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Mass Top for Entrepreneurship
The Commonwealth of Massachusetts has a strong legacy of entrepreneurship. However, the Massachusetts entrepreneur, along with the rest of the United States, has not been impervious to the recent economic downturn. The lingering effects of the recession appear to have impacted entrepreneurial businesses. Despite these challenges, entrepreneurs are optimistic about the future.
Exploring the impact of entrepreneurship on economic growth for the Commonwealth, the State of Massachusetts, in conjunction with Babson College, will expand the normal work of the Global Entrepreneurship Monitor – a project Babson co-founded almost a decade ago which studies the entrepreneurial activity in 52 countries – to bring the most comprehensive entrepreneurial study to Massachusetts, a task which has never been applied on the state level before.
In the last report conducted by The Babson Entrepreneurial Monitor, data shows that entrepreneurs see significant growth opportunities and their growth expectations are rising. Early stage entrepreneurs are increasingly well-educated and motivated by social goals. Overall, they are more innovative than their established business counterparts and are increasingly adopting new technology, including customer relationship management software, PDA phones, voice over IP phones and specialized hard and software.
The same study taken in 2008 showed that Massachusetts ranked as the top state in the nation for entrepreneurial activity. Results indicated that new businesses were being created more rapidly in Massachusetts than in the U.S. overall and established businesses growing. These findings showed Massachusetts as leading the nation indicating that no state is better positioned to weather the current economic downturn.
Massachusetts is entrepreneurial in all its corners, but often not in the same way or for the same reasons. As in 2008, current reports indicate that entrepreneurs are opportunity-driven and optimistic about their success.
Last updated: May 16, 2012