Business Activity Center
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MARCH 23, 2012
Northern Arizona University will be hosting the Green NAU/Green Drinks “Sustaining the Local Economy Networking Event” to facilitate relationship building and communication between local businesses and local students/graduates that are looking for jobs.
IDEA Initiative Article Count: 2
Innovation through Development and Entrepreneurial Action (IDEA)
SEDI’s Sustainable Entrepreneurial Economic Development System (SEEDS) initiative is fostering an ecosystem of support for new and existing entrepreneurs in northern Arizona.
The IDEA initiative is designed to enable the development of a vibrant entrepreneurial ecosystem in the greater Flagstaff area. The IDEA program directly creates jobs and new business opportunities by enabling collaborative and local purchasing, and by creating a broad support structure to enhance new business success.
A confluence of factors makes it critically important for local communities to take greater responsibility for their own job creation and sustainable economic development. These factors include: historically high and long-lasting levels of unemployment and underemployment; the inability of federal and state governments to provide adequate job creation stimuli and support; the resulting decline in the resilience of rural communities from the outflow of young people looking for jobs, as well as from globalization, and the commoditization of rural economies; increasing competition for critical natural resources such as water, energy, clean air, and food; and the destruction of life support systems through pollution, climate changes, and the loss of biodiversity.
In response to these factors, many rural communities are developing effective strategies to increase local jobs and community resilience. One of the most effective of these strategies is to stimulate and support job creation and economic development through local entrepreneurial ventures. Between 50-90% of new businesses fail within their first 5 years, depending on the region and the business sector. Creating an ecosystem of support for new and existing local businesses is a central element of this success strategy.