Changes

The entrepreneurial ecosystem =Summary=Small businesses are defined as privately owned and operated companies employing a small number of workers. In the United States, the legal definition of a small business is comprised determined by a set of criterion specified by the [[SBA|Small Business Administration]]. Generally, those criterion mean that a manufacturing business with fewer than 500 employees or a non-manufacturing business with less than $7.5 million in revenue will be considered a wide array small business by the U.S.A. [https://www.sba.gov/contracting/getting-started-contractor/make-sure-you-meet-sba-size-standards/summary-size-standards-industry-sector ] </onlyinclude> Alternatively, the European Union defines a small business as a firm with fewer than 50 employees.[http://ec.europa.eu/growth/smes/business-friendly-environment/sme-definition/index_en.htm ] </onlyinclude> Small business are pervasive throughout the United States and other countries. Typical examples of institutions small businesses include: freight truckers, residential builders, exterior contractors,and resources that contribute architectural contractors[http://www.entrepreneur.com/article/226256]. According to the development SBA there are approximately 28 million small businesses in the United States that comprise 55% of entrepreneurship on a local or municipal levelall US jobs. These components have led to Furthermore, the creation number of clusters of entrepreneurial success and economic growth, such as Silicon Valley (Palo Alto, California) or Route 128 (Massachusetts)small businesses in the United States has increased by approximately 49% since 1982.

====Top Seed Accelerators, 2014 Agencies affiliated with the SBA include: Small Business Investment Company (SARP)[http://www.seedrankings.com/[SBIC]]====#AngelPad (San Francisco, CA)#MuckerLab (Santa Monica, CA)#Techstars Small Business Innovation Research (Boulder, CO; Boston, MA; Chicago, IL; Seattle, WA; New York, NY; San Antonio, TX[[SBIR]])#University of Chicago New Venture Challenge (Chicago, IL)#Alchemist and Small Business Development Centers (Silicon Valley) #StartX (Santa Clara, CA)#Amplify, LA (Los Angeles, CA)#500 Startups (Mountain View, CA[[SBDC]]) #Capital Innovators (St. Louis, MO) #Dreamit (Philadelphia, PA; New York, NY) #Surge (Houston, TX)#MassChallenge (Boston, MA) #The Brandery (Cincinnati, OH) #Gener8tor (Milwaukee, WI; Madison, WI) #ZeroTo510 (Memphis, TN) #AlphaLab (Pittsburgh, PA) #Blue Startups (Honolulu, HI)#ERA (New York, NY) #Betaspring (Providence, RI) #The Iron Yard (Greenville, SC)

*Notable absences: Y Combinator and Rock Fund, both of which no longer identify as seed accelerators but as seed funds===Hubs=Contact==

Hubs, also known as tech hubs or startup hubs, are entities that serve as an intersection between incubators, accelerators, and co-working spaces to foster an entrepreneurial ecosystem and environment. Hubs serve as leaders in their local entrepreneurial communities, enabling entrepreneurs through a wide variety of programming, events, and benefitsAnswer desk: answerdesk@sba. gov

There are several networks of tech hubs around the country and around the world, including Google's North American Tech Hub Network [httpsHouston office://www.googleforentrepreneurs.com/startup-communities/the-north-america-tech-hub-network/] and 1776's Startup Federation[http://www.1776.vc/startup_federation/]houston@sba.gov

[[ImageOffice of Chief Information Officer:Hubs Plot 1_Cropped.png|frame|Map of notable tech hubs in North America]](202-205-6708)

'''Notable tech hubs in North AmericaOffice of Performance Management and the Chief Financial Officer:'''*1776[http://www.1776.vc/] (Washington, DC)*1871[http://www.1871.com/] (Chicago, IL)*American Underground[http://americanunderground.com/] (Raleigh202-Durham, NC)*Benjamin's Desk[https://benjaminsdesk.com/] (Philadelphia, PA)*Betamore[https://betamore.com/] (Baltimore, MD)*Cambridge Innovation Center[http://cic.us/] (Boston, MA and St. Louis, MO)*Capital Factory[http://capitalfactory.com/] (Austin, TX) *CO+Hoots[https://cohoots.com/] (Phoenix, PA)*CoCo[https://explorecoco.com/] (Minneapolis, MN)*Communitech[https://www.communitech.ca/] (Waterloo, Ontario CAN)*Cross Campus[http://www.crosscamp.us/] (Los Angeles, CA)*DevMountain[https://devmounta.in/] (Provo, UT)*Domistation[http://www.domistation.com/] (Tallahassee, FL)*Galvanize[http://www.galvanize.com/] (Denver, CO and San Francisco, CA)*Grand Circus[http://www.grandcircus.co/] (Detroit, MI)*GSVLabs[http://gsvlabs.com/] (Redwood, CA)*Hatchery [http://hatchery.vc/] (New York, NY)*Hattery[http://hattery.com/] (San Francisco, CA)*INcubes[http://incubes.ca/] (Toronto, CAN) *NGIN Workplace[http://nginworkplace.com/] (Boston, MA)*Notman House[http://notman.org/] (Montreal, Quebec)*NYU Entrepreneurial Lab[http://entrepreneur.nyu.edu/?resource=leslie205-elab] (New York, NY)*Packard Place[http://packard.place/] (Charlotte, NC)*Rocketspace[https://rocketspace.com/] (San Francisco, CA)*Startup Mexico[http://www.startupmexico.com/] (Mexico City, MEX)*StartX[http://startx.com/] (Silicon Valley, CA)*The Dallas Entrepreneur Center[http://www.thedec.co/] (Dallas, TX)*The Genesis Center[http://www.genesiscentre.ca/] (St. John's, CAN)*The Idea Village[http://ideavillage.org/] (New Orleans, LA)*The Nashville Entrepreneur Center[http://www.ec.co/] (Nashville, TN)*The Venture Center[http://www.venturecenter.co/] (Little Rock, AK) *Trailhead[https://trailheadboise.org/] (Boise, ID)*Venn Centre[http://venncentre.ca/] (Moncton, CAN) *Venture Hive[https://www.venturehive.com/] (Miami, FL6449)

==Venture CapitalFY 2016 Entrepreneurship Goals==Venture capital firms *Broad goal: Strengthen entrepreneurial ecosystems through a variety of strategic partnerships to provide “privately held 'entrepreneurial' firms with equitytailored training, debtmentoring, or hybrid forms and advising services that support entrepreneurs during every phase of financingtheir business growth.*Performance goal: reach 1.4 million clients with online and in-person training, often mentoring, and advising in conjunction with managerial expertise” (Amit etFY 2016. al*Programs offered: Small Business Development Centers, Women's Business Centers, SCORE, Learning Center, Boots to Business, Regional Innovation Clusters, 1998). The typical VC investment will occur during early or middle stages of the start-up process in exchange for a minority equity stake of the companyEntrepreneurship Education, although most specialize in the investment Emerging Leaders*Strategies:#Harness SBA's nationwide network of young resource partners#Improve entrepreneurial ventures. VC firms typically target startecosystems through cross-ups in advanced technology sectors rather than service or lowagency and public-tech businesses, private partnerships#Offer tailored training through structured programs and often specialize in a single vertical such as software or biotech. online access

Venture capitalists specialize in investing in high-growth start-up firmsSBA's total budget request for FY 2016 (including Stafford Act Disaster funding) is $860 million. Of this amount, especially those in technology sectors$3. A venture capital firm can control a number of funds at any given time. Each fund raises large amounts of money from institutional investors3 million is for business loan subsidy, particularly pension funds and insurance companies, as well as some high net worth individuals$19. A fund typically lasts 9 million for 10 years, choosing a portfolio the Office of start-up companies to invest in within the first 5 years Inspector General and purchasing equity in those companies$9. The average start-up will receive 3 rounds 1 million for the Office of venture capital funding from different syndicates Advocacy. This total is inclusive of capitalists over 5$28 million for administering non-6 years before achieving an IPO, being acquired by another company, or shutting down operationsStafford Act disasters. [https://www.sba. By unwritten rule, at least one venture capital fund in each syndicate must be less than a twenty-minute drive away from the startgov/sites/default/files/files/1-up. As a consequence, venture capital has been established as an urban phenomenon, concentrated in a handful of cities across the United StatesFY_2016_CBJ_FY_2014_APR_508. pdf] </onlyinclude>

Start-ups are classified by Venture Capital firms into 4 stages For further detail, see [http://www.pwcmoneytree.com/Definitions/Definitions[SBA Budget Graphs]]: seed stage, early stage, expansion stage, and late stage. These stages of development help investors determine the potential return of an investment.

Moneytree, a collaboration between PriceWaterhouseCoopers==Criticisms==The most prevalent criticisms of the SBA include [http://www.pwccato.comorg/publications/congressional-testimony/waste-fraud-abuse-small-business-administration-programs| ] : #Creates uneven playing field by aiding some businesses while denying aid to others, thus distorting markets;#Duplicating activities already provided in private markets;#Harms businesses and consumers;#Government intervention in deciding market trends can often bet on the National Venture Capital Association [http://nvcawrong companies at taxpayer expense;#SBA fosters corruption.org/] defines these stages as:

#'''Seed Stage''': "The initial stage. The company has a concept or product under developmentSpecifically, but is probably not fully operational. Usually in existence less than 18 months."#'''Early Stage''': "The company has a product or service in testing or pilot production. In some cases, the product may be commercially available. May or may not be generating revenues. Usually in business less than three years"#'''Expansion Stage''': "Product or service is in production and commercially available. The company demonstrates significant revenue growth, but may or may not be showing a profit. Usually in business more than three years."#'''Late Stage''': "Product or service is widely available. Company is generating on-going revenue; probably positive cash flow. More likely to be, but not necessarily, profitable. May include spin-offs of operating divisions of existing private companies and established private companies."

Historically, *GAO released Report 10-108 which found that failing to hold firms accountable sent a message to the contracting community that there is no punishment or consequences for committing fraud. See [http://www.gao.gov/new.items/d10108.pdf| the report] for more information.*The SBA has difficulty in [[SBA Lender and Loan Oversight]].*The CATO Institute argues that the majority very conception of Venture Capital investmentthe SBA was a bad idea, questioning the federal government's strategy in terms of both number deals and total dollar amount, occurs once a company reaches its early stageintervening in the credit market. Seed stage companies receive minimal investment simply because they are not often developed enough They say that the United States grew to be of legitimate promise an economic powerhouse with a small centralized federal government that largely left business development to investorsthe private sector. Recent trends have shifted to For more information about the majority of deals being made during the early stagesCATO institute's criticism, though larger deals are found with firms in the expansion or late stagessee this [http://www.cato.org/publications/congressional-testimony/waste-fraud-abuse-small-business-administration-programs| article].

In Quarter 3 =='''Survey Respondents on Small Business Issues'''=={| class="wikitable sortable" style="width: 100%;"|-! style="width: 5%;" | Survey! style="width: 1%;" | Date! style="width: 20%;"| Labor Markets! style="width: 20%;"| Capital ! style="width: 20%;"| Sales ! style="width: 25%;"| General Outlook! style="width: 9%;" | Data |-| [http://www.nfib.com/assets/SBET-February-2016.pdf SBET February 2016] | February 2016| *42% of businesses in the survey report few or no qualified applicants for a position that they were trying to fill|*4% of small business owners surveyed reported that company borrowing needs were not met |*11% cite weak sales as their principal business problem|*Spending and hiring plans fell as expectations for growth in real sales volumes declined|('''N=2194''', Data was obtained from membership files of the NFIB)|-| [http://newsroom.bankofamerica.com/files/press_kit/additional/Small_Business_Owner_Report_-_Fall_2015.pdf Small Business Owner report]| Fall 2015|*67% planned to hire 12+ employees within 2015|*46% of small businesses surveyed cite credit availability as their primary concern |*28% of businesses say they will use recently acquired funding to develop a new product or service within the next year|*56% say they expect the US economy to improve within the next 12 months*72% of small businesses expect their revenue to increase for the year|('''N=1,001''' small business owners inthe US with annual revenue $100,000<x<$4,999, Seed Stage ventures received 1999 and employingbetween 2<x<99 employees)|-| [https://wellsfargoworks.com/File/Index/J6WCK2WHn0yd-wrTX8btvA WellsFargo survey]|January 2016|*26% of small businesses expect to hire in Q1 2016*66% of businesses expect the number of jobs to stay the same*11% of businesses say that hiring and retaining qualified staff is their most pressing problem|*19% of businesses responded that obtaining credit was difficult*5% of say cash flow and financial stability as the company's biggest problem*4% of businesses surveyed speculate credit availability may be prohibiting company growth|*14% experienced difficulty attracting customers in Q1 2016*38% of businesses surveyed stated a positive revenue increase in Q1 2016|*67% of small businesses regard their financial situation as good or very good in Q1 2016*71% expect a positive financial future within the next 12 months *8% of small businesses say that the economy is the principal problem their business is facing |('''N=600''' small business owners in Q1 2016)|-|[http://www.vistage.com/wp-content/uploads/2016/02/WSJ-CEO-Survey-0116.pdf WSJ survey]|January 2016|*54% of businesses surveyed said they expect firm size to increase|*40% of total venture capital businesses reported that they expect their firm's fixed investment expenditures to increase during the next 12 mo.|*73% report an expected sales increase within the year *54% of firms expect their profitability to improve|*Investments in dollars, early stage ventures brought new plant and equipment have fallen to their lowest level in 33more than two years*20%, expansion stage of firms 39expect the economy to worsen in the year ahead—the highest level in more than two years.||-|[https://www.newyorkfed.org/medialibrary/media/smallbusiness/SBCS-2014-Report.pdf NY Fed Survey]|2014|*27% of businesses reported an increase in their full time staff*15% reported a decrease in their full time staff*58% of respondents reported no change in their employee base|*23% of businesses reported 10-25K of debt*62% of businesses had applied for <100K of financing*41% responded they'd sought financing from a large regional bank |*35%, of respondents reported increasing revenues and late stage received 27positive profitability*23% of businesses said they'd experienced difficulty in attracting customers|*29% of businesses reported personal savings as their primary financing source*29% of businesses operated at a loss *13% of capital investmentrespondents said the increasing costs of running their business was their principal concern| 10 states of coverage: Alabama, Connecticut,Florida, Georgia, Louisiana, New Jersey,New York, Ohio, Pennsylvania, and Tennessee with businesses <500.||}

=='''Issues Facing Small Businesses'''=Venture Capital Investment by Industry====Health Care===

Software has historically dominated Venture ===Access to Capital investments, with 28% of total deals and 32% of capital investment over the last ten years. Software investment peaked surrounding the dot-com bubble, and decreased sharply in both number of deals and capital investment after the burst. Recently, venture capital investment in software has returned ==={{:Access to levels similar to the dot-com bubble. Biotech has recently emerged as a strong sector for VC investment, with some VC firms investing exclusively within the biotech sector. Capital}}===Student Debt==={{:Student Debt}}

===Top U.S. Venture Capital Firms (from Forbes[http{{://www.forbes.com/sites/alexkonrad/2015/03/25/midas-top-ten-list-2015/], by most exists since January 2014)===#Kleiner Perkins Caulfield & Byers#Bessemer Venture Partners#New Enterprise Associates#Sequoia Capital #Institutional Venture PartnersPatent Reform}}

==Angel Investors=Gender Equality===Angel investors are “high-net-worth-individuals that make private investments in start-up companies with their own money” (Kerr et al., 2014). Recently, angel investors have been pulling their resources together in what are classified as either angel groups or angel funds. In these groups, combined capital allows a combination of larger investments or a more diversified portfolio of investments.

Currently=='''Small Business Data Sets'''=={| class="wikitable sortable" style="width: 100%;"|-! style="width: 10%;" | Name! style="width: 10%;" | Link! style="width: 45%;" | Description! style="width: 35%;" | Data Summary|-|Dynamic Small Business Search|http://dsbs.sba.gov/dsbs/search/dsp_dsbs.cfm|The Small Business Administration maintains the Dynamic Small Business Search (DSBS) database. As a small business registers in the System for Award Management, there is an opportunity to fill out the Usmall business profile. The information provided populates DSBS.SDSBS is another tool contracting officers use to identify potential small business contractors for upcoming contracting opportunities. Securities Small businesses can also use DSBS to identify other small businesses for teaming and Exchange Commission [joint venturing.||-|Office of Advocacy News|https://www.secsba.gov/] regulates advocacy|The News Update File is an xml news update file to inform the domestic definition for angel investor accreditation [public about recent regulatory alerts, Advocacy small business statistics reports, Advocacy small business research reports, and Advocacy regulatory comment letters.|-|State Licenses & Permits| |Identifies the specific licenses or permits a business may need depending on the type of business, its location, and applicable government rules.|-|FDIC|https://enwww5.fdic.gov/qbp/index.asp|Private sector loans to small businesses|-|World Bank |http://www.doingbusiness.org|The World Bank’s Doing Business series, dating to 2001, is an annual compendium and international ranking of regulatory measures impacting small business, such as the number of days it takes to legally register a business. Different aspects appear each year.|Doing Business offers economic data from 2003 to the present. The data is presented in a variety of ways useful to researchers, policy makers, journalists and others||-|Kauffman Foundation|http://www.wikipediakauffman.org/wikisection.aspx?id=research_and_policy |Studies and data on small business and entrepreneurship|-|Warrington College of Business|https://Accredited_investor#cite_notesite.warrington.ufl.edu/ritter/ipo-secdata/|IPO data|Up to date information on IPO's including: Underpricing, tech stocks, age, price revisions, sales, underwriting, foreign, long run returns, VC-backed IPOs from late 1900s - 2015|-|Bureau of Labor Statistics|http://www.bls.gov/bdm/|Highlights from data series produced by BLS Business Employment Dynamics (BED) program provide some insights on the contribution of new and small businesses to the number of businesses and jobs in the economy.|Set of statistics generated from the Quarterly Census of Employment and Wages program. These quarterly data series consist of gross job gains and gross job losses statistics from 1992 forward.|-|Federal Procurement Data System|https://www.fpds.gov/fpdsng_cms/index.php/en/reports|A Department level report that displays Small Business data for a specified date range by Funding/Contracting Agency.|This report displays the dollars, actions, and percentages for small business contracts in FY 2016 and goes back all the way to FY 1981|-|PayNet small Business Lending Index|http://www.paynetonline.com/issues-and-solutions/all-paynet-products/small-business-8]lending-index-sbli/|PayNet specializes in loan data and has a database which includes information on more than 20 million loans and leases. For these indexes, establishing PayNet uses the data from US companies which have less than $1 million in total outstanding loans.|The Small Business Lending Index (SBLI) measure the volume of small business loans issued over the past 30 days and are based on the most recent data from the largest commercial and industrial lenders in PayNet's U.S. database, including both loans and leases. |-|Paychex|http://www.paychex.com/jobs-index/index.aspx|Paychex tracks changes in the employment levels of 350K small businesses with <50 employees |The data for the jobs index comes from a level subset of the Paychex client base, approximately 350,000 businesses with less than 50 workers in the U.S |-|ADP small business report|http://www.adpemploymentreport.com/2015/March/SBS/SBS-NER-March-2015.aspx|The ADP Small Business Report provides the number of wealth jobs created or lost by company size (1-19 employees, 20-49) and sector (income goods or net worthservices) . A seperate report details job gains and losses for national franchises.|The ADP National Employment Report® is published monthly by the ADP Research Institute® in which investors need to prove before being accreditedclose collaboration with Moody’s Analytics and its experienced team of labor market researchers. The ADP National Employment Report provides a monthly snapshot of U.S. nonfarm private sector employment based on actual transactional payroll data.|-|Intuit Small Business Index|http://www.intuit.com/company/press-room/press-releases/2015/Small-Business-Employment-Remained-Stagnant-in-October1/|The index measures compensation, hours worked, and revenue for companies with <20 employees|The Employment Index is based on anonymized, non-identifiable aggregated data from 271,750 small business employers, a subset of users of Intuit Online Payroll and QuickBooks Online. The Revenue Index is based on anonymized, non-identifiable aggregated data from 240,000 small businesses, a subset of users of Intuit’s QuickBooks Online with industry identification from Dun & Bradstreet.|-|Statistic Brain|http://www.statisticbrain. com/startup-failure-by-industry/|Startup Business Failure rates by industry||-|The Angel National Venture Capital Association [Yearbook|http://nvca.org/research/stats-studies/|Details the state of the venture capital market in a given year|Primary data sources included:SEC filings that are regularly monitored by Thomson Reuters’ research staff, Surveys of the industry routinely conducted by Thomson Reuters, and Verified industry press and press releases from venture firms. |-|NFIB Small Business Report|http://www.nfib.com/surveys/small-business-economic-trends/|Measures economic trends in small businesses|The NFIB Research Foundation has collected Small Business Economic Trends data with quarterly surveys since the 4th quarter of 1973 and monthly surveys since 1986. Survey respondents are drawn from NFIB’s membership. The report is released on the second Tuesday of each month. This survey was conducted in March 2016. |-|Medical Expenditure Panel Survey|http://meps.ahrq.gov/mepsweb/|A set of large-scale surveys of families and individuals, their medical providers, and employers across the United States. MEPS is the most complete source of data on the cost and use of health care and health insurance coverage|The Household Component data are based on questionnaires fielded to individual household members and their medical providers. The Insurance Component estimates come from a survey of employers conducted to collect health insurance plan information|-|SBA Lenders|https://www.angelcapitalassociationsba.gov/lenders-top-100|SBA lending data|Table displaying the 100 most active SBA 7a lenders in the US by lending volume in FY 2016 through Q2|-|Kaiser Family Foundation|http://kff.org]/health-costs/report/2015-employer-health-benefits-survey/|Annual Survey of employers providing a detailed look at trends in employer-sponsored health coverage |The 2015 survey included almost 2, a collective 000 interviews with non-federal public and private firms.|-|Federal Reserve|http://www.federalreserve.gov/communitydev/small-businesses-data-analysis.htm|Many Reserve Banks monitor trends and credit market conditions for small and new businesses. The polling efforts of the Federal Reserve Banks of New York and Atlanta are two examples of System work to better understand small business trends| The SBCS captures the perspectives of businesses with fewer than 500 employees in New York, New Jersey, Connecticut, and Pennsylvania. There were 835 responses to the survey fielded from April 3, 2014 to June 20, 2014. The Atlanta Fed conducted the first-quarter 2014 survey during the first four weeks of accredited angel investors April. The survey was completed by 562 respondents|-|Entrepeneur.com report|https://www.entrepreneur.com/page/216022|Comprehensive statistics on small business trends in the United Statesfor various years|-|United States Census Bureau|https://www.census.gov/econ/sbo/getdata.html|Statistics for Owner's of Small businesses in 2012|1.75 million businesses were selected for the survey. Survey included are all nonfarm businesses filing Internal Revenue Service tax forms as individual proprietorships, claims partnerships, or any type of corporation, and with receipts of $1,000 or more.|-|Small Business Dashboard|http://smallbusiness.data.gov/|Information on small business contracting activities|ncludes procurement contract transactions reported directly through the contract writing systems of approximately 65 U.S. Government, Executive Branch, departments, bureaus, agencies, and commissionsData spans contract transactions from FY 2000 onwardsSmallBusinessDashboard.gov is updated with FPDS-NG data on a daily basis|-|411 Small Business Facts|http://www.411sbfacts.com/|Sortable database of over 1360 separate small business surveys|411SmallBusinessFacts.com is a searchable data base of approximately 2,000 member investors facts about American small businesses and their owners (or managers) produced by the NFIB Research Foundation. The Foundation developed this information from telephone surveys of small employers – those employing from one person in addition to the owner(s) to 250. Data collection began in 2001 and continues through the present. |-|Survey of Minority Owned Businesses|http://www.mbda.gov/sites/default/files/2012SBO_MBEFactSheet020216.pdf|Data set attempting to give a comprehensive outlook to the state of minority business enterprises in the US|Minority owned business fact sheet created in January 2016|-|NASE|http://www.nase.org/|A trade association that provides day-to-day support for micro-businesses, including direct access to experts, benefits, and more than 240 accredited angel groupsconsolidated buying power that is traditionally only available to large corporations. The association is the largest nonprofit, nonpartisan association of its kind in the United States.|Presents statistics and facts on self employed members of the US economy from the 1990's to the late 2000s|-|Federal Reserve board|https://www.federalreserve.gov/pubs/oss/oss3/nssbftoc.htm|Federal reserve board survey of small business finances|Balance sheets of the firm are some examples of the types of information collected.Working papers and methodology reports, codebooks and other related documentation, and the full public data sets are available here for the 2003, 1998, 1993, and 1987 SSBFs|-||}

According to the University of New Hampshire=='''Helpful Websites'''s Center for Venture Capital Research[==*The Small Business Administration: https://paulcollegewww.unhsba.edugov/sites*The Federal Reserve Board Survey of Small Business Finances: http:/paulcollege/www.unhfederalreserve.edugov/pubs/oss/oss3/filesnssbftoc.htm*Trends in Small Business: http:/webform/2014%20Analysis%20Reportsmallbiztrends.pdf], 2014 saw Angel Investors contributing $24com/*Growthology (Kauffman) : http://www.1 billion, a slight decrease from 2013 investmentkauffman.org/blogs/growthology[[Blog Post]]

==Other Components'''References'''==In addition to the larger institutional players, the ecosystem benefits from the presence of the following institutions and1. http:/or individuals in the community/www.gallup. The following components contribute to developing and cultivating a population of potential entrepreneurs and their innovationscom/businessjournal/186179/student-loan-debt-major-barrier-entrepreneurship. aspx

*'''Clubs, meet-ups, and other community organizations''': local initiatives to foster the entrepreneurial community, provide forums for collaboration, and host entrepreneurial related events*'''Entrepreneurship education''': formal education on topics on or related to entrepreneurship, particularly in higher education such as MBA or undergraduate business programs*'''Established incumbent firms''': successful incumbent firms provide partnership, engage in open innovation, and act as a source for acquisition and spin-off in the entrepreneurial ecosystem*'''Flex-space and other resource providers''': businesses offering a variety of services specific to start-ups, primarily focusing on the supply of workspace to early stage ventures or entrepreneurs2. WeWork is an example flex-space provider with office through-out the US and Canada.[http://newswww.buzzbuzzhomeentrepreneur.com/2015/12/wework-first-toronto-shared-office-richmond.html]*'''Skilled labor''': members of the work force with advanced degrees, particularly in the areas of Science, Technology, Engineering, and Mathematics*'''Small business lending''': a subset of loans offered by financial institutions, specifically to small business that fall under the classifications established by the SBA [https://www.sba.gov/category/navigation-structure/contracting/contracting-officialsarticle/small-business-size-standards] *'''Research labs''': labs that provide housing and resources for research conducted in a wide variety of disciplines, classified as either public or private depending on the primary source of funding*'''Serial entrepreneurs and previous VC-backed firms''': individual and firms that have found success in the entrepreneurial space, and are likely to engage in entrepreneurship in the future*'''Universities''': research institutions, that include not just the practice of innovation by members of the university, but also the university's interactions with entrepreneurs, spin-outs, technology transfer offices, and other mechanisms of interaction with the entrepreneurial space237926

=Practices of Entrepreneurship Ecosystems===Crowd Funding==Crowdfunding is the practice of pooling external financing from a larger group of investors contributing small amounts of capital3. http://papers.ssrn. In recent development, crowdfunding exists primarily in online communities, where crowdfunders receive some private benefit in lieu of an investmentcom/sol3/papers. (Belleflamme, Lambert, Schwienbacher, 2014) cfm?abstract_id=2417676

'''Popular Crowdfunding Forums'''*Kickstarter [https://www4.kickstarter.com/]*Indiegogo [httpshttp://www.indiegogogallup.com/]*Rockethub [https:businessjournal/181592/www.rockethubpotential-entrepreneurs-aren-taking-plunge.com/]aspx

5. http://www.forbes.com/sites/kauffman/2014/09/15/student-debt-and-the-millennial-entrepreneurship-paradox/#286763962f70 6. http://obamacarefacts.com/obamacare-small-business/ 7. https://www.sba.gov/contracting/getting-started-contractor/make-sure-you-meet-sba-size-standards/summary-size-standards-industry-sector 8. http://ec.europa.eu/growth/smes/business-friendly-environment/sme-definition/index_en.htm ===SBIC=Micro-Finance==Micro*[http://www.gao.gov/products/GAO-finance institutions are banks 16-107 GAO report on SBIC]**GAO recommended that give small loans SBA provide guidance to SBIC on how to individuals or groups with low interest ratescollect and report data on their investments in minority, women, and veteran owned businesses.*[http://www.jdsupra. The clients com/legalnews/description-of micro-finance institutions are often lowerthe-income households and small -business owners looking for micro-loans to expand or create a small business venture23940/ Description of the SBIC Debenture Program]===SBIR===*[http://www.gao. Currently, micro lending in the developing world is significantly more prolific than in the United States or in other developed countries, due to a combination of policy and market obstaclesgov/assets/670/669651. Though not exclusively, micropdf GAO report finds SBIR data reporting inadequate] ===McNair Center Internal===[[McNair Center-finance institutions are often linked with non governmental organizations, social entrepreneurship, specific courses of further action regarding SBA]]===Articles===[[SBA and nonprofit ventures in an attempt to stimulate economic activity and job creation in developing communities. (Sterner and Murdoch, 2001)Data Reporting]]