PEDC Launches Feasibility Study for Entrepreneurship Hub
For Immediate Release
August 20, 2020
Contact:
Melissa Black
Pearland Economic Development Corporation
mblack@pearlandedc.com
281-997-3000
PEDC Launches Feasibility Study for Entrepreneurship Hub
PEARLAND, Texas — PEDC, along with the Pearland Prosperity Implementation Committee, has recently launched a collaborative process with community partners to evaluate the feasibility of providing some type of hub for entrepreneurship and small business assistance in Pearland. One of the high-level focus areas in the recently released Pearland Prosperity community strategic plan is Business Formation and Early Stage Growth. The plan contains a specific initiative to ensure that Pearland’s business climate and support services are optimized for enterprise formation and growth.
PEDC is partnering with Business Cluster Development (BCD) and Claggett Wolf Associates (CWA) to complete the study. Plan development will take a market driven approach with a Business/Mission Model Canvas and Value Proposition Canvas to ensure that the solutions recommended provide value and the desired outcomes for Pearland.
“Along with the traditional business attraction and retention efforts we usually associate with economic development, creating a robust entrepreneurial ecosystem in Pearland is a key component in ensuring our community is an optimal place to start and grow a business,” stated Dr. Hugh Patton, Chair of PEDC’s Board of Directors. “This plan will allow us to evaluate Pearland’s entrepreneurial support system and provide recommendations to secure economic growth and diversification for our community.
BCD will lead the multi-phase collaborative process, with input from the community and the plan’s project team. The project team’s steering committee members are:
- Gary Bucek, San Jacinto Small Business Development Center
- Dwayne Busby, University of Houston Clear Lake
- Randy Ferguson, Pearland State Bank and past PEDC Board of Directors Chair
- Bill Jackson, Base Pair Biotechnologies
- Randeep Nambiar, Stellium, Inc.
- Scott Youngblood, CPA/Attorney and Pearland Chamber of Commerce Board Member
The first phase will focus on assessing the project’s Market Opportunity by determining if a Minimal Viable Product (MVP) can be developed which will produce the Mission Achievement/Impact Factors desired. Insights into Pearland and the surrounding region will be gained through a combination of secondary research and primary research interviews. Interviews are a crucial part of the process as they complete the picture of the community developed from the data and provide perspectives beyond the information contained in the data. The project team anticipates that a total of approximately 75 individual stakeholders will be interviewed or engaged in group forums. Phase I is expected to be complete in December.
The second phase will focus on developing the Business Model – the operational and cost framework needed to develop, implement and sustain the project’s MVP. This will involve completing the Business/Mission Model Canvas components to determine the Key Partners, Key Activities and the Business/Mission Budget. Phase II will begin January 2021 and be completed in April.
The information gathered in Phases I and II will be aggregated into a comprehensive Business Model Report, which the project team will utilize to determine Pearland’s ability to create a program that provides value to targeted customers, generates the desired supported outcome and reach financial sustainability.
At completion of the plan, the project team will develop recommendations regarding
project feasibility, potential opportunities and threats, and potential next steps, including consideration of an interim hub.
Updates will be available on the Progress to Date section of Pearland Prosperity website.
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About PEDC
Established in 1995, the Pearland Economic Development Corporation promotes, assists and enhances the economic development activities and quality of life within Pearland, Texas. In bringing new and existing businesses to the area, the organization attracts capital investment to add to the city’s tax base and helps to increase the number of employment opportunities for residents. For more information on PEDC, visit pearlandedc.com.