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- SITE
Dakota Rising partners with local South Dakota communities to run a site-specific entrepreneur fellowship program. Each Site is required to develop a clear geographic area to define itself. As geography is a criterion for eligible entrepreneurs, the Site must clearly define their boundaries so that potential fellowship applicants know if they may apply. Some examples of geographic boundaries could be a county, a partnership of two or three towns to create a region, an Indian reservation, or simply a predetermined mileage perimeter around a town. All definitions are acceptable, but it is important that the definition be clear and the Site have a sense of community and collaboration.
- LOCAL CHAMPION
Each Site will be co-lead by a Local Champion, someone who can inspire others to action and network well both within and outside the community. This person should be charismatic, committed and tenacious enough to provide citizen leadership to make this program a success. She/He must have a history of investing in the community and bringing people together. The Local Champion will be someone with whom others will want to work and who inspires others to their vision.
- LOCAL COORDINATOR
The second leader for each Site is the Local Coordinator. This can be the same person as the Local Champion, but does not have to be. The Local Coordinator is responsible for implementing the details and organizing local participants to run the local program. This person must be dedicated, committed, and tenacious enough to lead a great program and be especially good at coordinating and communicating details. It is helpful if he or she has a history of community involvement and bringing people together, although organizational and communication skills are more critical. This individual should be someone with whom others are excited to work.
- LOCAL RESOURCE TEAM
Each Site will organize a Local Resource Team to provide guidance for the community’s program and to local entrepreneurs. An effective team should show diversity in the expertise of its members (i.e. banker, educator, established entrepreneur, technical assistance provider, accountant, etc.). Ideally, the team would be made up of people from the public and private sectors. Team members, as individuals, will have a history of citizen involvement, investing in the community and working well with people within and outside the community. These team members will be able to provide beneficial support and advice to community entrepreneurs and should represent a cross section of the demographics of the community. Team members will help with recruitment efforts, provide encouragement to entrepreneurs and review all local entrepreneur applications.
- SITE COACH
All Sites that are finalists in the site selection process will be invited to a meeting of program sponsors and participants. At that gathering, each Site will be paired with a Site Coach, an individual who will be available to provide feedback on the initial Site application. The Site Coach will be an advocate for the Site and will provide greater support to strengthen the application in preparation for the final review.
Once four Dakota Rising Sites are selected, those Sites will then work directly with a staff member of SD Rural Enterprise and the Site Coach will no longer play a role.
- ENTREPRENEUR
An entrepreneur is a business person who assumes well-calculated, action-oriented risks. These individuals tend to exhibit tenacity and an ability to leverage resources to overcome remarkable obstacles. Entrepreneurs may not know everything about their business venture, but somehow they are able either to attract others who do know or to leverage their knowledge, often in scrappy and creative ways. An entrepreneur possesses great passion for his or her vision, and has a personality that attracts others to join in that vision. It is this energy that makes them key drivers in our economy and our social fabric.
- ENTREPRENEURS' FAIR
Selected Dakota Rising Sites are responsible for recruiting, nurturing, and cultivating entrepreneur applicants. One key tool for recruitment efforts will be hosting an Entrepreneurs’ Fair, a local gathering of technical assistance providers and financial assistance experts available to support and encourage entrepreneurs. This one-day event is intended to create easy access to a network of information for those entrepreneurs interested in growing their businesses.
Some examples of invitees might be the loan officer from the local bank branch, an established and successful entrepreneur, or a Small Business Development Center counselor. The idea is to invite people who have expertise, resources, or capital that will be useful to an entrepreneur. Invitees might want to set up booths from which participants can gather information or ask one-on-one questions. Another format is to have invitees present short workshops or presentations. Each Site can customize the event based on its own network, style, and community, keeping in mind that the intent is to strengthen the local support network available to entrepreneurs.
- FELLOW
Up to eight Fellows will be selected from the pool of local applicants representing the four Sites. Each Fellow will participate in a larger community built around entrepreneurship and will receive $10,000 to be used for learning and professional development. Each Fellow will be partnered with a Mentor, preferably one from within that Fellow’s industry, and will participate in a Peer Advisory Board. The Fellowship, which is a three-year commitment, will be a safe environment from which to explore new ideas, grow professionally, and strengthen ventures.
- MENTOR
Each Fellow will be paired with a Mentor, preferably one from within that Fellow’s industry. The Mentor will be available on an as-needed basis for the duration of the Fellowship involvement. The Mentor is there to coach the Fellow, be a sounding board for new ideas, and to provide some level of expertise for the business venture. Mentors will attend the Annual Fellows’ Conference and come to one of the Peer Advisory Board Convenings.
- PEER ADVISORY BOARD
Each Fellow will be placed on a four member Peer Advisory Board, comprised of other Fellows. The Boards will meet quarterly and review each other’s progress toward specific goals. Boards will be available to ask probing questions and to hold each Fellow to the highest standards for the sake of the business. Mentors can be invited to participate in Board discussions when appropriate and when their presence will enhance the quality of the discussion.
- STATE NETWORK
South Dakota has a statewide network of organizations involved in economic development and entrepreneurship. Representatives from many of the key organizations have been involved in the design of Dakota Rising largely because of their interest in strengthening the State Network around a common focus. Fellows will have the benefit of accessing this organized State Network and hopefully will be able to leverage greater resources, information and capital.
- PROFESSIONAL DEVELOPMENT
Dakota Rising was founded on the profound belief that entrepreneurs tend to be change- makers. Change may not occur with this venture or at this time, but impassioned entrepreneurs in time will make their mark. By investing deeply into their leadership through Professional Development, Dakota Rising partners believe that we are investing in the future change-makers for our state. Professional Development can take the form of formal education, such as a class or workshop, or involve hiring a Professional Business Coach to advise better strategies and approaches to problem solving. Sometimes the best investment is hiring a consultant to develop a specific aspect of the business or to do a marketing plan.
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Dakota Rising is administered by
SD Rural Enterprise in partnership with:
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East River Electric Power Cooperative and the REED Fund |
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Enterprise Institute |
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Equip |
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Governor's Office of Economic Development |
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Northeast Council of Governments |
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Oweesta |
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Small Business Development Centers |
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SDSU Cooperative Extension |
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