Lakshmi Balachandra, Babson Associate Professor of Entrepreneurship, was invited to the White House for the presentation of the National Entrepreneurship Strategy by the National Advisory Council on Innovation and Entrepreneurship (NACIE).
Balachandra, who co-authored the report titled “Competitiveness Through Entrepreneurship: A Strategy for American Innovation,” participated in the White House announcement along with federal officials and committee members, and will It published recommendations aimed at fostering entrepreneurship while fostering inclusivity.
The recommendations, developed by the 32-member NACIE, are based on Commerce Secretary Gina Raimondo’s “NACIE reports and recommendations ensure that the United States remains a world leader by expanding research and development.” It was created in response to criticism that it would provide a roadmap for , increasing access to capital and fostering inclusive business growth across the country. ” Implementing the 10 recommendations could impact the country’s entrepreneurial ecosystem for years to come.
“These recommendations can have a huge impact on future entrepreneurs,” Balachandra said. “It’s amazing to see the number of activities and resources available from across federal agencies for aspiring entrepreneurs and innovators.”
Balachandra, whose research focuses on the intersection of entrepreneurship and gender, collaborates with AOL founder Steve Chase and former Ohio State University president Christina Johnson as co-chair of NACIE. Did.
“I had the ability to craft the working group’s ideas that developed from our meetings with NACIE members into the meaningful recommendations and actionable actions outlined in this report,” Balachandra said. “More importantly, this report provides short-term applications and long-term policy opportunities that can have real solutions and benefits for American entrepreneurs.”
A blueprint for competitiveness through entrepreneurship
The final report, Competitiveness Through Entrepreneurship: A Strategy for American Innovation, provides policy recommendations, guidance for Congressional legislation, and potential executive actions to promote and support entrepreneurship and innovation. There is.
One notable recommendation is the establishment of an online “one-stop-shop” portal, aimed at streamlining access to government programs, funding opportunities, and other important information for entrepreneurs. Masu. Raimondo, who is responsible for implementing these recommendations, expressed interest in taking steps to launch the portal immediately.
“This is an example of what the Secretary of Commerce called a short-term strategy that could be accomplished quickly, even before the next NACIE meeting in May,” Balachandra said. “The Secretary wanted to implement recommendations that he could support implementation through the government, including another top recommendation that would help coordinate the federal government’s entrepreneurship and innovation efforts. It also includes the establishment of a National Innovation Council (NIC).”
The NIC will coordinate federal activities related to entrepreneurship across the United States and will prioritize efforts related to critical technology through a variety of activities, including requiring demographic reporting for venture capital investments.
Balachandra describes this event as not just a professional milestone, but a huge opportunity to influence policy, especially when it comes to empowering women entrepreneurs and promoting diversity in venture capital funding.
“I felt like I had a chance to make a real impact through my work writing this report and helping develop actionable recommendations.”
Lakshmi Balachandra, Associate Professor of Entrepreneurship
“After 20 years of researching concrete ways to give women more access to venture capital, I have to admit that I was disappointed. Nothing seemed to move the needle. It receives less than 2% of U.S. venture capital funding,” Balachandra said. “And now, this report and recommendations, including entrepreneurship and financial diversification, were also important to the White House. Through their work writing this report and helping develop actionable recommendations, , I felt like I had a chance to really make an impact.”
a whirlwind day
In addition to the NACIE recommendations representing significant advances in the nation’s entrepreneurship and innovation efforts, Balachandra’s invitation to present marked her first visit to the White House.
She described her experience as a whirlwind day full of discussion and insight, from early morning sessions to a special West Wing tour in the evening.
“I could barely sleep the night before. I was so excited. My biggest worry was oversleeping. Can you imagine missing this meeting?” Balachandra said. Told. “I have always wanted to visit the White House since I was young, and I was especially excited to be a part of it now that we have the first Indian and Black woman to serve as Vice President.”
“I have already started passing on this knowledge to my students, helping them consider other important elements of building a business, such as regulations and patents.”
Lakshmi Balachandra, Associate Professor of Entrepreneurship
As policymakers and lawmakers consider implementing this recommendation, the potential impact on aspiring entrepreneurs, including students at institutions like Babson College, is significant.
“I have already started passing on this knowledge to my students, helping them consider other important elements of building a business, such as regulations and patents,” Balachandra said. And she thinks Congress will be able to act quickly on the recommended legislation.
“Helping entrepreneurs and innovators start and grow their businesses is a bipartisan theme,” Balachandra said. “I look forward to seeing these recommendations, which aim to support all entrepreneurs everywhere in the country, implemented regardless of administration.”
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