entrepreneurship

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.

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.  

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.

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.

A recent report outlines over 100 initiatives that could boost the semiconductor industry. The Arizona Commerce Authority and Boston Consulting Group recently collaborated on a National Semiconductor Economic Roadmap (NSER) to advance semiconductor competitiveness in the United States. The report features input from over 80 industry leaders, education institutions, and public sector leaders across the nation to outline a 10-year, industry-led action plan for the semiconductor industry, focusing on infrastructure, supply chain, workforce, and entrepreneurship.

Two recent working papers — The Impact of High-Skilled Immigration on Regional Entrepreneurship from Columbia University and Getting Schooled: The Role of Universities in Attracting Immigrant Entrepreneurs from the Philadelphia Federal Reserve Bank — explore the impact of high-skilled immigrants on entrepreneurship and how universities attract immigrant entrepreneurs. Both papers find that high-skilled immigrants have a positive net effect on regional entrepreneurship and are critical to the entrepreneurial ecosystem.

Taking what Gov. Mike Parson called a “bold step to support high-tech entrepreneurship, innovation and growth,” the Missouri Technology Corporation (MTC) released an Implementation Plan built off an earlier strategic plan (Catalyzing Innovation Report) designed to build the state’s innovation and entrepreneurship ecosystems. A key element in the implementation plan is the creation of a $17 million grant program to expand entrepreneurial capacity, with $8.5 million of that funded through MTC’s FY 2023 general revenue appropriation and a match of $8.5 million through the IDEA Fund Co-Investment Program’s venture capital activities.

Two recent reports feature evidence demonstrating the importance of early-stage entrepreneurship for the United States economy. The first report from the Kauffman Foundation released four indicators used to track early-stage entrepreneurial development. The second report from the Economic Innovation Group studies how dynamic the U.S. economy is and recommends ways to increase the economy's dynamism, many of which center around startups and new small businesses. Both reports highlight new ways to measure early-stage entrepreneurship and offer ways to expand these businesses.

Missouri has a new tool to support the advancement of entrepreneurship and innovation across the state. The Missouri Technology Corporation (MTC), in partnership with TEConomy Partners LLC., identified strategic recommendations and actions to drive innovation and entrepreneurship in Missouri developed under the Missouri Innovation and Entrepreneurship Strategy Steering Committee. The report says that MTC has had significant impacts on the state's economy, revealing that its total program portfolio has generated an economic activity return of $100.74 back to the state for every $1 invested.

Last week, the Small Business Administration (SBA) announced $100 million in grants for the Community Navigator Pilot Program that will be distributed to 51 organizations to connect entrepreneurs with government resources to help recover from the COVID-19 pandemic.