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1-1. Entrepreneurship in the United States_Global Entrepreneurship Week_021517

Entrepreneurship and Startup Ecosystem in the U.S. was introduced by Andrew Chira, Economic Officer of U.S. Embassy in Seoul.

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1-1. Entrepreneurship in the United States_Global Entrepreneurship Week_021517

  1. 1. Global Entrepreneurship Week February 15, 2017 Andrew Chira Economic Officer U.S. Embassy Seoul Entrepreneurship in the United States
  2. 2. Startups are Vital to Economic Growth New Companies created more than 65 percent of net new jobs in the United States over the past two decades. Startups in high-tech hubs like Austin account for over 40 percent of new jobs each year
  3. 3. Overview of U.S. Entrepreneurial Ecosystem  The United States is one of the most entrepreneurial countries in the world.  High rates of entrepreneurship by women and older individuals  Hundreds of startup incubators, accelerators, and clusters are located across the country.  Not One Size Fits All: The United States has a variety of ecosystems with different characteristics.  Federal government programs  Role of state and local governments  Government facilitates entrepreneurial activity in the United States, but the private sector plays a huge role, especially in financing.
  4. 4. U.S. Federal Support for Small Businesses Small Business Administration (SBA) is the lead U.S. government agency supporting entrepreneurs and small businesses.  Small Business Development Centers (SBDC)  Small Business Investment Company (SBIC)  Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) https://www.sba.gov/
  5. 5. Small Business Development Centers (SBDCs)  63 Lead SBDCs – at least one in every state  A network of more than 900 service locations.  SBDCs help small businesses with setting up and managing a business, obtaining financing, engaging in international trade, and resolving problems.  SBDCs also provide assistance to small businesses applying for Small Business Innovation and Research (SBIR) grants from federal agencies https://www.sba.gov/offices/headquarters/osbdc/about-us
  6. 6. Small Business Investment Company (SBIC) SBIC invests in privately owned investment firms that make investments in small companies. Provides $4 billion per year to help bridge the gap between entrepreneurs’ need for capital and traditional sources of financing in the form of matching funds. Companies that have benefited from SBIC financing include: Apple, Intel, Costco, FedEx, Outback Steakhouse, and many others https://www.sba.gov/category/lender-navigation/sba-loan- programs/sbic-program-0
  7. 7. Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR)  Funds small businesses to commercialize federal R&D  11 participating federal agencies  Since 1982, SBIR/STTR has awarded $38 billion and attracted another $65 billion in venture capital  145,000 awards granted  Average 10 new patents per day Companies that have benefited from SBIR/STTR include: Qualcomm, Symantec, iRobot, and many others https://www.sbir.gov/
  8. 8. U.S. Support for Foreign Investment - SelectUSA Mission: Promote business investment in the United States Location: in Washington and in U.S. Embassies and Consulates around the world Key SelectUSA Services Offered to International Firms:  Information and Counseling  Connections  Ombudsman Assistance http://selectusa.commerce.gov/
  9. 9. Visas for Foreign Entrepreneurs U.S. Citizenship and Immigration Service (USCIS) web portal to help foreign entrepreneurs get information about:  Visa categories  Application process  Resources http://www.uscis.gov/eir U.S. Embassy webpage: http://seoul.usembassy.gov/index.html
  10. 10. Infrastructure for Opportunity The U.S. Federal Government helps to create the essential Infrastructure of Opportunity for Entrepreneurs  Issuing patents that protect intellectual property  Making investment in local economic development  Collecting and disseminating data to inform better decision making  Expanding access to broadband  Helping companies reach international customers  Protecting a free and open Internet
  11. 11. State and Local Governments Every state and many local governments have economic development agencies dedicated to assisting new and established businesses start, grow, and succeed. Services provided by these agencies typically include:  Start up advice, training, and resources  Financial assistance with loans, grants, and tax-exempt bonds  Business location and site selection assistance  Employee recruitment and training assistance https://www.sba.gov/content/economic-development-agencies
  12. 12. Researching States and Clusters www.clustermapping.us Cluster Mapping tool and registry www.stateincentives.org State Business Incentives Database www.statebook.com StateBook International
  13. 13. Clusters Initiative The U.S. Small Business Administration is investing in 58 regional innovation clusters throughout the US. https://www.sba.gov/sba-clusters
  14. 14. Cluster Mapping An online tool for researching clusters in the United States by region and industry http://www.clustermapping.us/ “ The U.S. Cluster Mapping Project is used by governments, economic developers, and businesses to understand and shape the competitive landscape for a wide range of industries.” -U.S. Secretary of Commerce Penny Pritzker
  15. 15. Private Sector Support for Entrepreneurs  Hundreds of business incubators and accelerators operate in the United States.  International Business Innovation Associates (InBIA) http://www.nbia.org/  The National Venture Capital Association http://nvca.org/ NVCA Member List: http://nvca.org/about-nvca/members/
  16. 16. Incubators, Accelerators, and Competitions Hundreds of business incubators and accelerators operate in the United States. The International Business Innovation Associates (InBIA) is a leading organization advancing business incubation and entrepreneurship with over 2000 member in 60 countries, including 1400 in the United States http://www.nbia.org/
  17. 17. Venture Capital Over 50% of companies that held initial public offerings were prior recipients of venture capital funding In 2015, U.S. venture capital firms raised over $28 billion for 236 funds, 93 of which were new funds. The National Venture Capital Association is a leading trade organization with nearly 400 member firms http://nvca.org/ NVCA Member List: http://nvca.org/about-nvca/members/
  18. 18. Questions?
  19. 19. Thank You!

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