Partnership plans new entrepreneurial support

The Greensboro Partnership should hire an "entrepreneurship director" and dedicate more resources in support of the Nussbaum Center business incubator, university technology transfer and the Piedmont Triad Entrepreneurial Network, according to a new report.

A 13-member committee began working on that report in 2006, after the city's primary economic development umbrella group issued a new strategic plan that called for a focus on "high growth" startup companies with the potential to create large numbers of jobs.

The Greensboro Partnership includes Action Greensboro, the Greensboro Chamber of Commerce and the Greensboro Economic Development Alliance.

Partnership CEO Pat Danahy declined to release a copy of the report, but he said the committee outlined priorities in areas ranging from entrepreneurial infrastructure to funding availability.

Among the most urgent needs, Danahy said, was for a paid staff member to help connect startup businesses with the resources available through the chamber, PTEN and other local and regional groups.

"Whether that role is assigned to an individual with more than one area of responsibility remains to be seen," Danahy said, "but there needs to be a person with the specific role of promoting entrepreneurship."

PTEN was established in 2004 with funding from Action Greensboro, the Winston-Salem Alliance and High Point Partners to serve as the primary regional resource for entrepreneurs. The partnership's entrepreneurship director would not be trying to duplicate PTEN's efforts, Danahy said.

The director would rather promote PTEN to Greensboro entrepreneurs and push distinct local initiatives, he said.

PTEN CEO Jon Obermeyer said he provided input to the partnership's committee, and likes the idea of local support of the kind being proposed.

"When we're talking about high-growth companies, so much work has to go into each one" to help build strong management, seek funding and other tasks, Obermeyer said. "To have some of that done on the local level is really the best way."

Danahy said the committee report also urged the partnership to help PTEN establish a sustainable funding model. The initial investment from the three foundations was enough to fund an annual budget of about $650,000 through 2007.

Obermeyer declined to disclose PTEN's budget for 2008, but he said the organization is "in good shape" for the year.

Danahy said the report also calls for more resources for the "Technology Outreach at Nussbaum" program, through which Greensboro's business incubator supports technology transfer efforts at UNC-Greensboro and N.C. A&T State University.

Danahy couldn't say how much the initiatives outlined in the committee report would cost in total, nor how they would be paid for. He said the Greensboro Partnership is studying its budget requirements for the next five years and planning a capital campaign, which should help clarify funding needs, he said.