116 3rd St SE
Cedar Rapids, Iowa 52401
NewBoCo pushing rural community partnerships
Program brings entrepreneurs together to talk resources, funding, innovation
The Gazette offers audio versions of articles using Instaread. Some words may be mispronounced.
Rural communities across Iowa, like Fairfield, are finding new momentum in fostering entrepreneurial growth and economic development, thanks to NewBoCo’s Community Partners Program.
The program, supported by the Iowa Economic Development Authority, helps communities find ways to help entrepreneurs take an idea, incubate it and then scale and grow it into a successful startup business,
In Fairfield, NewBoCo helps facilitate a few activities to support startups and entrepreneurs. These activities include:
- Traction Thursdays (modeled after the Kauffman Foundation’s 1 Million Cups), which provides a forum for founders to share their stories and gain valuable feedback.
- Founder’s Listening Meetings, which enable entrepreneurs to share their challenges and receive targeted guidance and support from other founders.
- Regular office hours for individual consultation from an Entrepreneur in Residence, where participants receive one-on-one coaching and mentoring to grow and scale their business;
- Connectivity to funding resources from organizations like Kiva Iowa microloans, Small Business Administration loans, opportunities with the Iowa Economic Development Authority, and help from the local Small Business Development Center.
Resources, funding
Alex Taylor, NewBoCo’s director of entrepreneurship, is spearheading some of these efforts and understands the need for support in communities.
“One of the biggest barriers to getting started is education and contact information to support services,” Taylor said. “People with ideas to start a business often don’t know where to begin or where to turn for help.
“And while these communities have professional resources like accountants, lawyers and marketers, these people aren’t always aware of the startup founders who need their help.”
The Community Partnership Program, he said, is designed to encourage entrepreneurship and “improve the awareness of and accessibility to local people and resources who can help.”
Another barrier for startups is awareness about and access to funding.
Many startups require a range of funding — whether it’s a few thousand dollars for website development or building a prototype or up to $100,000-plus to launch a product — but options like venture capital, state startup loans and Kiva funding aren’t always well understood or easily accessible.
“There’s also a gap in connecting potential investors with startups,” Taylor said. “To address this in 2025, NewBoCo will work with Grow Fairfield to host an educational seminar for interested local investors to learn about various funding methods, such as individual investing, Angel networks, and venture capital funds.”
Building connections
The implementation of the Community Partners Program hasn’t been without its challenges.
“Identifying all the local Subject Matter Experts and resources for startups can be a daunting task,” Taylor said. “But starting with a simple platform such as Traction Thursday helps bring these resources together, builds a collaborative community, and creates an encouraging network of support for entrepreneurs at every stage.”
Looking ahead
For Taylor, the most rewarding aspect of working with communities has been witnessing the collaboration that emerges.
“When entrepreneurs connect and support one another, it creates contagious energy and a culture of innovation,” Taylor said. “Incrementally, these efforts build a local ecosystem that’s supportive and inspiring, and by extension, eventually leads to connectivity with entrepreneurial resources and communities throughout the state.”
NewBoCo aspires to build on its Community Partnership success in Fairfield.
“With the right resources, education, and collaboration,” Taylor said, “communities across Iowa can augment a brighter economic future for a more resilient and innovative Iowa.”
Jessica Abdoney is marketing and communications coordinator at NewBoCo. Comments: jessica.abdoney@newbo.co
Daily Newsletters