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The world economy has disappointed this year with its jobless recovery and continuing financial instability. Clearly, the country needs more entrepreneurs. A recent poll in the U.S. shows that those ages 18-34--the so-called “Millennial Generation”--are that entrepreneurial bunch. Fifty-four percent of “millennials” either want to start a business or already have started one. And judging by last week’s vibrant Global Entrepreneurship Week, this seems to be a global phenomenon and one driven by people who want to do good and do well.
“In business, the only certain thing is failure. Especially when you operate in a place like Indonesia,” Sandiaga Uno said earlier this year during his visit to the U.S. for President Obama’s Summit on Entrepreneurship. After being laid off during the financial crisis in Asia in the late 90s, Uno decided to try entrepreneurship to pay off credit card debt and put food on his family’s table. He is now the renowned co-founder of Saratoga Capital, the first private equity firm in Indonesia focusing on natural resources that grew from four workers to about 15,000 employees.
Next week, King Mohammed VI of Morocco is visiting President Obama in Washington, DC, on the heels of an announcement that his Majesty’s government will convene an entrepreneurship summit in 2014 with the U.S. Government. Morocco has much to gain from its new partnership with the United States around startups.
Yesterday at a press conference at the Capitol, Senate Committee on Small Business and Entrepreneurship Chair Mary Landrieu, D-La., Assistant Senate Majority Leader Dick Durbin, Sen. Jeff Merkley, D-Ore., and Sen. Blanche Lincoln, D-Ark., discussed the effects skyrocketing health care costs on small businesses and...
So we know that entrepreneurs are the primary engines of job creation in the United States. Research study after research study has confirmed that it is young firms that drive improvements in the employment situation. From 1980–2005, firms less than five years old accounted for all net job growth in the country. In 2007 alone, young firms (1-5 years old) accounted for nearly two-thirds of job creation. We also know more than half of the companies on the 2009 Fortune 500 list were launched during a recession or bear market, along with nearly half of the firms on the 2008 Inc. list of America’s fastest-growing companies. In light of all this evidence and in face of the employment crisis in the country, how can we truly support the entrepreneurs behind these young firms?
In the second quarter of 2009, VC investment in cleantech companies reached $572 million, an increase of 73% in terms of capital, with 48 financing rounds, a 100% increase in number of transactions compared to the first quarter of this year, according to an Ernst...
In this era of sophisticated public policy around enabling high-growth entrepreneurship, governments should be mindful to not forget the basics. A survey conducted last November in Honduras found that gang violence was forcing the closure of 1600 companies across the country. This is a good reminder that supporting startups to scale up in this part of the world must include deep institutional reforms to strengthen the rule of law and the judicial system.
Gene Dodaro, Acting Comptroller General of the U.S. Government Accountability Office (GAO), was asked last Monday for a study on the Trade Promotion Coordinating Committee’s (TPCC) progress in implementing an effective government-wide strategy to promote exporting for small businesses. The request came from Senate Committee...
The SBA Office of Advocacy is receiving research proposals on the status of small businesses, which may provide policymaking insight or serve as a foundation for further research. Areas of continuing interest include:- The Tax Gap and Small Business- Credit Markets for Small Businesses in...
As the King of Saudi Arabia met in the U.S. with President Barack Obama on June 29th, the National U.S.-Arab Chamber of Commerce (NUSACC) released its first newsletter dedicated to entrepreneurship in Saudi Arabia. The news suggests that the country is gradually gaining a supportive...
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