Philadelphia's Entrepreneurship Ecosystem and Its Students: A Pathway to Shared Success
Abstract
We know the statistics; nearly all net job creation in the US since 1980 is occurring in firms less than five years old. The National Bureau of Economic Research found that the youngest companies (less than a year) account for 20 percent of all new jobs in the U.S and that businesses between one and five years old may account for as much as two-thirds of all U.S. job creation (Forbes, 2012).
In the past, our country has looked to risk-taking innovators to recharge the economy. However, the reality is that over the last thirty years, the US has been seeing a steady drop in new startup activity. According to an analysis of Census Bureau data, the number of startup firms as a percentage of all firms in the US has declined from about twelve percent in the 1980s to roughly seven percent in 2010 (Forbes, 2012). There are many theories as to why this is occurring, however the one consistent sentiment is that startups are a vital part of our economy and communities must be strategic to support them.
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