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10 Best Stategies to Create a Truly Entrepreneurial Environment in South Dakota

Dear Folks: Here is a list of "Best Strategies" which we have compiled following the Genesis of Innovation Board Meeting held on January 6th in Pierre. We are asking you to provide editing, suggestions and comments prior to Friday, February 25th. At that time we will compile all additional comments and Mel Ustad will present the list to Jim Hagen of GOED. Thank you all in advance for your input.

Regards, Greg Barton [email protected]

10 BEST STRATEGIES TO CREATE
A TRULY ENTREPRENEURIAL ENVIRONMENT
IN SOUTH DAKOTA

1) Strengthen the existing performing economic development institutions such as SBDC and hold them accountable to develop a broader array of one-stop services, including business management assistance. Develop a database of would be advisors, mentors and scientists to provide technical assistance to startups and expansions.

2) Work with the state and the private sector to encourage and develop additional sources of equity capital for startups and expansions. Hold additional “Angel Investing” seminars to increase awareness of opportunities presented by early stage investing.

3) Utilize “Dakota Innovators” http://www.dakotainnovators.org/ , a new South Dakota SBiR sponsored website designed to promote and coordinate technology based economic development in the state to aid entrepreneurs, by cataloging and networking all the various resources currently available to entrepreneurs, including all financial assistance providers and all technical assistance providers across the state. Avoid overlap and duplication by categorizing the best efforts of the various services and programs in existence. Have the Genesis of Innovation Board of Directors act as an advisory board to Dakota Innovators, with input from the Enterprise Institute, SBiR, Western Research Alliance, SBDC, EPSCoR, South Dakota Technology Business Center, the I-29 Research Alliance, and NSU’s International Business Institute.

4) Improve the entrepreneurial climate within the high-tech economy of South Dakota by aggressively networking existing university based programs like SDSU’s Enterprise Institute, DSU’s and SDSM&T’s SBiR Centers, USD’s Health Technology Partnership with Sioux Valley Hospital, SDSM&T hosted Western Research Alliance, NSU’s International Business Institute, the Technology Business Center and the Black Hills Business Development Center. Include graduates, expatriates, and others living outside of the state who may choose to invest here and stay connected to opportunities as South Dakota develops its knowledge based economy.

5) Encourage the development of a research agenda and staff on campuses that focuses on engaging private sector industry through commercializable research and technology transfer. Link academic researchers with industry by selecting faculty that are committed to commercializing their research, have experience building large programs are team players as magnet scientists. Capture IP developed within university campuses to create new companies, products and processes.

6) Look outside our borders for answers in order to utilize the absolute best practices for technology based economic development.

7) Educate the private sector about all of the technology based economic development resources available by actively promoting, publicizing and advertising through traditional means and through the Dakota Innovator’s website. Look toward the private sector to find commercializable projects. Involve business, industry and agriculture in technology based economic development forums such as GOI and others.

8) Support the Governor’s 2010 Initiative whenever and wherever possible, by working with the Department of Tourism and State Development on issues involving visitor spending, gross state product, research and technology development, branding South Dakota’s quality of life and upholding the 2010 Initiative as a work in progress.

9) Enlist the South Dakota Technology Business Development Authority to think outside the box in developing the Homestake Mine as a world class research facility and to work with communities across the state to develop technology infrastructure, expand existing technology businesses, foster new technology business startups and attract technology businesses to South Dakota.

10) Provide guidance and resources for Black Hills Vision’s work plan to develop a roadmap for the creation of a technology corridor and pay particular attention to forthcoming reports from Battelle concerning how to accomplish their goals.

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