Entrepreneurship education develops the skills, attitudes and behaviors necessary to create jobs, stimulate economic activity, generate economic growth, advance human welfare, and stimulate innovation to address regional and global challenges.
The City of Hartford is particularly interested to learn ways to assist immigrant populations overcome inhibitors to entrepreneurship and starting a business. Hartford has an international identity, and can boast that most members of the community are foreign born. Among our 21,000 student body, there are 63 dominant languages spoken at home. This is a strength that other cities would find enviable.
Research conducted by national and international experts suggests that immigrants possess more qualities and characteristics conducive to entrepreneurial success than non-immigrants. The stats below demonstrate the level of participation nationwide by immigrant entrepreneurs and small business owners.
- The business ownership rate is higher for immigrants than non-immigrants—10.5% immigrants to 9.3% non-immigrant
- Business formation rates are higher among immigrants than non-immigrants. .62% per month for immigrants and .28% for non-immigrants.
- Immigrant-owned businesses are slightly more likely to hire employees than are non-immigrant owner businesses.
- Immigrant owned businesses are more likely to export their goods and services than are non-immigrant owned businesses. 7.1% export compared to only 4.4% non-immigrant.
- Immigrant owned businesses start with higher levels of startup capital than non-immigrant owned businesses.
- Business formation among immigrants follows the same general time-series pattern as the national rate- rising in recessions and declining in strong economic growth periods. In Great Recession, greater immigrant startup presence than non-immigrants.
- Immigrant entrepreneurs start 17% of all new businesses in the US and represent 13% of all business owners.
- 10.5% of the immigrant work force owns a business, compared with the 9.3% of the non-immigrant work force. This shows that Immigrants are 10% more likely to own a business than non-immigrants
- Hispanic immigrant-owned businesses have an average sales level of $257,000 compared with $465,000 for Asian immigrant-owned businesses. Asian immigrant-owned firms are more likely to hire employees than Hispanic immigrant-owned firms (36% compared with 20%). However, on average, businesses owned by Hispanic immigrants are smaller than businesses owned by Asian immigrants.
The SC2 Hartford Challenge will assist City administrators to achieve a higher level of understanding of the capital region’s immigrant populations. To achieve the same level of success experienced by immigrant groups nationwide, the SC2 Hartford Challenge will result in public policy and a defined role for city-government to engage immigrants and facilitate a culture of support for immigrant entrepreneurs.