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Marianne
Vermeer wants to jumpstart Richmond’s
entrepreneurial economy.
The
region offers a gaggle of services to stimulate the
creation and growth of small companies. Aspiring
entrepreneurs can attend seminars on launching new
businesses, and get help writing business plans. They
can sign up for incubator space, and apply for
government-backed loans. Entrepreneurial wannabes
can avail themselves of a wide array of programs....
but something, Vermeer says, is missing.
As
the part-time CFO of a small pharmaceutical company
and former COO of a now-defunct technology start-up,
Vermeer knows first-hand the challenges that
entrepreneurs face. What Richmond
lacks, she believes, is a dense system of networks
by which business men and women can connect with the
resources and expertise they need.
Richmond
has numerous networking organizations, like the metro chamber and the regional
technology council, which provide abundant
opportunities to meet, greet and exchange business
cards. But networking functions are not the same as
networks, which are webs of personal relationships
based on mutual trust and, often, shared communities
of interest.
“What
hasn’t jelled in Richmond,”
Vermeer observes, “is the development of networks
where people are doing business together, finding
opportunities together, spreading know-how among
themselves, helping each other figure out how to
start and grow companies.”
With
modest state and community funding, Vermeer hopes to
spark the creation of entrepreneurial networks in
the
Richmond
region. She’s set up
Entrenet,
Richmond’s
Network for Entrepreneurs, by identifying local
entrepreneurs at various stages of development in
their business development, then inviting them to
informal, after-hours sessions to discuss topics
ranging from intellectual property to exit
strategies. Although it’s too early to tell if the
initiative will create enduring, self-sustaining
relationships, early indications are encouraging.
According
to the National Council on Entrepreneurship (NCOE),
a deep, rich system of networks is one of the key
attributes distinguishing regions with large numbers
of entrepreneurial growth companies and those
without. Strong networks of personal contacts help
entrepreneurs acquire managerial insight and market
intelligence more quickly and efficiently than
through conventional channels.
Unfortunately
for states and regions wanting to promote
entrepreneurial development, networks cannot be
established by government fiat. The bonds of trust
between entrepreneurs must grow grow
organically from the community. However, the
NCOE suggests that civic and political leaders can nurture networks if they go about it the right way. The Commission
recommends 10 steps for building networks, including
such measures as mapping existing networks,
identifying potential leaders and launching pilot
projects.
Virginia
policy makers do not appear to have gotten the
message. Judging by the utterances of public
officials, there is little evidence that policy
makers acknowledge the critical
role of networks in an entrepreneurial economy.
Indeed, in their eagerness to streamline and
downsize state agencies, lawmakers could set back
much of the progress that Virginia has made in
recent years.
I’m
particularly concerned by the gutting of Virginia’s
Center for Innovative Technology. One of CIT’s
greatest -- though least appreciated -- contributions
to Virginia’s
economy has been its support for technology-related
networks across the state. CIT’s field
representatives are walking encyclopedias of Virginia’s
technology resources and expertise. They comprise a
super-network of sorts, connecting local
entrepreneurial networks around the state, abetting
the flow of knowledge and expertise across regions.
But the value of CIT's super-network is difficult to
quantify or monetize. As a consequence, under a new
General Assembly edict to become financially
self-sufficient, CIT may allow this vital knowledge
network to shrivel or disappear entirely.
CIT
also has been a major financial
backer of
Virginia’s
regional technology councils. The larger, stronger
councils will survive as CIT cuts its support, but the
smaller, weaker organizations in
Virginia’s
rural areas could go belly up.
Technology
councils create fertile conditions for networks to
take root. By
sponsoring educational programs and networking
events, they bring together entrepreneurs,
investors and service providers in places where they
can meet and forge business relationships. By
celebrating successes in the technology arena, tech
councils also help shape a business
culture that honors entrepreneurial striving.
The
effect of CIT's cutbacks will vary from region to
region. In the capital area, where
Marianne Vermeer is active, the Greater
Richmond Technology Council has a broad enough
membership base that it can do just fine on its own.
Indeed, the GRTC plays a major role in building
techworks in the technology community. Besides the
routine meet-and-greet functions, the council holds CFO and CIO forums where tech
executives can meet, share problems and proffer
advice. But those gatherings are geared to
established companies with significant business
operations, not to entrepreneurs trying to create
new companies or identify new market opportunities. To
fill that gap, the
GRTC has joined with CIT and Richmond's Industrial
Development Authority to underwrite the Entrenet
initiative.
Vermeer hopes to take network building
to the next level by identifying groups that share industry and customer connections. For
instance, she’s observed that the Richmond
area has a cluster of information-technology
companies that create products for the health care
industry. In theory, the CEOs could share market
intelligence, swap marketing leads and even create
strategic alliances. Other potential clusters may
include Richmond’s
biomedical sector or its chemical/advanced materials
industry.
In
typical entrepreneurial fashion, Vermeer
expects to tinker with Entrenet's business model as she figures
out what works. What will the program look like
in three years from now? Vermeer shrugs. “Who
knows? The idea is to stay flexible. The
entrepreneurs have to be the people who drive what
we do.”
--
April
7, 2003
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