The following are projects currently funded by ARC that are achieving notable results.
Building Better
Schools and Communities
The Better Schools program combines entrepreneurship education with technology transfer, skill development, business experience, and community collaboration to teach high school students the basics of business. Using a curriculum developed by REAL Enterprises and the learning approaches of the PACERS Small Schools Cooperative (an association of rural schools), the program works to improve education and connect it to sustainable economic development and community life.
The Better Schools program is a continuation of an entrepreneurship program
that will:
- pilot new programs and expand entrepreneurial education in Alabama's Appalachian
counties;
- promote the formation of school and community-based enterprises supported
by technical assistance; and
- strengthen and create networks and partnerships based on the existing PRSR
work.
Better Schools has the support of several school districts and development organizations
in the region, including the West Alabama Regional Skills Consortium.
Outcomes
Through phase one of the Better Schools initiative, students have gained strong
career-related interests, skills, and connections; six teachers were trained
in the REAL Enterprises curriculum; and 18 teachers participated in a school-based
enterprise (SBE) workshop, affecting 915 students. In addition, $18,959 in loans
assisted in the start-up of seven new SBEs and the enhancement of 19 others,
while leveraging community funds of over $30,000.
Projected outcomes for phase two include the creation of eight new businesses and eight new jobs. Two hundred people are expected to participate in project activities.
Project dates: October 1, 1999 to the present Sources of Funding:
ARC: $169,000
State: $174,688
Local: $82,500
Total: $426,188
Project Contact:
Tommie Syx
(205) 348-6432
tsyx@pacers.org
Kentucky Artisan Heritage Trails
To support the development of artisan businesses, the Kentucky Artisan Heritage
Trails (KAHT) program created a driving tour from I-75 to cultural heritage
attractions and artisan businesses in the area.
Information on regional, cultural, and heritage locations are distributed through
- an interactive Geographic Information System (GIS) kiosk located at the
Berea visitors center;
- a Web site providing access to area crafts businesses; and
- a printed map of cultural and heritage attractions.
The grantee, Eastern Kentucky University, works with local communities and business
associations to identify sites and businesses of interest, and the final products
are promoted by the Kentucky Cabinet for Tourism Development. During phase
two, the grantee will implement a Web-based training program for KAHT participants.
Outcomes
During the first phase of the project, one task force was developed in each of the following areas: the City of Berea, Estill County, Rockcastle County, Madison County, and Jackson County. Eighty-three businesses each gave a $2,740 match to support the program. Eighty-two businesses participated in the program, including lodgings, craft shops, artist galleries and studios, and cultural and historic sites. The program now supports artisan businesses in 16 counties—11 of which are distressed—up from four distressed counties in the first phase of the program. Over 300 businesses will participate in phase two, and 20 new businesses will
be created. ARC funds are used to support staff costs, Web site development,
production of promotional materials, program evaluation, and community involvement.
Project dates: May 1, 2000 to the present Funding:
ARC: $183,362
State: $7,000
Local: $38,841
Total: $229,203
Project Contact:
Cheryl Stone
(859) 622-2334
cheryl.stone@eku.edu
Natural Capital Investment Fund
With the help of an ARC grant, the Conservation Fund will continue to develop the West Virginia Natural Capital Investment Fund (NCIF), which provides strategic capital—a mix of debt and equity—to start-up and expanding businesses in the target region. The NCIF will build on the successful models of rural development venture capital funds from across the United States, making investments in firms from $50,000 to $250,000. Matching grants from foundations and USDA Rural Development will provide operating support. The Conservation Fund plans on raising $5 million in capital, which will enable the fund to leverage support from the Small Business Administration's New Markets Venture Capital program, resulting in the creation of a $12.5 million investment fund.
Outcomes
The Conservation Fund has raised over $1.8 million in matching funds from various federal agencies and philanthropies to support future investment activities, and has developed a formal partnership with a fund advisor to assist with investment due diligence. Six investment opportunities were thoroughly reviewed and three investments totaling $208,500 leveraged an additional $625,000 in financing from other partners, creating or retaining 29 jobs in ARC designated distressed communities. These three companies are projected to create an additional 35 jobs over the next two years. Project Dates: March 2001 to the present Funding:
ARC: $247,438
Federal: $50,000
State: $200,000
Total: $500,000 Contact:
Marten Jenkins
(304) 870-2205
m.jenkins@freshwaterinstitute.org
Transforming Research Technology into Useful Commercial Goods
The West Virginia High Technology Consortium (WVHTC) is creating an early-stage
investment fund linked to technical assistance to increase the rate at which research technology is developed into useful commercial goods.
TechComm21 is envisioned to be a $5 million fund that will make $50,000 to $100,000
investments in companies with new technologies that require additional market
research and commercial testing. The investments will be subordinated debt
with revenue participation rights, or convertible preferred stock. TechComm21
will partner with other investment funds to find additional investment dollars
to help bring these new technologies to market.
The WVHTC will support client firms with a range of technical assistance, including a Commercialization Process Team, a 2,000 square foot Innovators Incubator, and the Collaboratory—a state-of-the-art software testing facility.
Projected Outcomes
WVHTC projects that 100 companies will participate and two new companies will be created, resulting in 20 new jobs by the end of 2003. Project dates: May 1, 2000 to the present Funding:
ARC: $320,000
Other Federal: $80,000
Local: $100,000
Total: $500,000
Project Contact:
Preston Miller
(304) 366-2577 x299
pemiller@wvhtf.org
Additional examples of ARC projects:
Business Development
Sources of Funding
Best Practices
Examples of ARC Business Development Projects
Research and Data
News & Events
Education and Training
Spotlight on Business Development Themes
Building and Sustaining a Business
Attracting Financing Sources
State-level Resources
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