38.9 F
Fort Worth
Thursday, October 29, 2020
Business Council Report: Sturns reports on small business and entrepreneurial ecosystem assessment, strategy

Council Report: Sturns reports on small business and entrepreneurial ecosystem assessment, strategy

Other News

Pandemic hammers small businesses vital to economic recovery

EDITOR'S NOTE — Small businesses around the world are fighting for survival amid the economic fallout from the coronavirus pandemic. Whether they...

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

SMALL BUSINESS & ENTREPRENEURIAL ECOSYSTEM ASSESSMENT AND STRATEGY

At Tuesday’s work session, the Fort Worth City Council received an informal report from the city’s Director of Economic Development Robert Sturns on his department’s Small Business and Entrepreneurial Ecosystem Assessment and Strategy.

As part of the Economic Development Strategic Plan adopted by the council in 2017, this is part of the city’s effort to compete successfully on the national and international stages for creative, high-growth businesses and talented individuals who make them so. The vision has three goals:

1. Establish Fort Worth’s competitive edge.

2. Become a hub for creative businesses.

3. Ensure community vitality.

Outlined in the plan are several initiatives and goals associated with entrepreneurship and small businesses. The belief is that a stronger, more connected set of networking channels for entrepreneurs, investors, and tech workers in Fort Worth will also help startups and tech firms already in existence. This same connection could help Fort Worth become a hub of entrepreneurial activity, making the city more attractive to entrepreneurs and high-growth companies from across the metro area, state, and even the nation.

A clear delineation of the support functions available to small businesses will also help the Fort Worth Business Assistance Center and others provide more effective and efficient services to assist in the growth of local firms.

In March, the Fort Worth Local Development Corporation (FWLDC) Board

approved this assessment and strategy, contracting with Camoin & Associates to conduct the analysis. Entreworks Consulting was also engaged in the analysis.

Findings of the report show that of the 15 indicators evaluated among benchmark communities, Fort Worth ranks second. Benchmark communities included Atlanta, Austin, Columbus (Ohio), Kansas City (Missouri), Los Angeles, Miami, Nashville, Pittsburgh, St. Louis, and Washington D.C.

Still, while ranked No. 2, several areas have been highlighted as needing improvement, including:

*African American self-employment.

*Women entrepreneurship.

*Youth entrepreneurship.

Preliminary initiatives suggested to enhance support in these areas include resources such as Sparkyard, along with expanding efforts at the Business Assistance

Center. The need to connect and communicate around Fort Worth’s entrepreneurial ecosystem, both internally and externally, were also highlighted.

“The results of the study were very positive when we compare Fort Worth to our benchmark cities. I think that just speaks to the strength of the entrepreneurship ecosystem in Fort Worth,” Sturns said. “There are still some gaps which we will be looking to address over the next year.

“Entrepreneurship has changed significantly since we established the Guinn campus (Office of Small Business) over 20 years ago. In order to remain effective, this study was important to assess our strengths and weakness to determine how we can best serve our entrepreneurs in the future.”

Latest News

Tarrant County indicts 4 for elder fraud

The Tarrant County Criminal District Attorney's Office announced Wednesday that three men and one woman have been indicted on charges of engaging...

Former DHS official says he wrote ‘Anonymous’ Trump critique

By KEVIN FREKING and ZEKE MILLER Associated PressWASHINGTON (AP) — A former Trump administration official who penned a scathing anti-Trump op-ed and...

Developer tied to Texas AG accused judge, others of fraud

By JAKE BLEIBERG Associated PressDALLAS (AP) — An Austin real estate developer at the center of recent allegations against Texas Attorney General...

Self-driving tech company opening location in Alliance

TuSimple, a self-driving technology company that focuses on heavy-duty trucks, is coming to AllianceTexas’ Mobility Innovation Zone (MIZ) in north Fort Worth.

Dow sinks 943 points as surging virus plagues Wall Street

By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA AP Business Writers The Dow Jones Industrial Average sank 943...