A COMPELLING INITIATIVE TO FOSTER START-UP BUSINESS GROWTH IN UTAH

The Kauffman Foundation reports that new businesses account for a disproportionate amount of new job growth, creating nearly all net new jobs and almost 20% of gross job creation. However, it’s not an easy time to be an entrepreneur, and now more than ever they need support from community and government leaders.

The purpose of this initiative is to determine how to collectively increase the number of successful start-up companies tenfold over the next ten years in the state of Utah.

To accomplish this bold objective, our purpose is to engage major participants in Utah’s business ecosystem and mutually develop strategic growth initiatives that will foster a dynamic, healthy and supportive entrepreneurial environment.

Our focus is to address what must be done by various stakeholders and influencers to maximize our collective efforts.

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Entrepreneurial ecosystems are an interconnected network of support sources that work to give entrepreneurs the access, tools and information needed to be successful. They drive local economic vibrancy and growth by building fertile environments for new and growing companies to thrive.

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GUIDING PRINCIPLES

First and foremost, entrepreneurs are the center of an entrepreneurial ecosystem. And this system includes people, programs and services (entrepreneurial support organizations—ESOs) that enable and advance the cohesive, self-sustaining and connected growth of entrepreneurs.

Our goal: create a system and build an infrastructure that propels an entire community forward, rather than one-at-a-time ventures. This approach can level the playing field, making opportunities, funding and success more visible and accessible for anyone who has a dream, or wants to seed hope in a problem not yet solved.

QUESTIONS WE ARE WORKING TO ANSWER

Who are our entrepreneurs? // What industries feed our state’s economy—and where are the ideas formed that drive new innovations and grow the economy? // How many jobs do our entrepreneurs create?

What are our entrepreneurs most compelling needs and challenges? // And what does entrepreneurial success mean? // What is the lowest common denominator to improve entrepreneurial success?

How well is Utah doing in its efforts to foster entrepreneurial success? // What are some pressing concerns that entrepreneurs face in our state today? // Where do they go for help right now? ?

How do they find their next step? Their next resource? How can we make a greater impact on entrepreneurs in our state? // Do our support organizations know one another and coordinate access to offerings? // Would our entrepreneurs agree?

How well is Utah doing in its efforts to foster entrepreneurial success? // What are some pressing concerns that entrepreneurs face in our state today? // Where do they go for help right now?

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