LANSING – Michigan has some terrific assets that need to be better utilized to nurture job-creating entrepreneurs, contends the 2007-2008 Entrepreneurship Score Card from the Small Business Foundation of Michigan.
Mark Clevey, foundation executive director, said that the state has thousands of entrepreneurs starting small businesses every year?and they need more help than the state if providing.
?We are planting more seeds than other states ? the question is, we can continue to grow them?? he says. ?Can we support them so they can create the jobs we so desperately need in the future??
This year?s Score Card shows that in the crucial metric of Entrepreneurial Dynamism, Michigan ranks 43rd in the nation ? down from 38th in 2004 ?and has lost ground to its Midwest and Great Lakes competitors. Other measurements of Michigan?s economy are even more discouraging: the state is 50th ? dead last in the nation ? in General Business Growth, Small Business Payroll Growth, Large Business Payroll Growth and State Gross Product Growth.
But on the other hand, Michigan improved in rank by ten positions from last year in Entrepreneurial Change, which represents the amount of recent entrepreneurial growth in an economy.
Michigan also ranks No. 1 in the nation in Industry R&D, No. 3 in Private Lending to Small Businesses, No. 5 in Net Firm Entrants Increase (an indication of a very dynamic and optimistic entrepreneurial environment), No. 8 in Patents per Innovation Worker, No. 12 in University Royalty/License Income and No. 18 in Small Business Investment Corporation Awards.
Furthermore, compared to last year, the Score Card shows that Michigan has improved a great deal in Workforce Preparedness and Digital Connectivity rankings. And, the state?s institutions of higher education continue to be considered world class in quality.
?It?s important to note that very few states are doing a good job a growing entrepreneurs, so it?s not productive to points fingers at any particular agency or state official,? says Clevey. ?Instead, let?s use the Score Card to figure out where we need to improve and work on that. The economic impact of factors like globalization and restructuring of old-line industries will continue to have negative effects on entrepreneurship. Michigan needs to do even more if it is to accelerate Entrepreneurial Dynamism and create more jobs for our struggling economy.?
The Small Business Foundation of Michigan does not develop specific policy recommendations to address the issues raised in the annual Score Cards. However, the Small Business Association of Michigan (SBAM) will present a call to action within the next 30 days to the Legislature and the Governor that draws on the Score Card findings.
This year?s Score Card can be downloaded by clicking on
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