Entrepreneurial Networks Burt Chojnowski 2005 National Business Incubation

Entrepreneurial Networks Burt Chojnowski 2005 National Business Incubation Association May 16, 2005

Benefits of E-Networking • 90% of What Entrepreneurs Learn They Learn From Their Peers • Successful Role Models and Mentors • Re-Define Failure as a Step of Innovation • Senior Management Development

Why It Works • Tap into Power of Collective Wisdom • Not to Be Confused With Conventional Wisdom • Power of Listening • More Accurate, More Powerful Decisions

Changing the Culture • Changing the Attitude About Startups • Re-Define Failure as a Step of Innovation • Changing Personal Culture - Juggling Priorities - Crisis Management - Heavy Workload - Mistakes - Anxiety

Mentoring Networks • 2 nd Stage Companies - Move from Ordinary to Extraordinary • • • Early Stage Micro Enterprise Art-Preneurs Food-Preneurs Retail • Entrepreneurial Practitioners

Networking Events • Networking Circles • Boot Camps for Entrepreneurs • Workshops and Seminars • Networking Skills • Marketing • Sales Training • Business Planning

Fairfield’s Virtual Incubation • 2003 Grassroots Rural Entrepreneurship Award – National Center for Small Communities and Kauffman Foundation • Known as Sili. Corn Valley – • 2004 Entrepreneurial Community of the Year - Community Vitality Center

Entrepreneurial Capital of Iowa • 60 Startups Have Attracted $250 Million in Venture Capital Since 1990 • 1/3 of Iowa’s Venture Capital Investment • Software, Marketing, Financial Services, Media & Telecom • Population: 9, 600

Impact & Results • Nearly a $1 Billion in New Equity • 3, 000 New Jobs in Fairfield - 25, 000 globally • Per-Capita Income has Tripled • $10 million in New Construction (per year) • New $6. 5 million Civic Center Under Development Theater and Convention Space • Ranked #3 County in the Nation in Per-Capita Giving

Where to Start? Peer Mentoring Programs For “Second Stage” Companies • • • Immediate Impact on Economy Role Models and Mentors for Startups Angels for Next Generation of Entrepreneurs

The CEC Ecosystem Early Stage Venture Capital Community-Based Capital Peer Mentoring Entrepreneurs Network of 2 nd Stage Companies, Serial Entrepreneurs and Service Providers Entrepreneurial Support Services 90% of What Entrepreneurs Learn - They Learn From Their Peers

Accelerating 2 nd Stage Companies Extraordinary Results Average Results Transition Point Good to Great by Jim Collins

Examples of Diamonds in the Rough • 100 year old Company - 10 years ago – $3 million in Revenues • Today - Growing 30% in 2004 to $60 Million • 20 year old Company – 5 Employees and $500 K Revenues 10 Years Ago • Today – 120 Employees, $70 million in Revenue, $9 Billion Under Management

Thank You Burt Chojnowski Past President, Fairfield Entrepreneurs Association Managing Partner, Brain Belt Consulting Member, Iowa Capital Investment Board Burt@Fairfield. Iowa. biz- 641. 919. 2163 © 2005 Brain Belt