Michigan is in need of an entrepreneurial makeover. Young innovators are ready to implement their business concepts yet continually face obstacles known to both the seasoned and rookie business leader. Children today are raised in an entrepreneurial environment-two-thirds of entrepreneurship comprises of men and women between the age of 34-64. Subsequently, their children are raised on the notion of creative thinking and business optimism. In less educated words: The apple does not fall far from the tree. The focus then must be shifted from solely providing support for big business to encouraging young innovators to "take the leap" and start a business of their own.
Credit must be given to America's younger generations (under the age of 30). The burden of ensuring a fruitful economy will soon shift from the diligent business leaders of today to the innovators and entrepreneurs of tomorrow. Such responsibility is being taken seriously-programs and organizations have surfaced encouraging the unity of college entrepreneurs in order to share ideas and concepts to fuel innovations that will, ideally, create thousands of new jobs and millions of dollars in revenue for their respective region.
What then is missing from the seemingly perfect equation for new business start-ups and technologies? The problem we see with so many eager states is the dilemma of "all talk, no action." States now orchestrate advertising campaigns in conjunction with state legislators proposing policy to encourage businesses to pack-up and open doors in a new, needy state-inducement through tax incentives throughout a determined period of time. Meanwhile, young entrepreneurs are seeking venture capital support, thus playing into the hands of potential leads for funding, like puppets on a string.
My proposal
Start-up incentive: States like Michigan must amend their focus to attract companies. Large companies may salivate over millions in tax incentives, but start-ups need money to build prototypes, rent buildings and develop marketing material. Legislators and state agencies responsible for delegating funds must develop programs to entice venture capitalists to support new companies only if the company is willing to move or stay in Michigan.
Educational initiatives: Amend the educational system. Students must learn; beginning in high school that they have resources and opportunities to be successful in their endeavors. State universities must mandate students take a class about business start-up and entrepreneurism. Granted, only a minority of students will own their own business. However, if students learn how to write business plans, seek capitol and market a product, the percentage of students willing to start a business will increase. If mandating is not an option, government officials must work with universities to develop a degree in entrepreneurism at every university in the state. Such programs will not only spring innovators in-state, but will encourage out-of-state entrepreneurs to attend Michigan universities.
Mentorship programs: Young entrepreneurs want the help of seasoned professionals, but the barriers of communication with such individuals may take weeks, months or years. Policy makers must encourage business leaders to mentor young innovators-developing business relationships that will benefit both parties.
