As our economy continues to shift, the need for high-quality jobs remains a primary concern for residents of all ages, incomes and education levels. Jobs and career advancement opportunities are critical factors in residents' decisions to stay in -- or consider leaving -- our extraordinary region. 

 

While philanthropy can never be an engine of job creation, it can play a vital role in bringing partners together to develop strategies that improve the conditions for the economy to grow and residents to prosper. With our decision to pursue economic opportunity as a strategic priority, Berkshire Taconic Community Foundation is dedicating time and resources to partnerships that will support strong, local economies, spur inclusive growth and leave fewer residents behind. 

 

Community foundations have a unique opportunity to use the power of convening for social impact. In Berkshire County, where cross-sector commitment is well established and planning processes are robust, we gathered economic development leaders to explore ways BTCF could help support business development -- especially in lower-income, under-represented and immigrant communities. 

To get started, we commissioned research from Next Street, an advisory firm that helps drive small business growth to create more equitable economic development. We wanted to know more about the landscape for small business and entrepreneurs, since both are so important for fostering local economies and supporting neighborhoods and communities. Next Street's research revealed important findings: 

What We're Doing

EforALL BERKSHIRE COUNTY 

On August 17, we announced that Entrepreneurship for All, or EforAll, has launched in Berkshire County. EforAll is a statewide organization with a proven model for supporting emerging entrepreneurs, especially those from communities that are traditionally overlooked for economic investment. It currently operates in smaller cities (such as Lowell) and regions (such as the South Coast) like ours where partners are pursuing economic revitalization strategies. EforAll has a track record of helping residents turn their promising ideas into successful businesses and transforming communities into inclusive and thriving entrepreneurial ecosystems. [ Read a cover story in this month's Berkshire Trade & Commerce.]

	Leaders gathered in August for the EforAll launch

With its focus on the untapped potential of residents, EforAll takes a uniquely inclusive approach to economic development. Women and minorities, immigrants and those previously unemployed are the important faces of EforAll. 

The program has a few key elements:

• Pitch Contests: Pitch contests bring budding entrepreneurs together with seasoned business leaders to share their ideas, get feedback and compete for funding. The first such event was just held in Pittsfield, with others planned for early 2020.

• Accelerator Program: An intensive, 12-week accelerator program provides each entrepreneur with: a full year of support from three mentors, a group of peers and other local experts; knowledge of "bootstrapping," or building a company from the ground up; and a chance to win seed money for startup. [ Applications for the program are now being accepted.]

• Networks: After launch, participants have access to an alumni network, co-working space and financial guidance.

	Canaan Selectman Christian Allyn coordinated a community hub with grant funding

Last year, BTCF also launched a small grantmaking initiative for p rojects that promote and strengthen the conditions for economic opportunity, town center development and affordable housing in our four-county region.  Five organizations have been part of our Community Development Collaborations initiative. Earlier this month, we got them together at a forum to share learning to date from projects such as revitalizing storefront businesses in Philmont and piloting pop-up hubs in two northwest Litchfield County towns that brought together residents  to address common issues. Participants agreed that building cross-sector partnerships, engaging residents and bringing visibility to these topics are key factors to create lasting change.