Collborative Finance: Technical Support for Entrepreneurs
In rural communities, the primary hurdles to financing startup and innovation-based companies are:
- The capacity and expertise to assess business risk
- Ability to attract experienced management
Rural regions naturally have less access to professional and technical expertise and resources, resulting in a higher risk profile. Without mechanisms to reduce investment risk in rural areas, emerging businesses and entrepreneurs will be attracted to more metropolitan areas as will the capital needed to fuel their growth.
The ViTAL Economy (VE) Capital framework includes a “technical support” network of business and finance professionals who actively support and mentor entrepreneurs in order to minimize risk and increase business growth. In regions with high levels of entrepreneurship and innovation, the technical support structure also will include physical and/or virtual business incubators.The business incubator provides a home and central hub for area business resources.
The following are examples of the types of advanced technical support resources that can be made available as part of this service. These resources go beyond those typically available through Small Business Development Centers or Extension Partnerships.
- Global marketing
- Business management
- Human resources
- Legal services
- Product development
- Technology transfer
- Advanced manufacturing expertise
VE Capital researches and identifies the unique expertise required to finance, manage and grow specialty industry clusters (such as composites, software development, and environmental sciences, etc.).
Contact us to discuss how the VE Technical Support Service can ensure the success of your VE Journey.
Related VE Journey Point: Finance