Last week the presidents job council made recommendations on how to foster high growth companies that create jobs. Many of the recommendations include ways to help entrepreneurs and especially new businesses get up and running. Unfortunately according to the report “In the last three years, the number of new businesses launching annually has fallen by an unprecedented 23%”. This has had a direct impact on the amount of jobs created in that time period so what can we do about it?
The recommendation: “Unleashing the next era of entrepreneurship will ensure our nation remains competitive in an increasingly interdependent world. The Jobs Council recommends that the Administration, Congress and the private sector implement a comprehensive package to unleash startups and empower small businesses.”
Specifically the council makes recommendations concerning the next generation of entrepreneurs:
Foster Regional Ecosystems of Innovation and Support Growth of Startup Accelerators
There is a significant opportunity to build stronger entrepreneurial ecosystems in regions across the country – and customize each to capitalize on their unique advantages. To that end, the Jobs Council recommends that the private sector support the growth of startup accelerators in at least 30 cities. Private entities should also invest in at least 50 new incubators nationwide, and big corporations should link with startups to advise entrepreneurial companies during their nascent stages.
Expand Programs to Mentor Entrepreneurs
Research consistently shows that a key element of successful enterprises is active mentorship relationships. Yet, if young companies do not have the benefit of being part of an accelerator, they often struggle to find effective mentors to coach them through the challenging, early stages of starting a company. Therefore, the Jobs Council recommends leveraging existing private sector networks to create, expand and strengthen mentorship programs at all levels.
Allow University Faculty to Shop Discoveries to Any Technology Transfer Office
America’s universities have produced many of the great breakthroughs that have led to new industries and jobs. But too often, research that could find market success lingers in university labs. The Jobs Council recommends allowing research that is funded with federal dollars to be presented to any university technology transfer office (not just the one where the research has taken place).
Now the council also makes numerous other recommendations to assist high growth companies but also some for early stage companies like:
- Win the Global Battle for Talent
- Enhance Access to Capital for Early Stage Startups as well as Later Stage Growth Companies
- Make it Easier for Entrepreneurs to Get Patent-Related Answers Faster
- Expand Seed/Angel Capital
- Address Talent Needs by Reducing Student Loan Burden and Accelerating Immigration Reforms
At this stage these are all just recommendations for the president but in order to motivate the next generation of entrepreneurs and to make sure they have the support needed many of these suggestions need to be acted on. Of course all of them won’t be implemented but we should try to narrow them down to the most important ones.
Which recommendations do you think are the most important to implement?Subscribe to the Podcast