This evening, the President will address the United States and present the State of the Union at 9PM EST. The Kauffman Foundation released their own “State of Entrepreneurship,” an annual address that sheds light onto the entrepreneurial climate in the United States, just recently on February 5th. The annual report delves into signs of progress while also aiming to provide tangible recommendations and solutions.
This year’s panel included Kauffman President Thomas McDonnell, Small Business Administrator Karen Mills, and U.S. Senator Jerry Moran. Shortcomings and progress in the entrepreneurial world, according to the panel, are largely financial. This year’s report focused heavily on “Financing Entrepreneurial Growth” and indicated that when it comes to funding for startups, we still have a long way to go – and a major challenge for small ventures with very few assets is still securing enough funding to make progress. The panel also recommended that the Venture Capital industry needs to be revisited from an economic standpoint, and that improving useful research data related to small businesses must become more of a priority.
The primary “big win” for startups, according to the panel, is equity crowd-funding under the JOBS Act – and despite the economic hurdles that Kauffman hopes to shed light on, the panel agreed that it’s a great time to be an entrepreneur – as panel member Alan Patricof proclaimed, “In my opinion, the entrepreneurial bug has hit the nation.”