Today's job market has exceeded 27,000,000 entrepreneurs representing more than 15% of the work force. This number is on the rise and expected to grow over the coming years. There is a shift in the traditional market space and we are witnessing an unprecedented growth of individuals going into business for themselves. So the question remains, what is triggering this higher optimism of Entrepreneurship in the United States?
Studying trends in higher level learning institutions across the United States there is a noticeable increase in institutes focused on entrepreneurship. These institutions are a fertile place for students to flourish in learning, networking, mentorship, and creative thinking. The Commerce Department’s Office of Innovation and Entrepreneurship (OIE), has been working directly with higher level learning institutions around the country to collecting information that credits five specific areas for the rise of entrepreneurs.
• Promoting student innovation and entrepreneurship
• Encouraging faculty innovation and entrepreneurship
• Actively supporting university technology transfer
• Facilitating university-industry collaboration
• Engaging in regional and local economic development efforts
Promoting student innovation and entrepreneurship: Higher-level learning institutions are investing very heavy into the development of student's entrepreneurial skills. These investments are in both formal programs and extra-curricular activities. Formal programs include degrees and certificates in entrepreneurship while extra-curricular actives included programs such as business plan contests, entrepreneurship clubs, and startup internships. Many universities are even building accelerators, co-working spaces, and venture fund events to enable students to move forward with their ideas.
Encouraging faculty innovation and entrepreneurship: At many higher level-learning institutions the driving force behind our country's high growth start-ups is fueled by the research of professors and doctoral students. Many of these faculty members and doctoral students fail to realize the impact they are having so universities are putting policies in place to encourage more faculty entrepreneurship. The higher-level learning institutions are integrating entrepreneurship into the faculty selection process and increasing faculty connections to outside partners. These connections include outside business engagements, better resources for startup creation, and externships.
Actively supporting university technology transfer: The recent explosion of Entrepreneurship on campuses across the United States has transformed the role of University Technology Transfer Offices (TTO) and Technology Licensing Offices (TLO). Instead of these offices focusing on their traditional roles of commercializing products they are now being used to connect students, faculty, alumni, entrepreneurs, and investors. These offices have taken on a new primary role of supporting entrepreneurship on campus by providing better opportunities, facilities, and radically changing their culture to better suit the needs of entrepreneurs.
Facilitating university-industry collaboration: Industries across the board benefit tremendously from these institutions research and innovative advances. Because of this these institutions are always looking for ways to better connect their students' education to suit the industry needs. Universities have put a higher demand on supporting start-up companies. Northwestern University partnered with an incubator in Chicago called 1871. Students at campus benefit from internships and collaboration with some very bright minds and 1871 is able to capture students leaving the university looking for a place to grow their startup at.
Engaging in regional and local economic development efforts: Universities and colleges have identified innovation and entrepreneurship as factors that help grow local communities. Many Universities, especially ones with land grants are requesting federal grant money to help stimulate these advancements in their communities because of their strong sense of responsibility to better their community. Universities and colleges are seeking out partnerships with non-profit organizations like Economic Development Councils and leveraging their entrepreneurship programs to help stimulate their local community though the programs innovation.
It is evident looking at institutions of higher learning that an emphasis is being placed on advancing programs focused on entrepreneurship. Colleges and universities are seeking out business partners, non-profit partners, and federal funding for students focused on becoming entrepreneurs. With the rise of college students wanting to work for themselves and create the next big idea we should only expect to see an increase in the number of startups, small businesses, and entrepreneurs coming out of our higher learning institutions in the United States.
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