The Register-Herald
Published: August 12, 2006

FastTrac^® program is good for regional, state economies

Patrick Gregg
WVHTC Foundation

On Sept. 5, the second FastTrac^® business and entrepreneurial education program will begin for southeastern West Virginia at the Workforce Center in Beckley. The program, offered by the West Virginia High Technology Consortium (WVHTC) Foundation’s INNOVA Commercialization Group and the Kauffman Foundation of Kansas City, was a huge success last year when it was presented in this region for the first time.

The FastTrac^® business and entrepreneurship education program was so embraced by this region that program graduates continued to meet after the program ended. Participants continued to gather momentum and actually recruited others to join the group that started out as FastTrac^® GrowthVenture^™ program graduates. The group formed the Entrepreneurship Alliance, Inc., and captured a $200,000 grant from the Pittsburgh-based Claude Worthington Benedum Foundation.

The Entrepreneurship Alliance’s mission is not only admirable, it is real. The organization has set its sights on development of the entrepreneurial spirit and the business climate in southeastern West Virginia. Put simply, the organization wants to make southeastern West Virginia an attractive environment for entrepreneurs and cultivate the business climate. Existing businesses would have the resources to be more successful, and the area would be more attractive for prospective businesses. Those are solid goals, and one of the main factors for such a mission was the FastTrac^® program.

FastTrac^® was developed by the billion-dollar Kauffman Foundation and provides a program where participants are exposed to all facets of business operations. Businesspeople are provided leadership skills, business insights and professional networking connections so they are prepared to expand an existing enterprise or create a new business. The program is held one evening each week for 10 weeks, during which time participants are exposed to modes of learning ranging from instruction to small group discussion, and from expert guest speakers to unparalleled learning resources. Participants leave the program with a finished business plan, a plan that will act as a roadmap for the future.

FastTrac^® is the most recognized program of its kind in the world, currently offered in 49 states and on three continents. If we, as West Virginians, want to improve the economy, we must invest in ourselves, our businesses and our communities. The people who graduated from the FastTrac^® program in Beckley last year understand that, and have moved on to make positive impacts at many different levels.

In a recent survey of FastTrac^® GrowthVenture^™ graduates (programs have been completed in Fairmont, Wheeling and Beckley), 87.5 percent of those responding to the survey said they increased gross sales in their businesses. They indicated that their gross sales increased by at least 10 percent and as much as 200 percent. Additionally, all respondents reported job creation at their businesses as a result of the increased gross sales.

The impact of this program is significant, as these early statistics indicate. However, program participants said they also learned other information that was vital to their business operations. They met fellow participants and guest speakers that gave them access to resources they could not even imagine were within reach. They gained confidence, knowledge, momentum and drive.

I encourage members of the business and entrepreneurial communities in southeast West Virginia to participate in the FastTrac^® program. The program costs less than that of the average college course, and qualifying participants may obtain scholarships that pay for half of the program cost. Payment options are available for registered participants. To register or for more information on the program that starts Sept. 5, contact Deana Keener at gdkeener@wvhtf.org or by calling 304-366-2577, extension 264.

I look forward to meeting the new FastTrac^® group, which will mark the next chapter of success in southeastern West Virginia.