Megan currently serves as an Economic Recovery Corps Fellow, a national 2.5-year fellowship focused on strengthening localized entrepreneurial ecosystems. She is hosted by locally by the Southern Tier West Regional Planning and Development Board, where she works with partners across the region to place-based resources for entrepreneurs. The fellowship concludes this July.
Megan’s presentation was bout Rethinking Entrepreneurial Ecosystems: How Does Designing for Women Create Broader Economic Activity?
She started the presentation with the proposition that our community would have a 16% increase in economic activity by supporting women entrepreneurs. No need for expensive taxpayer packages or increased housing needs. They can do this by supporting women entrepreneurs. They received a grant to study why women entrepreneurship is so low in out three counties (28% in Chautauqua County vs 44% nationally). They spoke to over 100 small business owners (40 in Chautauqua County)to listen to concerns. They found that these individuals were unaware of support programs available to them, not a lot of resources available to them due to recent changes in funding, the YWCA does a tremendous job in helping this process. They started organizing themselves. We should care about promoting women small business owners because a rising tide lifts all boats. Small business owners are more likely to support local charities and sponsor baseball teams, etc.
Currently, our systems today aren’t meeting the needs of women entrepreneurs. We see that a lot with funding, where funding is not evenly distributed to women business owners like it is to their male counterparts. Since women can’t access traditional commercial lending, or angel investing, or Venture Capital funding. This shifts the risk from financial institutions to women and households. So, if a woman business owner fails, which happens because entrepreneurship is inherently risky. These costs are absorbed by the economic face. The risk shifts to the households. If something does happen, it effects those households in the greater economic community. Lastly is what she calls the Shelley effect. So, Shelley Jack does a lot in the Olean and in Cattaraugus County. She participated in one accelerator program 3 years ago. Since then, she’s volunteered in so many different capacities . She updated JCC’s Entrepreneur Curriculum. Shelley started a women’s fund, the only one in that county. This s used as an example of why investing in women has triple digit ROIs. She has given back more to the ecosystem then she ever took from it. This isn’t unique to Shelley. Megan sees it all the time with women business owners.
In summary these four factors when we don’t invest in women entrepreneurship, we leave a lot of economic benefits on the table and community benefits. One of the economic benefits it’s not about special treatment for women, but it is smart economic strategy supporting women. A big part of her fellowship is imagining what it would look like if we centered women in economic development work, because traditionally entrepreneur ecosystems have been designed by men for men, so the design really matters. It has very real and unintended consequences. Foe example, a woman is 17% more likely to die in an auto crash than a man? This is because the crash test dummies have been designed based on men’s bodies and not women’s. Therefore, safety regulations consider men and not women. WE need to consider everyone who is going to be impacted by the system.
Magan’s grandmother was a nurse in the Philippines. She also had a side business which allowed her to raise 8 children including putting them through college. This was after her husband had died at a young age. Megan is here today because of incredible women entrepreneurs. She has seen how they can transform individuals, families, and communities.
Questions
Megan started her fellowship in 2024 and it is ending the end of July. She provides place based entrepreneurial support. Due to the rural nature of the counties sometimes people need to get in-person support. So, how can we make it more accessible? This can take on a variety of different forms. It could be working across all three counties like the women’s initiative. Sometimes it is working at a county level. For instance, Cater August, they got raffles and funding and we were able to work with them to put together a strategy so the partners are working together. Or it could be co-creating programs which could be heavily localized. Entrepreneurial ecosystems can be at a large scale like all three counties or it could be the state. Or very small at the town or village level. Her job right now is more similar to a consultant for her fellowship.
How is she ensuring this process will survive after her fellowship ends? All of the projects are done in partnership with local community partners. The project in Cattaraugus has 9 different partners including county government, business development center, the IDA, and others. Because this was co-created with them should live on after the fellowship is over. They are also doing pilot programs and additional funding.
How do you combat the perception, especially as the state level, that women can’t run a business successfully? Woman run into issues where NYS may not view the business as their full-time job. Maybe due to a husband working with them or they have another job to help make ends meet. I think many times there is a need for an economic development professional to help hand-hold. Since each case is very personal to the business owner trying to get the grant. The SBDC recently received a Ralph Wilson grant to help get certifications. Also, people don’t realize they can qualify for these certifications. Then needing to convince the business owner and economic development professional that the reward is worth the effort. Many other opportunities for submitting RFPs or become a subcontractor on jobs.
