For a city Oxford’s size it is punching way above its weight when it comes to economic development. A town of roughly 28,000 people, Oxford has its own business accelerator and has created three of the most successful technology startups in the state of Mississippi. It is also regularly included on lists of the top micropolitan communities in the nation.
The secret to its success - say community leaders - is a commitment to fostering and supporting the people already in the community, including entrepreneurs, as opposed to trying to lure outside companies to move to Oxford.
“In Oxford we’re focused on people-based economic development over company-based economic development,” said Jon Maynard, President of the Oxford-Lafayette County Economic Development Foundation and the Oxford-Lafayette County Chamber of Commerce.
“Our growth is from the inside-out and that means focusing on embracing entrepreneurship and on attracting and retaining people to our community who will be a part of what we’re building.”
Oxford’s people-first approach to economic development made it a perfect fit for Heartland Forward’s Community Growth Program and Toolkit and Builders and Backers’ Idea Accelerator program, which is a core part of it. The Economic Development Foundation, Chamber of Commerce and The University of Mississippi are sponsoring the inaugural Idea Accelerator cohort this summer.
The Idea Accelerator program was open to any resident of Oxford in May 2021. Applicants were asked to identify a problem that they care about, share an idea for solving it, and demonstrate a willingness to learn how to design an experiment to test that idea. From the applicants, five Oxford residents were selected and have been successfully running their experiments over the summer.
“From our first interaction with the Oxford Builders, we saw how investing in individuals was making a difference in this city,” said Donna Harris, our CEO and founder. “They largely knew each other already and right away were thinking of ways to help each other. The Builders’ ideas also are focused on empowering others in the community - replicating that spirit of investing in your own.”
The Oxford Builders are experimenting with a new workforce training model for creative trades that have in-demand jobs; a “speed dating” style networking program to connect investors and entrepreneurs; a video podcast bringing men together from all walks of life to find common ground; a “time bank” model to help rebuild community bonds; and a business bootcamp for women-owned businesses.
“We see the Idea Accelerator program as filling in some gaps for us while at the same time complementing what we’re already trying to build here,” shared Maynard.
“This program reached people that we had not been able to yet and helped us to see the power of helping people simply test an idea before making a bigger leap.”
As those Builders wrap up their experiments and begin to share them with the larger community, they will become the faces of the future cohorts.
“It can be hard to convince people that entrepreneurship exists across a spectrum of people and stage of ideas,” said Maynard. “People need models to see that. I’m proud that this first group of Oxford Builders can be that model not only for Oxford but other cities too.”
To learn more about the Oxford Builders, click here.