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Report recommends greater state support for entrepreneurs and small businesses in Kentucky
Businesses with less than 100 employees account for 99 percent of all businesses in Kentucky, according to a new study released by the Mountain Association for Community Economic Development (MACED)
“For too long, Kentucky has neglected the important role of entrepreneurs of all kinds in building a stronger and more resilient economy,” said MACED President Justin Maxson. “This report provides important insights and policy recommendations on how to build a true entrepreneur support system in our state.”
MACED commissioned the report, written by the Rural Policy Research Institute’s (RUPRI) Center for Rural Entrepreneurship, as part of its High Road Initiative, a joint effort with Kentuckians For The Commonwealth to advocate for a new, broader approach to economic development in Kentucky. The Lexington Herald Leader highlighted the report in its August 26 edition http://www.kentucky.com/101/story/502356.html.
“It’s increasingly evident that Kentucky must turn more of its attention to building our economy from within,” said Maxson. “MACED’s 32 years of entrepreneur support has helped us see the tremendous economic potential that lies in the untapped talents of Kentucky’s people. Much more could be done to help them start their own enterprises and advance the small businesses that already exist.”
The report notes that Kentucky has many of the ingredients of a support system that helps entrepreneurs of all kinds move through the pipeline from identifying an idea to establishing and growing a successful enterprise. What Kentucky doesn’t have is adequate state commitment to and investment in these efforts, and the leadership needed to help various programs and organizations work together as a system.
The study’s recommendations include:
• An increase in the share of state economic development resources that go into entrepreneurship and small business development;
• The creation of a state commission to raise the profile of entrepreneurship, conduct research and convene an annual summit;
• A new system of expanded performance-based investments in existing and new entrepreneurship and small business programs across Kentucky;
• A new state role in helping coordinate and connect the various public, non-profit and private programs across the state.
To learn more and view the report go to MACED's website: http://www.maced.org/entrepreneurship-release.htm