-ups. Like most places in US. That’s an area for focus. Many of these scaleup services can be made available to microenterprises and start ups too.
- If you live in NEPA and you’re an innovator or entrepreneur, where do you go to meet and hang out with like minded people. You don’t! (TECBRIDGE??) That needs to change. Need to create a “third place” for innovation. Multiple places Coworking Networking Need not be fancy—WI Inventor and Entrepreneur Clubs
- Need to look at these pieces and ask if you have capacities in each area for both start-ups and scaleups.
- PA doesn’t really do that bad on many of these fronts, but of course, there is great variation across different regions of the state.