The team, which provides classes to local residents, typically adults who are interested in learning new information or skills, began utilizing Venture Forward\u2019s geographical data during the pandemic \u2013 a time when it became critical for entrepreneurs to understand how to get their online microbusinesses to succeed.<\/p>\n\n\n\n
In response, Filimonova and Spell leveraged Venture Forward data to create a dashboard to track microbusiness activity index, a score developed by economists at the UCLA Anderson Forecast in partnership with Venture Forward that tracks dozens of factors that impact the success of online microbusinesses, and microbusiness density over time.<\/p>\n<\/div>\n\n\n\n
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<\/a>With MU Extension staff directly counselling microbusinesses, the tool allows them to visual Venture Forward\u2019s microbusiness data and help educate local residents by, for example, comparing local metro versus non-metro areas or differences by economic type in a particular state.<\/p>\n\n\n\n
Alan: We\u2019re part of the University of Missouri Extension system. Of course, every state has an extension, but not every state has a focus on economic development at a similar scale to ours in Missouri. Economic development is our goal, providing information to extension folks, and, of course, the public on economic topics. We noticed Venture Forward\u2019s online business data around the pandemic time when a lot of this information was gaining importance. Our Extension runs most Small Business Development Centers in Missouri, so we have a lot of counselors who advise small businesses on entrepreneurship issues and how to grow their operations. When the pandemic struck, we were looking for any kind of data that we could use to understand what might be happening with online commerce. The Venture Forward data was a new set of information that we’d never had before and it was at county-level, which is critical because many folks want to know what’s happening in their area. We started by just doing briefs using information like Venture Forward\u2019s Microbusiness Activity Index and Microbusiness Density. \u00a0
Alan: Yes. In July we came out with a brief on 2020-2023 population trends in Missouri, but there’re parallels in the U.S. For example, our city cores, like St Louis City and Jackson County, which is Kansas City, had out migration but suburban and adjacent non-metro counties gained population. It reflects the hybrid work reality, of the cheaper housing options on the outskirts of metros and not having to be at the office five days a week. We saw what was happening nationally also occur here. \u00a0 Alan: Yeah. Access to capital is nothing new, but there are questions of \u201chow do you do this?\u201d At least doing something that’s less capital intensive to start, such as a microbusiness, let\u2019s them learn the basics of marketing and running a business.<\/p> <\/div> Alan: We don’t have solid numbers to really tell us at this time, but I think that’s got to be the case. Heck, two of my kids already sell stuff online. I think the younger generation is definitely more digitally savvy, and just more comfortable in that space. When thinking about rural areas, there are generally fewer younger folks relative to other places, and maybe less industry diversity. Helping existing rural businesses that aren\u2019t online with technology can be a challenge, especially with older entrepreneurs. I think it’s going to get better, obviously, year after year with more learning, but it’s just not there yet. I think a lot of places are still missing out.<\/p> <\/div> Natalia: I think it\u2019s interesting to use because you find different trends. You can compare different counties by metro and non-metro and it\u2019s useful to make decisions like how to develop microbusiness activity. Using this dashboard, we can compare different years and different states. It can help explain why microbusiness open their activity in certain states and why do they prefer it there?<\/p> <\/div> <\/div>\n\n\n\n Dr. Natalia Filimonova<\/strong><\/p>\n<\/div>\n\n\n\n Natalia is a visiting scholar at the University of Missouri who collaborates on projects with the MU Extension Exceed program. Her research interests include the development of small business strategies, the evaluation of startup support programs and innovative approaches to regional development. Natalia is actively engaged in creating interactive dashboards<\/a> that enhance the understanding of regional economic processes using Power BI. Alan Spell<\/strong><\/p>\n<\/div>\n\n\n\n Alan Spell is an Assistant Extension Professor within the MU Division of Applied Social Sciences. He specializes in economic and industry research for MU Extension\u2019s Exceed program. Spell’s work includes publishing the monthly Missouri Economy Indicator briefs, conducting broadband and industry economic impact analyses, and providing data training. For more than 100 years, University of Missouri Extension and Engagement has worked with partners across our campus and state to share knowledge and resources that improve the lives of all Missourians, especially in these areas of greatest need.<\/p>\n\n\n\n
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Natalia holds a Doctor of Economics degree from Saint Petersburg State University and a Candidate of Economic Sciences degree from Vladimir State University. She also serves as a visiting professor at BINUS University in Jakarta, Indonesia. Natalia has received grants from Tel Aviv University, the Fulbright Program and various Russian scientific foundations and has published 45+ peer-reviewed journal articles in leading journals and presented at international conferences.<\/p>\n<\/div>\n<\/div>\n\n\n\n
Prior to 2020, Spell led the Missouri Economic Research and Information Center (MERIC), the state\u2019s labor market information and economic development office, where his staff provided analysis to policymakers and the public. Spell is a certified Economic Research Professional and holds degrees in economics and landscape architecture. He has worked in economic development research for over 25 years.<\/p>\n<\/div>\n<\/div>\n\n\n\nAbout V<\/strong>enture Forward<\/h4>\n\n\n\n