How To Grow Your Economy. Build It, Don’t Buy It!

Building Startup Communities is the Way to Economic Growth and Recovery

Grow your startup community to build a stronger economy
  1. Startups are key to business dynamism and strong economic growth
  2. Startups and entrepreneurs need ecosystems and communities of support to be successful
  3. Ecosystems need to intentionally build and nurture a startup community

Economic growth or stagnation depends on business dynamism

Economic dynamism, which tracks the rate of new business starts, is a key indicator of economic health. Economic data shows that as the rates of new startups fall, economic growth falls as well.

Startups are key to economic dynamism and strong economic growth

The key ingredient to increasing the rate of economic dynamism is startups. In a 2017 report, How the Startup Economy is Spreading Across the Country — and How It Can Be Accelerated, the Progressive Policy Institute (PPI) and TechNet found “Recent research from academic economists suggests that regions that produce more high-quality startups show better economic performance.” The report further found that a “doubling of entrepreneurial quality in a region predicted an increase of 6.8% in GDP 11 years in the future.”

Startups and entrepreneurs need communities of support to be successful

While startups are key to job creation and economic growth, they can’t succeed on their own. They need a community of support.

Ecosystems need to intentionally build and nurture a startup community

In order for communities to successfully support their startups there needs to be alignment and collaboration among the actors in the community.

Entrepreneurial Ecosystem Builder | Editorial Director at Ecosystem Builder Hub | Cofounder & President of StartupSac | Writer & Digital Media Content Creator

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