Breakfast: The Community's Role in Economic Development

On Tuesday, April 17th, 26 MBD clients, politicians, aspiring political candidates, and business development folks gathered to discuss the Community's Role in Economic Development. Here is what the community had to say:

What is your biggest challenge as a Colorado business owner?

Individualized Business Service
Collaborative Efforts

Topic 1: Colorado’s business owners face several challenges as they seek to start and grow their businesses. These challenges occupy a range of topic including: marketing, networking, skill-building, holistic healthcare, financial management and capitalization. As the group discusses these issues in greater depth, they found the common denominator to be “the people.” They believe that immense opportunity exists for building greater personalized services and networks facilitate by the state for business development. Ms. Corrales of Sisters of Color United for Education distinguished tow channels for a business owner’s energy and resources: collaboration or survival. The group concluded that collaboration was a far more productive and efficient use of the State’s resources than sweeping and generalized business assistance services that may contribute to survival in the short-term but not sustainability in the long-term. The health achieved through collaboration will be reflected in Colorado’s businesses. The group would like to see network and cooperation building through summits for like-minded businesses organized around their specializations. By providing services that focus on working more closely with the individual business owner, Colorado’s businesses only stand to gain. In return, the State’s economy and communities will rise as well.

What is the one resource that you think government should provide/facilitate for small business owners?

Consulting
Opportunities
Advocacy
Zoning Relief

Topic 2: The second group was challenged with identifying the one resource they feel the government should provide or facilitate for small- and micro-business owners. Their initial brainstorming session included several ideas such as: personal technical training, resources, capital, traffic analysis, guidance, demographic information, business education, communication of opportunities, marketing, accountability for state services so that they accomplish what they propose, consulting, advocacy for small business, zoning relief, greater publicity and communication of government contracts, guidance on the bidding process, affordable office space and inclusive planning. While the group had a difficult time narrowing their conclusions down to a single resource or service, they were able to articulate their justification for their top four priorities.
1. Consulting – this is a successful service program many city and state governments already provide. Small- and micro-business owners want more! As the group considered the services that most contribute to their business and even personal growth as business owners, they found individualized consulting to be an invaluable tool. Consulting should include general guidance as well as pointed resources such as demographic information.
2. Information and communication on emerging opportunities coupled by pointed technical assistance – “Hindsight is 20/20.” Opportunities are easily recognized after they have passed. Colorado’s small business owners would like a more proactive approach where communication and information failures currently exist. Overcoming such market failures will foster increased competition and higher quality service as a result of the technical assistance proposed here.
3. Advocacy promoting small business as economic development – Large businesses have sufficient capital, resources and dedicated personnel to advocate for policies that directly benefit their business growth and operations. Furthermore, the government (at both the city and state level) readily advocate for large businesses given their potential impact. Small business owners in attendance viewed this as an effort with diminishing returns. Large businesses seek a constantly improving business climate forcing governments to make increasingly generous offers and concessions. Yet small- and micro-businesses taken as a whole could have an economic impact that far outweighs the large businesses in the state. They simply need an advocate!
4. Zoning Relief – Zoning is intended to bring order to growth. It aims to achieve maximum productivity in development for the public interest. Yet zoning also represents a significant barrier for small- and micro-businesses. They believe economic development and the public interest in Colorado is better served by zoning regulations and relief (where appropriate) that is more friendly to the smaller businesses.

What is your big idea for improving the state economy?

Service
Education
Relationship

Topic 3: The last group was asked to undertake answer the question: “What is your big idea for improving the State economy?” Their discussion is best summarized in three words: service, education, relationship.
1. Service – in order for the small- and micro-business sector to realize its full (and large) potential, they will require services that foster entrepreneurship or that support organizations with this same mission. Many businesses get lost in “the system.” Registration, taxation, licensing, and compliance all require a great deal of attention, especially for the novice. Business owner participants want to see a holistic approach by cities and the State that includes small business in their master economic plans. Their strategy should include either guidance for business owners in navigating various compliance issues or simply the process to a manageable workload. An inclusive master plan would support small business not only through education, fundraising, capitalization and technical assistance, but also through specialized initiatives such as alternative energy research and development that identifies clear opportunities for Colorado businesses beyond overarching and good-intentioned resolutions.
2. Education – Elazabieta Kosmicks of Mile High Energetics affirmed “You can’t take education away from a person.” One of the best ways to improve the State economy is by educating all its participants. Fundraising and capitalization of Colorado schools will have a lasting impact on the economy by giving residents a better chance of accomplishing their life goals. Education establishes a solid foundation of knowledge upon which future generations can build. The discussion of education especially centered on the closing of Manuel High School and the gentrification of similar neighborhoods.
3. Relationship – An inclusive master plan for economic development couples by quality education will only go so far in improving the State’s economy. Colorado’s communities also need to build relationship to realize their full vibrance. The State could have a very practical role in catalyzing relationship building by creating innovative tools such as online databases or community centers that aim to connect needs with services; entrepreneurs with capital/funders; and youth with adult mentors. Modeled after the international microfinance movement that uses online tools to connect entrepreneurs abroad with philanthropists and investors in the U.S., this idea envisions physical and virtual community centers that distribute and communicate services while also providing more “traditional” forms of education through mentorship between generations as well as new entrepreneurs and experienced business owners.