Regional Economic Development Growing Entrepreneurs and Creating Jobs in Rural Iowa Case Study Tim Putnam Associate Director NIACC John Pappajohn Entrepreneurial.

Regional Economic Development

Growing Entrepreneurs and Creating Jobs in Rural Iowa

Case Study

Tim Putnam Associate Director

NIACC John Pappajohn Entrepreneurial Center

Who are we?

• John Pappajohn Entrepreneurial Center– Jamie T. Zanios, Director– Tim Putnam, Assistant Director

• Small Business Development Center– Ted Bair, Director

• North Iowa Business Accelerator/Incubator– Mark Olchefske, Director

• Iowa Workforce Development– Terry Schumaker, Economic Development Director

Who Do We Serve?

EVERYBODY!–Start Up

–Growth & Retention

–Succession

We Mean Business!

• 44% of New Jobs come from New businesses

• 55% of New Jobs come from Expanding businesses

• 1% of New Jobs come from Relocating businesses

Services Available From NIACC & JPEC

• Business Counseling & Planning

• Financial Programs

• Training & Ongoing Education

• Mentorship's and Internship’s

• K-14 Entrepreneurial Education

Birth of a New CompanyLatham Hi-Tech Hybrids• Family owned supplier of multi-stack corn hybrids• Incorporated in late 2004• Established collaborative relationships with

Monsanto and Latham Seed• Worked with Ted Bair (SBDC) and Mark

Olchefske (Accelerator) on business plan preparation and VNI presentation

• Currently meeting or exceeding all business plan metrics

• Worked with Jamie Zanios and Tim Putnam on funding sources

Latham Hi-Tech Hybrids

• 3rd place ($10,000): 2006 Iowa business plan competition

• Venture Network of Iowa presentation• $100,000 Wellmark convertible loan• $400,000 in funding commitments following

VNI/IVCEC• Jobs - Create 60 Pro-Reps = $75,000 income in

rural communities• Future plans include development of “Latham

University” at NIACC to train sales and service professional

Long Term Business Development

Software Development Company • Creates and supports computer software for the

long-term care, skilled care, assisted living, and rehabilitation industries.

• FastTrac® GrowthVentures® identified business skills and honed business plan. 1997/2001

• Needed funding to develop, integrate and market a comprehensive financial software and management system

Multiple Funding Sources

• Raised nearly $1,700,000– IDED– North Iowa Venture Capital Fund– Wellmark Venture Capital Fund– Local Investors – Traditional Debt Financing

• 15 new jobs today and estimated to create total of 30 new jobs.

Positioning for Mature Growth

40 year old manufacturer of food supplements for beef, swine and other animals– NIACC JPEC/Accelerator assisted in creating a

5 year strategic plan, working on new high growth plan for next 5 years that will triple company sales from $30M to $50M

– Using Continuing Education for Lean Manufacturing implementation

– 260E and 260F

Business Succession

• Manufacturer of Custom ID Plates & Labels– Owner ready to retire– Easily movable/outsourced business– Sale could mean loss of 45 jobs– JPEC worked with management team to enable

purchase– Working with JPEC gave management team credibility

with owner– New owners working with JPEC to implement new

strategic plan – Using Continuing Education for Lean Manufacturing and

VIX/Three Page Operating Plan

These People Mean Business!• NIACC-JPEC: Jamie T. Zanios (641) 422-4162 or [email protected]• Entrepreneurial Education: Tim Putnam (641) 422-4192 or

[email protected] • SBDC: Ted Bair (641) 422-4212 or [email protected]• Accelerator & Incubator: Mark Olchefske (641) 422-4191 or

[email protected]• 260E & 260F: Terry Schumaker (641) 422-4170 or

[email protected] • Smart Start & FastTrac: Dana Heimbuch (641) 422-4232 or

[email protected]• Custom Training: John Schladweiler (641) 422-4222 or [email protected] • Lean Manufacturing: Jody East (641) 422-4218 or [email protected]• 3 page Business Operating System: Bill Burdick (641) 422-4183 or

[email protected]• Internships: Laura Merfeld (641) 421-4355 or [email protected]