By Joshua Schuetz
CEDA is expanding its Rural Entrepreneurial Ventures (REV) work into Wisconsin, thanks to strategic partnerships with Compeer Financial and the University of Wisconsin Extension. This initiative is designed to bolster rural entrepreneurship by connecting business owners with critical resources and personalized coaching.
REV offers entrepreneurs a range of networking and consulting opportunities, providing access to valuable information and customized guidance to help grow their businesses. According to James Hanke, CEDA’s Chief Operating Officer, the program’s goal is to create networks for rural entrepreneurs similar to those enjoyed by their urban counterparts.
“Networks that drive value for rural entrepreneurs do exist in these areas; they’re just somewhat fragmented,” Hanke said. “Providing a framework that puts those pieces together is an effective way to drive entrepreneurial growth and development.”
Currently, six Wisconsin communities are participating in the REV program, with two more set to join this fall. Hanke sees this as a chance to build synergy between CEDA’s existing initiatives and its new efforts to support local business.
One such initiative is CEDA’s ongoing work in Washburn County, located in the northwestern part of the state. The organization is helping to activate the county’s economic development corporation, and Hanke believes REV complements this mission perfectly.
“The REV program aligns nicely for us and provides some value-add to the work we’re already doing with the contracts we maintain for communities,” Hanke explained.
Hanke underscored the critical role that small and local businesses play in job creation and economic growth. While large companies often grab headlines, it’s the smaller, homegrown businesses that are driving much of the job creation in the U.S.
“Two-thirds of job creation has come from small businesses—local businesses that have grown and developed primarily in cities or larger metropolitan areas,” Hanke said. “These areas are very effective in developing support networks that give entrepreneurs access to the information, resources, and capital they need to succeed and grow.”
CEDA is also looking ahead to future opportunities to further expand its support for Wisconsin entrepreneurs. The organization is currently applying for a grant from the Wisconsin Economic Development Corporation (WEDC)—the state’s counterpart to Minnesota’s DEED—to bring its Rural Business Innovation Lab to Wisconsin. This lab focuses on scalable businesses in the natural resources value chain, offering even more tools and resources to help rural businesses thrive.