Time to Startup!

The BizFilings blog covering business tips and trends.

Small Business Sector Needs Mentors and Incubators, Says Expert

Published on Jan 3, 2011

Summary

Check out 'Small Business Sector Needs Mentors and Incubators, Says Expert' at 'Time to Start Up,' the small business blog by BizFilings.
While small business confidence has fluctuated over the past few months, consumer spending is unmistakably up, and the manufacturing industry is also experiencing significant gains. Most factors point to a coming economic rebound, providing ample encouragement to entrepreneurs forming a company. However, unemployment is expected to be the last horse through the gate, as it still hovers around an unyielding 9.8 percent. Meanwhile, small businesses - employers of nearly 50 percent of the private sector workforce - are left with the responsibility of bringing the economy back to steam. Huffington Post CEO and managing partner of SoftBank Eric Hippeau believes what's need to spur growth in the small businesses sector is more mentoring and entrepreneurial incubators. To create a startup scene, he argues, you first need an environment to encourage it. Specifically, Hippeau references New York City's recently initiated Venture Fellows Program. "New York City took a bold step on December 6 when it launched its Venture Fellows Program to pair entrepreneurs with leaders of established businesses for a year of mentoring at no charge," he wrote in BusinessWeek. "The program is a smart and efficient way of spurring businesses to create next-generation jobs in such growing sectors as media, health care and fashion."