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Business Oregon, Janet Soto: Entrepreneurship Strategy
- 1. Janet Soto Rodriguez Entrepreneurship Strategist Innovation & Entrepreneurship
- 3. Imagine... …that every entrepreneur has access to high-quality resources, tools, mentoring, and capital to launch, grow, and scale a viable business, no matter where they live or who they are.
- 4. Inefficient network Invisible services Insufficient resources Unequal access system Barriers
- 5. entrepreneurship innovation capital • STEAM/CTE • University tech transfer • Federal grants (SBIR/STTR) • Prototype support • Incubators and accelerators • Small Business Development Centers • Economic Development Districts • Mentors and coaches • Oregon Growth Board • Angel investors and seed funds • Venture capitalists and conferences • Community capital Business Oregon I&E
- 6. 2 31 Strategies Make non-local resources accessible Serve all stages of business from startup to scale Gather and make local resources visible
- 7. The rural entrepreneurship initiative
- 8. Phase One La Grande Baker City Klamath Falls Coos Bay
- 9. Janet Soto Rodriguez janet.c.soto@oregon.gov Entrepreneurship Strategist Innovation & Entrepreneurship
- 10. 98% 2% 100 Employees 89% 11% 20 Employees 82% 18% 9 Employees Oregon Companies by employment
- 11. 9 Employees or Less 82% 10 Employees or More 18% Oregon Companies By Employment 101,000 companies with under 9 employees 106,860 individuals unemployed today Imagine if each small firm hired one more person…
Notas do Editor
- Based on changes in the world, and changes in this state…I’d like to talk about the future. I’m not here to talk about a program, I’m here to talk about a strategy. Governor Brown has made two things very clear: We are going to increase our focus on growing our own companies. 70% of new jobs are created from companies already here in Oregon We are going to reach out to the Oregon we have not been serving. We have been overserving some and underserving most. In the Governor’s words recently she stated the “goal to create a thriving statewide economy that encourages our businesses to hum in every single corner of the state. And to accomplish this goal, equity must be at the forefront.” We’ve been building the office of Innovation & Entrepreneurship for nearly a year and a half now. We’ve spent a lot of time looking at this economy, our people, our assets, our small business programs and our money…in order to devise a statewide strategy to support innovation and entrepreneurship. This is my job…Supporting entrepreneurs. So at a statewide level, our office of innovation and entrepreneurship must devise a strategy from their perspective…that solves problems they are having. Otherwise…what are we doing? Who are we serving? There are about 350,000 entrepreneurs in this state. No single entity or program can do this. So what we need is a smart strategy, so let me explain to you what we’ve got cooking.
- We need a culture-shift in many parts of the state, and an infrastructure where entrepreneurs can find each other and learn from one another. Right now, Entrepreneurs are in a pinball machine. They bounce from one disconnected service provider to another, who may have some degree of ability to respond to their need. So what does it mean to support this kind of innovation and entrepreneurship? Very small businesses make up the vast majority of all firms in the state of Oregon 98% of all firms in Oregon have fewer than 100 employees 89% of all companies in Oregon have less than 20 employees – 26% of private sector employment in 2013 82%% of all Oregon businesses have less than 9 employees In 2014, there were 101,017 firms with 0 to 9 employees in March 2016. That’s 82 percent of all firms in Oregon. There are 344,722 registered businesses in the state of Oregon. To make these numbers even more significant, in 2014 the US census bureau identified 269,901 non-employers in Oregon. In rural Wallowa County, solopreneurs make up 45% of the workforce. This shows a willingness for people to live where they want to live and find a way to make it work. In fact, 37% of all workers in the US are freelancers and that number has been skyrocketing in recent years…and yet rarely are these jobs ever captured in our economic statistics. My team isn’t necessarily about jobs, we are about building an ecosystem…a human infrastructure that is favorable to starting, growing and scaling a business…from the entrepreneurs perspective. So its great to have a lot of very small companies, but you might be asking yourself, who is creating the jobs in the state.
- We have traditionally looked at this very one dimensionally. That a very small percentage of highly scalable, traded sector businesses who succeed will create the kind of resilient economy that Oregon wants for itself. Unfortuantely this hasn’t proven to be true. A much more multidimensional approach must be considered that is inclusive of all types of entrepreneurs. Entrepreneurs Innovation Jobs Economic growth (GDP) For a functional system - Community Health (one Oregon)
- CHALLENGES Oregon entrepreneurs suffer from: a fragmented and inefficient technical resource system (multiple unconnected networks, agencies, and organizations that overlap and compete); hard-to-find, often invisible services, programs, and capital (isolated offices in dispersed locations all over a city); duplication, as well as insufficient business development programming; and, an unequally accessible system that over serves some and underserves most (services unequally distributed, insufficient expertise in rural, lack of commensurate programs for Native Americans, bi-lingual entrepreneurs, communities of color, women, youth, etc.).
- Integrate innovation into Oregon’s strongest industries (turn disruption into competitive advantages) Construct regional capacity to support innovation and entrepreneurship (connected and accessible statewide) Build a pipeline of access to capital (available to entrepreneurs regardless of demographics, geography, chosen industry or stage of business)
- 1) increase access to entrepreneurial resources locally—mentoring, access to capital, shared learning—in rural communities throughout Oregon 2) foster entrepreneurship ecosystems by leveraging technology. 3) ensure that the needed programs are accessible to each and every entrepreneur—all business stages, all backgrounds, and in all sectors. The ultimate goal is to create permanent, sustainable Entrepreneurship Development Systems (EDS) in rural Oregon
- First, my office. Not enough people even know that we exist; and those that do don’t necessarily know that we help folks who are starting, growing or even winding down a business or nonprofit organization. Starting smart to us means not only providing information on state and local compliance, but also connecting businesses to local technical assistance providers. In addition, certification can be a helpful tool in terms of raising a business profile – even if there is no immediate intention to sell to public purchasers. What I’d emphasize is that there are a number of free services available to folks who are getting started to help them start smart. And I’m not alone in wanting folks to succeed – so whatever we can do to help, we’re happy to do. Entrepreneur Development Loan fund: http://www.oregon4biz.com/How-We-Can-Help/Finance-Programs/EDLF/ This is the Business Oregon small business loan most small business owners would utilize. Business owners must seek SBDC assistance/guidance, create a business plan, etc. The Entrepreneurial Development Loan Fund (EDLF) provides direct loans to help start-ups, micro-enterprises and small businesses expand or become established in Oregon. This fund fills a niche not provided through traditional lending markets. The Business Retention Program is utilized by company owners who are established but are experiencing challenges: http://www.oregon4biz.com/How-We-Can-Help/Finance-Programs/BRS/
- Very small businesses make up the vast majority of all firms in the state of Oregon 98% of all firms in Oregon have fewer than 100 employees 89% of all companies in Oregon have less than 20 employees – 26% of private sector employment in 2013 82%% of all Oregon businesses have less than 9 employees In 2014, there were 101,017 firms with 0 to 9 employees in March 2016. That’s 82 percent of all firms in Oregon. There are 344,722 registered businesses in the state of Oregon. To make these numbers even more significant, in 2014 the US census bureau identified 269,901 non-employers in Oregon. In rural Wallowa County, solopreneurs make up 45% of the workforce. This shows a willingness for people to live where they want to live and find a way to make it work. In fact, 37% of all workers in the US are freelancers and that number has been skyrocketing in recent years…and yet rarely are these jobs ever captured in our economic statistics. My team isn’t necessarily about jobs, we are about building an ecosystem…a human infrastructure that is favorable to starting, growing and scaling a business…from the entrepreneurs perspective. So its great to have a lot of very small companies, but you might be asking yourself, who is creating the jobs in the state.
- The number of unemployed individuals is just a touch over the number of firms employing 9 people or less. If each of these firms hired just 1 person, we would be at full employment.