The Insider Archive
The Insider: Philadelphia: A Destination for a Strong Entrepreneurial Community
Innovation Matters, Volume 1, Issue 16 - May 21, 2008
A vibrant, successful, entrepreneurial community is essential to regional growth. The next three issues of Innovation Matters are exploring key aspects that allow entrepreneurs to flourish within the Philadelphia Region: an entrepreneurial community, funding opportunities and entrepreneurial education.
Philadelphia's history is built on innovation, a culture of creative thinking and a spirit of entrepreneurism. From the city that Ben Franklin called home and the location of the first computer, Philadelphia is a destination for a strong entrepreneurial community.
The Kauffman Index of Entrepreneurial Activity, 1996-2007 recently showed Philadelphia is lagging behind many other major cities in developing an entrepreneurial community. In this issue, you will learn about organizations and resources that are successfully enhancing Philadelphia's entrepreneurial community, which will better position Philadelphia as an entrepreneurial city.
Spirited, Entrepreneurial Groups
Groups such as Philly Startup Leaders (PSL) and the Entrepreneurs' Forum of Greater Philadelphia (EFGP) connect local entrepreneurs to support and foster each other's work during the process of creating a business.
"Philly Startup Leaders offers a valuable social and professional network for its members. PSL is a community of fellow entrepreneurs that members can lean on for support and encouragement," says Austin Lavin, a PSL member and CEO of Myfirstpaycheck.com.
"Without a doubt, Philadelphia is a fantastic city to be an entrepreneur," says Blake Jennelle, PSL President and CEO of Anthillz.com. "There's a great talent pool here and much less competition for it. You can stand out and make a name for yourself."
Philadelphia is an affordable city on a startup budget, as compared to neighboring cities, where a lot of money must be dedicated to salaries. "I think Philadelphia is the country's best-kept secret for entrepreneurs," Jennelle says. Since PSL's creation one year ago, about 200 members have joined the organization.
When asked about the findings in the Kauffman report, Janelle responds, "Forget the Kaufmann data and look at the reality on the ground. Philadelphia is teeming with young entrepreneurs starting ambitious companies. I think we're at a tipping point. In a few years, some of these companies will become household names, and MBA students will be writing case-studies about our success in this region."
EFGP has been helping entrepreneurs fulfill their dreams for over 25 years. "Our mission is to foster entrepreneurialism in the Greater Philadelphia area through networking and education," said Executive Director Dan Ross. "EFGP collaborates with other great support organizations and educational institutions to achieve this goal." EFGP holds free monthly networking and education events open to all.
Government and Economic Development Support
State and local government and economic development organizations play a crucial role in supporting the entrepreneurial community.
According to the Commonwealth of Pennsylvania's Entrepreneur's Guide, Start and Growing a Business in Pennsylvania, "This is an exciting time in American business history to become an entrepreneur. Government and industry now recognize the important role of young firms in providing fuel to the nation's economy."
As an economic development strategy, it is crucial to focus on entrepreneurs because more jobs are created by businesses started in the region than businesses that relocate here.
Along with funding support, Innovation Philadelphia has developed an online and print guide for entrepreneurs, called the Greater Philadelphia Entrepreneurs' Resource Guide, with over 280 resources to assist in starting and growing a business in the Philadelphia Region.
The City of Philadelphia has commenced the reduction of taxes to make Philadelphia a more business-friendly city. The City's Department of Commerce is currently revamping its business services function with a more detailed focus on the entrepreneurial community.
Fueling the Creative Mind
Additional resources for entrepreneurs in the area include non-traditional work spaces, such as Independents Hall. With a grand opening in August 2007, Independents Hall offers a work space for freelancers, independents and work-from-home professionals. The work location offers workspace, internet, conference rooms, support from intelligent professionals and much more.
Weekly and monthly brainstorming sessions, such as Purple Cow Brainstorming Circle and Cream Cheese Thursdays, allow entrepreneurs to connect, share ideas and let creativity flow. These new innovative work activities allow entrepreneurs to brainstorm new ideas and create new businesses that grow the economy in the Philadelphia Region.
Online support continues to grow for entrepreneurs in the Philadelphia Region. Groups such as the Philly Meetup provide an online meeting room, networking and calendar of events for entrepreneurs in the region.
With a strong entrepreneurial community - combined with funding and education - how can anyone say Philadelphia isn't a city to start a business?
Tell us what you think.