The goal of the Entrepreneurship activity is to hatch new businesses in Morris. As things stand, encouragement of new business startups is difficult. While entrepreneurship is a vital element in the drive to encourage economic development in Morris, many fledgling businesses struggle to find their way through the regulatory process necessary to begin operations.
This project will allow creation of a number of entrepreneurial assistance tools for possible business startups in Morris. Entrepreneur assistance will be aimed at least in part at non-traditional candidates: the young (including UMM students and recent graduates), non-whites who might struggle when using traditional business assistance tools, and women. The MCAC feels this grant proposal provides the first real opportunity to reverse the flight of young people who take their energy and creative ideas away from Morris to larger cities such as Minneapolis and St. Paul.
Tools will include a three-tiered micro-grant program to assist with business and marketing plans (up to $750/entrepreneur), professional services (up to $500), and space needs (up to $1,200). Entrepreneurs can select any spaces in the community, effectively making this a scattered site incubation.
The Idea Factory is the new name of this project.