America's New Business Plan
We have a bipartisan plan for policymakers that is focused on creating new jobs and leveling the playing field for startups and small businesses.
So what do new business owners need? It's pretty simple:
Opportunity: A Level Playing Field and Less Red Tape
When it comes to starting a business, entrepreneurs need a level playing field to compete with established businesses, which have better access to policymakers. Among other things, this means economic development efforts should support local business owners and not just offer incentives to attract outside businesses. Policymakers should prioritize the development of supportive ecosystems that help everyday Americans start businesses, and they should cut red tape that holds people back.
Funding: Equal Access to the Right Kind of Capital Everywhere
Entrepreneurs continually emphasize the need for access to capital, including patient capital and other innovative models that give them an opportunity to get their businesses off the ground. These funding streams must extend beyond the coasts and reach deep into the heart of America to serve communities that lack access to capital and populations that are underrepresented as entrepreneurs.
Knowledge: The Know-How to Start a Business
Starting a business is a courageous act, and far too many entrepreneurs take that risk without really knowing where to begin or understanding the requirements and barriers that come with turning an idea into reality. Policymakers can help by supporting policies that connect entrepreneurs to those who can show them the ropes and programs that teach entrepreneurs the skills needed to successfully launch a business. Policymakers can ensure a strong current of new entrepreneurs and their employees by embedding real-world learning in classrooms – sharpening workplace skills such as communication, problem-solving, judgement, and decision-making.
Support: The Ability for All to Take Risks
Becoming an entrepreneur means leaving behind the stability of a traditional job, and with it benefits such as healthcare and retirement savings. Most importantly, it often means forgoing a stable salary — a daunting proposition for anyone, but especially for the many Americans living paycheck-to-paycheck or with little savings. Policymakers must act to ensure the next generation of entrepreneurs is not locked out of opportunities to improve their economic situations by addressing Americans’ real financial concerns that limit risk-taking.