Lansing, MI – The Small Business Association of Michigan (SBAM) today released “Accelerating Growth: An Entrepreneurship-Led Economic Development Strategy for Michigan” in partnership with Public Sector Consultants (PSC), Sheridan Venture Programs International (SVPI) and Shepherd Advisors. This report outlines recommendations to accelerate small business growth.
“We know that small businesses drive economic growth. Michigan needs economic development strategies that support the growing second-stage small businesses that employ over 40 percent of our citizens,” said Rob Fowler, President & CEO of SBAM. “I’m so pleased to release this set of policy recommendations that I know can lead to a solid framework supportive of our small business community.”
This report is the culmination of over four years of work on the SBAM Entrepreneurship Task Force, a group comprised of Michigan small-business owners who worked to develop a set of recommendations.
Neil Sheridan, owner of SVPI and chair of the SBAM Entrepreneurship Task Force adds “Using real data from Michigan small business owners was instrumental in creating our set of recommendations. Our task force collaborated with the Michigan Small Business Development Center (SBDC), the Edward Lowe Foundation, the MEDC and several universities to create an annual statewide business survey giving thousands of business owners the opportunity to provide specific input on Michigan’s business climate. This work culminated in this comprehensive policy paper that can be used to shape the policy agenda for Michigan’s gubernatorial and legislative candidates -- sharing what our small business employers and taxpayers need to grow.”
“With our long history of innovation in research and development, creativity in problem solving, and industrious work ethic, Michigan is poised to lead the country in entrepreneurship,” said Rachel Kuntzsch, Senior Vice President of PSC. “Our state is fortunate to have organizations like SBAM taking action to cement our leadership in the entrepreneurship space.”
The released report offers up six specific policy recommendations including a cabinet-level position to support small businesses, support new initiatives to accelerate growth, support for current second-stage businesses, the creation of systems to connect and track business needs and implementation of a strategy to leverage both public and private funding.
To download the full report, please visit www.sbam.org/entrepreneurship.