Yesterday, in a report conducted by the Walton Family Foundation, researchers found that communities with thriving entrepreneurial ecosystems and a portfolio of young firms demonstrate growth in jobs and income at a faster pace than those without.
Additionally, the research pointed out universities can be commercialized or transferred to the private sector for entrepreneurship. Communities investing in the STEM (science, technology, engineering and math) fields are where technology clusters are created - and as these clusters become more dense, they draw talent in from all directions, spurring on the economy of a community.
A community’s ability to start and scale young firms, involvement in the private sector, and quality of life are all critical components listed in the literature that are essential to a robust economy. When it comes to the Heartland, collaboration between the private and public sector is key.
Read the full report HERE.