A Dayton-based economic development organization that fosters and empowers the development and growth of the region’s entrepreneurs is riding the success of a record year. But it’s on to bigger and better things as the organization gears up for new approaches to support the next wave of businesses.
Scott Koorndyk, president of the Entrepreneurs’ Center (EC), spoke with DBJ to share the latest in the startups sector and his plan on how to support local entrepreneurs in 2024.
How has your organization performed this year?
“The Entrepreneurs’ Center has been growing rapidly for the last seven years, and 2023 was no different. Over the past year, we’ve won new awards, maintained our record-breaking support contracts awarded in previous years, and continue to carefully steward the resources we’ve been entrusted with managing. We serve nearly 900 entrepreneurs and small businesses.”
What are your bright spots from 2023 so far?
“For the EC, our bright spots are found in the success of our clients and partners. In 2023, clients we are privileged to support achieved record-levels of external capital investment, record revenues and are actively hiring employees and growing the entrepreneurial ecosystem across the region.”
“On an organizational level, our bright spots are the people on our team, and the projects that we’ve won. We’ve added incredibly talented people, and, as we recently announced, the EC was one of 20 organizations nationwide to win a Build to Scale: Capital Challenge award from the Economic Development Administration. This new program will help us strengthen the region’s ability to create and sustain capital networks which will lead to greater investment into the Dayton startup ecosystem.”
What is the biggest challenge you’re facing in the startup sector and how are you addressing it?
“For Dayton companies, getting access to capital remains a challenge. In part, that is due to the reduction in overall venture capital investments nationally. But we know that we need to do our part in making sure that our regional entrepreneurs can find capital in their local community. This is a strategic imperative for us, and that’s why we pursued the Build to Scale Capital Challenge award I previously mentioned. This program will help us develop a structured approach to capital markets that will benefit our entrepreneurs for years to come.”
The Entrepreneurs’ Center Inc.
Description: a modern economic development organization which empowers main street and technology businesses through complimentary professional services, including business planning, mentoring, training, networking, commercialization and capital investment.
Operating budget 2023: $7.8 million (a 34.4% increase from 2022’s $5.8 million)
Employment: 40
Headquarters: 31 S. Main St. in the downtown Dayton Arcade
What are your expectations for 2024? Tell us about some of your notable upcoming projects or initiatives planned for next year.
“I am absolutely confident that 2024 will once again be a record year for the organization – and we expect to increase the number of entrepreneurs we are privileged to support. We are looking forward to fully launching our Build To Scale program; continuing to grow the number of technology companies in our portfolio; and continuing to support our “main street” businesses that are critical to our collective economic vitality. We will also be launching some really novel approaches to creating new companies, new ways of supporting our clients, and will be working closely with community partners to continue to increase access to our programs in locations around the region.”
What does your projected growth look like?
“I expect the EC to grow another 10-15% - both in terms of revenue and staff in 2024. This is directly due to the incredible companies we have in our community – as our small business community grows, so too does their need for support. We are committed to supporting all those in need and are working hard to do just that.”
What are your biggest concerns that could impact your 2024 growth?
“The EC isn’t much different to other organizations – the state of the economy is always a concern. When the economy slows down, our small businesses and startups feel it quickly. There is less capital being invested, people tend to take fewer risks, and revenues for new companies are harder to find. While we can’t directly control the economy, we can help companies prepare for both good times and bad times. We don’t see a downturn in 2024, but we will be ready if it happens.”
What do you think makes Dayton a great place to grow a business right now?
“People, Place and Programs. Dayton has incredible people: amazing entrepreneurs, a talented workforce, and an impressive “next generation” of students in our local colleges and universities. The Arcade Innovation Hub is the most impressive place you will ever find – it’s an incredible mix of small businesses, students and the community supporting each other."
"Finally, Dayton has more programs to support entrepreneurs than nearly anywhere else in the country. When you combine all those things with supportive, committed local government partners, you can’t find a better place to grow a business that Dayton.”
