Building Support for Entrepreneurs: Boone County and TEA Lead the Way

Building community or regional systems of support for entrepreneurs makes real sense and can make the difference in the economic vitality of rural communities.  That’s why TEA has been hired by the Boone County Community and Economic Development Corporation to assist them in developing a comprehensive entrepreneurship program.  Boone County will be the first in West Virginia to undertake the Entrepreneurship Track for Certified Development Community designation by the West Virginia Development Office. 

TEA will engage the community in identifying new and expanding market opportunities, developing technical assistance resources and financing programs, and promoting networking and recognition for the county’s entrepreneurs.  This work will dovetail with TEA’s recent marketing strategy for the Corridor G Regional Development Authority of which Boone County is a member.

In West Virginia businesses that employ fewer than five employees account for 17% of overall employment and in more rural parts of the state, nearly one in five jobs are attributable to these small enterprises.  Eighty six percent (86%) of West Virginia’s businesses employ fewer than twenty people.  Between 2002 and 2003 these businesses added over 5,600 jobs to the state’s economy while large businesses lost a total of 6,100 jobs.

Even with these impressive statistics about the importance of small business to the state’s economy, West Virginia ranks among the lowest states for new entrepreneurial growth. In a recent study by the Kauffman Foundation, the states with the lowest entrepreneurial activity rates include Pennsylvania, Missouri, Wisconsin, Iowa, and Ohio.  Activity is measured by analyzing the percent of the adult U.S. population of non-business owners that start a business as their main job each month.

We’re proud to be working with Boone County as they lead the state in developing much needed support for their local entrepreneurs!