Sources of Funding and Support
Most of stakeholders involved in the SSECP are providing their time and effort on a pro bono basis. In-kind investment by Syracuse University exceeds $135,000 per year, and this includes faculty and administrative
support personnel time, two graduate assistants, and expenses in the areas of printing, travel, training materials, hosting of functions, refreshments, and technology support. Beyond the administration of the program elements, over 100 students and 25 faculty members are involved in the various consulting and training engagements targeted to individual entrepreneurs. Further, the Chancellor of Syracuse University, Dr. Nancy Cantor, has made a strong commitment to community engagement on the part of the University, and has highlighted SSECP
as one of the lead initiatives in making this commitment a reality. In addition, a $50,000 grant was won from the Rosamond Gifford Foundation. Another $250,000 has been committed by a private donor to support the incubator. Ninety computers have been donated by a private firm. Other grant proposals are under submission.
Benefits and Outcomes
We are working to foster a community environment that creates opportunities, spurs growth, establishes role models, maps a clear path for ongoing and sustainable development, and serves to recapture the pride of the South Side. By developing a community of 100 or more growth-oriented ventures, the aggregate result will be increased levels of wealth within the community. Further, employment opportunities for residents are created, particularly for youth who presently have few, if any, legitimate employment options. Another outcome is enhanced community resource utilization through shared buying, marketing, and renovation and utilization of community space. The direct impact can be measured in changes to community income levels, numbers and
types of businesses, jobs created, and consumer spending on the South Side, along with socio-economic and political changes such as increased voter participation, positive changes in crime demographics and levels, increased job training and educational support, and introduction and enhancement of technical capabilities.
Measures to enable the tracking and control of performance by the various role players, including new and existing entrepreneurial ventures, have been implemented, as have performance measures for the overall entrepreneurial network. Business baselines are established for each entrepreneur in accordance with the stage they fall within the developmental model. Success is determined by the entrepreneurs’ performance over annual periods, and measured against agreed upon venture goals. We also track resources applied to the ventures,
including hours of training and consulting support, dollars invested by financiers, and in-kind and other contributions. Moreover, efforts are devoted to attaining regular feedback from the advisory board, stakeholders, and community liaisons. In addition, specific components of the program are evaluated at the time of delivery, such as the training bootcamps, youth entrepreneurship events, and presentations in-school programs. All performance indicators are summarized in an annual report. Community data are continually analyzed to assess
emerging needs as well as business, social, and political impacts of a growing entrepreneurial sector. The goal of establishing a viable and sustainable entrepreneurial community on Syracuse’s South Side is,
admittedly, a daunting one. But the highly enthusiastic response we have received from the South Side participants, from our partners on campus and in the community, and from other stakeholders is a strong
indication that we are on the right path. It is a rich and rewarding journey.
Contact
For additional information,
contact Dr. Craig Watters
Dept. of Entrepreneurship & Emerging Enterprises
721
University Ave., Suite 116,
Syracuse, NY 13210
Email: SouthSideConnect@syr.edu
Phone: 315-443-5587
