entrepreneurship

NACIE recommends a national entrepreneurship competitiveness strategy

The National Advisory Council on Innovation and Entrepreneurship voted today to accept proposed recommendations for a national competitiveness strategy. One recommendation is establishing a National Innovation Council to coordinate entrepreneurship-related federal government activities nationwide. This council would prioritize efforts related to critical technologies through various actions, including “requiring mandatory reporting of demographics of venture capital (VC) investments” and “supporting the development of best practices and standards for evaluating the effectiveness of entrepreneur support programs.”

The defense bill contains fewer provisions related to research, technology, and entrepreneurship than initially proposed

The National Defense Authorization Act for FY 2024, signed in late December, ultimately contained fewer provisions related to research, technology, and entrepreneurship than the draft versions of the legislation initially proposed. Nonetheless, the final bill made some changes that could stabilize some of the department’s innovation activities in recent years and add some flexibility for companies and organizations engaging in technology transfer activities with defense institutions. Specifically, four sections worth noting in the FY 2024 NDAA are the following:

Decoding Scaleup Success: Networks, ESOPs, and Advisors Make the Difference

Startup Genome and the Global Entrepreneurship Network recently released a new report offering a fresh perspective on what it takes for a startup to scale. The report draws on an eleven-year study involving 100,000 startups to provide a nuanced look at the factors contributing to startup scalability, offering actionable insights that underscore the importance of networks for entrepreneur support organizations, entrepreneurs, and policymakers. 

Latino/a businesses are the fastest growing demographic in the US, Stanford finds

Latino- and Latina-owned businesses represent the fastest growing demographic in the U.S. business ecosystem, growing revenues and creating jobs for all Americans, according to the Stanford Graduate School of Business. The number of Latino/a-owned businesses grew by 34% from 2007 to 2019, while existing businesses grew at a median rate of 25% between 2019 and 2022. Even at these rapid rates, there is still room to grow. Estimates from McKinsey show the potential for Latino/a owners to generate an extra $2.3 trillion in economic benefits, given equal funding opportunities.[1]

SBA establishes the Invention, Innovation, and Entrepreneurship Advisory Committee

SBA's Office of Investment and Innovation recently established the Invention, Innovation, and Entrepreneurship Advisory Committee (IIEAC) to serve as an independent source of information, advice, and recommendations to the Administrator on matters broadly related to the U.S. startup and small business innovation ecosystem. 

Global Entrepreneurship Monitor says US entrepreneurship is on the rise

Those who gather data know that the results collected in 2020 during pandemic shutdowns do not reveal actual trends. This phenomenon was the case for a recent survey by Babson College researchers for the Global Entrepreneurship Monitor Adult Population Survey (GEM APS). They found that rates of entrepreneurship, which had been on the rise since 2015, dropped in 2020. However, their newest research shows an upward trend in 2021 and 2022, when the U.S. had the highest levels of entrepreneurial activity since their first survey in 1999. In 2022, 19% of working-age adults were in the process of running a business or were running a company less than 42 months old.

Treasury awards $125M to 43 organizations, distributes $57M in first SSBCI TA grants

U.S. Department of the Treasury recently awarded $125 million to 43 nonprofits and community-based organizations, including SSTI member University of Arkansas for Medical Sciences. The money came via the American Rescue Plan Act- (ARPA-) funded (CRP) Capital Readiness Program. The CRP enables small businesses to access technical assistance through organizations that provide services to underserved businesses.

The State of Startups: A review of recent research

In a recent economic brief, Why Are Startups Important for the Economy?, the Federal Reserve Bank of Richmond provides a comprehensive review of the current literature around startups, their impact on productivity and job creation rates, and their significance in the U.S. economy.  

Entrepreneurial Black households found to have highest business return rates

On average, Black households engaged in entrepreneurial activity have a higher rate of return on their business in comparison to Hispanic and white households, according to an Economic Commentary from the Federal Reserve Bank of Cleveland. Public policy encouraging and supporting minority entrepreneurship and innovation pays profits as well as social dividends, the study reveals.

Commerce launches $100 million Capital Readiness Program for underserved entrepreneurs

The U.S. Department of Commerce recently launched the Capital Readiness Program grant competition, which will provide $93.5 million to help minority and other underserved entrepreneurs grow and scale their businesses and be administered by the Minority Business Development Agency.

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