Engineering a Community of Entrepreneur
Warren Buffett, Bill Gates and Mark Zuckerber serve as prime examples that entrepreneurship can be a very lucrative career choice. In 2011, The Kauffman Foundation estimates that the 11.9 million self-employed business owners in the United States represent only 6.5 percent of the adult population. With so much to be gained in starting a business, why is it that most Americans decide not to pursue a life as an entrepreneur? Simple answer: lack of talent, knowledge and risk.
Talent development has become a centrifuge for investment firms and individuals looking to maximize ROIs from their investments. The magnitude of great ideas has left investors overwhelmed to spend too much attention on funneling funds on many great ideas.
Bonnie Wesorick founded the CPM Resource Center while working as a nurse in a local hospital. The center has developed a field-tested and effective way to improve all elements of the care process, from point-of-care clinical decision support to healthy work cultures and interdisciplinary team relations. CEI caught up with her to learn how she managed success without a business background.
Driving Growth With Collegiate Talent
Over $6 Billion dollars in investments have been funneled into the Grand Rapids infrastructure since 1980. In just the past eleven years a third of that amount, roughly $2.6 billion, has reshaped and retuned the vibrant city to a new beat as it continues its unprecedented growth. However, economic and physical landscape in West Michigan have changed as they have throughout the nation. It begs the question, how is the city strategically oriented to move forward, and what role will universities play in regards to the city’s continued growth?
Kurt Kimball, former Grand Rapids City Manager, described his views on entrepreneurial innovation driving economic development. “I think we will see innovative independent thinkers driving economic growth. Do we have the innovators we need is the question?”
The Successes of Entrepreneur James R. Albright
Rain poured down his face as he waited outside an entrance on Grand Valley’s campus. He was cold and wet. The broken handicap button separated him and his wheelchair from the dry inside. At this point, he knew something had to change.
This describes the event which prompted James R. Albright (Jim), to develop Albright Insights. The technology driven problem-solving organization focuses on creating cutting-edge mobile accessibility and navigation applications. Albright Insights’ first project is a mobile application called XcessAble; a wordplay referring to the handicap accessibility features it provides. Architectural specifications for a building are detailed in the application database: accessible building entrances, location of restrooms, heights of faucets and more. As a user accesses the application, the database of specifications is cross-referenced against the user’s physical capabilities to deliver a custom layout of the building. The mobile application, though a powerful tool, is only the first step to raise awareness for people with disabilities.
Food-preneurs Get a Kitchen
Her idea stemming from a business class at Calvin College, Kelly LeCoy soon acquired the seed capital needed to create a kitchen facility that helps food inspired entrepreneurs create their own culinary venture.
The National Restaurant Association estimates that roughly two-thirds of each dollar earned is allocated to food, beverages and labor for a restaurant. This figure does not include cost of facilities, equipment or the learning-curve needed to meet regulatory standards.
Michigan Green Technology and Entrepreneurship Academy
It’s rare that a university professor, postdoc or PhD student would be found listening to lectures in the confines of a classroom, yet it perfectly describes the scene at the inaugural Michigan Green Technology and Entrepreneurship Academy. Green TEA, as it is commonly referred, is an innovative program designed to launch cleantech ideas out of the university lab.
The Value of Talent In New Enterprises in West Michigan
It is often asked in venture investing whether you bet on the horse (the market and the idea) or bet on the jockey (the manager and the management team). The story of Pat Day may help answer the question.
Pat Day is a jockey legend in horse racing. Before his retirement in 2005, Pat Day had close to $298,000,000 in winnings, which ranks No. 1 in lifetime earnings for jockeys. He was the all-time leading money rider at Churchill Downs and Keeneland. In the Breeders Cup, the world series of horse racing, Day came first or second in 25 percent of the races. Day was so dominant at Churchill Downs that bettors would often bet on any horse with Day in the saddle and the odds would decline because of the Day followers.
Letter from the Director
After five months serving as the Executive Director at the Center for Entrepreneurship and Innovation (CEI) at Grand Valley State University, I can write this introduction with a sense of direction that I did not have in the previous issue. It is appropriate that this issue focuses on talent as a component of the entrepreneur ecosystem. We have no higher calling at CEI than to create entrepreneurial talent.
For the purpose of this introduction, talent is defined in two ways:
1. The individuals and groups that innovate the ideas that become new enterprises
2. The managers and business people that help take the ideas from thought to reality