Heartland Forward – a Bentonville-based think tank focused on improving economic performance in the 20-state region in the center of the U.S. – has issued a report that ranks Utah #3 nationwide in entrepreneurial capacity.
The report also outlines six key factors that policymakers can influence to promote entrepreneurial growth.
Why is this important? Quoting from Heartland Forward:
“Supporting entrepreneurs is an essential strategy for growing and diversifying a state’s economy. This has always been important but even more so now as we face the realities and ramifications of COVID-19. For economic developers, policymakers, teachers, universities, and even small business owners in states, most especially those lagging in support of entrepreneurs, it will be critical to prepare people, particularly women and those with diverse backgrounds, to pursue and participate in creating a more equitable economy.”
We would add that Utah's entrepreneurial spirit is an indicator that our workforce is an innovative asset for any company locating here.
In terms of methodology, Heartland writes: “We create a composite measure of entrepreneurship at the state level by combining Main Street (percent of total private sector employment) with knowledge-intensive metrics — sometimes referred to as tech focused — (percent of employees with bachelor’s degrees or above) at young firms five years of age or less. We isolate the factors most associated with raising these measures of entrepreneurial ecosystems.”
Find the full report here.