Ely Business Cooperative (EBC)

Statements (Adopted December 14, 2004):

Ely Business Cooperative (EBC) Vision Statement:

EBC exists to foster cooperation to create Community Economic Advantages.

Ely Business Cooperative (EBC) Mission Statement:

EBC encourages entrepreneurship among existing and new businesses in the Ely area.

Ely Business Cooperative (EBC) Action Statement:

EBC will serve as a forum and resource for businesses.  EBC will act as a catalyst, convener, and agent for cooperation to create, develop, and support Community Economic Advantages in our area.  EBC will strive to align the assets of the area, its businesses, the City of Ely and the Ely Chamber of Commerce, the Joint Powers Board and Vermilion Community College as partners of the Ely Area Development Association to encourage entrepreneurship in our community. 

Community Economic Advantages (CEA) Defined:

Community Economic Advantages are community assets which are maximized through alignment of multiple sectors in an economic strategy which produces benefits that are widely shared.

EBC Role in Creating Community Economic Advantages:

• Catalyst for community change
• Convener for community meetings
• Change agent who is willing to educate, mobilize, and spread ideas
• Conditions for Alignment Within or Between Communities:
  
  • Clearly defined self-interest.
  • Clearly defined common purpose.
  • Commitment (not just agreement) to action.

Summary:

• Assets are the building block of CEA.
• Social capital activates assets.
• Alignment focuses our resources.

Community Economic Advantages Model:

EBC adopts the attached Community Economic Advantages Triangle, as Follows:

Community Economic Advantage Triangle

•  Develop an Entrepreneurial Environment:  Characteristics of an entrepreneurial environment include:
  

• High degrees of social capital demonstrated by strong networks bridging multiple sectors, groups, businesses and perspectives. 
• Atmosphere of collaboration rather than competition
• Risk taking is seen as part of community life
• Access to capital via multiple sources
• Multiple “gatekeepers” that provide diverse access to information and resources.
• Local media that supports local businesses as demonstrated by highlighting “good news” such as community activism, new opportunities, and civic life.
• Holistic view of community improvement. 
  

• Support Entrepreneurs and Enterprises: Characteristics of support to entrepreneurs and enterprises may include:
  

• Energy spent thinking and planning how to “build from within”.
• Local resources invest in local businesses.
• Opportunities for “micro-entrepreneurs” – home based businesses for families that “income patch”.  (Derive family income from a number of sources).
• Entrepreneurial thinking is valued, innovation is seen as a unique quality to nurture.
• The response to failure is not one of blame but is seen as something to learn from and try again.
• Youth are encouraged to think as entrepreneurs early on.
• Business-to-business information is available AND used locally to enhance local economy.
• Development is not necessarily seen as growth.  It can be adding value to local businesses and industries.

• Create New Asset Clusters:  Characteristics may include:
  

• Identifying a new venture that is built upon a unique local asset or assets.
• Intentionally developing “supply chain value” to existing industries, by adding products and/or production of goods.  Example: In South West Minnesota Corn Growers Association cooperatively invested in and developed an ethanol plant to capture additional revenue from corn.
• Research potential market uses for waste products.  Develop innovative product to meet market demand.  Example: Develop business to process used plastic and scrap wood into composite building materials and link to construction markets.
• Considering regional attributes that can lead the region into global marketplace.  Assess opportunities for high tech global business development.  Example: Worthington, Minnesota developed the biotech and veterinary expertise leading to an animal vaccine specialty applicable worldwide.
• Build on existing service capacities to serve a broader market.  Example:  Northwest Minnesota educational institutions applied training capabilities to a range of employee training in accounting software for Northwest Airlines flight simulator training.