Recommendations / Economic Development / Big Idea #2: Monroe Makerspace / Entrepreneurship Core

Big Idea #2: Monroe Makerspace / Entrepreneurship Core

Part of the "MONROE MAKERS" initiative

Economic DevelopmentMonroe-Walton Under $250,000

Overview

Establish the Monroe Entrepreneurship Core as a small-town startup incubator that supports current and future entrepreneurs through programming, mentors, training, feasibility planning, marketing, and access to business development resources. The Core would begin without a physical space, proving the concept through programs and partnerships before considering a permanent location. It would focus on underserved entrepreneurs, including women, people of color, low-to-moderate income residents, and youth.

Action plan

Short-term
Create a strategic plan for the Entrepreneurship Core. Develop a nonprofit and advisory board to support the Core as a public-private venture. Determine funding opportunities for a feasibility study. Apply for grants, distribute a community survey, collect survey results, and identify early needs for new entrepreneurs, current entrepreneurs, and future youth entrepreneurs.
Medium-term
If funding is secured, complete the feasibility study with Innovation Ecosystems at Georgia Tech. Identify local and regional partners to run programs. Have business owners commit to 2–3 programs or mentoring sessions. Arrange program dates and locations at local spots. Implement 3–5 programs per week. Measure program success through surveys and focus groups. Begin marketing with support from a UGA graduate student, including slogan development, social media, testimonials, website development, and email marketing.
Long-term
Identify a nonprofit advisory board and director to implement the Core. Use feasibility study recommendations to design an accelerator program, digital marketing, business planning, access to capital, logistics, legal/accounting assistance, and productivity software support. Continue programming, review surveys and participant feedback, host focus groups, and, if successful, consider purchasing or using an existing space such as the GrowMonroe building as a permanent entrepreneurship hub.

Expected impact

Projected Income GrowthEconomic

Tracks whether average income in Monroe grows over time as the Core develops.

Timeframe: Long-term
Projected Public SatisfactionCommunity

Tracks survey feedback from participants on whether programming is useful and successful.

Timeframe: Short-term
Projected Institutional Support LevelInstitutional

Tracks whether the Core develops from a program with supporters and small staff into a location for entrepreneurship support.

Timeframe: Long-term
Projected Small Business GrowthEconomic

Tracks whether the Core helps grow new and existing businesses in Monroe.

Timeframe: Long-term
Projected Program EnrollmentOperational

Tracks participation in Entrepreneurship Core programs during the first year.

Timeframe: Short-term
Projected Business PartnershipsEconomic

Tracks local businesses, mentors, sponsors, and partners supporting programming for new and current entrepreneurs.

Timeframe: Medium-term

Key stakeholders

Innovation Ecosystems at Georgia TechMonroe Chamber of CommerceDowntown Development AuthorityDevelopment Authority of Walton County / Monroe Economic DevelopmentGeorgia TechAthens Technical CollegeUniversity of GeorgiaWalton County School DistrictLocal businesses for training and mentoringUGA SBDCSCORELocal incubators

Estimated budget

Director of Programming: $30,000–$45,000 annually. Feasibility Study: $30,000 plus travel fee. Program Teachers or Supporters: $144,000–$150,000 annually if paying 3 teachers/mentors. Marketing Plan and Items: $40,000. Renting Spaces for Programming: $20,000–$30,000 annually.