Incubating Jobs and Businesses

by Dave Elmstrom | Mar 14, 2013
| 1 Comment

Summary:

So many of our problems get solved when citizens have access to good jobs. My idea involves setting up business development incubators in various neighborhoods throughout the city, and leveraging all of the resources we already have in St. Paul to help citizens start and grow businesses. I would propose partnering with local universities, where we already have excellent business schools and engineering schools to help residents develop new products and bring them to market. We already have a well-developed banking, financial and venture capital community, and these incubators could develop strong partnerships with those organizations (as well as outside organizations such as Kiva.org and Kickstarter). We already have a thriving private sector (including many successful entrepreneurs) that could help mentor and advise aspiring business owners and entrepreneurs. And we have a large governmental sector, which will help new startup companies connect with resources from the federal, state, county and city governments. These new incubators could consolidate the resources already available in this city, and help us grow our jobs from within. Access to resources such as financing and technical expertise is a big barrier to new business creation. And the stakes are high for the city's future: According to the Small Business Administration, 40% of new jobs are created by startup companies and expanding small businesses. And those new job creations are the engine that helps new immigrants and historically disadvantaged groups rise into the middle class and beyond. Let's make new business creation and the creation of good paying jobs not just the American Dream, but the St. Paul Reality.

About You

read more ↓↑ hide↑ hide

About You

First Name

Dave

Last Name

Elmstrom

City

St. Paul

County

Ramsey

Country

United States, MN

Website (if you have one)

Names of others who helped contribute to my idea

How did you hear about the Forever Saint Paul Challenge?

TV, Internet

About Your Organization (if applicable)

Organization Name (if applicable)

Organization Website

Organization Phone

Organization Address

City

Organization Country

United States

Your idea

read more↑ hide↑ hide

Title of your idea

Incubating Jobs and Businesses

Give us the highlights of your idea for making Saint Paul great (2,000 characters maximum or approx. 250 words)

So many of our problems get solved when citizens have access to good jobs. My idea involves setting up business development incubators in various neighborhoods throughout the city, and leveraging all of the resources we already have in St. Paul to help citizens start and grow businesses. I would propose partnering with local universities, where we already have excellent business schools and engineering schools to help residents develop new products and bring them to market. We already have a well-developed banking, financial and venture capital community, and these incubators could develop strong partnerships with those organizations (as well as outside organizations such as Kiva.org and Kickstarter). We already have a thriving private sector (including many successful entrepreneurs) that could help mentor and advise aspiring business owners and entrepreneurs. And we have a large governmental sector, which will help new startup companies connect with resources from the federal, state, county and city governments. These new incubators could consolidate the resources already available in this city, and help us grow our jobs from within. Access to resources such as financing and technical expertise is a big barrier to new business creation. And the stakes are high for the city's future: According to the Small Business Administration, 40% of new jobs are created by startup companies and expanding small businesses. And those new job creations are the engine that helps new immigrants and historically disadvantaged groups rise into the middle class and beyond. Let's make new business creation and the creation of good paying jobs not just the American Dream, but the St. Paul Reality.

Website address (if applicable)

Innovation

read more↑ hide↑ hide

What makes your idea different or unexpected? (4000 characters maximum or approx. 500 words)

This idea of developing business incubators relies on partnerships and builds on competitive advantages we already have as a city, such as a strong higher education, financial and governmental sectors.

It also comes as close as we have to a "silver bullet" when it comes to solving so many of the problems we have as a city. Higher economic prosperity and good-paying jobs have so many impacts beyond just the amount of money in a family's paycheck: improved educational outcomes, lower crime rates, more home ownership, less reliance on governmental support services, and many, many more.

Impact

read more↑ hide↑ hide

This Entry is about (Issues)

How will your idea make a difference in Saint Paul? (4000 characters maximum or approx. 500 words)

It will improve the future economic vitality of the city, and also have an impact on many of the social problems facing the city. By growing from within, we develop new jobs, raise the prosperity of those living in town, and make it more likely that as the ventures grow, the jobs will stay in St. Paul.

Sustainability

read more↑ hide↑ hide

Why do you think people will recognize or remember your idea after it comes to life? How might it inspire others to do something similar in their community? (4000 characters maximum or approx. 500 words)

By developing a culture of small business development and expansion, the city of St. Paul will become known as the place to succeed as a small business. It will develop a reputation for having the resources and support systems for new business creation and expansion.

apolinario sasam said: This sounds quite nice. Especially now that a lot of people are actually in need of Jobs. - Lindsay Rosenwald about this Competition Entry. - 2605 days ago read more >

Dave Elmstrom updated this Competition Entry. - 2876 days ago

Dave Elmstrom submitted this idea. - 2876 days ago