You can be on Entrepreneur’s cover!

Obama Inaugurates Some Hope for Entrepreneurs

By Dennis Romero

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

obama-inagurated.jpgDespite being attacked during the election for his perceived lack of consideration for America's business owners (see Joe "The Plumber," et. al.), Barack Obama as president-elect has shown an almost wonkish savvy when it comes to the machinations of entrepreneurship in the United States.


His recent proposal to fund a national network of business incubators to the tune of $250 million is a good example. While the money might be put to better use being injected into already existing (and often successful) incubators, the point is that some experts believe he gets entrepreneurship, and that he gets what works when it comes to job creation. Business incubators are usually nonprofit organizations attached to universities and funded by governments, successful entrepreneurs, chambers of commerce and business groups. Most of the time their goals are to create jobs in a region, to tap area brain trusts, and to have their city, town or region become known for a certain industry. The tech-heavy Silicon Valley in Northern California is a good example of a zone encouraged by incubators. In San Diego, a tech-friendly zone know as Silicon Beach was created after the local incubator, San Diego Connect, was launched at UC San Diego in 1985.

Thousands of companies and tens of thousands of jobs have been created in the wake of incubation since the 1950s. San Diego's incubator has been so successful that it spun off a consultancy that helps incubators in other nations get off the ground. Incubators often help entrepreneurs with expertise, mentors, facilities and even cash. Sometimes they help owners find venture capital money or achieve IPOs, too.

Dinah Adkins, president and CEO of the National Business Incubation Association, says Obama's interest in such entrepreneurship is unprecedented in recent times. Under President Bush, she says, "there was the notion that the private sector should take care of itself."

A little bit of pump-priming in the way of incubators, however, can create new ventures and new employment. "I've seen the kind of value and impact these programs can have," Adkins says.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Growing a Business

To Achieve Sustainable Success, You Need to Stop Focusing on Disruption. Here's Why — and What You Must Focus on Instead.

Instead of zeroing in solely on disruptive innovation, embrace a pragmatic approach to innovation, recognizing and leveraging the potential within ongoing industry shifts.

Business News

Mark Zuckerberg Says This CEO Is the 'Taylor Swift' of Tech

Meta's CEO posed with Nvidia CEO Jensen Huang on Instagram Wednesday.

Real Estate

3 Emerging Trends Shaping the Future of Real Estate

These three innovations are reshaping the real estate industry — discover tips for effectively covering these trends.

Leadership

What We Have to Gain By Talking About Grief and Loss At Work

I lost my husband to cancer during Covid — here's how it changed how I lead at work.

Side Hustle

This Mom Started a Side Hustle After a 'Shocking' Realization in the Toy Aisle. Her Product Was in Macy's Within the Year — Seeing Nearly $350,000 in Sales.

Elenor Mak, now founder of Jilly Bing, didn't plan to start a business — but the search for a doll that looked like her daughter inspired her to do just that.

Fundraising

Avoid These 9 Pitch Deck Mistakes When Asking Others For Money

Crafting an efficient pitch deck requires serious effort, but at least it's not wandering in the dark since certain rules are shaped by decades of relationships between startups and investors.