Led by increases in retail trade and professional, scientific, and technical services, the number of annual business applications nationwide has increased 119%, or nearly three million, from 2005 to 2023. However, the share of applications classified as high-propensity, or those more likely to result in businesses with a payroll, has decreased in all but the health care and social assistance sector, leading to a 26-percent point drop (58% to 32%) over the same period.

Business applications have greatly increased over the last two decades, jumping 119% from 2005 to 2023. However, the rate of high-propensity business applications—applications identified by the Census Bureau as having higher likelihoods of turning into businesses with payroll—have decreased as a share of all applications every year since 2005, despite having grown 22% over the same period.

In SSTI’s recent TBED Community of Practice webinar, representatives from SourceLink and EcoMap Technologies shared practical insights on how ecosystem mapping supports both entrepreneurship and regional economic development.

Coming out of the COVID-19 pandemic, the median net worth of Americans jumped an inflation-adjusted 37%, from approximately $141,000 to $192,000, representing the largest increase reported across available data from the Federal Reserve’s Survey of Consumer Finances (SCF). Breaking net worth down into its two main components, assets and debts, shows that while debts have increased, the sharp rise in assets—both financial and nonfinancial—has driven these numbers.

Recognizing Louisiana’s lag in some prosperity metrics, loss of talent over the past decade, and need to build a more competitive economy among its southern state peers, the Louisiana Economic Development (LED) has created a strategic plan that emphasizes innovation, technology, and entrepreneurship as the means to address the challenges and opportunities it faces in creating a more robust and talent-attracting economy.

Earlier this week, SSTI participated in InBIA’s 39^thInternational Conference on Business Incubation (ICBI39) in Philadelphia. The event brought together entrepreneurship support professionals from around the world to tackle shared challenges and explore strategies for fostering entrepreneurial ecosystems. 

Wednesday, March 19, 3:00 pm EDT | Zoom
No charge; registration required.

By automating routine tasks, improving data analysis, and enhancing marketing efforts, AI can revolutionize how small firms conduct business—and that should impact the type of assistance technology-based economic developers offer their innovation-driven entrepreneurs. Understanding how small business owners perceive and utilize AI is crucial for developing strategies that support their growth and competitiveness. 

A recent National Bureau of Economic Research (NBER) working paper, Immigrant Entrepreneurship: New Estimates and a Research Agenda provides fresh insights into the growth and characteristics of immigrant-founded firms across the United States. The study also outlines directions for future research in this field.

Key findings from the authors’ statistical analysis include:

The Appalachian Regional Commission (ARC) recently announced $3,889,964 in funding for the Appalachian Investors Alliance (AIA),  a seed fund network that includes several SSTI members.

Since the inception of I-Corps, only 20% of participants have been women, according to the 2023 National Science Foundation I-Corps biennial program report.

The New York City Economic Development Corporation (NYCEDC) recently announced that it is awarding Fordham University $3 million from its Greenlight Innovation Fund. The university will also receive additional funds, including a $1.1 million grant from Councilman Oswald Feliz, to create the Bronx Green Job Center (BGJC), a workforce development and entrepreneurship hub that aims to create an equitable green-job pipeline in the Bronx.