Project Description
There are three distinct goals of this project:
1. Operational Framework. Develop an operational framework under which a business accelerator can be established in Hardin County that includes a specific, applied educational model to facilitate growth in new, emerging businesses. This framework has three principal components that define the Lincoln Trail Applied Education Accelerator Model:
- Advanced Entrepreneurship. Establish the necessary educational components required to promote the advanced education of entrepreneurs. This will include an enhancement of the existing Entrepreneurial Academy of Excellence model. Additionally, it will include advancing a mentoring infrastructure, establishing partnerships with viable resource partners, and recruiting and operational products such as a web site for remote mentoring activities, digital educational products, and other resources.
- Focused Education. This component will define the specific implementation of the Dynamic Business Accelerator with respect to the educational requirements for this area. In our case, the focus will be in information technology or other industries that relate to BRAC or WIRED 65 initiatives. However, we will also illustrate how this focus can be adjusted to meet requirements in other areas with concentrations in other industries. This will demonstrate the flexibility needed to replicate this model in other areas.
- Functional Workspace Facilities. Assess the workspace requirements for business accelerator clients. Further evaluate the proposed facility at the WKU Radcliff facility as recommended by the Radcliff Feasibility Study and determine its implications with respect to arrangements with WKU. Determine a functional office layout and prepare an office growth plan. This component will also evaluate and customize the legal and operational documents for operating the facility of the business accelerator in this or other locations.
2. Demonstrations of Processes. Demonstrate specific components of that framework to illustrate these functions as they would be used in an operational environment. This will include a demonstration of remote classroom instruction, mentoring functions (including remote mentoring via web sites), and other related functions.
3. Public Education. Educate the community of the importance of a business accelerator to obtain community support. As carefully explained in the Radcliff Feasibility Study, community support is a critical component of any successful business incubator. This component will prepare several educational forums for that purpose. Two seminar type events will be hosted in Hardin County to specifically educate the community on the accelerator initiative to include efforts laid out in this project as well as the Radcliff Feasibility Study. Additionally, three roundtable forums will be hosted that will address the role of entrepreneurship in business and education as it applies to economic development. The roundtable forums will be led by prominent economists, business educators, and entrepreneurs who have contributed to our region. Finally, this component will address accessing local educational institutions, including secondary schools, to provide education and other opportunities for students to promote growth in our surrounding communities.
