When the food shelf receives a donation, that money is used to provide food right away. Chances are this is the kind of charitable giving you do—annual donations to meet immediate needs. But maybe you've been hearing more about endowment giving from your church, alma mater or favorite charity. More organizations are building endowment funds because the donations that are invested in these funds stay invested, and it's the annual earnings that are used to help support the organization and its causes year after year. It is truly the proverbial gift that keeps on giving.

From big universities to small colleges, large healthcare systems to small-town senior care centers, organizations are building endowments to make sure they have an impact in the years to come.

You don't need to be a big charity or a wealthy philanthropist to take advantage of an endowment fund. West Central Initiative has partnered with many small communities, local libraries and hometown schools to create endowments to help them be there for future generations.

Did you know WCI also has an unrestricted endowment fund? It is the financial backbone of our long-term success. The endowment provides the resources each year for WCI staff to work with local leaders to encourage economic development, help businesses get started or expand, provide both workforce and leadership skills, build early childhood coalitions and help our communities thrive.

Our donor services team Kim Embretson and Tom McSparron would be happy to talk to you about endowment funds in your community, or about the WCI Endowment Fund, and how a gift to either can help create a better tomorrow for our region. You can reach them at 800-735-2239.

WCI staff didn't have too far to travel for our most recent community breakfast. The Fergus Falls input meeting was held right at the WCI office.

Those gathered were eager to share their love of the community.

Many talked about its beauty. Fergus Falls is situated on the Otter Tail River, where the rolling hills of lake country meet the wide open prairie. "We are a transition between one of the best agricultural areas in the nation and the forest and lakes areas to the east. That puts us in an enviable position," said Mayor Hal Leland at the breakfast. Fergus Falls has received the Tree City USA designation for the past 35 years.

Attendees talked about the positive attitude and strong values of the people, and the spirit of collaboration that exists. "Citizens are open to working together to make the community better," an attendee said.

Along with collaboration comes a philanthropic mindset. "When the cancer center, community arena and PioneerCare (senior care) all wanted to build at the same time, much of the money was raised. If it's a challenge people care about, it'll get done," an attendee shared.

The breakfast participants understood what it means to be part of a region. Fergus Falls is Otter Tail County's count seat, and a regional hub. There are many services and a stellar healthcare system that draws people from all around.

"The importance of WCI’s [focus on] regionalism is evolving because of [Greater Minnesota's] declining influence in the legislature. The legislature is unable to provide resources for the entire state. We have to become more independent and look at how we can work regionally and see how WCI and other initiatives can help with that," Mayor Leland said.

Folks from Fergus Falls "celebrate" regionally too. "Most communities around here have something that we all go to. It adds to the richness of life," an attendee explained. There's plenty to do in Fergus Falls, too. In fact, sometimes it gets hard to choose, they said.

Several of the participants expressed concern for young adults.

"A large segment of our young people are not engaged in the community. They are hanging out, not active, and they tend to have issues. They need to subscribe to something that engages them and makes them more a part of the community. It's hard to know how to reach them," one participant said. 

Another added: "We’re seeing an increase in people with felonies here. They are usually 26 and under. They don’t understand that what they do will alter their future. We need early high school learning to address this." 

Minnesota State Community and Technical College (M State) President Peggy Kennedy shared some thoughts: "At M State, many students graduate with an AA degree, which provides "soft skills" such as critical thinking, problem solving, and math and communication skills.  I wonder if our graduates are able to transfer those skills into good employment and career paths--particularly if these graduates do not transfer to a four-year university.  Are we addressing the real employment needs of our community so that graduates will stay in our area?"

Do we have enough opportunities for young people to come back to Fergus Falls, some people wondered. "Young single adults would question if Fergus Falls is a great place to be. They need something more than what they perceive Fergus Falls has to offer," one person said.

Attendees did agree there is a lot available for young families, including a great school system, and a strong early childhood program and Head Start. "We work together collaboratively to bring opportunities to young families," an attendee said.

WCI's Economic Development Planner Greg Wagner added his two cents about living in Fergus Falls. "I’m a native son of Fergus Falls. I left four days after graduation. But I returned five years ago with my wife and family. Fergus Falls is a great place to raise a family. I don’t regret moving back."

The next round of the Competitive Workforce Grant will be announced in early 2014.

Economic development uses many techniques and approaches. From a regional and big picture standpoint, the best approaches are those that can be implemented in a community of any size and don't create competition by pitting one community against the other. While still a very important component of economic development, the days of working only to attract a major employer to the region or community are gone. 

Growing and attracting entrepreneurs locally, especially in smaller communities, is a necessary and important strategy. An approach that is continuing to gain popularity in our region is what I like to call the Incubator Phenomenon. No, it has nothing to do with hatching poultry, but it has everything to do with hatching and growing a business.

When people think of a business incubator they often think of a physical space with access to office equipment. An incubator is much more than that. Office space with reasonable rent, access to a research library, a conference room, teleconferencing, and shared office equipment and support are all important, but another key is access to technical assistance, educational opportunities and mentorship. Heading up this full package approach in our region is the Business and Entrepreneurial Services (BES) Center at M State—Detroit Lakes. Their incubator program offers it all. BES is currently partnering with three communities in the region creating four incubator sites. Detroit Lakes has two, and Perham and Hawley each have one. BES also helped launch an incubator in the City of Frazee. The local EDA is now operating it.

At last count, the four BES incubators housed a total of 28 businesses with room for more.

Businesses that start in an incubator may expand into their own storefront someday, and some may just decide it is not for them, but the incubator affords the opportunity for all to give it a shot.   

"Incubators are a place for people who have a business idea and want to minimize the risk of failure," said BES Interim Director Bryan Christiansen. "In the short time I have been here, I have seen how important the incubators are for the success and growth of new businesses. They help businesses that may not have the capital or resources to start their own business. The resources and third-party help offered to the tenants are invaluable."

There are several other successful incubator models in the region. The City of Hoffman has a retail incubator with 25 vendors at last count. The Main Street Galleria has been open for several years and was modeled after a program in Wadena. Vendors are charged a very reasonable rent based on the square footage of space they need. They can reduce that rent further by working at the front counter.

The City of Fergus Falls has launched a telework initiative for the community, which includes a telework "hotel" that offers office space for a daily, weekly or monthly rate. Space options include a training room, two conference rooms, three private offices and four public work stations.

The City of New York Mills also has plans for an incubator, and is prepared to launch its program soon.

Offering entrepreneurs this relatively low-risk resource to starting a business in our communities can be a successful approach to economic development. Not only is it a benefit for the entrepreneur, it is also good for the community; creating new jobs, expanding services and shopping opportunities locally, while utilizing vacant space. In short, an incubator can be a great approach to strengthening our communities.