Empowering entrepreneurs isn’t just a goal—it’s a strategy for economic transformation. Developing a comprehensive toolkit to scale entrepreneurs was the 2023 Creative Give Back project for the Wilmington Chamber of Commerce. The toolkit has strategies for resource navigation, incentives and capital access, data, and leadership. The 2024 Creative Give Back application opens in January. Apply with your BIG, BRIGHT, CREATIVE idea.
To develop the toolkit, Creative EDC engaged with entrepreneurs, ESOs (entrepreneur support organizations), and members of the Small Business Coalition. The Coalition is a collaboration of not-for-profit organizations whose mission is to help create and grow successful businesses in the region. The result is a toolkit of strategies to scale entrepreneurs and strengthen the ecosystem.
- Leadership and Collaboration – By weaving entrepreneurship into marketing materials, online platforms, and social media campaigns, the Chamber aims to spotlight Wilmington’s entrepreneurial ecosystem and the work of the Small Business Coalition to advance entrepreneurship.
- Data-Driven Insights – Recognizing the power of data, the Chamber will become the local market’s go-to source. Recommendations include providing comprehensive market reports and research to aid entrepreneurs in making informed decisions. Exploring partnerships for big data tools could revolutionize how scaling ventures access crucial market insights.
- Resource Navigation – Navigating Wilmington’s myriad of Entrepreneur Support Organizations can be overwhelming. To streamline this, the Chamber could maintain an up-to-date resource navigator tool.
- Incentives and Capital Access – The report lists best practices in incentive policies that support growing entrepreneurial ventures and advocates for changes that benefit small businesses seeking to scale. Moreover, initiatives like pitch events, lender matchmaking gatherings, and the promotion of community development loan funds would boost capital access and visibility for startups and small businesses.
- Alternative Business Models – Acknowledging the diversity of entrepreneurial approaches, we recommended that the Chamber promote alternative business models like cooperative ventures and employee-owned enterprises through educational content, workshops, and success story profiles.
- Strategic Communications – Communicating opportunities in Wilmington’s ecosystem through informative newsletters, curated social media campaigns showcasing success stories, and web content will raise awareness with potential funders and entrepreneurs.
- Staff Knowledge – Investing in staff expertise is key to driving innovation. Organizations should ensure staff can lead effectively and champion entrepreneurial endeavors.
The Wilmington Chamber of Commerce’s toolkit is a roadmap to support the scaling of entrepreneurial companies, leverage the Small Business Coalition and ESOs, and strengthen the ecosystem. Through leadership, data, resources, incentives, and alternative business models, Wilmington will strengthen its position as a hub for innovation and business growth.
The Creative Give Back is Creative Economic Development Consulting’s way to give back to the field of economic development. Starting in 2014, Creative EDC began giving away one consulting project a year, up to $25,000 of our services, through a competitive application process. What we learn in Give Back projects is shared with the economic development community. Read the full report: Wilmington Chamber of Commerce Toolkit for Entrepreneurship.