Accelerating Growth: An Entrepreneurship-led Economic Development Strategy for Michigan

| October 16, 2018

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Small businesses are important drivers of economic growth. Recently, the U.S. Small Business Administration (SBA) estimated that three in five new jobs in the United States are created by small businesses.1 Given the importance of small businesses to economic growth, Michigan needs economic development strategies that maximize this important sector’s potential. Strategies that focus on growing second-stage businesses can be particularly effective. Second-stage businesses are small businesses that have grown past the startup stage but have not yet reached maturity. Typically, these firms employ 10 to 99 people, have annual revenues between $1 million and $50 million, and demonstrate the potential for high growth in the future.

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