Issue link: https://www.e-digitaleditions.com/i/59887
For university-based centers for local economic development, it may just take a business school to raise a village. BUILDI G F rom multicultural team-building to multilingual communication, the buzzword in business education these days is undoubtedly "global." Still, in the rush to "think globally," many business schools have pledged to "act locally" through university centers that offer services, training, and information to area businesses and organizations. Their mission is to train small business owners, encourage entrepreneurship, create jobs, and, above all, spark measurable economic growth in their surrounding regions. B-school-based centers for economic development (CEDs) have existed in by Tricia Bisoux illustration by Dave Jonason the U.S. since the 1950s, but they have traditionally focused more on gener- ating economic research than on providing service and training. In the last two decades, however, some business schools have revisited the idea of open- ing centers dedicated to community building. CEDs operate on the principle that while a business school's primary role is to provide business education and research, it has the resources and opportunity to offer even more to its community, says Kjell Knudsen, dean of the Labovitz School of Business and Economics at the University of Minnesota in Duluth (UMD). "We should participate actively in the creation and retention of busi- ness enterprises in our own regions," Knudsen stresses. To that end, Knudsen spearheaded the launch of the university's Center for Economic Development in 1986. As a joint venture among the business school, theNatural Resources Research Institute, and the College of Science and Engineering, the CEDprovides the type of pro bono, hands-on business training and strategic plan- ning thatmany communities need, especially in tough economic times. Through the spirit of learning and volunteerism, university-based CEDs strive to fuel the economic growth of a community. Their grassroots efforts aimnot only to strengthen local economic growth and strengthen ties to the surrounding region, but also to ensure a business school's contributions to its community are far more than academic. Cross-Campus Collaboration While centers for economic development serve as catalysts to boost local business growth, they also offer a substantial educational advantage to their parent campuses. Students and faculty alike benefit from an expand- ed learning network that reaches across campus and throughout the com- munity. In addition, CEDs provide students with rich, project-based learning experiences that integrate cross-disciplinary education, team- 30 BizEd MARCH/APRIL 2005 COMMU ITY N