Recent Research: Learning Entrepreneurship from Other Entrepreneurs?
Around the world, entrepreneurship education continues to permeate schools, nonprofits, economic development organizations, and college campuses. At the root of this momentum is a belief that entrepreneurship can be taught to anybody, regardless of their innate skills. This Recent Research article presents new conclusions that suggest individuals can learn entrepreneurship by being exposed to other entrepreneurs. In other words, both nature and nurture contribute to the likelihood one becomes an entrepreneur.
Heartland Metros Launch Collaborative Economic Initiative
Leaders in Des Moines, Kansas City, Omaha and St. Louis have teamed up to leverage their respective resources and help build an economic mega-region in the center of the country. The Heartland Civic Collaborative will focus on four main areas of opportunity: transportation, federal advocacy, life science and entrepreneurship. In the coming months, the collaborative plans to begin work on an entrepreneurial metrics dashboard for the participating metros and a map of life sciences research assets.
University Pre-Accelerators the New Hot Trend, But What Are They?
Over the last few months, a number of universities across the country have launched pre-accelerator programs – a new trend that has emerged in university-led efforts to support entrepreneurial growth among faculty and students. This week, the Digest examines this growing trend and attempts to provide insight into two important questions about pre-accelerators:
NSF Announces Funding to Establish, Sustain I-Corps Nodes
The National Science Foundation (NSF) released a solicitation to establish and sustain Innovation Corps (I-Corps) Nodes as part of I-Corps’ National Innovation Network that builds upon fundamental research to guide the output of scientific discoveries closer to the development of technologies, products, processes and services that benefit society. NSF will commit up to $8.5 million to support seven I-Corps Nodes to foster understanding on how to:
Expanding Veterans' Opportunities to Become Entrepreneurs
Todd Connor, CEO of Bunker Labs, begins his pitch in front of a Startup Week event in Columbus, Ohio with a compelling statistic. In the six years following WWII, 50 percent of returning veterans started their own businesses. Today, only 6 percent of post-9/11 vets do the same, despite surveys showing four times that number would like to do so. What has changed to lead to such a contrast and entrepreneurship gap?
Recent Research: Does Feedback on Business Plans Help Entrepreneurs?
One of the recurring characteristics of entrepreneurs, based on numerous biographies and case studies, is a driven self-confidence that may border, in some circles, as excessive or even narcissistic. Closer scrutiny, of course, shows there is no such thing as the “self-made” person, but entrepreneurship still is described often as a heroic, lone-wolf quest. Is it paradoxical to advocate for and even expect mentoring and “how to” entrepreneurship training to work? Wouldn’t “real” entrepreneurs leading promising startups succeed without the advice? A recent working paper describes an experiment that attempted to address this issue.
Kauffman Foundation Index Suggests Entrepreneurial Businesses Seeing Growth
Although the growth of young entrepreneurial businesses has increased it has not yet returned to pre-Recession levels, according to new research from the Kauffman Foundation. The Kauffman Index of Growth Entrepreneurship measures the growth of entrepreneurial businesses in the United States. In 2016, the index experienced the largest year-over-year increase in the last decade, according to its authors, Kauffman researchers Arnobio Morelix, E.J. Reedy, and Joshua Russell. Despite this uptick, however, entrepreneurial growth is still down compared to the levels experienced in the 1980s and 1990s.
Kauffman Index Highlights Growth Entrepreneurship Across State, Metropolitan Geographies
Newly released research from the Kauffman Foundation finds that in 2016, Washington, D.C., Austin, San Jose, Columbus, and Nashville were the five highest ranked metropolitan areas for the Index of Growth Entrepreneurship. The five highest ranked states were Virginia, Utah, Maryland, Arizona, and Massachusetts.
Kauffman Foundation To Award $2M To Expand Programs Helping Entrepreneurs
The Ewing Marion Kauffman Foundation will award $2 million in grants to expand successful nonprofit programs to help entrepreneurs. The foundation is seeking scalable programs at nonprofit organizations to receive grants between $250,000 and $500,000, paid over two years. Awardees will be selected for their demonstrated record of supporting entrepreneurs, geographic diversity and scalability. Applications are due July 31, 2015.
New Reports Outline Strategies to Support Female Entrepreneurs, Accelerate Economic Growth in Wisconsin, U.S.
Women as business owners may be an underutilized resource for economic development and growth in the state of Wisconsin, according to a recent study from researchers at the University of Wisconsin-Madison (UW-Madison) – Women Business Leaders Across Wisconsin, 1990-2011. The researchers found that women-owned or managed more than 80,000 Wisconsin-based businesses (nearly 19 percent of all businesses) in 2011.
Total Venture Capital Investment Rose 95% in Top 20 Startup Ecosystems from 2013-2014, New Report Shows
Total venture capital investment rose 95 percent in 20 of the world’s top startup ecosystems from 2013-2014, according to The Global Startup Ecosystem Ranking 2015 – a 160-report from Compass, formerly Startup Genome. Compass researchers also found that the global startup ecosystem landscape is maturing rapidly with non-Silicon Valley ecosystems capturing 14 percent more of the exit value pie in three years (2012-2014). In 2014, non-Silicon Valley startup ecosystems captured 59 percent of the value of all startup exits, up from approximately 45 percent in 2012.
SBA Announces 2015 80-Member Class for Growth Accelerator Fund Competition
At a White House event, the Small Business Administration (SBA) announced approximately $4 million to prizes to 80 growth accelerators in 43 states the District of Columbia and Puerto Rico through the second round of its Growth Accelerator Fund Competition. Launched in 2014, the competition makes awards of $50,000 each to help fund operating budgets for accelerators and other entrepreneurial ecosystem models in parts of the country where there are fewer conventional sources of access to capital (e.g., venture capital and angel capital investors).
U.S. Business Founders Becoming More Diverse, According to Census Bureau
Between 2007 and 2012, the number of women-owned businesses in the U.S. grew by more than 27 percent, according to data from the U.S. Census Bureau’s Survey of Business Owners. The agency reports that women owned about 9.9 million businesses in 2012, about 36 percent of all firms. In 2007, only 29 percent of businesses were owned by women. Business ownership also appears to have become a bit more racially diverse during those years, with the share of minority business-owners growing from 21 percent to 29 percent.
New Programs in St. Louis, Twin Cities Connect Startups With Corporations
Recently announced programs in the St. Louis and Minneapolis-St. Paul regions offer startups and major corporations new chances to connect and work together. Pioneered by Illinois’ Corporate Startup Challenge, these types of programs seek to build bridges between important components of the innovation ecosystem: revolutionary new products and services and established market leaders.
Tennessee Announces Investment to Establish 100 Ag-Tech Businesses by 2020
Tennessee leaders hope to raise $10 million in public and private funding over the next five years to support an effort to attract 200 agricultural technology entrepreneurs and establish 100 ag-tech businesses by 2020. USDA Rural Development and the Tennessee Department of Agricultural recently announced they would seed that effort by contributing $220,000 to AgLaunch, a program to aid early-stage ag-tech companies. Memphis Bioworks Foundation will lead the initiatives, providing mentoring and programming opportunities for entrepreneurs. The program will begin in 2016.
VA Youth Entrepreneurship Council to Expand Student IP Rights, Opportunities
A new Virginia council will coordinate the state’s efforts to help young people create businesses. Gov. Terry McAuliffe recently signed Executive Order 47 establishing the Governor’s Council on Youth Entrepreneurship, following up on a series of roundtables with students and faculty.
Entrepreneurship and Inclusive Economic Growth
Around the world, increased attention is being paid to inclusive economic growth, which, according to the World Bank, suggests that for growth to be sustainable in the long run it should be broad-based across sectors and inclusive of the large part of the country’s labor force, regardless of demographics.
Examining The Relationship Between Guaranteed Job-Leave Policies and Entrepreneurship
When employees discover potentially significant inventions during their line of work, they can decide whether to leave their company and form a new startup around the idea, or to transfer the knowledge to the parent firm and attempt to gain financial compensation through a spinoff. As seen in the 2016 summary report from Failure Aversion Change in Europe (FACE) Entrepreneurship, the two main fears for entrepreneurs are financial security and losing a stable, professional job. Recent research also suggests that granting employees extended leaves of absence with guaranteed options for returning increases the likelihood of entrepreneurship. Coupled together, these results prompted SSTI to further review the relationship between corporate-leave policies and entrepreneurship.
MO Gov Announces Nearly $3M in Funding to Support Startups Statewide
On November 12, Gov. Jay Nixon announced $1 million in state funding to ARCH Grants to provide entrepreneurial support to St. Louis startups. ARCH Grants is a nonprofit organization that provides $50,000 equity-free grants and pro-bono services to entrepreneurs who locate their early stage businesses in St. Louis. This is Gov.
Global Entrepreneurship Week Events Expected to Reach 160+ Countries
Nearly 10 million people are expected to participate in events during this year’s Global Entrepreneurship Week, launched November 16 by the Global Entrepreneurship Network (GEN). The first Global Entrepreneurship Week was held in 2008 with representatives from 37 countries. Now in its eighth year, more than 160 countries across the world will hold entrepreneurship-related events during the week. Although activities vary greatly in size and scope, they generally touch on three themes:
Majority of Startups Valued Over $1B Founded by Immigrants, Report Finds
Earlier this month, SSTI highlighted recent research from the Information Technology and Innovation Foundation (ITIF) that detailed the critical role immigrants play in developing some of the most notable innovations in the U.S.
Huntington Bank Commits $25M for Comprehensive Economic Development Programming in Flint
As the water crisis in Flint, MI, continues to capture headlines, details on potential relief efforts are beginning to emerge. In January, President Obama granted $5 million in emergency funding to address the crisis, while the state has approved $67 million in funding since October.
MI Research University Alumni 50 Percent More Likely to Become Successful Entrepreneurs, Report Shows
Graduates of Michigan State University, the University of Michigan and Wayne State University have started or acquired businesses at double the national average rate among college graduates since 1996, according to a report released by the Michigan University Research Corridor (URC). About 19 percent of all graduates have started their own business, and these businesses were 1.5 times more likely than the national average to remain open over the past five years. URC attributes their success to the comprehensive entrepreneurial curriculum available at the corridor's institutions.
AZ, NJ, WI Increase Capital for Entrepreneurship, MN's Angel Tax Credit Closed for 2013
Over the last week, several states have announced/passed new programs focused on increasing the capital available to spur small business growth and innovation. Officials from New Jersey announced the state's new angel tax credit will take effect July 1. In Arizona and Wisconsin two bills await gubernatorial approval that would rework the Arizona R&D tax credit program and establish a $75 million venture capital fund in Wisconsin. Meanwhile, the Minnesota state legislature did not approve an additional $5 million for its popular Small Business Investment Tax Credit.
Indiana Governor Launches Office of Small Business and Entrepreneurship
Indiana Gov. Mike Pence has announced details of a realignment of the state's services for small business owners and entrepreneurs through the establishment of a new Office of Small Business and Entrepreneurship (OSBE). The office will incorporate the Indiana Small Business Development Center, the Procurement Technical Assistance Centers and several small business specialty programs. OSBE will offer business consulting, as well as bringing together universities, private sector businesses and government stakeholders.