Issue link: https://www.e-digitaleditions.com/i/59887
"One of the business community's failures is that information does not flow as readily to the small business community as it does to the large corpora- tions," says Knudsen. "By serving as a resource to small enter- prise, we felt we were filling that void in the market." For its part, the BEDP would like to expand its network of locations and be a resource to a larger number of busi- nesses in the state ofWashington, says Verchot. The program already has been working with its academic neighbors, including Bellevue Community College and the University of Washington in Bothel, to set up new locations. Recently, the program also set up three more rural technology centers for small business, one at Heritage University in Toppenish, a city in the southern part of the state. It plans to continue The institute has been able to thrive by balancing its role as public servant with its ability to generate revenue through its research. For example, area firms and state and local governments pay for the institute's economic impact studies and contract research, which help it to be fiscally self-sus- taining. The next goal for the institute, says Hoffman, is to expand its work beyond the Phoenix and Tempe areas into the Western U.S. and even Mexico. In the 1950s and 1960s, many universities had bureaus of economic analysis. Today, however, those bureaus have all but disappeared as business schools find it cost-prohibi- tive to provide what they view as a public service, says Hoffman. The consequence for some schools, he says, is that they have lost currency with local community and regional development organizations. Luger of UNC's CCE agrees that business schools should not become so concerned with their value to the business community that they lose sight of their perceived value in the general community. "Business schools usually don't have a problem being accepted in the private sector," says Luger. "But they do run into trouble earning wider recognition in the larger community of nonprofits, government, and the general public." In addition, the public may perceive business schools—especially elite schools—as being more interested in national and international issues than they are in issues in their own states. By generating a steady stream of community-focused research with immediate application, business schools can tackle both problems head-on, Luger emphasizes. In the process, schools build their reputations, their networks, and their influence beyond their own campuses. to work with higher education institutions throughout Washington to create a strong net- work of economic development, says Verchot. "The fixed costs of opening centers like the BEDP are pretty high," explains Verchot. "The only way we're going to grow our program dramatically is to work with other higher education institutions. Those kinds of partnerships will be the model that we use to stimulate the development of more centers like ours." Going Beyond Business While most business schools are well-regarded within the local private sector, economic development centers take that regard one step further. Because CEDs approach community building so comprehensively, theymust reach beyond the pri- vate sector to organizations in government, urban planning, and the arts. In addition, they provide active forums where small business, big business, government, and academia meet on common ground to learn, collaborate, and strive to create a more robust local economy. Once a center for local and regional development begins to producemeasurable results, its role in the community as a val- ued resource is assured. And that recognition is often not lim- ited to the local purview. Verchot, for example, was recently chosen by the U.S. Department of Commerce as its 2004 Minority Business Advocate of the Year. That kind of recog- nition indicates that even the U.S. government views the BEDP's efforts as being of national importance, says Verchot. An ancillary goal for successful centers is to share what they've learned with other schools interested in similar objec- tives. While the value of business research is unmistakable, Verchot, Knudsen, and Miestchovich would like to see this model for economic development become more common- place among business schools and are eager to share their experiences. For its part, the BEDP has developed its own curriculum related to its efforts, and its staff is in the process of writing a textbook. It is also working with universities in South Africa to help them set up or improve similar pro- grams overseas. Business schools have important traditional academic roles to play in their communities, say these CED directors. But they also have an incredible resource to share—a collec- tive of students and faculty who can act as advocates for and advisors to area businesses. When their efforts are channeled via a dedicated center, students and faculty make an impor- tant difference to oft-overlooked businesses, make a long- term impact on the regional economy, and receive an invalu- able opportunity to learn. ■ z BizEd MARCH/APRIL 2005 35