Seven things to learn from National Entrepreneurship Month In November

By: Sharjeel Sohaib

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Nov 11, 2022

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Key Points

  • In 2011, President Obama designated November as National Entrepreneurship Month, to celebrate the success of entrepreneurs and innovators.    
  • According to the Global Entrepreneurship Development Institute (GEDI), an enterprise is a significant engine of economic growth, and entrepreneurs help create jobs, commercialize innovative technologies, and create wealth for themselves and their communities.  
  • The Economic Development Administration (EDA) of the United States is investigating ways to promote and foster entrepreneurship. In October, EDA announced grants under its Build to Scale program โ€” 51 grants totaling $47 million in federal investment and $48 million in matching funds were announced by EDA.

1. EDA and OIE Playing a Leading Role in Supporting Entrepreneurs

EDA and the Office of Innovation and Entrepreneurship (OIE) are dedicated to learning from the entrepreneurial experience and continuing to evolve the program design and delivery to accelerate technologies as entrepreneurs take them from the lab to the marketplace and into their lives.

2. Entrepreneurs: The Backbone of Economy

It is impossible to undervalue the value of entrepreneurs. Entrepreneurs pinpoint and address America’s most important issues while providing goods and services that improve the state’s prosperity, well-being, and nation’s economic and national security. 

They convert creative concepts into novel technologies and market opportunities while consistently being in our communities’ daily routines. Ultimately, entrepreneurs spur economic expansion, generate jobs, and boost American competitiveness.

Entrepreneurs meet the challenges the state face as they become more complexโ€”climate change, pandemics, rising inequality, and declining trustโ€”by creating, implementing, and delivering cutting-edge new technologies.

3. Promoting Entrepreneurship Across the U.S. 

Building, maintaining, and ensuring everyone has access to infrastructure will foster entrepreneurship across the nation. Healthy ecologies enable the growth of entrepreneurs. 

Entrepreneurs depend on a solid infrastructure, whether creating complex, complicated technologies like dependable, clean energy generation or addressing urgent, local issues like constant, reliable pharmaceutical delivery.

The foundation of the nation’s information-rich economy is broadband. The manufacture and delivery of products are made possible by dependable supply chains via highways, rail, ports, airports, and cutting-edge last-mile transportation. 

The national laboratories’ distinctive, state-of-the-art testing and demonstration facilities make it easier to introduce ground-breaking technology to markets and communities. 

4. EDA Providing Access to Resources

Businesses have access to resources that meet their demands for expansion when the appropriate types of capital are made accessible at the correct times. 

Additionally, human infrastructure, including systems for childcare, healthcare, and workforce development, contribute to the diversity, equity, and inclusivity of entrepreneurship. The individuals and groups inside those ecosystems must be linked to access this infrastructure. 

5. Funding: A Vital Resource

Entrepreneurship is a team sport, and EDA’s flexible public funding supports the entire continuum: physical infrastructure, equipment, capital formation and access, entrepreneur support, and venture growth. 

The OIE’s programs help regional coalitions form robust networks of technology workers, investors, and entrepreneurs and provide them with direct support.

6. Recent Support Initiatives

In October, OIE announced the recipients of the 51 projects totaling $47 million in federal funding and $48 million in matching money, making up the newest Build to Scale grantees cohort. 

That amounts to about $100 million invested in developing varied technology entrepreneurship ecosystems across the United States, emphasizing advanced manufacturing, AgTech, biotech, renewable energy, and more. 

With this funding, OIE has contributed to more than 375 projects in all 50 states and territories. These initiatives offer entrepreneurs and innovators more than just services. 

7. EDA’s Funding Initiatives for the Inland Empire-based Organizations

By focusing on specific regions and technologies while enlarging the funnel to include and empower more people to participate in and lead in technology-driven economies, they bring together the individuals, organizations, and resources that enable innovation and entrepreneurship to proceed quickly and at scale.

Wrap Up!

The Economic Development Administration (EDA) of the United States is investigating ways to promote and foster entrepreneurship. Because technology innovators and business owners encounter various unique obstacles and opportunities along their journeys, November is devoted to all entrepreneurs. Because technology innovators and business owners face multiple challenges and opportunities along their journeys, November is dedicated to all entrepreneurs.

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