Coalitions in five counties are partnering up with UW–Madison Extension on a new effort to engage rural entrepreneurs and strengthen community connection. As part of a grant-funded program from Compeer Financial, Extension is providing coaching and guidance for local groups to spur sustained entrepreneurship. The groups selected for this program recently moved into a phase to implement best practices and procedures for economic growth.
Extension’s Rural Entrepreneurial Venture (REV) is an entrepreneurial development program designed to advance small town economies through a targeted business approach. Wisconsin REV is being developed in partnership with Community and Economic Development Associates (CEDA), Compeer Financial, Southern Minnesota Initiative Foundation (SMIF), and e2 Entrepreneurial Ecosystems. This effort is being funded by Compeer Financial. Launched this year, Wisconsin REV provides coaching, resources and connections throughout the visioning and implementation process as each community explores what economic development means for their communities.
Communities across the country have shown great success and economic growth by using a “grow your own” approach to entrepreneur development. Rural Entrepreneurial Venture (REV) is an established program designed to advance small-town economies through a focus on businesses, nonprofits, and government. Wisconsin REV will use this same approach to help Wisconsin communities flourish.
REV kicked off its eReady phase in June. The eReady phase is designed to provide the background and foundations of the REV framework. It gives a REV community time to assemble their core leadership team, preview the REV processes and potential outcomes, and begin creating their goals as an entrepreneur-focused community. The leadership team then chooses to commit to the three-year REV program as they transition out of eReady.
The inaugural cohort includes:
- City of Jefferson in Jefferson County
- Green County, focusing on Latino entrepreneurs
- City of Amery in Polk County
- City of Mineral Point in Iowa County
- City of Hillsboro in Vernon County
“These communities are going to be using this framework to achieve their identified goals for supporting rural entrepreneurs,” said Lisa Taylor, UW–Madison Extension Rural Entrepreneurial Venture Specialist. “Very often those goals include increasing the number of businesses in sectors where there’s a need. They can also include creating an environment in which young people who are staying in the community or coming back do so with the notion that entrepreneurship is an opportunity for them.”
The five community leadership teams, which completed the eReady phase in August, are ready to start implementing the REV framework to realize the goals they created over the summer.
The City of Merrill and Washburn County will also be joining the inaugural cohort this fall.
The REV program support team will join each community leadership team for a fall kick-off meeting to provide community-specific data and support the team as they prepare to work toward their chosen goals over the next three years with their REV Community Coach. Also, REV communities will gather during specific stages of the program to receive relevant training and foster peer-to-peer learning.
WI REV Cohort 2 is currently being planned for 2025.
The typical REV community is rural with a population of at least 1,500 but no more than 10,000, which may include an individual city/town/village, a combination of neighboring communities or a school district. Local leadership in a REV community is willing to invest time with their local entrepreneurs and work to establish a robust entrepreneurial ecosystem and a diverse, more resilient economy. If you are part of such a community and would like to discuss potential WI REV program participation, please contact Lisa Taylor at lisa.taylor@wisc.edu.
