The SEED Weber/Davis/Morgan project will establish a strategic direction for the Weber/Davis/Morgan county area and surrounding region for fostering entrepreneurial development and the creation of growth and high growth businesses. The overall objective is to strengthen the regional economy by creating growth and high growth businesses.
Specifically this project is designed to implement strategies that increase the overall momentum in the region for entrepreneurial development and thereby approach and exceed the “tipping point”- that point where entrepreneurial development in the region becomes self-sustaining.
The project includes an assessment of the current levels of entrepreneurial activity occurring within the region, which will serve as a base line to build on. In addition, unique strengths and capabilities of the region will be identified in order to better capitalize on them.
A main focus of the project is on building consensus among the various regional leaders both within the public and the private sectors to ensure their commitment to the strategy and their on going support for the direction to be taken. From this consensus, community resources will be concentrated on those priorities that will truly lead to the creation of businesses that will drive the regional economy in the years to come.
This project will benefit all three counties and the surrounding region by integrating the entrepreneurial development initiatives in a synergistic and harmonious way with all other facets of regional economic development. The result will be an economic environment that not only drives the creation of growth and high growth businesses but also is beneficial for those businesses that are currently located within the region and are moving in.
Project Approach
Our general approach is designed to address the following four key components of Entrepreneurism:
Entrepreneurial Talent
In considering entrepreneurial talent, we will take into account the extent to which entrepreneurial talent exists in the region- those who have the interest, drive and skills to be entrepreneurs.
Business Ideas
This component addresses the natural sources of new business ideas that result from the collaboration and exchange that takes place within the entrepreneurial community. This includes ideas stimulated by specific research and development efforts undertaken by businesses and other formal community organizations such as the university, private corporations and government institutions.
Business Funding
This component addresses the overall availability of funding for entrepreneurs in the region including seed funding from angels, more formal early stage funding and access to venture and institutional funding.
Supportive Infrastructure
This includes the support provided by the professional services firms, training, education and the overall general degree of support indicated by the community’s attitude towards creating businesses.
Project Focus
Businesses that are created can be classified into four general categories. Each category is characterized by their specific market focus, growth potential and ultimate value created.
Although the community benefits from each class of entrepreneurs, extensive community value is created by the Class #3- Growth and Class #4 High Growth businesses. The final entrepreneurial development strategy will focus directly on the creation of these two classes of business.
A Joint Weber/Davis/Morgan Project
We feel strongly that the scope and focus of this project should be centered on the Weber/Davis/Morgan county areas combined. The entrepreneurial activity in this area is very distinct in terms of its characteristics and needs as compared with that in the Salt Lake Valley region and further beyond to the Utah Valley area.
By focusing exclusively on this combined county area, we will be able to address what resources and support needs to be made available in order for the region to more successfully compete with the economic areas to the south.
Strategy Committee Work Sessions
The Strategy Committee consists of some sixty-community leaders who represent the tri-county area. Included on the Committee are representatives from academia, applied technology, business, support entities, investors and entrepreneurs.
The members of the Strategy Committee will participate in four Strategy Work Sessions- each designed to facilitate group decisions. These work sessions begin in August and will extend to December 2007.
The Grow Utah Ventures team will lead the entire project including all of the preparations and facilitation of the strategic work sessions. The final Strategy and Implementation Action Plan will be completed by January 2008.
