Entrepreneurship & High Growth Startups:
Strengthening the Silver Creek Economy
An integral part of a well balanced economic strategy for our community includes building a strong Entrepreneurial Ecosystem; one that cultivates both lifestyle & growth entrepreneurs. Building such an ecosystem lays the foundation for existing and newly formed businesses in our local and regional economy the opportunity, if they choose, to become high growth companies, producing high-paying careers, a larger tax base, and a favorable climate for optimal community prosperity.
Building the Rural Economy With High-Growth Entrepreneurs, an article written in 2002 by economist Jason Henderson, makes a convincing case for developing High-Growth Entrepreneurs in Rural America. He points out the benefits and challenges of such an undertaking and thanks to the technological advances made since 2002, a number of those challenges have been minimized if not completely eliminated. Consequently, now an even more compelling case exists for developing lifestyle & high-growth entrepreneurs through building a strong Entrepreneurial Ecosystem in our Silver Creek Community.
The following is the concluding section of the article:
Creating opportunities for high-growth entrepreneurs is becoming increasingly important in rural America. Rural policymakers, who once followed traditional strategies of recruiting manufacturers that export low-value products, have realized that entrepreneurs can generate new economic value for their communities. Entrepreneurs add jobs, raise incomes, create wealth, improve the quality of life of citizens, and help rural communities operate in the global economy. Each year, high-growth entrepreneurs create the bulk of new jobs in the United States. Nevertheless, rural America is creating relatively few high-growth entrepreneurs.
To develop more high-growth entrepreneurs, rural communities must overcome the challenges of being small and remote. Rural communities must help entrepreneurs tap venture capital markets to finance growth. They must help entrepreneurs gain access to the knowledge and innovation outside rural areas needed to spur growth. And they must help entrepreneurs acquire the technical and managerial know-how to cultivate that growth. These are just a few of the challenges limiting the emergence of high-growth entrepreneurs.
Rural policymakers are responding to these challenges by making entrepreneurship the cornerstone of many economic development strategies. As policymakers start programs to build the skills of entrepreneurs, develop community resources, and create support networks, the variety of these programs reflect the many factors that influence the success of entrepreneurial firms. In many respects, these programs are helping to extend the frontier of entrepreneurial development. As policymakers stretch this frontier, the impacts of these programs will need to be assessed to identify the costs and benefits of supporting high-growth entrepreneurs in rural America.
The complete article can be accessed at the following link:
A closer look at the key elements for creating and establishing a strong Entrepreneurial Ecosystem for our Silver Creek Economy; including the what, where, when, who, how, and why.
The Silver Creek Economy blog is sponsored by Partnering Technologies, an Arizona-based Learning & Development Company. Their focus is helping rural communities across America and throughout the world build and maintain prosperous, thriving local economies through the systematic application of innovation principles and methodologies. Its founder is Jim Sanderson. Contact him at madison85937@yahoo.