Glossary

Used to hold the glossary of the website

A

advocatessearch for term

Advocates are those entities who actively promote funding and other opportunities for entrepreneurs. Advocates are included in localfoodsystems.org as a descriptive category within the business supporter registration template. Examples of advocates include Chambers of Commerce, business and trade Associations, policymakers, community-based organizations, and local / regional initiatives. Read more: JumpStart 2011 Annual Report (http://www.jumpstartinc.org/sitecore/shell/Controls/Rich%20Text%20Editor/~/media/JumpStartInc/Images/Results-Page/2010JumpStart-AnnualCommunityReport_web.ashx)

asset mapsearch for term

A map displaying community capitals, resources that are available, relevant and useful to entrepreneurs who are building a local business ecosystem.

B

business casesearch for term

An early stage description of a business that includes such elements as its objectives, the value it will deliver and the resources needed for startup (see more formal definition below for additional detail). In localfoodsystems.org we add to these more standard elements a set of business ecosystem planning considerations such as available community capitals and supply chain connections. A more formal definition is: "A decision-making tool used to determine the effects a particular decision will have on profitability. A business case should show how the decision will alter the flow of capital over a period of time, and how expenditures and returns will change." (Source: BusinessDictionary.com) Read more: http://www.businessdictionary.com/definition/business-case.html#ixzz1plHntl7t

business case templatesearch for term

A localfoodsystems.org site tool that guides a user through the development of a business case.

business clustersearch for term

A network of connected businesses, suppliers, and associates in a specific field, located in the same geographic area. Clusters enhance competitiveness of each of the networked businesses by increasing efficiency and productivity. (source: Business Dictionary.com) Local food systems are one type of business cluster with a tremendous upside, given that growing demand already outstrips supply. Read more: http://www.businessdictionary.com/definition/business-cluster.html#ixzz1plDpQl1s

business cluster mapsearch for term

A localfoodsystems.org site tool for identifying and building businesses clusters, and the potential supply chain relationships in the business ecosystems within them, for any geographic region. The localfoodsystems.org site focuses on business clusters connected with agriculture including food, energy and renewable materials, but the same approach and tools could work for any business cluster.

business ecosystemsearch for term

A collaborative network of producers, suppliers, distributors, processors, business supporters (financial institutions, NGO’s, educators that prepare the workforce, R&D, etc.) and customers that share a common set of value or supply chains. Collaboration can reduce risk and cost, and increase efficiency. (Source: modified from BusinessDictionary.com). Sometimes referred to as an Entrepeneurial Ecosystem, particularly when the focus is on new business enterprises. (Source: modified from JumpStart 2011 Annual Report) Read more: http://www.businessdictionary.com/definition/business-ecosystem.html#ixzz1plIXVQ68 Read more: http://www.jumpstartinc.org/sitecore/shell/Controls/Rich%20Text%20Editor/~/media/JumpStartInc/Images/Results-Page/2010JumpStart-AnnualCommunityReport_web.ashx

business ideasearch for term

An emerging concept as to a possible business or expansion of an existing business, but which has yet to be formally described in a business case format.

business plansearch for term

A more detailed planning tool than the business case, the business plan is a "Set of documents prepared by a firm's management to summarize its operational and financial objectives for the near future (usually one to three years) and to show how they will be achieved." Read more: http://www.businessdictionary.com/definition/business-plan.html#ixzz1q2zWhjam See the Small Business Administration's Business Plan Template: http://web.sba.gov/busplantemplate/BizPlanStart.cfm

business supportersearch for term

Those businesses, agencies, organizations, institutions, individuals that provide various forms of assistance to new and developing businesses and entrepreneurs. We have organized types of supporters into six categories: idea creators, resource providers, educators, storytellers,

C

capitalsearch for term

Capital is typically thought of in financial terms. Consider the following definition for example: "Wealth in the form of money or assets, taken as a sign of the financial strength of an individual, organization, or nation, and assumed to be available for development or investment." Source: Business Dictionary.com As suggested in the definition, wealth can also take the form of nonfinancial assets such as expertise, influence, land, built structures, equipment and time. The capital assets that could be considered for building local economies in localfoodsystems.org include all forms of capital including social, natural, built, human, and financial. Read more: http://www.businessdictionary.com/definition/capital.html#ixzz1q33AYmPn Read more about time as capital at Time Banks USA: http://timebanks.org

A

--assetssearch for term

C

CIP portfolio managersearch for term
collaborationsearch for term
community assetsearch for term
community investment portfoliosearch for term

A collection of community assets aligned to benefit the local economy. See video produced by NEO Food Web, "Community Investment Portfolio Applied to Local Food Systems" http://www.youtube.com/watch?v=TkbziAEur90

--CIPsearch for term
community investment portfolio managersearch for term

Person who, based on sufficient authority and respect of others, exercises leadership in the development of a community investment portfolio.

D

dashboardsearch for term

A set of tools that provide summaries of data for monitoring complex mechanics or operations. Similar to an automobile's speedometer and guages, an economic development dashboard for a community could show numbers of jobs created, average income, business profit, and numbers of new or departing businesses.

E

economic leakagesearch for term

Net loss of local assets used for imported goods that could otherwise be produced locally, for example the money a national grocery chain collects from sales in a local retail outlet. Local food, energy or materials systems that replace costly imports can significantly reduce leakage and return more wealth to the community.

ecosystem fundersearch for term

"Government entities, private foundations, individuals, and corporations that financially support an entrepreneurial ecosystem and its participants." Source: JumpStart

educatorssearch for term

Organizations and higher education institutions that increase people's awareness and knowledge of the local economy and its benefits, informing entrepreneurial action.

entrepreneurial culturesearch for term

The outcome of a thriving business ecosystem is a culture that understands, appreciates, and celebrates entrepreneurs; embraces diversity; encourages investing; accepts uncertain outcomes and failures, and results in thriving entrepreneurial activities. Source: JumpStart

I

idea creatorssearch for term

Innovators who develop commercially valuable ideas, which can either be protected as intellectual property or shared openly. Idea creators include entrepreneurs, research centers and laboratories and can be sponsored by private business, government, or universities.

investorssearch for term

Those who provide capital to support businesses and business ecosystems. See Open Source Initiative at opensource.org.

L

local foodsearch for term

"According to the definition adopted by the U.S. Congress in the 2008 Food, Conservation, and Energy Act, the total distance that a product can be transported and still be considered a 'locally or regionally produced agricultural food product” is less than 400 miles from its origin, or within the State in which it is produced.' Definitions based on market arrangements, including direct-to-consumer arrangements such as regional farmers’ markets, or direct-to-retail/foodservice arrangements such as farm sales to schools, are well-recognized categories." Given the definition of local food system described above, the local food system would focus on a much smaller geographic area than a 400 mile radius, perhaps 50 miles or less, but the actual distance would depend on the connections between a particular place and its surrounding food supply chains. Source: USDA, Economic Research Service, Report # 97, May 2010. http://www.ers.usda.gov/Publications/ERR97/ERR97_ReportSummary.pdf

local food systemsearch for term

Sometimes referred to as a community food system, "... a collaborative network that integrates sustainable food production, processing, distribution, consumption and waste management in order to enhance the environmental, economic and social health of a particular place." Source: Cooperative Extension System http://www.extension.org/pages/18378/food-systems-introduction

--local food systemssearch for term

O

open sourcesearch for term

Open access to the programming code of a website. Because the localfoodsystems.org site was developed using public funds and the localfoodsystems.org site creators are advocates for local economies, the localfoodsystems.org site is open source. Others can access the programming code and use it to build sites of their own.

R

resource providersearch for term

Any agency, network or organization that provides tangible and intangible resources that enable entrepreneurs to advance their skills, business cases, and likelihood of success. Types of resources include business consulting and mentoring and access to facilities or equipment -- sometimes at reduced rates.

S

social networking toolssearch for term

Social networking tools help people communicate and identify shared interests. Social networking tools on the localfoodsystems.org site help fledgling or expanding businesses and their supporters, particularly those in relatively close proximity, connect with each other to mutual benefit.

story tellerssearch for term

In the case of localfoodsystems.org, those who share inspiring stories of entrepreneurial progress and success. Identified by JumpStart as one of the eight critical elements in an entrepreneurial ecosystem. JumpStart 2010 Annual Report http://www.jumpstartinc.org/results/reports.aspx

supply chainsearch for term

"The movement of materials as they flow from their source to the end customer. Supply Chain includes purchasing, manufacturing, warehousing, transportation, customer service, demand planning , supply planning and Supply Chain management. It is made up of the people, activities, information and resources involved in moving a product from its supplier to customer." Source: supplychaindefinitions.com

sustainable local economies and businessessearch for term

Sustainable local economies link an ethic of land and community long term viability within entrepreneurial efforts. "A sustainable business stands an excellent chance of being more successful tomorrow than it is today, and remaining successful, not just for months or even years, but for decades or generations." Source: getsustainable.net

T

time banksearch for term

A mechanism for valuing, saving and exchanging a person's time. Time banks are analogous to a regular bank as they share the purpose of holding and tracking the flow of capital within and across individual accounts, but in the case of time banks human capital rather than financial capital is tracked. Source: time banks.org http://timebanks.org/

triple bottom linesearch for term

Simultaneous benefits in three areas: people, planet, and profit (social, environmental and economic). "For businesses, sustainability is a powerful and defining idea . . . It operates so that business interests and the interests of the environment and society intersect. Businesses collaborating in entrepreneurial ecosystems can further magnify this effect. Source: getsustainable.net

V

value chainsearch for term

Sequence of business activities that add value to particular products or services. In local food systems, value is added to initial food production at each stage of getting that food to the consumer. The intent is to increase profit and create competitive advantage by retaining the value locally.