Collaboration for Economic and Business Development

1
Collaboration for Economic and Business
Development
The TTU Center for Economic Development, the
SBDC, and the Communities of the Plains of Texas
and Eastern New Mexico.
2
How can we build a true partnership in rural
community economic and business development?

• We propose using a non-profit corporation with
  governance shared by the stakeholders.

3
The High Plains Rural Business Assistance Network
(HPRBAN)

• A vehicle through which we build up the economic
  infrastructure and provide new opportunities for
  growth from within.
• A means to make rural communities more
  competitive with the regional centers.
• A 501(c)(3) corporation established to formalize
  the partnership, to pursue funding, and to manage
  programs and financial flows.

4
The HPRBAN will focus on issues of Rural Access

• Access to reliable, affordable broadband Internet
  within a short-term time horizon.
• Access to a wider array of small and medium
  business support services.
• Access to a business incubation/acceleration
  program.
• Access to workforce training and professional
  certification programs.

5
A Rural Business Incubator Network for the High
Plains of Texas

• Building a Diversified, Non-Traditional Economic
  Base in our Rural Communities.

6
What is a Business Incubator?

• An incubator is a PROGRAM, not a building.
• Incubators mentor fledgling entrepreneurs through
  guidance with financial planning, marketing, and
  product development.
• Incubators bring entrepreneurs together in a
  mutually supportive environment.

7
A Rural Incubator Network?

• A network provides economies of scale to enable
  rural incubators to enjoy high quality incubator
  management that otherwise would be financially
  impossible.
• Incubator services from the Hub are extended to
  remote sites via high-speed telecommunications
  that provide real-time voice/video conferencing
  and document exchange (Net Meeting).

8
Communications Are the Key Component of This
Network.

• Access to reliable broadband Internet is
  critical.
• Tenants from all of the remote sites will have
  the technology to communicate among themselves.
• Quarterly gatherings in Lubbock of tenants will
  include a luncheon to promote networking between
  rural entrepreneurs, TTU faculty, Lubbock
  business and financial communities, and the West
  Texas Venture Capital Forum.

9
The Bricks and Mortar, Contd

• The HUB will be located in the Lubbock area to
  leverage Lubbock and TTU business resources.
• Each network member provides and maintains their
  building space and equipment.
• Network members collect rents and service fees
  directly from incubator tenants.
• Network members determine incubator space lease
  terms and conditions, and rates.

10
Collaborative Information Technology Centers

• Co-located with small business incubators.
• Distance education classroom.
• Community computer lab.
• Student access to computers and Internet during
  evenings and weekends.
• Space for SBDC small business counselors.

11
Some Final Thoughts..

• Trends in the agricultural economy will continue
  to create strong economic headwinds for the
  regional economy.
• Economic diversification is critical for rural
  community survival. Only aggressive, forward
  thinking communities will survive.
• Water and energy issues will become increasingly
  determinant and will place greater importance on
  new forms of sustainable economic activity, above
  all in agriculture.