entrepreneurship

Recent Research: Broadband Availability and Rural Entrepreneurship

Because existing evidence points to the presence of broadband as having a positive connection to the economic health in rural areas, numerous states and the federal government have made increasing broadband in these places a top priority.  In particular, many rural areas view broadband as an important tool in attracting entrepreneurs and other creative-class employees. Although this tactic is well intentioned, new research suggests that the association between expanded rural broadband availability and the proliferation of entrepreneurship and creative-class employees may not be as strong as one might think, and that the relationship may actually be negative.

Millennials Take on Economy

Millennials internalized the effects of the most recent recession and revealed their beliefs about the economy and jobs future in a recent poll conducted by EY, a professional services company, and the Economic Innovation Group. Nearly one-third believe their community is still in a recession and 78 percent are worried about having good-paying job opportunities, according to the poll. Hard work is an important factor to get ahead in life, say 88 percent of the 18-34 year olds, and two-thirds say having a college education is important, but just 49 percent believe the benefits of a college education will be worth the cost. More than half feel a great deal of confidence about the military and colleges and universities, but other institutions such as the government, organized religion and the news media garner far less confidence.  While 78 percent consider entrepreneurs successful and 62 percent have considered starting their own business, 42 percent cite the lack of financial means as the top obstacle to launching a startup.  Instead, Millennials appear to prefer to climb the corporate ladder, with 44 percent saying the best way to advance their career is by staying at one company and working their way up the ladder and another 25 percent cite moving between different companies and advancing along the way.  Only 22 percent felt that starting their own company would be the best way to advance.

EDA Announces Over $8M to Expand Entrepreneurial, Business Support Services in AL, NY, TX

Over the last month, the Economic Development Administration (EDA) announced over $8 million in grants to expand entrepreneurial and business support services in Alabama, New York, and Texas including:

First Census-Led Annual Survey of Entrepreneurs Finds Women, Minorities Underrepresented

Researchers of American entrepreneurship now have a timelier socio-economic portrait of the nation’s employer-owned businesses as a result of a public-private partnership between the U.S. Census Bureau, the U.S. Department of Commerce’s Minority Business Development Agency, and the Kauffman Foundation. Last week, data from the first Annual Survey of Entrepreneurs were made publicly available, which provides a detailed picture of the American entrepreneur in 2014 by examining race, ethnicity, gender, and geography. A brief released by the Census Bureau notes that more than 480,000 firms with paid employees (roughly 8.9 percent) of the 5.4 million U.S. firms with paid employees in 2014 had been in business for less than two years, according to the recent Annual Survey of Entrepreneurs data.

White House Announces Proposed New Rule for Immigrant Entrepreneurs

Immigrant entrepreneurs would be allowed to remain in the United States for an initial period of up to two years, and, conditional upon meeting certain benchmarks, could potentially stay in the country for one additional period of up to three years under a newly proposed rule by the U.S. Citizenship and Immigration Services (USCIS) branch of the U.S. Department of Homeland Security (DHS). As part of the International Entrepreneur Rule, which is now open for a 45-day comment period, certain international entrepreneurs would have an opportunity to start or scale their businesses in the United States.  

New Initiative to Turn the Formerly Incarcerated into Entrepreneurs

As policymakers and economic developers grow to recognize the need to create broader opportunities for prosperity to sustain future national competitiveness, four facts reveal one of the complex and compounding factors hampering productive participation from a significant segment of our population:  

New Delta Regional Authority Initiative Targets Student Entrepreneurs at HBCUs

In an effort to advance entrepreneurship among their student bodies and grow their regional entrepreneurship ecosystems, six historically black colleges and universities (HBCUs) will receive up to $24,000 in support services as part of a new program from the Delta Regional Authority. Funds from the HBCU Entrepreneurial Ecosystem Initiative will primarily be used for universities to work with partners to identify entrepreneurial resources within the regional system, categorize strengths and weaknesses, and to strategically build around opportunities. Additionally, the selected schools will each host a two-day technical assistance and rapid acceleration workshop that seeks to teach student entrepreneurs about the types of skills and resources needed to launch and scale businesses. Student entrepreneurs will then pitch their ideas for a chance to be selected to present at Founders Weekend, where finalists will receive mentorship with successful minority entrepreneurs, business model development, and other services.

Indices Examine Conditions, Top Places for High-Potential Female Entrepreneurship

Two recently released indices assess countries and cities on the characteristics that enable female entrepreneurship. The 2015 Female Entrepreneurship Index finds the U.S., Australia, the U.K., Denmark and the Netherlands offer the world’s most attractive environments for high-potential female entrepreneurship. Meanwhile, the Dell Women Entrepreneur Cities Index ranks New York City, California’s Bay Area, London, Stockholm and Singapore as the top cities for female entrepreneurship. These indices may be useful to policymakers who are limited in their knowledge of the conditions that enable entrepreneurship, especially among females and other underrepresented communities.

SBA Announces $2M for Technology-Businesses Outreach, Assistance

July 21, 2016

As part of the Federal and State Technology (FAST) Partnership Program, the U.S. Small Business Administration has awarded up to $200,000 to organizations in 21 states to provide outreach and technical assistance to science and technology-driven small businesses.

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.

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