Curt's Corner: Supporting Entrepreneurs and the Corridor’s Economy: Vitality 2014
By Curtis Nelson, EDC President & CEO
In the last Edition, I wrote about the importance of embracing entrepreneurs. I asked you to support, endorse and celebrate this special group of people who will be responsible for much of our local economy’s recovery from the catastrophic flood and recession. After all, businesses with less than 500 employees are responsible for over 60% of the state’s new jobs from year to year.
Since 2003, EDC has been focused on our mission of providing economic growth in the Cedar Rapids/Iowa City Corridor and throughout the State of Iowa through the creation and expansion of entrepreneurial enterprise. During this time, EDC has employed $2.9 million in operating capital from public and private sources. This investment has been used to assist over 300 businesses. Since our launch, 42 new interstate commerce businesses have been created, over $55 million in capital has been raised, $158 million in sales revenue has been generated and $106 million in wages have been paid.
EDC provides talent that is dedicated specifically toward creating and growing high-impact interstate-commerce businesses in the corridor:
- EDC accelerates the development of early-stage, primarily technology-focused businesses, at a rate two or three times faster than if these businesses struggled on their own.
- These businesses pay wages 33% above the regional average.
- These businesses are high-level talent job creators that will ultimately become significant corridor employers.
Every business created is a locally-headquartered business that can:
- Build economic diversity and vitality over time
- Create spin-off businesses and attract new talent
- Create the careers needed to keep graduating talent in Iowa
- Provide stable, long-term community leadership
- Create wealth that gets re-invested locally
EDC’s business model has proven itself effective time after time across the country. The U.S. Small Business Administration reports that businesses launched in incubators (accelerators) have an 87% survival rate, compared with just 25 percent for businesses that start on their own.
In an effort to continue EDC’s programs we launched Vitality 2014 last month. Vitality 2014 is a 5-year capital campaign that will provide EDC with the resources necessary to have an increasing impact on the area’s economy and play a significant role in our community’s economic recovery. We cannot continue to support entrepreneurs without your endorsement and continued evangelism of EDC’s accomplishments. Please help us help our communities by continuing to support EDC in any way you can.
