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Archive for the ‘small business and entrepreneurship’ Category

CRS — Small Business Administration Trade and Export Promotion Programs

April 17, 2014 Comments off

Small Business Administration Trade and Export Promotion Programs (PDF)
Source: Congressional Research Service (via National Agricultural Law Library)

According to Census data, approximately 1% of small businesses in the United States currently export. With roughly three-quarters of world purchasing power and almost 95% of world consumers living outside of U.S. borders, more attention is being paid to the potential of small business export promotion programs to grow small businesses and contribute to the national economic recovery. In addition, some Members of Congress believe that the contributions of small businesses to commercial innovation and economic growth could be enhanced through greater access to growing international markets.

Consistent with these policy goals, the Small Business Administration (SBA) provides export promotion and financing services to small businesses through its loan guarantee programs, management and training programs, and other initiatives. SBA’s Office of International Trade (OIT) coordinates these activities as it assists with four stages of export promotion: (1) identifying small businesses interested in export promotion; (2) preparing small businesses to export; (3) connecting small businesses to export opportunities; and (4) supporting small businesses once they find export opportunities.

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CRS — Small Business Administration Microloan Program

April 17, 2014 Comments off

Small Business Administration Microloan Program (PDF)
Source: Congressional Research Service (via National Agricultural Law Library)

The Small Business Administration’s (SBA’s) Microloan program provides direct loans to qualified non-profit intermediary Microloan lenders who, in turn, provide “microloans” of up to $50,000 to small business owners, entrepreneurs, and non-profit child care centers. It also provides marketing, management, and technical assistance to Microloan borrowers and potential borrowers. The program was authorized in 1991 as a five-year demonstration project and became operational in 1992. It was made permanent, subject to reauthorization, in 1997.

The SBA’s Microloan program is designed to assist women, low-income, veteran, and minority entrepreneurs and small business owners and other individuals possessing the capability to operate successful business concerns by providing them small-scale loans for working capital or the acquisition of materials, supplies, or equipment.

In FY2013, Microloan intermediaries provided 4,426 Microloans amounting to $51.2 million. The average Microloan was $11,569 and had a 7.76% interest rate.

New From the GAO

April 7, 2014 Comments off

New GAO Reports
Source: Government Accountability Office

1. Federal Facility Security: Additional Actions Needed to Help Agencies Comply with Risk Assessment Methodology Standards. GAO-14-86, March 5.
http://www.gao.gov/products/GAO-14-86
Highlights - http://www.gao.gov/assets/670/661347.pdf

2. Small Business Administration: Actions Needed to Ensure Planned Improvements Address Key Requirements of the Development Company (504) Loan Program. GAO-14-233, March 6.
http://www.gao.gov/products/GAO-14-233
Highlights - http://www.gao.gov/assets/670/661427.pdf

3. Troubled Asset Relief Program: Status of the Wind Down of the Capital Purchase Program. GAO-14-388, April 7.
http://www.gao.gov/products/GAO-14-388
Highlights - http://www.gao.gov/assets/670/662341.pdf

USITC — Trade Barriers that U.S. SMEs Perceive as Affecting Exports to the EU

April 4, 2014 Comments off

Trade Barriers that U.S. SMEs Perceive as Affecting Exports to the EU
Source: U.S. International Trade Commission

Standards and a variety of other trade barriers in the European Union disproportionately affect the exports of U.S. small and medium-sized enterprises more than those of large firms, reports the U.S. International Trade Commission (USITC) in its new publication Trade Barriers that U.S. Small and Medium-Sized Enterprises Perceive as Affecting Exports to the European Union.

The USITC, an independent, nonpartisan, factfinding federal agency, completed the report for the U.S. Trade Representative.

As requested, the report catalogs trade-related barriers that U.S. small and medium-sized enterprises (SMEs) and related industry associations reported as limiting their exports to the European Union (EU). Highlights of the report follow.

SMEs explained that many EU trade barriers, particularly those related to standards and regulations, affect their exports. They stated that complying with EU regulations and procedures are costly for all firms, but potentially prohibit SMEs from exporting to the EU because such costs are often the same regardless of a firm’s size or export revenue. Other difficulties that were cited include protection of trade secrets, high patenting costs, and logistics challenges, especially customs requirements, inconsistent Harmonized System classifications, and the EU’s value-added tax system.

  • SMEs and related industry associations described many industry-specific barriers. For example:
  • SMEs in the chemical industry frequently cited the high cost of complying with the EU chemical regulation (Registration, Evaluation, Authorisation and Restriction of Chemicals or REACH).
  • SMEs exporting cosmetics expressed difficulties meeting the EU’s cosmetics directive.
  • SME clothing exporters said that they were disproportionately affected by the recent EU retaliatory additional duties on U.S. exports of women’s denim jeans.
  • SMEs producing machinery, electronic, transportation, and other goods cited a lack of harmonized international standards and mutual recognition for conformity assessment, as well as problems complying with technical regulations and conformity assessment procedures.

A number of barriers reportedly constrain U.S. exports of agricultural products. SMEs and industry groups in the corn, dried fruit, animal feed, cheese, and wheat industries cited high tariffs, stringent and inconsistent EU rules and testing mandates, lack of a science-based regulatory focus (especially for genetically modified traits), lack of harmonization between U.S. and EU standards, and the EU’s protected designations of origin (PDOs). The U.S. poultry and lamb industries reported that they are effectively banned from exporting to the EU.
U.S. services SMEs in the healthcare, engineering, testing, and audiovisual industries highlighted a lack of mutual recognition of licensing, credentials, and standards, as well as issues with broadcasting and film quotas, language dubbing requirements, government subsidies, and safeguarding intellectual property.
In certain industries, SMEs or industry associations also provided suggestions for increasing U.S. SME transatlantic trade with the EU and, at times, stories of successfully exporting to the EU.

Startup City: The Urban Shift in Venture Capital and High Technology

April 2, 2014 Comments off

Startup City: The Urban Shift in Venture Capital and High Technology
Source: Martin Prosperity Institute

High tech startups are taking an urban turn. Manhattan and Brooklyn, downtown San Francisco, and Santa Monica are all becoming tech hubs. This is a new development. While large urban centers have historically been sources of venture capital, the high tech startups they funded were mainly, if not exclusively, located in suburban campuses in California’s Silicon Valley, Boston’s Route 128 corridor, the Research Triangle of North Carolina, and in the suburbs of Austin and Seattle. But high tech development, startup activity, and venture investment have recently begun to shift to urban centers and also to close-in, mixed-use, transit-oriented walkable suburbs. This report, which is based on unique data from the National Venture Capital Association, Thompson Reuters and Dow Jones, examines this emergent urban shift in high tech startup activity and venture capital investment.

TIGTA — Millions of Dollars in Potentially Improper Self-Employed Retirement Plan Deductions Are Allowed

March 31, 2014 Comments off

Millions of Dollars in Potentially Improper Self-Employed Retirement Plan Deductions Are Allowed (PDF)
Source: Treasury Inspector General for Tax Administration

IMPACT ON TAXPAYERS
Self-employed taxpayers may deduct contributions that are made to their own Simplified Employee Pension (SEP) or other qualified retirement plan account on line 28 of their individual tax return under certain circumstances.

WHY TIGTA DID THE AUDIT
The overall objective was to determine whether the IRS’s controls and third‑party data are adequate to identify improper deductions for contributions made by self‑employed taxpayers to their own SEP plan retirement account.

WHAT TIGTA FOUND
This could be verified using information provided by taxpayers when individual tax returns are filed. If the IRS improves controls, it could prevent improper deductions and potentially protect $71 million in revenue over five years. In addition, TIGTA found that the IRS could better use third‑party data to detect potentially improper SEP deductions. For example, to be able to claim a SEP deduction on line 28 of Form 1040, self‑employed taxpayers must show net earnings on a self-employed business. If the IRS improves controls, it could detect improper deductions and potentially realize $29 million in revenue over five years.

WHAT TIGTA RECOMMENDED
TIGTA recommended that the IRS enhance controls to prevent and detect improper claims on line 28 and assess the need for additional third‑party data to verify line 28 deductions. In their response, IRS management disagreed with TIGTA’s conclusion…but they agreed that certain actions can be taken to improve existing processes. TIGTA does not believe that the IRS’s corrective actions are sufficient. This audit identified millions of dollars in potentially improper or fraudulent claims… TIGTA continues to believe that the IRS should consider additional controls to prevent or detect potentially improper retirement plan deductions.

WEGrow — Unlocking the Growth Potential of Women Entrepreneurs in Latin America and the Caribbean

March 28, 2014 Comments off

WEGrow — Unlocking the Growth Potential of Women Entrepreneurs in Latin America and the Caribbean
Source: Multilateral Investment Fund
From press release

The new study “WEGrow: Unlocking the Growth Potential of Women Entrepreneurs in Latin America and the Caribbean,” finds that these entrepreneurs are opportunity-driven rather than necessity-driven, and that they mention economic independence, passion and creating jobs as their main reasons for launching their business ventures. According to the study, 85% of high-growth women entrepreneurs have the ambition to keep growing their business. These high-growth businesses belong to traditional or non-mature sectors such as food and beverages and services, which tend to have lower rates of potential growth than sectors like software and Internet, which are preferred by high-growth men entrepreneurs.

Where the Jobs Are: Small Businesses Unleash Energy Employment Boom

March 26, 2014 Comments off

Where the Jobs Are: Small Businesses Unleash Energy Employment Boom
Source: Manhattan Institute for Policy Research

Key Findings

America continues to suffer from a post–World War II record slow recovery in employment as well as record worker anxiety. Meanwhile, the brightest corner of the economy, the oil & gas sector, has seen stunning growth in creating jobs across the nation and in dozens of domains. With the right policies, much more is possible to encourage and accelerate the small-business-centric oil & gas revolution.

  • Overall U.S. employment has yet to return to its prerecession level, but the number of oil & gas jobs has grown 40 percent since then.
  • In the 10 states at the epicenter of oil & gas growth, overall statewide employment gains have greatly outpaced the national average.
  • A broad array of small and midsize oil & gas companies are propelling record economic and jobs gains—not just in the oil fields but across the economy.
  • America’s hydrocarbon revolution and its associated job creation are almost entirely the result of drilling & production by more than 20,000 small and midsize businesses, not a handful of “Big Oil” companies. In fact, the typical firm in the oil & gas industry employs fewer than 15 people.
  • The shale oil & gas revolution has been the nation’s biggest single creator of solid, middle-class jobs—throughout the economy, from construction to services to information technology.
  • Overall, nearly 1 million Americans work directly in the oil & gas industry, and a total of 10 million jobs are associated with that industry.
  • Oil & gas jobs are widely geographically dispersed and have already had a significant impact in more than a dozen states: 16 states have more than 150,000 jobs directly in the oil & gas sector and hundreds of thousands more jobs due to growth in that sector.
  • In recent years, America’s oil & gas boom has added $300–$400 billion annually to the economy—without this contribution, GDP growth would have been negative and the nation would have continued to be in recession.
  • The resources, technology, infrastructure, and thousands of small and midsize businesses are capable of producing even more growth and many more jobs, so long as policymakers do not obstruct progress in the oil & gas sector.

Arab Women Rising: 35 Entrepreneurs Making a Difference in the Arab World

March 24, 2014 Comments off

Arab Women Rising: 35 Entrepreneurs Making a Difference in the Arab World
Source: Knowledge@Wharton

Recent decades have seen greatly expanded opportunities for women throughout the Arab world, leveling the playing field as never before.

In Arab Women Rising, Knowledge@Wharton contributors Nafeesa Syeed and Rahilla Zafar share the entrepreneurial journeys of 35 women, from a flower farmer tending her fields in the Tunisian countryside to a Saudi royal advocating for expanded women’s rights throughout the kingdom.

This Knowledge@Wharton collection tells the stories of:

  • Pioneers who are establishing exciting technology companies in a region where mobile usage is on the upswing
  • Small and midsize business owners who started enterprises specializing in everything from public relations to the arts
  • Innovators who have rolled out new products, revamped fashions, and integrated new services into their industries
  • Visionaries tapping the big-picture potential the region holds in such growing fields as entertainment and science
  • Women effectively spearheading change in their communities by starting social enterprises

Inspiring and powerful, Arab Women Rising is a guide to understanding the modern business environment created and led by a new generation of women entrepreneurs in the Middle East and North Africa.

Cybersecurity in the Golden State: How California Businesses Can Protect Against and Respond to Malware, Data Breaches and Other Cyberincidents

March 24, 2014 Comments off

Cybersecurity in the Golden State: How California Businesses Can Protect Against and Respond to Malware, Data Breaches and Other Cyberincidents
Source: California Department of Justice
From press release:

Attorney General Kamala D. Harris today issued recommendations to California businesses to help protect against and respond to the increasing threat of malware, data breaches and other cyber risks.

The guide, Cybersecurity in the Golden State, provides recommendations focused on small to mid-sized businesses, which are particularly vulnerable to cybercrime and often lack the resources to hire cybersecurity personnel. In 2012, 50% of all cyber attacks were aimed at businesses with fewer than 2,500 employees and 31% were aimed at those with less than 250 employees.

Gender Differences in Self-employment of Older Workers in the United States and New Zealand

March 20, 2014 Comments off

Gender Differences in Self-employment of Older Workers in the United States and New Zealand (PDF)
Source: Journal of Sociology & Social Welfare

This study examined differences in self-employment of workers age 50+ in the United States (N = 3,948) and New Zealand (N = 1,434). Separate logistic regression analyses were conducted by country and gender. For both U.S. men and women, lower income, higher wealth, and having an employed spouse increased the likelihood of self-employment. Older age, lower income, higher wealth, and household composition increased the odds of being self-employed for men in New Zealand. Women in New Zealand were more likely to be self-employed if they were in a blue-collar occupation, had higher household wealth, higher education, and did not receive pension income. Selfemployment can enable older adults to remain in the labor force longer, thereby fostering continued productivity and engagement.

Garbage: Disrupting the World’s Oldest Industry

March 18, 2014 Comments off

Garbage: Disrupting the World’s Oldest Industry
Source: Knowledge@Wharton

Nature wastes nothing. Human beings are less frugal. We have been generating garbage for thousands of years, and are only now starting to confront the reality that our waste streams are poisoning the planet. Governments have begun to regulate how we dispose of what we no longer want; large corporations are working to find sustainable solutions that are also profitable; and smaller “green” companies and non-profits are aiming for zero-waste-to-landfill, which may be as close as we can come to the example set by nature. This special report, sponsored by the Initiative for Global Environmental Leadership (IGEL) and Rubicon Global, looks at where we have been, where we are going and how we are getting there.

Bankruptcy Procedures Designed to Protect Taxpayer Rights and the Government’s Interest Were Not Always Followed

March 13, 2014 Comments off

Bankruptcy Procedures Designed to Protect Taxpayer Rights and the Government’s Interest Were Not Always Followed
Source: Treasury Inspector General for Tax Administration

IMPACT ON TAXPAYERS
The bankruptcy automatic stay provision prohibits the IRS from taking certain collection actions against a debtor (taxpayer) as soon as it learns, or is notified by a U.S. bankruptcy court, that a bankruptcy petition has been filed. Similarly, the debtor may be granted a discharge, which remains after the case is closed and is a permanent injunction order prohibiting the IRS from taking any form of collection action against the debtor personally with respect to discharged debts. If the IRS does not observe the automatic stay or the discharge injunction, taxpayers’ rights could potentially be violated and the IRS could be sued for damages.

WHY TIGTA DID THE AUDIT
In Fiscal Year 2012, IRS data showed that the Field Insolvency function received 306,920 bankruptcy cases on taxpayers owing approximately $2.5 billion in taxes, penalties, and interest. This audit was initiated to determine whether the function has effective controls and procedures in place to take appropriate and timely actions to protect the Government’s interest and taxpayers’ rights during bankruptcy proceedings.

WHAT TIGTA FOUND
Field Insolvency function specialists frequently did not follow required procedures when working bankruptcy cases. Although TIGTA did not identify any violations of taxpayers’ rights and/or failure to protect the Government’s interest during this review, there is a higher risk that this could occur when procedures are not followed.

TIGTA’s review of three random samples of closed bankruptcy cases showed that specialists did not always follow established procedures in 17 (57 percent) of 30 Chapter 7 cases, 15 (50 percent) of 30 Chapter 11 cases, and 13 (43 percent) of 30 Chapter 13 cases reviewed. Specifically, specialists did not always timely or properly conduct the initial case analysis, follow up on scheduled case actions within a reasonable time, or timely or properly close cases.

TIGTA also reviewed a random sample of 30 bankruptcy cases with Automated Proof of Claim flag conditions (errors that need to be resolved by a specialist). Specialists did not timely or properly resolve the flag conditions in 12 (40 percent) of 30 cases.

WHAT TIGTA RECOMMENDED
TIGTA recommended that the Director, Field Collection, Small Business/Self-Employed Division: 1) enhance casework priorities and efficiencies; 2) ensure that specialists are properly conducting the initial analysis and closing actions; 3) ensure that the Automated Insolvency System follow-up tool is the preferred method for creating follow-ups; 4) ensure that case actions are properly documented for Automated Proof of Claim flag conditions; and 5) ensure that the Flagged Cases Report is the preferred method for monitoring cases.

In their response to the report, IRS officials agreed with all of our recommendations and plan to take corrective actions.

New From the GAO

March 10, 2014 Comments off

New GAO Reports
Source: Government Accountability Office

1. DOD Business Systems Modernization: Air Force Business System Schedule and Cost Estimates. GAO-14-152,February 7.
http://www.gao.gov/products/GAO-14-152
Highlights - http://www.gao.gov/assets/670/660747.pdf

2. Medicare: Nurse Anesthetists Billed for Few Chronic Pain Procedures; Implementation of CMS Payment Policy Inconsistent. GAO-14-153, February 7.
http://www.gao.gov/products/GAO-14-153
Highlights - http://www.gao.gov/assets/670/660739.pdf

3. Telecommunications: Federal Broadband Deployment Programs and Small Business. GAO-14-203, February 7.
http://www.gao.gov/products/GAO-14-203
Highlights - http://www.gao.gov/assets/670/660744.pdf

4. Joint Professional Military Education: Opportunities Exist for Greater Oversight and Coordination of Associated Research Institutions. GAO-14-216, March 10.
http://www.gao.gov/products/GAO-14-216
Highlights - http://www.gao.gov/assets/670/661507.pdf

5. Student and Exchange Visitor Program: DHS Needs to Assess Risks and Strengthen Oversight of Foreign Students with Employment Authorization. GAO-14-356, February 27.
http://www.gao.gov/products/GAO-14-356
Highlights - http://www.gao.gov/assets/670/661191.pdf

6. Countering Overseas Threats: Gaps in State Department Management of Security Training May Increase Risk to U.S. Personnel. GAO-14-360, March 10.
http://www.gao.gov/products/GAO-14-360
Highlights - http://www.gao.gov/assets/670/661488.pdf

CRS — Small Business Management and Technical Assistance Training Programs

March 7, 2014 Comments off

Small Business Management and Technical Assistance Training Programs (PDF)
Source: Congressional Research Service (via Women Impacting Public Policy)

The Small Business Administration (SBA) has provided technical and managerial assistance “to small-business concerns, by advising and counseling on matters in connection with government procurement and on policies, principles and practices of good management” since it began operations in 1953. Initially, the SBA provided its own small business management and technical assistance training programs. Over time, the SBA has relied increasingly on third parties to provide that training.

Congressional interest in the SBA’s management and technical assistance training programs has increased in recent years, primarily because these programs are viewed as a means to assist small businesses in creating and retaining jobs. The SBA will spend $185.915 million on these programs in FY2014.

These programs fund about “14,000 resource partners,” including 63 lead small business development centers (SBDCs) and more than 900 SBDC local outreach locations, 108 women’s business centers (WBCs), and 354 chapters of the mentoring program, SCORE. The SBA reports that more than 1 million aspiring entrepreneurs and small business owners receive training from an SBA-supported resource partner each year. The SBA argues that these programs contribute “to the long-term success of these businesses and their ability to grow and create jobs.”

Subsidizing the Corporate One Percent: Subsidy Tracker 2.0 Reveals Big-Business Dominance of State and Local Development Incentives

March 3, 2014 Comments off

Subsidizing the Corporate One Percent: Subsidy Tracker 2.0 Reveals Big-Business Dominance of State and Local Development Incentives (PDF)
Source: Good Jobs First

As a result of substantial enhancements Good Jobs First has made to our Subsidy Tracker database, it is possible for the first time to estimate the share of total state and local economic development awards going to big business. The data show a very high degree of concentration: we estimate that at least 75 percent of cumulative disclosed subsidy dollars have gone to just 965 large corporations, even though these companies account for only about 10 percent of the number of announced awards.

Report to Congress on the impact on premiums for individuals and families with employer-sponsored health insurance from the guaranteed issue, guaranteed renewal, and fair health insurance premiums provisions of the Affordable Care Act

February 25, 2014 Comments off

Report to Congress on the impact on premiums for individuals and families with employer-sponsored health insurance from the guaranteed issue, guaranteed renewal, and fair health insurance premiums provisions of the Affordable Care Act (PDF)
Source: U.S. Department of Health and Human Services, Center for Medicare & Medicaid Services (via Health Reform GPS)

Before the premium rating provision of the ACA took effect, firms with employees who had better than average health risks would typically pay lower premiums, and therefore, they were more likely to be the firms that offer health insurance. As a result, most of people with coverage in the small group market have premium rates that are below average. Based on our review of the available research and discussions with several actuarial experts14, we have estimated that roughly 65 percent of small employers offering health insurance coverage have premium rates that are below average.

Once the new premium rating requirements go into effect, it is anticipated that the small employers that offer health insurance coverage to their employees and their families would have average premium rates. Therefore, we are estimating that 65 percent of the small firms are expected to experience increases in their premium rates while the remaining 35 percent are anticipated to have rate reductions. The individuals and families that receive health insurance coverage from their small employer generally contribute a portion of the premium. For this analysis, if the employer premium increases, it is assumed that the employee contribution will rise as well.

CRS — Small Business: Access to Capital and Job Creation

February 25, 2014 Comments off

Small Business: Access to Capital and Job Creation (PDF)
Source: Congressional Research Service (via U.S. State Department Foreign Press Service)

The SBA administers several programs to support small businesses, including loan guaranty and venture capital programs to enhance small business access to capital; contracting programs to increase small business opportunities in federal contracting; direct loan programs for businesses, homeowners, and renters to assist their recovery from natural disasters; and small business management and technical assistance training programs to assist business formation and expansion. Congressional interest in these programs has increased in recent years, primarily because assisting small business is viewed as a means to enhance economic growth.

CRS — SBA Veterans Assistance Programs – An Analysis of Contemporary Issues

February 19, 2014 Comments off

SBA Veterans Assistance Programs – An Analysis of Contemporary Issues (PDF)
Source: Congressional Research Service (via MSPB Watch)

Several federal agencies, including the Small Business Administration (SBA), provide training and other assistance to veterans seeking civilian employment. For example, the Department of Defense, in cooperation with the Department of Labor, Department of Veterans Affairs, and several other federal agencies, including the SBA, operates the Transition Assistance Program (TAP) and the Disabled Transition Assistance Program (DTAP). Both programs provide optional employment information and training to service members within 180 days of their separation from military service, or retirement, to assist them in transitioning from the military to the civilian labor force.

In recent years, the SBA has focused increased attention on meeting the needs of veteran small business owners and veterans interested in starting a small business. In FY2012, the SBA provided management and technical assistance services to more than 134,000 veterans through its various management and technical assistance training partners (e.g., Small Business Development Centers, Women Business Centers, Service Corps of Retired Executives (SCORE), and Veteran Business Outreach Centers). In addition, the SBA’s Office of Veterans Business Development administers several programs to assist veteran-owned small businesses.

In recent years, the SBA has focused increased attention on meeting the needs of veteran small business owners and veterans interested in starting a small business. In FY2012, the SBA provided management and technical assistance services to more than 134,000 veterans through its various management and technical assistance training partners (e.g., Small Business Development Centers, Women Business Centers, Service Corps of Retired Executives (SCORE), and Veteran Business Outreach Centers). In addition, the SBA’s Office of Veterans Business Development administers several programs to assist veteran-owned small businesses.

Endeavor Insight Report Reveals the Top Qualities that Entrepreneurs Look for in a City

February 18, 2014 Comments off

Endeavor Insight Report Reveals the Top Qualities that Entrepreneurs Look for in a City
Source: Endeavor

Endeavor Insight, supported by Omidyar Network, recently released a report that addresses the question “What Do the Best Entrepreneurs Want In A City?”. With research culled from surveys and interviews with 150 founders of some of the fastest growing companies in the U.S., the report offers some important takeaways for urban leaders. Studies show that entrepreneurs often look to large cities rather than less urban areas to start their ventures and tend to stay put as their firms grow, with a majority of the founders surveyed living in metropolitan regions with populations of over one million. With this in mind, Endeavor Insight set out to explore the key elements of cities that allow them to attract and retain high-impact businesses, and the steps that leaders and policymakers can take to equip their cities for entrepreneurial growth.

The research uncovered a few key lessons on what makes certain cities more attractive than others. While a strong quality of life, talent pool and customer base were the most cited considerations, there was also a surprising lack of mention of business-friendly regulation as a factor. City leaders who dedicate resources to fostering these identifiable characteristics have the highest potential of drawing the types of innovative entrepreneurs, companies and jobs that can transform their local economies.

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