The National Governors Association (NGA) released a comprehensive report, Entrepreneurship in States: Fostering a Startup-Friendly Economy. States are increasingly devoting more attention to an important, yet sometimes overlooked, tool for economic development: fostering entrepreneurship. Governors can help revitalize regional economies through strategies that allow entrepreneurs to bring products and services to market. Entrepreneurship can help overcome economic challenges – from growing global competition to lagging rural areas – as well as vocational barriers. There is an opportunity to spark entrepreneurship in young adults who are disconnected from the workforce, in mid-career adults and retirees seeking new opportunities, and in parents who desire flexible employment options.
In this report, NGA has provided cases highlighting state visioning, data collection, financial amenities, regulatory approaches, broadband needs, rural programming, targeting underserved communities and more. Governors can use their bully pulpits to champion their state’s entrepreneurial ecosystems and successful entrepreneurs. They can also work to align diverse interests such as corporate, philanthropic, nonprofit and educational resources toward startup needs. It is also increasingly important for governors to catalyze networking events in and beyond their state, regionally and internationally.