Friday 27th May 2022
    TradeBriefs Editorial

    From the Editor's Desk

    Research: How Entrepreneurship Can Revitalize Local Communities

    Much has been written about the potential for entrepreneurship to spur economic growth — and yet time and time again, we’ve seen business-driven revitalization programs fail to make a real, lasting impact on their local communities. What will it take to foster ventures that actually revive the economies in which they’re founded? The authors discuss the results of an eight-year investigation into two organizations that took opposing approaches to supporting entrepreneurs in Detroit. They argue that if the goal is to harness the power of entrepreneurship to revitalize impoverished places, business leaders and policymakers must shift away from a focus on scaling up, and that they must instead encourage founders to “scale deep” — that is, to grow slowly and become strongly embedded into the local economy, rather than growing as quickly and broadly as possible. This means investing not only in ventures that offer strong financial returns, but also in those that lift up their communities to achieve sustained self-reliance.

    Continued here

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