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Columbia City Council considers ideas for jobs development Business support programs under study by the City of Columbia. Guest speaker Luke Ramsay, UK Economic Development Specialist tells the Council how other communities are encouraging and nurturing entrepreneurship with variation on the business incubator idea. He will be speaking again in Columbia, expanding on these points, at the Tuesday, August 14, 2018, 11:45amCT lunch meeting of the Columbia-Adair County Chamber of Commerce, Roberta Cranmer Dining Center, 430 Helen Flatt Drive, Lindsey Wilson College. Click on headline for complete story By Ed Waggener At the July 2, 2018 Columbia City Council meeting, guest Luke Ramsay shared his experience as Economic Development Specialist with CEDIK - Community & Economic Development Initiative of Kentucky - on the subject of resources available to the city to support local business development and grow jobs in Columbia and Adair County. For many years, the idea of business incubators has been suggested for downtown Columbia, in the hope that vacant buildings and underused buildings could serve start-up businesses with core services for a limited time until the businesses were fully launched. Ideas included private development of such centers, partnerships with governmental agencies, banks, larger companies, colleges, school systems and more. Some worked well, some not so well. Ramsay, a resident of Berea, has seen variations of the idea work extraordinarily well, especially when the right approach is matched with the right resources in a community. Berea, for instance, has had a city founding involvement with Berea College, and its model is one which continues to succeed in innovative ways and could serve as a model for other college towns. Ramsay had been asked to bring information on Business Incubators since he has management experience in that area. In his job now, he also has inside information about three types of business support. They are described below in his handout on Entrepreneurial Startup Facilities: Coworking Space: Coworking spaces are shared facilities for business. There are rarely private offices, but often have private conference rooms and phone booths for tenants to use. Young entrepreneurs who might take advantage of this space include new business ideas, where someone might only need a laptop and cell phone and quiet place to work, one whose idea is just beginning but with no budget for a building or rental space, and the kitchen table is often a busy, noisy place. Coworking space requires little management oversight for the owner entity (possibly the city of Columbia). This type space simply creates a quick opportunity to those who want a low-cost place to try out business ownership. Ramsay made the point that every company ultimately began with an entrepreneur. And when support like this is available there is more opportunity for success. Business Incubators: The project originally under study differs from Coworking space in that long-term office facilities are provided with a heavy emphasis on education, funding, and graduation of a small business into a larger separate location with, hopefully, jobs being created from the start up. Accelerators: the third type startup facility is called Accelerators. These are short-term programs designed to accelerate the growth of an existing company. They have high emphasis on investable startups. Ramsay said to picture the TV show "Shark Tank" and it's easy to understand what Business Accelerators are. They are highly competitive and tend to draw top-tier startups. They assemble the best of the best resources, in terms of investors and education, typically gaining access to Angel Investors. Luke Ramsay will be speaking again in Columbia, expanding on these points, at the Tuesday, August 14, 2018, 11:45amCT lunch meeting of the Columbia-Adair County Chamber of Commerce, Roberta Cranmer Dining Center, 430 Helen Flatt Drive, Lindsey Wilson College, Columbia, KY. He can be reached through the extension services from the University of Kentucky where he is economic development extension specialist. His email address is Luke.Ramsey@uky.edu. This story was posted on 2018-07-05 00:01:21
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