Advanced Search
MyIDEAS: Login to save this article or follow this journal

Main streets of tomorrow : growing and financing rural entrepreneurs : a conference summary

Contents:

Author Info

  • Mark Drabensott
  • Nancy Novack
  • Bridget Abraham
Registered author(s):

    Abstract

    Entrepreneurship is the new focal point for rural development. This was the consensus of 200 rural policy officials and experts who gathered in Kansas City on April 28-29 for the fourth annual rural policy conference hosted by the Federal Reserve Bank of Kansas City’s Center for the Study of Rural America. For much of the past half century, rural development has been driven by twin incentives aimed at business recruitment and retention. This strategy is no longer working so well, however, for one simple reason—globalization. In a global marketplace, lower cost business sites abound, making rural incentives much less effective. Now, more and more rural regions are turning their attention to the “third leg of the development tool”—growing more businesses on Main Street. The new focus is long overdue, participants agreed, and has great promise for boosting rural economic growth.> Making entrepreneurship the new focus of rural policy will not be easy. Entrepreneurship cannot offer a quick fix since businesses take time to grow. That runs counter to the short-term focus of elected officials. Existing entrepreneurship programs do not offer a systematic approach to future business innovation and may need to be overhauled; yet there is still much information needed on which programs work best in which rural regions. Many rural entrepreneurs lack sufficient equity capital, but there is little consensus on what policy can do to fill the gap.> Despite these challenges, most conference participants agreed that rural policies built around entrepreneurship offer the greatest chance of helping rural regions. Key to adopting such policies, however, will be a concerted effort to better understand the links between entrepreneurship and regional economies, to inform policymakers of these benefits, and to develop a more systematic approach to supporting the unique needs of rural entrepreneurs.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://www.kansascityfed.org/Publicat/econrev/Pdf/3q03drab.pdf
    Download Restriction: no

    Bibliographic Info

    Article provided by Federal Reserve Bank of Kansas City in its journal Economic Review.

    Volume (Year): (2003)
    Issue (Month): Q III ()
    Pages: 73-85

    as in new window
    Handle: RePEc:fip:fedker:y:2003:i:qiii:p:73-85:n:v.88no.3

    Contact details of provider:
    Postal: One Memorial Drive, Kansas City, MO 64198
    Phone: (816) 881-2254
    Web page: http://www.kansascityfed.org
    More information through EDIRC

    Order Information:
    Email:

    Related research

    Keywords: Rural development ; Rural areas;

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:fip:fedker:y:2003:i:qiii:p:73-85:n:v.88no.3. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (LDayrit).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.