In preparation for your site visit to the Guinness Enterprise Centre, we will hear the following theme throughout the presentation (which is part of a quote in the article above) – “the power of entrepreneurship and the impact that it can have on the community, which benefits everyone.” In short, individuals and organizations who are interested in community economic development often focus on supporting small entrepreneurs who are seeking to launch interesting new ventures in certain neighborhoods or in the geographic area of a city like Dublin. Based on your quick review of the article on the Guinness Enterprise Centre, identify one commercial opportunity and one commercial challenge they are addressing in their efforts to support the development of local entrepreneurs in Dublin.
One commercial opportunity Guinness Enterprises is taking advantage of is the ability to expand. This expansion will lead to more available jobs and the success of more start-ups. They have also taken advantage of partnerships by reaching out to other companies in Ireland such as Diageo, Dublin Business Innovation Centre, Dublin City Council, Dublin City Local Enterprise Office, Enterprise Ireland, and Guinness Workers Enterprise Fund. These partnerships have given the GEC the opportunity to expand due to an increase in funding. On a similar note, the commercial challenge the GEC has addressed through these partnerships as well is a lack of funding. Additional funding and the expansion are important because they are necessary elements to help make start-ups successful and employ more workers.
Finally, acting as members of consulting teams that might choose to write a group paper about the commercial opportunities and challenges connected to the Guinness Enterprise Centre, what specific questions do you have about the business model for the Guinness Enterprise Centre that relate to our course material (Triple Bottom Line and sustainability, market segmentation, maximization versus shared value, etc.)? Give us a specific question for tomorrow’s visit.
How long are start-up businesses part of the GEC? Do they leave the organization when they become successful enough and if so, how do they give back to the company who helped support them in the beginning? Is there a fee for a business to be part of the GEC?