Economic Development Officials look to Fairfield, Iowa for Inspiration

Fairfield (population 9,500) has attracted $280 million in venture capital, one-third of the total in Iowa over the past 20 years, resulting in nearly 4,000 new jobs spread over 160 companies.

Fairfield, Iowa, is a unique town, known for its entrepreneurship. Many Galesburg officials want this city to become an entrepreneurial community, but the model is different from Fairfield.

Galesburg Economic Development Director Cesar Suarez said last week that a group from Galesburg plans to visit Fairfield, a southeastern Iowa town of about 9,500 people. Many of the successes cited on Fairfield’s Chamber of Commerce Web site are remarkable. The city has five bookstores and, according to the Web site “more restaurants per capita than San Francisco.”

Since the formation in 1989 of the Fairfield Entrepreneurs Association, per capita income in Jefferson County has rocketed from 50th in the state in 1990 to 18th today. Fairfield has attracted $280 million in venture capital, one-third of the total in Iowa over the past 20 years, resulting in nearly 4,000 new jobs spread over 160 companies. By comparison, San Diego, Calif., which is 130 times larger, has attracted only twice that amount of venture capital — $550 million — for 200 companies.

The FEA has mentored more than 40 communities in 17 states.

By JOHN R. PULLIAM

Full Story: http://www.galesburg.com/news/x124592237/A-different-approach-to-venture-capital

Burt Chojnowski, Managing Partner, Brainbelt Consulting, Fairfield, Iowa proposes the "Entrepreneurial Development Corporation" http://matr.net/article-19826.html

Entrepreneurial Rural Communities National Case Studies Series http://matr.net/article-16054.html

SiliCorn Valley Rolls Out Welcome Mat For Entrepreneurs, VC Firms http://matr.net/article-13178.html