LANSING ? The final report of the 2004-2005 Michigan Entrepreneurship Score Card, which gives Michigan a failing ?F? grade in entrepreneurial dynamism, is now available. The Score Card was developed by the Small Business Foundation of Michigan.
The Score Card measures 121 different metrics in order to evaluate Michigan?s performance in small business creation, retention and expansion compared to other states. Despite Michigan?s ?F? grade in entrepreneurial dynamism, the state?s overall economic performance grade is a ?C?, ranking it in the lower middle of the range of states. The Score Card finds that Michigan does fairly well in education/workforce development, ideas and innovations, infrastructure and quality of life ? but fairs poorly in financial and institutional capital, business costs and productivity, and government and regulatory environment.
?A major finding of the Score Card is that three key catalysts need to be effectively addressed in order for an entrepreneurial economy to thrive in Michigan,? said SBFM Vice President Mark H. Clevey. ?First, there needs to be a dramatic improvement in how Michigan entrepreneurs are created, retained, expanded and, most importantly, attracted; second, there needs to be a dramatic improvement in how Michigan entrepreneurs access capital for the research, development and/or commercialization of breakthrough technology, process and product innovations; and, third, there needs to be a dramatic improvement in how universities transfer the successful results of their taxpayer funded research to Michigan small business entrepreneurs.?
For more information, click on SBAM.Org
