About
The Dynamic Business Accelerator Project is a response to an RFP from the Lincoln Trail Workforce Investment Board titled BRAC-WIRED DEMONSTRATION PROJECT. As the title suggests, it is intended to focus on BRAC and WIRED related initiatives. The project is funded by the Kentucky Education Cabinet with Workforce Investment Act Title I monies and the Lincoln Trail Workforce Investment Board.
The prime contractor is North Central Education Foundation (NCEF). As an organization with a vested interest in our region, NCEF is keenly interested in furthering any efforts that provide new opportunities related to education and economic development. As such, NCEF has called upon three other organizations to assist with the development of the products of this proposal. These organizations are Innovative Productivity Inc. (IPI), Western Kentucky University (WKU), and BURTWALKER.COM. Each of these organizations bring unique qualifications that will contribute significantly to the success of this project. IPI is the corporate organization responsible for operating the McConnell Technology and Training Center (MTTC) as well as other related activities that involve education and innovation in various regions of Kentucky. WKU offers both educational support and facilities and through their experience in establishing and operating a business accelerator, they bring unparalleled experience to this project. BURTWALKER.COM was responsible for the development of the Feasibility Analysis and Concept Plan for a business accelerator in Radcliff. Their research background on business accelerators coupled with their commitment toward entrepreneurial efforts in this community are invaluable for this project. As the prime contractor, NCEF has assumed responsibility for coordinating the efforts of the other contributing organizations. Note also that in-kind contributions have been offered by WKU, Kentucky Central Region Innovation and Commercialization Center, Service Core of Retired Executives, Kentucky Student Ventures Corporation, and Advancement Strategies, LLC.
It is the combined opinion of all partners in this project that establishing a fully functional, operating business accelerator is beyond the scope of the funding. Having carefully reviewed the Feasibility Analysis and Concept Plan for a business accelerator provided to the City of Radcliff, we believe that funds provided are insufficient to undertake such an initiative. According to that study, a minimum of $1.5 million would be required to establish a conventional business accelerator and to keep it operating until it could become self-sustaining. Therefore, it should be carefully noted that the product of this proposal does not include an actual functioning business accelerator. The product does however illustrate the functionality of many of the objectives with demonstrative activities through field tests and operational products such as interactive instruction, interactive Internet mentoring, and establishment of a framework for partnerships and mentoring.
Based on the objectives defined in the RFP, this proposal presents a sound model for a business accelerator environment and a plan for a successful implementation. Defined in this proposal is the LTADD Applied Education Accelerator Model which, when developed, will provide a comprehensive plan for integration into either a conventional business accelerator or some other approach as required by the communities in which they are applied. This model incorporates the other objectives defined in the RFP such as a tiered support network, a peer mentoring and networking infrastructure, partnerships with related funding organizations, one-on-one counseling opportunities, etc., all focused on the recruitment and support of clients with businesses related to BRAC-WIRED 65 initiatives.
While the study provided to the City of Radcliff in October, 2008 clearly lays out a concept plan for a conventional business accelerator, it was not intended to elaborate on the educational components necessary to help facilitate a continued entrepreneurial climate for potential clients. The applied education model presented in this proposal will fill that void and will serve to demonstrate its viability. The Radcliff study did point out the importance of community involvement and even suggested that without that involvement, the likelihood of success is low. This proposal includes facilitating several community events to educate citizens and community leaders of the importance of entrepreneurial efforts the role they play in economic development.
