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Institute Expands Entrepreneurial Network
By
Carol L. Spence
 LEXINGTON,
Ky., (Sept. 26, 2007) – A model program that encourages an
entrepreneurial culture in tobacco-dependent counties is
extending its reach into south central Kentucky.
Until now, the Kentucky Entrepreneurial Coaches Institute,
coordinated by the University of Kentucky College of
Agriculture, has focused its efforts on 19 northeastern Kentucky
counties, to create a regional network of advocates for
entrepreneurship. In the three years since its inception, 60
community leaders from diverse career fields have graduated from
the program intent upon smoothing the way for a strong
entrepreneurial culture in their region.
In 2008 the institute will expand into 22 counties in south
central Kentucky: Adair, Allen, Barren, Butler, Casey, Clay,
Clinton, Cumberland, Edmonson, Green, Hart, Laurel, Marion,
Metcalfe, Monroe, McCreary, Pulaski, Russell, Taylor, Warren,
Washington and Wayne. This newest edition of the program, in
cooperation with the Center for Rural Development in Somerset,
is funded by a grant from the Governor’s Office of Agricultural
Policy and the Kentucky Agricultural Development Board. The goal
behind the program’s expansion is to develop new businesses and
to train 60 leaders who are willing to work with aspiring and
current entrepreneurs in the region.
KECI director Ronald Hustedde emphasized the importance of
entrepreneurial enterprises to Kentucky’s economy.
“We know that 50 percent of jobs come from small business in
this state and in the nation,” he said. “We also know that 75
percent of new wealth creation comes from entrepreneurs, from
innovators. They find new markets or new services, new products,
new niches, and that leads to wealth creation. I think we can’t
ignore that.”
Hustedde said that wealth generated in such a way typically
spreads through the community.
“Entrepreneurs tend to stay in their community. They share, not
only their wealth – they spend more locally – but they also
employ local people. And in terms of philanthropy, they tend to
give more to the local community,” he said.
Recruitment for applicants for the 2008 class, which will start
in February, is just beginning. Hustedde said they are looking
for 30 people who are interested in building entrepreneurial
friendly communities and coaching individual entrepreneurs. The
application process is highly competitive, but he encourages
interested individuals from the south central Kentucky region to
apply, particularly those from farm families, those who have
started their own business at some point or those who are
recognized as leaders in their communities.
“My colleagues and I believe that if we invest in rural lay
leaders – providing them with new skills and knowledge and
expanding their network base – they can significantly influence
cultural, political and economic changes in the region,” he
said.
Those chosen for the 16-month training will receive a fellowship
valued at approximately $18,000, which covers the costs of eight
seminars, each lasting two to three days, and an eight-day trip
out West. Fellows will visit the Pine Ridge Indian Reservation
in South Dakota to learn about successful entrepreneurial
ventures in the face of significant obstacles, as well as
investigate youth entrepreneurship in the area and high growth
entrepreneurs that have emerged in the Brookings, South Dakota
area.
It is not the intent of the program to train entrepreneurs.
Rather, fellows in the program will be instructed in coaching
methods so that they can return to their communities with the
skills needed to create support networks for local
entrepreneurs.
 Mason
County’s Melony Furby, who works for the National Federation of
Independent Business, was one of the original KECI fellows,
having graduated from the institute’s first class. She was sold
on the program when she realized what it could mean to
communities.
“We have lost a lot of industry to Mexico and China,” she said,
“and I don’t think those jobs are going to come back any time
soon. So my feeling is we need to grow our own businesses and
the coaching program can help accomplish that in Kentucky.
“The neat thing,” she said, “is that the program targets farmers
who have lost tobacco income and still want to stay on the farm
and develop some other type of business, but yet the coaching
can apply to anyone starting any type of business.
“As a coach, part of our job is asking the tough questions to
get the business owner to really consider all aspects of what it
takes to start the business, develop it and how they envision it
down the road. We encourage them to create a ‘roadmap’ for their
business,” Furby said.
So what do the 22 south central Kentucky counties have to look
forward to when 60 KECI fellows graduate from the next two
classes? Hustedde said that in northeastern Kentucky, many of
the graduates of the first two classes now influence policy at
the local level by helping to initiate high school
entrepreneurial programs or working with counties to create an
economic portfolio whose resources are balanced between
industrial recruitment and entrepreneurship. Others helped give
greater visibility to innovative farmers. One group of coaches
started a six-county initiative to move agritourism forward.
Another group brought together Maysville Community and Technical
College with Morehead State University to create a new fulltime
position for an entrepreneurial coach who serves a five-county
area.
“As businesses grow and become stronger,” Furby said, “the
potential for job creation becomes greater. KECI is an
incredible program and has the potential to enhance the economic
development efforts in the state.”
“With the next two classes, we’ll have about 120 people who will
have gone through a very intensive process and will be involved
in making change, of building an entrepreneurial-friendly
culture,” Hustedde said. “We think, with a critical mass of 120,
we’ll be able to influence policy (in the state).”
For information about applying to the 2008 KECI class, visit the
KECI Web site at http://www.uky.edu/Ag/CLD/KECI or contact Katie
Ellis at 859-227-0911 or katie.ellis@uky.edu. The application
deadline is November 30.
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Contact: Ron Hustedde, 859-257-3186
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