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What’s Hot?
By Sara Hand
What do words like education, network, virtual, job growth, support, incubator, accelerator, angel, pitch, and VC all have in common? They all connect to a term you see thrown around a lot lately. Across headlines – print and digital – the buzz is about “entrepreneurs.” So what’s all the interest in this word that spell check loves?
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Prime Minister of Macedonia, Nikola Gruevski speaking at Fowler, White & Boggs Law Office
Let’s look at the word and its definition for some insight.
Entrepreneur:
1. An enterprising individual who builds capital through risk and/or initiative.
2. A person who organizes and operates a business or businesses, taking on financial risk to do so.
3. The capacity and willingness to undertake conception, organization, and management of a productive venture with all attendant risks, while seeking profit as a reward.
Oh yes, I see now. It is about building businesses that build capital. After the last couple years of economic upheaval and the resulting rampant unemployment, today anyone or anything that could build capital would be welcome.
According to businessdictionary.com:
In economics, entrepreneurship is regarded as a factor of production together with land, labor, natural resources, and capital. Entrepreneurial spirit is characterized by innovation and risk-taking, and an essential component of a nation’s ability to succeed in an ever changing and more competitive global marketplace.
So like the goose who could lay a golden egg, the hunt is on for this entrepreneur. Organizations, governments, and other entrepreneurs race to provide support and opportunities to attract and nurture the individuals that possess this ability.
Recently I attended some “entrepreneurial” events around the Republican National convention hosted by The Startup America Partnership and Startup RockOn. Entrepreneurs were encouraged to engage and to let their voices be heard by those who shape the legislation that fosters or hinders growth. Events ranged from panel discussions on the interaction (or lack thereof) between startups and government, to discussions with women founders and after-hours extravaganzas totaling well over 4000 attendees across the events.
With an international audience present at the convention events, the discussion went beyond just business in the US. Notably, there was a discussion of incentives for investment and expansion, including the benefit of multiple European nation free trade agreements, with the Prime Minister of Macedonia and his delegation. Across the board, whether in the US or not, entrepreneurs are in high demand as wise politicians court this sector.
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Left to Right: Prime Minister of Macedonia, Nikola Gruevski, Patrick Gannon, Rhea Law, Sara Hand and Andrew McIntosh
Organizations with a mission of economic development have a strong focus in the area of entrepreneurial growth. From focus groups to special committees, the talk is strong about supporting and facilitating entrepreneurs. The challenge here is that the mindset of the entrepreneur tends to be very different from that of an individual that has pursued a more traditional business track. So moving forward will require those in economic development to be collaborative, to move outside the confines of traditional thought, and for themselves as organizations to become more entrepreneurial in nature.
A research study places Florida as the 5th best state in our country to be an entrepreneur and to grow a business. Across the state the number of business incubators and accelerators is rising, whether sponsored publically or privately. There are also a number of efforts underway to better organize the investment community within Florida to support local entrepreneurial growth, such as what the Gulf Coast Venture Forum and Tamiami Angel Fund are doing.
At the recent iSummit conference in Orlando, not only did we get to tour the beautiful co-working space of Voxeo and hear how they support a collaborative and synergistic business growth environment, we heard a variety of panel discussions on topics surrounding starting and growing business. These included a pitch event where early stage ventures had 3 minutes to present their company for feedback and potential investment, and I spoke to two more organizations coordinating investors with an interest in early stage funding. This is very encouraging, and needs broad support within the government, both national and local.
Why are entrepreneurs that HOT TOPIC? Entrepreneurs build companies that create jobs and generate capital. It bears repeating from my last column: for every early stage investment, 2.5 jobs are created. Today, Florida is a leading location for this important growth area. Do what you can to support entrepreneurs – our future depends on it!
[1]Managing Partner for S P Hand and Associates, Sara Hand specializes in developing creative strategies for business growth with a strong focus on implementation. She is President of the Sarasota Chapter Gulf Coast Venture Forum, co-founder of BarCamp Sarasota, on the Board of Directors for the Sun Coast Technology Forum and is involved regionally in collaborative efforts for Entrepreneurial Support organizations across SWFL. Sara may be reached at (941) 228.4033 or sara@sphandandassociates.com [4].
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