ARC Entrepreneurship Initiative (EI)

Support for entrepreneurship is a critical element in establishing self-sustaining communities that create jobs, build local wealth, and contribute broadly to economic and community development. Entrepreneurs not only create value by recognizing and meeting new market opportunities, but also add value to the Region's existing business assets. In 1997, ARC began an innovative ten-year initiative to invest in projects designed to build entrepreneurial economies across the Region. Over the following ten years, ARC invested almost $43 million in 340 Entrepreneurship Initiative projects, which created 1,700 new businesses and created or retained more than 12,000 jobs, as well as supporting partnerships and collaborations, and helping leaders at the community and state levels recognize the value of entrepreneurship as an economic development strategy. EI investments helped train teachers and expose students to entrepreneurship concepts, reaching almost 12,000 participants throughout the Region; and supported business incubators that have served hundreds of emerging businesses. The EI has also supported the formation of rural equity investment funds, or development venture capital funds, which have raised more than $70 million to support growing entrepreneurs in the Region. Through these investments and the demonstration effect of the projects funded, ARC has helped establish entrepreneurship as a complementary strategy to recruitment and support for existing industry, while raising awareness of the importance of the entrepreneurial and small-business sector to the Region's economy.