Page 30 - Murfreesboro, TN Comprehensive Plan: Chapter 7, Economic Development

7.30 Chapter 7

DRAFT 12.02.15

7.5 Embrace

With its limited resources and myriad other economic
Entrepreneurship development responsibilities, the City and its economic
development staff are likely to play a mostly supporting
role in the many of the above activities. Conversely,
As stated earlier, most economic growth in Murfreesboro the Chamber and university, with their larger circle of
in coming years will likely come from internal growth business, philanthropic and institutional contacts are
of new and expanding companies rather than from better-suited to build the critical networks needed to
exogenous sources. New start-up activity could be build the larger ecosystem. As such, they are better
an important part of this growth. Consequently, suited to lead an entrepreneurial initiative. At the
Murfreesboro should be positioned as a place that is foundational level, the City could help incent and/or
friendly and supportive of new enterprises by offering develop incubator space, contribute to and help manage
a full array of financial and programmatic resources to various loan funds, and act as an important catalyst
new businesses. At a very basic level this could involve bringing the lead players together. It can also offer-up
the City capitalizing a revolving or micro loan fund matchable, first-in resources including challenge grants.
and incenting or developing incubator/accelerator/ STRATEGY 7.5.1: Energize the entrepreneurial
co-working projects. At the more advanced level it environment in Murfreesboro.
means connecting local entrepreneurs to the larger
entrepreneurial ecosystem of Metro Nashville with ACTIONS AND INITIATIVES
its deeper well of professional advisors, lenders and 1. Work with the Chamber to catalogue and expand
venture capital networks.
the number of Small Business Administration (SBA)-
As in so many other respects, the City’s main advantage qualified lenders in Rutherford County.
in becoming a regional center of entrepreneurial activity 2. Incent the re/development of flex-space buildings,
is the presence of MTSU. The university brings not only live-work units, office condos, maker-spaces and
a host of technical resources, including MTSU’s Small collaborative co-working environments.
Business Development Center and entrepreneurship 3. Work with MTSU and the Chamber to establish one or
degree program, it also presents a potential wellspring more business incubators and specialty accelerators
of business ideas and commercially viable innovations in Murfreesboro.
emanating from university students and faculty (to wit,
MTSU’s involvement in the Mind2Marketplace program). 4. Further “ground” the Mind2Marketplace program in
These resources could be mobilized and maximized to Murfreesboro by expanding the number of locally
hosted M2M events, and by establishing a proof-of-
position the City as a genuine “start-up city” drawing- concept program/center at MTSU.
in and nurturing entrepreneurs from around the region.
5. Burnish the City’s business-friendly reputation
Reaching this position however will involve the City including a single-point-of contact/one-stop shop
and its economic development partners (which include for business assistance services and permitting.
MTSU, the Rutherford County Chamber of Commerce 6. Celebrate local success stories by implementing an
and the State) upping their game in several important annual Mayor’s “business of the year,” and “start-up
areas especially with regard to access to physical of the year” awards.
space and the availability of risk capital and business
coaching. A mature entrepreneurship culture in 7. Encourage the development of entrepreneurship
Murfreesboro would involve MTSU - in conjunction with programs in local high schools.
the City and Chamber - holding business plan and seed- 8. Consider implementing an official, “local sourcing”
funds competitions; incenting/developing/operating directive favoring local and regional suppliers in City
one or more business incubators; sponsoring free or procurement of supplies and services.
discounted MTSU/Chamber-hosted entrepreneurship 9. Work with area businesses and the Main Street
training and networking events; mobilizing a wide cadre Murfreesboro / Rutherford County, Inc. to launch a
of seasoned business mentors and “door openers,” “buy local” campaign.
and engaging the regional banking community and 10. Facilitate the creation of an entrepreneurs/mentors
capital networks to pool their risk in support of new network that hosts multiple events throughout the
business formation (both debt and equity finance). In year.
short, all things needed to help develop a local start-up 11. Consider establishing a City revolving loan (gap) fund
community and ecosystem. or loan guarantee program for new or expanding