Press Releases
Contact: Anne
Hutchison |
Contact: Ken Berlack |
NCOE Releases Report on How Networks of Entrepreneurs Drive Economic Growth
North Carolina's Council for Entrepreneurial Development Profiled as a Successful Regional Network
November 28, 2001, Washington, DC - The National Commission on Entrepreneurship (NCOE) today released Building Entrepreneurial Networks, a major report on how and why networks of entrepreneurs nurture economic growth in communities across the country.
The NCOE's new report profiles North Carolina's Council for Entrepreneurial Development (CED), which has developed and nurtured one of the nation's model networks of and for entrepreneurs. The report also profiles organizations in Idaho, Oklahoma, Pennsylvania, and Texas that have succeeded in developing unique entrepreneurial networks.
"The U.S. economy, if not the global economy, is in the throes of its first recession in almost a decade. We know fast-growing entrepreneurial companies historically are the first to generate the kind of economic activity that sparks renewal of job creation and economic growth. But entrepreneurial growth companies aren't started and operated in a vacuum - many rely heavily on networks of and for entrepreneurs," said Patrick Von Bargen, NCOE Executive Director.
"We are thrilled that NCOE has spotlighted CED and the region as a model entrepreneurial network," said Monica Doss, CED president. "This is an honor for us to be nationally recognized as a catalyst for the Triangle's strong entrepreneurial network, which CED has helped build over the past 20 years."
Building Entrepreneurial Networks is aimed at entrepreneurs and local public and economic development officials who are interested in starting a network or revitalizing an existing network in a local region. According to the NCOE's study, regions which have developed strong entrepreneurial economies tend to possess several key ingredients - well-organized local networks along with strong universities, access to equity capital, and an advanced public infrastructure. And the report also notes regions with strong networks tend to have high rates of new start-ups and fast-growing companies.
"These networks - such as those started by Research Triangle Park's Council for Entrepreneurial Development - are the 'nerve centers' of entrepreneurial economies," added Von Bargen. "If anything has survived the recent new economy boom and bust, it is entrepreneurial networks. That's why we're releasing Building Entrepreneurial Networks - a practical guide on how local communities can start and nurture networks geared toward creation of fast-growing companies."
Building Entrepreneurial Networks suggests that local entrepreneurs and policymakers working to foster more home-grown entrepreneurship should consider policies and initiatives to develop and support entrepreneurial networks. Designed as a how-to guide for entrepreneurs and local officials, the report offers detailed case studies of five organizations, which have developed model entrepreneurial networks. The five case studies are:
- Council for Entrepreneurial Development, Research Triangle Park, NC: Highlights how new entrepreneur support networks are created and evolve over time.
- Ben Franklin Technology Partnerships of Southeastern PA (BFTP/SEP): Highlights how existing economic development organizations can evolve to embrace new missions that catalyze entrepreneurial networks.
- Eastern Idaho Forum for Information Technology (EIFIT): Examines the challenges of networking in rural regions.
- Tulsa (OK) Metro Chamber of Commerce: Reviews how existing business networks can embrace new forms of networking for entrepreneurs.
- IC2 Institute, Austin, TX: Examines how a single leader and organization can help create a host of new institutions that link and support entrepreneurs.
"One key aspect of entrepreneurial networks is that no two seem to be alike. The fact is these networks aren't just about high technology firms - they involve any industry which has high-growth potential," said Von Bargen. "Networks aren't just in cool revitalized downtowns - they're in suburban and rural areas. And every thriving network isn't always started from scratch -- many are derived from long-standing business development organizations."
The NCOE's full report is available online at www.ncoe.org/research. For a hard copy of Building Entrepreneurial Networks, please contact the NCOE's Ken Berlack at 202-434-8066.
The National Commission on Entrepreneurship, www.ncoe.org, funded by the Kauffman Center for Entrepreneurial Leadership at the Ewing Marion Kauffman Foundation, is a nonpartisan, nonprofit organization that focuses public policy on entrepreneurship. The NCOE is comprised of nine leading entrepreneurs from around the country.