Innovation New Jersey
  • Home
  • Our Coalition
    • Contact Us
  • News
  • Resources
    • State Supports
    • Federal Supports
    • Higher Ed Supports
  • Join Us

Innovation News

Everything Innovation. Everything New Jersey.
Follow us and stay connected.

SSTI on Entrepreneurship and Inclusive Economic Growth

9/14/2015

0 Comments

 
Washington D.C. - Around the world, increased attention is being paid to inclusive economic growth, which, according to the World Bank, suggests that for growth to be sustainable in the long run it should be broad-based across sectors and inclusive of the large part of the country’s labor force, regardless of demographics. Encouraging this type of growth oftentimes requires political, social, and systematic change, though action is already being taken in both the United States and abroad. The United States ranks as a leader among advanced economies in inclusive asset building and entrepreneurship, although it lags in employment and labor compensation, according to a recent report on inclusive growth and development by the World Economic Forum.
At August’s first-ever White House Demo Day, the Obama administration announcedseveral endeavors happening nationwide to support inclusive entrepreneurship. These range from venture capital firms committing to actions that advance opportunities for women and underrepresented minorities, engineering deans committing to building a diverse talent pipeline, and technology companies committing to diverse recruitment and hiring strategies. Launched by the United States in September 2012 to help galvanize global efforts to address barriers to women’s economic participation, the Equal Futures Partnership recently committed to taking a number of additional steps to institutionalize collaboration and the exchange of best practices, according to a recent fact sheet released by the White House. 

Writing in TechCrunch, Village Capital founder and executive director Ross Baird comments on how new investment approaches are emphasizing real-world impact, geographic diversity, and inclusive entrepreneurship. Baird suggests that different approaches to investment are critical to overcoming unintentional biases against industries, geographies, and backgrounds, citing examples such as Freada Kapor Klein’s and Mitch Kapor’sannouncement of $40 million in intentional investments to make the tech industry more diverse. 

Reports international in scope have also expressed the need for inclusive economic growth. The agenda outlined in the United Nations secretary-general’s synthesis report, The Road to Dignity by 2030: Ending Poverty, Transforming All Lives and Protecting the Planet, calls for transforming economies through inclusive growth, including policies that stimulate and support entrepreneurship and increase access to finance for small and medium-sized enterprises.

Likewise, the World Economic Forum’s Inclusive Growth and Development Report details how 112 countries across the world are using policy incentives and institutional mechanisms to drive inclusive economic growth. Using a seven-pillar framework to provide a snapshot of country-level performance, each pillar describes an enabling condition for inclusive growth and development. Pillars included in the framework are: education and skills development; employment and labor compensation; asset building and entrepreneurship; financial intermediation of real economy investment; corruption and rents; basic services and infrastructure; and, fiscal transfers.

The report finds that policies and institutions supporting social inclusion are apparent in countries of all income levels, and that there is no inherent trade-off in economic policymaking between promoting social inclusion and promoting economic growth. The report concludes by noting that while technological modernization will continue to create employment challenges in many countries and industries, it also has the potential to create new opportunities for entrepreneurs and small businesses by reducing costs and barriers to entry. This, coupled with an expected growth in service industries, can create additional opportunities for small-business ownership.

Among advanced economies, the United States ranks highest in the asset building and entrepreneurship pillar, where it is second only to Finland. In the small business ownership subpillar and home and financial asset ownership subpillar, the U.S. is first and fourth, respectively, among advanced economies. The United States ranks 28 among 30 advanced economies in employment and labor compensation pillar, including a last-place ranking in wage and non-wage compensation subpillar.

Policy recommendations for the United States that appear in the 2014 Global Entrepreneurship Monitor include promoting more diversity in industry participation among women, who exhibit greater impetus for starting businesses, and older entrepreneurs (ages 55 to 64 years), whose entrepreneurial activity is lower than younger ages, despite their high levels of opportunity and capability perceptions and low fear of failure.

Although the U.S. may fair better than other parts of the world in inclusive entrepreneurship and economic growth, there is still a lot of work to be done in this area – both domestically and abroad. Ultimately, in order for economic growth to be sustainable, new models must emphasize inclusion across industries, geographies, and populations.  

0 Comments



Leave a Reply.

    Do not miss a single innovative moment and sign up for our newsletter!
    Weekly updates


    Categories

    All
    3D Printing
    Academia
    Acquisitions
    Aerospace
    Agriculture
    AIDS
    Algae
    Alumni
    Animals
    Architecture
    Astrophysics
    Autism
    Awards
    Big Data
    Bioethics
    Biofuel
    Biomedical
    BioNJ
    Bioterrorism
    Bit Coins
    Brain Health
    Business
    Camden
    Cancer
    CCollege
    Cellular
    Centenary
    Chemistry
    ChooseNJ
    Climate Change
    Clinical Trials
    Cloud Tech
    Collaboration
    Computing
    Congress
    Coriell
    Council On Innovation
    Crowdfunding
    Cybersecurity
    DARPA
    Defense
    Degree
    Dementia
    Dental Health
    DOC
    DOD
    DOE
    Drew
    Drones
    Drug Creation
    Einstein's Alley
    Electricity
    Energy
    Engineering
    Entrepreneurship
    Environmental
    FAA
    Fairleigh Dickinson
    FDA
    Federal Budget
    Federal Government
    Federal Labs
    Federal Program
    Finance
    Food Science
    Fort Monmouth
    Fuel Cells
    Funding
    Genome
    Geography
    Geology
    Global Competition
    Google
    Governor Christie
    Grant
    Hackensack
    HackensackUMC
    Healthcare
    Health Care
    HHS
    HINJ
    Hospitals
    Immigration
    Incubator
    Infrastructure
    International
    Internet
    Investor
    IoT
    IP
    IT
    Jobs
    Johnson & Johnson
    K-12
    Kean
    Kessler
    Legislation
    Logistics
    Manufacturing
    Medical Devices
    Med School
    Mental Health
    Mentor
    Microorganisms
    Molecular Biology
    Montclair
    NAS
    Neuroscience
    Newark
    New Jersey
    NIFA
    NIH
    NIST
    NJBDA
    NJBIA
    NJ Chemistry Council
    NJCU
    NJDOLWD
    NJEDA
    NJEDge
    NJHF
    NJII
    NJIT
    NJMEP
    NJPAC
    NJPRO
    NJTC
    Nonprofit
    NSF
    OpEd
    Open Data
    OSHE
    OSTP
    Parasite
    Patents
    Paterson
    Patients
    Perth Amboy
    Pharma
    POTUS
    PPPL
    Princeton
    Prosthetics
    Ranking
    Rare Disease
    R&D Council
    Report
    Resiliency
    Rider
    Robotics
    Rowan
    Rutgers
    SBA
    Seton Hall
    Siemens
    Smart Car
    Smart Cities
    Software
    Solar
    Space
    SSTI
    Startup
    State Government
    STEM
    Stevens
    Stockton
    Subatomic
    Supports
    Sustainability
    Taxes
    TCNJ
    Teachers
    Telecom
    Therapy
    Thermodynamics
    Transportation
    Undergraduate
    USEDA
    Verizon
    Video Game
    Virtual Reality
    Water
    WHO
    William Paterson
    Women In STEM
    Workforce Development

Home   Coalition   News   Resources   Events   Join Us
Picture
Innovation New Jersey Coalition
10 West Lafayette Street
Trenton, NJ 08608-2002
609-858-9507