GHC News

GHC's Innovative Gateways Task Force releases "Strategies To Foster Washington County’s Entrepreneurial Ecosystem" Report

June 10, 2022

Small businesses are the backbone of any economy. They can be grown through the attraction and expansion efforts of existing businesses, or organically through the development of new businesses by entrepreneurs. GHC’s Innovative Gateways Task Force (IGTF) spent over a year studying Washington County’s current entrepreneurial ecosystem to determine how we are supporting local entrepreneurs and to identify strategies to improve the ecosystem that is needed to cultivate and grow local start-up companies. The task force released their findings in early 2022 in a report entitled: “Strategies To Foster Washington County’s Entrepreneurial Ecosystem”. In this report, the IGTF identified the many strengths in our current entrepreneurial ecosystem as well as the weaknesses that impede the creation of new business. They also offer ideas to address those areas of challenge. It is our hope that implementing these ideas will transform the current ecosystem into one that will prepare our county for a new age of entrepreneurship and a growing, more diverse economy. IGTF’s approach in developing this report included the participation of stakeholders from different public and private sectors of the county which allowed the committee to hear a wide view of available community resources in support of entrepreneurship. They were then able to define each resource or asset’s role and evaluate their relevance in a healthy entrepreneurial ecosystem. In addition, they conducted a survey of businesses within the community to gauge perception of the current entrepreneurial climate and willingness to help improve the status quo. Their work identified a group of challenges that exist in the current entrepreneurial ecosystem with the most important one being the lack of a central hub that monitors, supports, and nurtures entrepreneurship. As we look into the future, there are many things we can do to realize the economic potential Washington County has within its entrepreneurial talent pool. Below is a set of action items from this report that we believe would result in the collective improvement of our overall entrepreneurial ecosystem: GOAL #1: Identify a central hub with dedicated staff to facilitate programs, foster collaboration, and act as a conduit for all services available to an entrepreneur. GOAL # 2: Develop and build entrepreneurial infrastructure including: funding opportunities, expansion of an entrepreneurial labor pool, a robust incubator at Hagerstown Community College, “maker spaces”, and access to technology and utility infrastructure GOAL # 3: Develop a culture that inspires entrepreneurship at all age levels GOAL #4: Position Washington County as a welcoming community and develop inclusive strategies to cultivate racial, gender, and age equity within our entrepreneurial ecosystem so our resources and pathways are attractive to all races, genders, ages, and industry (Note: specific strategies for each goal are included in the full report) The IGTF’s report and the collected data provide a picture of an ecosystem in need of improvement. Should the necessary recommendations and changes take place, we strongly believe the result will be a culture and ecosystem that will better nurture entrepreneurship and help support the birth of many new businesses in the community for the next generation. GHC will continue to work with other local stakeholders to implement recommendations in this report. We will also work closely with local economic development officials, the Chamber, and Hagerstown Community College’s new business incubator – The Center for Business and Entrepreneurial Studies (CBES) who currently serve as the main drivers for entrepreneurism in our community. Download the full report at www.greaterhagerstown.com on our “GHC Publication’s Tab”: CLICK HERE