SUPPORTING START-UPS AND HIGH-GROWTH BUSINESS
Private sector job growth is largely driven by a subset of dynamic, high-growth businesses. In fact, a recent study from the Kauffman Foundation found that companies five years of age or younger are responsible for the majority of all net job growth over the last 30 years. They are found in all sectors of the economy, from traditional industries like retailing or food service to sectors such as information technology, clean energy, and biotechnology. Supporting these enterprises creates jobs and buttresses American innovation at a time of increasing competition from emerging economies.
With representatives from the investment community, nonprofits, government, and high-growth businesses, this Working Group will highlight innovative opportunities for new and growing companies to reach their potential. Participants will meet with a diverse group of five start-ups from across the country who will illustrate the challenges they face in building their companies and show participants what it’s like to put a successful start-up together. The Working Group will develop solutions for providing the financial and human capital needs of start-ups, and work to build the supportive ecosystem required to facilitate growth.
STAGES OF GROWTH
As start-ups grow, the resources they need can vary widely. How can we classify the entrepreneurial ecosystem and ensure start-ups get what they need, when they need it?
To launch and expand, businesses need capital, whether it comes from microfinance loans, venture capital, traditional banks, or innovative, web-based capital sources. Solutions will be sought for companies to grow in a financially sustainable manner and maintain their growth through future business cycles.
Mentorship programs and entrepreneurship training can help entrepreneurs and business leaders develop the skills necessary to take their companies to the next level.
ECOSYSTEM FOR GROWTH
To promote emerging sectors and enable a new generation of entrepreneurs, a nurturing environment must be created to foster start-up creation and business growth.
Businesses with double and triple bottom lines must find ways to expand their reach, measure social impact, and avoid mission drift.