October 9, 2022

STORIES OF ADA AREA ENTREPRENEURS & INNOVATORS

Embracing Rural Innovation: Coming Together at the IEDC Annual Conference

September 18-21 of this year, members of the Ada Jobs Foundation staff had a chance to attend the International Economic Development Council’s (IEDC) Annual Conference in Oklahoma City. They were joined by economic development professionals from all around the world and had a chance to attend sessions covering a multitude of subjects as well as make connections with other organizations. One of the best things about making these connections is the spirit of global collaboration. Economic Development is about solving problems in order to strengthen our own communities, and while every community is different and has their own challenges, this spirit of collaboration can help open people’s eyes and minds to new ideas and solutions that they might not have otherwise considered.

Developing a rural innovation economy and an ecosystem supportive of scalable tech startups is central to the strategy of the Ada Jobs Foundation and attendance at the IEDC Annual Conference is one of the many tools they have to make their goals a reality. Coming together with other professionals in an environment of collaboration and creative solutions helps give the attendees, including those from the Ada Jobs Foundation, the ideas and expertise to transform their own communities for the better.

DREAM BIG OKLAHOMA AWARD

Rural Enterprises of Oklahoma recognized the Ada Jobs Foundation with the Excellence in Entrepreneurial Services award at their Dream BIG Oklahoma event on October 4^th. The Ada Jobs Foundation has made entrepreneurship and innovation a key strategic focus over the last several years and has created programs, such as the Big Pitch—Ada, to help support entrepreneurs. This year, we are in the process of adding new programs through grant awards such as the EDA’s Build to Scale program, which will allow us to launch a new technology accelerator program and build a regional “ecosystem” to support scalable technology startup companies.

This work is a team effort with our leadership, staff, and partners. The Ada Jobs Foundation Team is thrilled to accept this award and to continue working to make Ada a thriving hub for entrepreneurship and innovation.

BLS RELEASES NEW EMPLOYMENT DATA

Happy Jobs Day. Last week, the U.S. Bureau of Labor Statistics released monthly data summarizing the changes in national employment. Overall, non-farm employment increased by 263,000 people over the last month. While this is another month of increased employment at the national level, the rate of employment growth appears to be slowing down, compared to previous months. The national unemployment rate dropped to 3.5%, a drop which may indicate declining or stagnating participation in the labor force (i.e. the number of people employed or actively looking for work). When the unemployment rate drops too low, there may not be enough workers to fill open positions, which can lead to an increased demand and higher costs for employers.

What does this mean for Ada? Data at the local level tends to lag by a month or two behind the national release. The most recent data for Pontotoc County is from August of this year. Employment levels have recovered from the pandemic and then stagnated over the last two years, reaching 18,486 people in August of 2022. Similarly, the size of the labor force appears to be slightly declining over this same period to 19,057. The unemployment rate also remains stubbornly low at 3.1%. These trends appear to relate to national trends, and, overall, there may be specific challenges to increasing labor force participation. Early retirements, lack of access to affordable childcare, and slow population growth may be hindering our ability for local companies to convert job openings into quality jobs that will grow our tax base.

SAUNKEAH SHOUT OUT

Peggy Saunkeah's weekly shout out to individuals, companies, and organizations working to enhance Ada and our economic development efforts.

Saunkeah Shout OUT this week is for The Chickasaw Nation...

Giving a shout out to our partner, The Chickasaw Nation, is a process of elimination in what to highlight.

It could be the recent opening of the First Americans Museum in Oklahoma City. A project that would not have been possible without the leadership of Governor Bill Anoatubby and the Chickasaw Nation. The First Americans Museum is a wonderful example of collaboration, innovation, and sheer leadership - teaching us all that working together works.

Should it be that Lt. Gov. Chris Anoatubby led a keynote panel session during the annual International Economic Development Conference which the Ada Jobs Foundation Team attended last month in OKC? Lt. Gov. Anoatubby discussed the economic and social impacts the Chickasaw Nation has on its communities, and across the state.

Another SHOUT might be this week, Governor Bill Anoatubby and the Chickasaw Nation received the 2022 Vision Award presented by REI Oklahoma at its Dream Big Oklahoma event which the AJF attended and was also an award recipient. Under the leadership of Governor Anoatubby, the Chickasaw Nation continues to develop programs and services to enhance the overall quality of life for all Chickasaws and all Oklahomans.

The Chickasaw Nation’s annual economic impact in the state of Oklahoma is $5.5 billion, supporting more than 34,400 jobs and $1.8 billion in wages and benefits. The Ada Jobs Foundation is proud of our partnership with The Chickasaw Nation. We appreciate all the great things they do to support Ada, our region, and the State of Oklahoma!

WEEKLY MYTH BUSTER ABOUT ECONOMIC DEVELOPMENT

"A bad statistic is harder to kill than a vampire."

-Joel Best

APPLY BY NOVEMBER 5TH

Are you an entrepreneur with a business in the idea or early-stage?ng heade

Apply to compete here!

Ada Jobs Foundation

580-235-0070

www.growada.com

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