20192019 Transformation Strategy Draft Entrepreneurial Ecosystem An entrepreneurial

2019~2019 Transformation Strategy (Draft) Entrepreneurial Ecosystem An entrepreneurial ecosystem is the social and economic environment affecting the local or regional entrepreneurship. Businesses located within places serving as incubators for creativity, innovation, and entrepreneurship have a greater chance of success.

Downtown Staunton Assets Physical: historic architecture, developed streetscape, revitalized buildings, 98% occupancy Cultural/Arts: localvore culture, 15 non-profits, Shakespeare, RR Smith Center, Heifetz, galleries Institutions: supportive government and Council, MBU, BRCC, Stuart Hall, Tourism Department Associations: Staunton Fund, Main Street, SDDA, The Hub, Chamber, Bicycle Pedestrian Advisory Committee History: Historic Staunton Foundation, preservationist culture, Planning and Economic Development Departments Individuals: Ambassadors, local experts, seniors with experience, property and business owners, students

Research In 2015, the SDDA conducted a Stakeholder Survey to evaluate our programming and to get valuable insight into what our stakeholders need from the Association. Out of 43 Responses, 60% were retailers. Biggest Business Concerns Business management 19. 23% Financing 19. 23% Employees 15. 38% Facilities/Equipment 16. 38% In 2016, the SDDA implemented a Community Perception Survey with help of Arnette Muldrow. A survey summary and “Top 25” list of activities was created to guide the SDDA in strategic work planning. We received 871 responses. The word cloud revealed most used language was LOVE Downtown

TRANSFORMATION STRATEGY Create a supportive Entrepreneurial Ecosystem designed to support all businesses by offering cooperative health insurance and select HR services. Staunton has amazing start up assets that will assist with financing and business planning, but not as much support available for businesses once they open and nothing for Human Resource management. This deficit, combined with our community assets, is an opportunity for the SDDA to offer more robust member benefits to both existing and new businesses. An Association Health Plan would strengthen the Downtown economic environment by giving workers a boost and make the downtown jobs more desirable by offering insurance benefits.

Measuring Success • Employee Retention: better benefits attract better candidates • Employee Pride: self-sufficiency builds confidence • Business Profitability: *it costs a average of $3500 to hire an $8 hr employee • Building leaders: owners can grow their team over time • Building legacy: workers can work towards owning their own business • Healthy businesses: businesses operate at a higher level of performance • Faster growth: owners can concentrate on growth rather than hiring

Activities Economic Vitality Investigate and research starting an Association Health Plan Find experts to assist Find firm to administer Promotions Host worker fairs Create promotional piece about worker benefits/wellness Create Social Media campaign and publicity: healthy community Organization Employer/worker survey Round Table to discuss and plan Create jobs page on SDDA website Make benefit of SDDA membership Design maps for public transit, bike racks, free parking Parking do’s and don’ts one-sheet for new employees Parking pledge for business owners

Intended Outcome • Insured and healthy employee population • Downtown competitive player in the local/regional job market • Employees proud to work stay working Downtown • Business owners plan strategic growth because of stronger workforce • Workers can afford to live Downtown • Upper Floor development due to housing demand • Resident-focused businesses open • SDDA members increase SDDA Mission The Staunton Downtown Development Association is a nonprofit association established to enhance Downtown Staunton’s economic environment as a center of commerce while maintaining the character and integrity of the City’s central business district as an attractive place to live, work and visit.