EntrePaducah...year one!

February 16, 2009 was the first of many datelines for EntrePaducah. It was my first day on the job and little did I know what a rewarding, challenging year it would be. As we enter our second year serving the community, I’d like to share some of EntrePaducah’s first year highlights.
One of the first tasks was to make ourselves known in the community. The EntrePaducah Advisory Board and Paducah Area Chamber of Commerce had already put this plan into motion, volunteering to conduct the first EntreForum® events in 2008. EntreForum events offer a no-cost, small group seminar for business assistance and networking. Since then, we’ve produced six EntreForum events, plus a Social Media Seminar for small businesses. EntrePaducah has also been quoted for several news stories on entrepreneurism, and I’ve shared our mission from time to time in this monthly publication. I’ve been welcomed as guest speaker at several civic clubs and community functions, including events that EntrePaducah co-sponsors such as the MSU-POINT meeting for IT professionals, and, various SBDC seminars. Our local government offices regularly refer business startup inquires to EntrePaducah, as does the Chamber of Commerce and GPEDC. Our visibility also extends to the web. Our website is www.entrepaducah.com where you’ll find a basic description of the organization and a link to our Blog. You can also “friend” us on Facebook.
Another of our missions at EntrePaducah is to network with other economic development agencies to help entrepreneurs identify as many beneficial resources as possible. Throughout the year, we’ve partnered with Murray State, the SBDC, GPEDC, Purchase ADD, KY Economic Development Cabinet and others to conduct public information sessions or simply meet one-on-one with entrepreneurs. Our partnership with Kentucky’s Department of Innovation & Commercialization (DCI) through the Kentucky Science & Technology Corporation (KSTC) has produced a substantial grant award to a local technology-driven company. By cooperating with our fellow economic development professionals, we hope to create a unity that is recognized state-wide as a model for economic growth. EntrePaducah’s focus on small business hopes to complement the GPEDC’s focus on industrial recruitment and the Chamber’s business advocacy, to offer 360 degrees of assistance to our business community.
Although perhaps not affected as much as other parts of the country, the recession did hit home at several local businesses in 2009. Of the approximately 70 clients EntrePaducah has worked with thus far, almost 20% of them were existing businesses needing various types of help to become stabilized. Being sensitive to the difficulty of job displacement, EntrePaducah reached out to dozens of laid-off workers to offer assistance should they attempt to open a new business.
Part of EntrePaducah’s focus is to help drive the creation of technology-driven business startups. Through a partnership with the Kentucky DCI and Murray State, EntrePaducah employed a Technology Concierge in July. Rich Davis came to EntrePaducah to work closely with local tech-related entrepreneurs. Rich’s arsenal includes knowledge of business plan preparation, a co-major in Information Management, and the resources of the KSTC for grant and investment capital opportunities. To help Rich identify and support those tech entrepreneurs, EntrePaducah’s Technology Think Tank was formed in October to offer their insight and resources. The twelve member group consists of professionals from the medical, agriculture, marine, energy, education and IT communities. Their volunteer involvement is yet another testament to the commitment many Paducah residents have to the future of their community.
Culture Change is another major initiative for EntrePaducah. Part of the philosophy of “home grown” economic development is to foster a culture that educates, promotes and supports entrepreneurs. One of the highlights of my year was judging the Farley Elementary Entrepreneurial Fair competition. Those fifth-grade students amazed me. Their knowledge of business planning, computing break-even points, and marketing was fascinating…especially for their age. Their teachers deserve a special thank you from EntrePaducah, and we urge them to tell others of their achievements. Culture Change will only come through a collective effort to teach our children economics and basic business principles. Knowledge is power, and we want our area students to have the confidence (power) to pursue business ownership, if it fits into their life plans. As the students grow, they’ll be ready for the advanced opportunities offered at local colleges. Murray State has recently devoted vast resources to its entrepreneurship program, and the West Kentucky Community & Technical College’s Emerging Technology Center will offer tech-driven entrepreneurs research opportunities. EntrePaducah is fortunate to have the support of both institutions as a resource for our clients.
Anther Culture Change initiative is offered through the Chamber of Commerce. At each month’s Power in Partnership Breakfast, we’ve joined the Chamber in saluting the Entrepreneur of the Month. Recognition of the efforts of our local entrepreneurs helps to let them know the community appreciates and supports them. It also sends a message to upcoming entrepreneurs, or those considering a move to Paducah, that our community is supportive of startups.
EntrePaducah’s vision began three years ago through a volunteer committee formed to help identify future economic development needs in the community. Today, our Advisory Board continues to guide and direct our activities…and open doors that give us the resources to help entrepreneurs. Our Board includes: Phil McIntosh (Chairman),David Mast, Dwane Tucker, Bruce Brockenborough, Sandra Wilson, Jim Conn, Basil Drossos, Susan Guess, Glen Anderson, Elaine Spalding, LaDonna McCuan, Jim Zumwalt, Doug Harnice, Kristin Williams, and Joe Framptom. Our strategic and financial partners are the City of Paducah, McCracken Fiscal Court, Paducah Area Chamber of Commerce, GPEDC and Murray State University.

We look forward to helping many more clients fulfill their dreams of business ownership. With continued support, we hope to create many, many more opportunities to “Buy Local”.