UA Program to Lead State Observance Highlighting Entrepreneurial Opportunnities

TUSCALOOSA, Ala. – The University of Alabama’s Entrepreneurship Program is serving as the State Leadership Team for Alabama’s activities associated with the nationwide Entrepreneurship Week U.S.A. that will take place Feb. 24 through March 3.

The entrepreneurship program at The University of Alabama is ranked No. 20 among the nation’s top programs, according to Entrepreneur Magazine, which released the rankings in a partnership with The Princeton Review.

“Entrepreneurship Week is our opportunity to tell the people of Alabama more about entrepreneurship, to highlight opportunities and support that are available to entrepreneurs in Alabama,” said David M. Ford, clinical professor and the Sam Walton Fellow in the department of management and marketing at UA’s Culverhouse College of Commerce.

“We also will recognize those who have achieved significant accomplishments in entrepreneurial activities,” Ford said. The State Leadership Team is encouraging educational institutions, community organizations, and government agencies throughout Alabama to host events associated with entrepreneurship. The Alabama theme for the week is: Entrepreneurship Week USA: “Alabama, from Vision to Reality.”

At The University of Alabama, events planned include an elevator pitch competition, (a brief overview of an idea for a product, service, or project. The pitch is so called because it can be delivered in the time span of an elevator ride); a minority business plan competition, a summit on innovation and entrepreneurship research and education in Alabama, a venture forum and guest speakers focused on entrepreneurship.

The week will be capped off by a reception and award dinner Thursday, March 1, during which the Entrepreneurship Program’s Top 20 national ranking in Undergraduate Entrepreneurship Education will be celebrated. The winners of the elevator pitch and minority business plan competition will be recognized. Young Entrepreneur of the Year awards will be given and Outstanding Entrepreneurship Educators will be honored.

The national theme for the week is ‘What’s Your Big Idea? Take it On!” Official events are being planned in cities across the county, culminating in Washington, D.C, where the focus will be on the importance of policy to the nation’s entrepreneurs.

Entrepreneurship Week USA is sponsored by the Ewing Marion Kauffman Foundation and by government, not-for-profit organizations and businesses, including The New York Times and Inc. magazine. Additionally, the House of Representatives noted the importance of entrepreneurship education by enacting a Resolution (HR 699) in early June in support of a national entrepreneurship week.

“We are delighted with the leadership and expertise that The University of Alabama brings to Entrepreneurship Week USA as a program partner,” said Carl Schramm, president and CEO of the Kauffman Foundation. “Educating our young people about entrepreneurship and reinforcing the value that entrepreneurs and innovators bring to our economy is critical to America’s long-term prosperity – more so now than ever before.”

According to Kauffman Foundation research, 41 percent of children ages 9 -12 say they would like to start their own business. “Young people have a natural desire for the independence and control that come with owning a business and being their own boss,” Schramm said.

Entrepreneurship is a driving force of the U.S. economy. During the past 15 years, businesses less than five years old have accounted for about 70 percent of the net job creation in the United States. However, while America presently maintains the edge as an entrepreneurial society, there are clear signs of massive economic competition from abroad. More Americans in the future will need to generate more ideas and better innovations if the United States is to stay ahead of the large populations of educated citizens in emerging and globally savvy economies.

Alabama was ranked No. 4 on a Hot States for Entrepreneurs list last year, and several state cities are highly ranked. Mobile is No. 1 among midsize cities, with Birmingham coming in at No. 3.

Auburn-Opelika was No. 1 among small cities followed by Huntsville, No. 19; Montgomery, No. 25; Decatur, No. 39; and Florence, No. 63.

Hispanicbusiness.com ranks Alabama No. 4 in Best States for Small Business, and the Small Business and Entrepreneurship Council ranks Alabama No. 4 as having the best tax and regulatory climate for entrepreneurs.