Policymakers need to reduce barriers to entrepreneurship
TLDR: Although entrepreneurs are responsible for nearly all net new job creation, policymakers have frequently prioritized big business over new business. That’s why entrepreneurship champions across the country have joined together to form the Start Us Up coalition to urge policymakers to reduce barriers to entrepreneurship.
What’s happening this week: Engine, the Ewing Marion Kauffman Foundation, and dozens of coalition partners across the country are building support for America’s New Business Plan, a bipartisan roadmap for policymakers at all levels of government to spur startup development and entrepreneurial success. The recently released plan breaks down what federal, state, and local governments can do to support new startup ownership and development.
The Start Us Up coalition launched October 15 to urge policymakers to support the four-part entrepreneurship plan that ensures anyone with an idea has access to the opportunity, funding, knowledge, and support to turn it into a reality.
Why it matters to startups: Startup founders need the support of policymakers to build out their businesses. Whether it’s less red tape, greater access to capital, a more complete understanding of potential business roadblocks, or the freedom to innovate, startups are dependent upon pro-business policies in order to expand.
Entrepreneurs have consistently emphasized the need for greater federal, state, and local support to make their dreams come true. Without the opportunity to compete more effectively against established industry players, startups will not be able to grow into competitive companies. Without adequate funding opportunities—including greater access to capital—startups will not have the financial backing they need to survive. Entrepreneurs also need the know-how and knowledge to guide their startups to success, which depends in part on policymakers understanding what barriers stand in the way of their success. And entrepreneurs also need support from policymakers to actually take the leap and push their businesses forward.
Reducing barriers to entrepreneurship will also benefit communities that have struggled to break out in the startup ecosystem. New business owners polled during the drafting phase of America’s New Business Plan said they feel the impact of inadequate government action on their enterprises—particularly women, people of color, and those from rural communities and small towns. Polling also indicated that entrepreneurs feel they lack support from government. America’s New Business Plan seeks to reverse these trends by leveling the playing field for all startups and small businesses.
To learn more about Start Us Up, subscribe to the coalition’s weekly updates here.
On the Horizon.
The Senate Judiciary Subcommittee on Crime and Terrorism is planning to hold a hearing at 2:30 pm on Tuesday, November 5th, to examine how companies are exposing user data to “criminals, China, and other bad actors.”
Engine and the Blockchain Association will be holding the first panel in our crypto education series next Thursday, November 7th, at noon. We’ll be discussing some of the core concepts of digital assets and distributed ledger technologies, including the different types of digital assets and how they differ from real assets. We’ll also be looking at the blockchain, including what it is, where it comes from, how it's governed, and how it's secured. Learn more and RSVP here.
The Senate Commerce Committee is reportedly planning to hold a hearing next month to examine a variety of data privacy proposals introduced in the Senate.
