NEWSRELEASE
For Release: April 19, 2005
Contact: John McDowell, (202) 205-6941
john.mcdowell@sba.gov
SBA Number: 05-18 ADVO
Press Kit
Entrepreneurship Vital For Regional Growth
Glenwood Springs, Colo., Leads Regional Entrepreneurship Index
WASHINGTON, D.C. - Entrepreneurship is a vital component of regional economic growth, according to a study released today by the Office of Advocacy of the U.S. Small Business Administration (SBA) and the Edward Lowe Foundation. Issued at a forum in Longmont, Colo., sponsored by The Magellan Center, the study ranks Glenwood Springs, Colo., first on its Regional Entrepreneurship Index.
“Entrepreneurship is the link between inventors, innovation, and economic growth,” said Brian Headd, Economist for the Office of Advocacy. “It’s not enough to just focus economic development on inventors and innovation. Entrepreneurs need to be cultivated as well, so that innovations can be turned into jobs and economic growth.”
The study, The Innovation-Entrepreneurship NEXUS written by Advanced Research Technologies, LLC, demonstrates that innovation without entrepreneurship generally yields minimal economic impact. The authors note that, “Whether they are building new firms or reinventing existing ones, entrepreneurs, through the application of new ideas to products and services, capture locally the economic benefits of innovation.”
The study also developed the Regional Entrepreneurship Index (REI), a multifaceted measure that assesses the dynamic nature of entrepreneurship within regions. Regions scoring high on the REI are the most active in creating new firms, supporting the growth of those firms, and building a strong base of support for entrepreneurs. The REI ranks Glenwood Springs, Colo., as the nation’s most entrepreneurial region.
The Office of Advocacy, the “small business watchdog” of the government, examines the role and status of small business in the economy and independently represents the views of small business to federal agencies, Congress, and the President. It is the source for small business statistics presented in user-friendly formats and it funds research into small business issues.
For more information and the complete list of cities and their rank on the Regional Entrepreneurship Index, visit the Office of Advocacy web site at
http://www.sba.gov/advo.###
Created by Congress in 1976, the Office of Advocacy of the U.S. Small Business Administration (SBA) is an independent voice for small business within the federal government. Appointed by the President and confirmed by the U.S. Senate, the Chief Counsel for Advocacy directs the office. The Chief Counsel advances the views, concerns, and interests of small business before Congress, the White House, federal agencies, federal courts, and state policy makers. Economic research, policy analyses, and small business outreach help identify issues of concern. Regional Advocates and an office in Washington, DC, support the Chief Counsel’s efforts. For more information on the Office of Advocacy, visit www.sba.gov/advo, or call (202) 205-6533.