Why should we care about regional start ups?

f you were to ask a metropolitan-based entrepreneur what their greatest challenge is, there is a high chance the answer would be vastly different to someone running a business in regional Australia.

So, why is this? Interim Head of the UNE Business School and Associate Professor in Management, Dr Sujana Adapa, says there are many factors at play.

“Business owners in regional and rural areas are subject to a smaller labour pool, minimal resources and support, a number of regulations, limited access to finance, and external shocks like prolonged drought or bushfires that are experienced here in northern inland NSW,” she says.

“While some of these issues are faced by metropolitan entrepreneurs, like limited access to finance, many of these are unique to regional communities and add to the already difficult task of starting a business.”

Wanting to amplify the importance of supporting regional start ups, Assoc. Prof. Adapa and her colleagues, Emeritus Professor Alison Sheridan and Associate Professor Subba Reddy Yarram, recently published a book titled Entrepreneurship in Regional Communities, and it’s since gained recognition from the Legislative Assembly of NSW.

“Through extensive data gathering, the authors clarify the context in which regional businesses develop from inspiration to operation, networking and community values including facets of gender studies,” said Member for Northern Tablelands, Adam Marshall, in a Community Recognition Statement.

When asked why regional entrepreneurship is such a topical issue, Assoc. Prof. Adapa says it’s because small and medium businesses are “the lifeblood of our regional economies.”

“Fostering new business growth is essential for the vibrancy of a community. In addition, regional entrepreneurs often take on several roles, such as mentors, coaches, advisors and influencers in inspiring the next generation. In doing so, they make a significant contribution to the ‘future of entrepreneurship’ - all of which adds to the broader economic, social and societal goals.”

The unique characteristics highlighted by regional entrepreneurs are their strong sense of the importance of embeddedness, networking, empowerment and communitarian values to their business success.

The success of start ups born out of the UNE SMART Region Incubator - such as telehealth service, PharmOnline, run by the 2022 NSW Premier’s Woman of the Year Anna Barwick - is a great example of what can happen when rural entrepreneurs are given adequate support and resources.

Assoc. Prof. Adapa says one of the reasons for this is that regional entrepreneurs tend to have a distinctive approach to business ownership.

“The unique characteristics highlighted by regional entrepreneurs are their strong sense of the importance of embeddedness, networking, empowerment and communitarian values to their business success,” she says.

“Regional start ups have navigated the effective integration of technology into business ideas to create seamless, immersive experiences which resulted in enhanced engagement and involvement for various stakeholders. Inspiration, motivation and unleashing the business potential in the regions are the flow on effects to regional communities.”

As for the future of regional entrepreneurship, it appears to be brimming with opportunities; especially in northern inland NSW.

“The growth of the service economy in regional areas is a visible trend over the past decade,” says Assoc. Prof. Adapa.

“Coordinated and networked multi stakeholder regional business partnerships will help regional areas flourish and will offer continued business services to people in regional areas through innovative means.

“The ‘doing’ of regional entrepreneurship and the ‘undoing’ of the existing process that lead to persistent systemic challenges warrants further investigation.”

Original article HERE