This working paper by Karen Mills examines the small business credit environment during the recession and in the recovery-focused years since, as well as the impact persistent lending gaps may be having on job creation as a whole. Last, Mills takes a look at the dynamic and fast growing online lending market that has ignited since the recession and how the technology and innovation those entities are driving may change how small businesses and entrepreneurs finance their growth in the future.
The latest political "cliff" crisis is centered on funding for infrastructure maintenance and upgrades, specifically the Federal Highway Trust Fund. A quarter of American bridges are deemed structurally deficient, rail accidents exacerbate road congestion, mobile networks have variable coverage, and airlines are desperate for next generation air traffic control to reduce delays and fuel burn. America's elected officials must not only put politics aside and work together to invest in infrastructure, they should also modernize their frame of reference for infrastructure, with a focus on mobility.
Karen Mills, senior fellow at Harvard Business School, and Matthew Ferguson, Chief Executive Officer at CareerBuilder, talk with Erik Schatzker about the U.S. job market, the roles played by government and the business community in creating jobs, and the challenges for small business to find skilled labor to fill positions needed to grow their companies. They speak on Bloomberg Television's "Market Makers."
Despite the strong monthly U.S. jobs report released last week, it's likely too soon to cheer the positive numbers. In recent years, the number of jobs created has been anything but choppy; for instance, in October 2012 and again in February and November 2013, the U.S. economy generated more than 200,000—enough to keep up with population growth. In December and earlier this year in January, however, that momentum lapsed when job creation dropped to less than 150,000.
It's no wonder Americans remain anxious. In many parts of the country people don't believe they will be better off in five years than they are today. This anxiety shakes the very foundation of the American Dream.
— Karen Mills, Senior Fellow, Harvard Business School
As Administrator of the Small Business Administration (SBA), Karen Mills spent four years as part of President Barack Obama's senior economic team and a member of his Cabinet, specifically focused on the health and growth of America's small businesses and entrepreneurs. Now Mills has brought her experience as a policy maker—as well as 25 years of experience as an investor and small business owner—to the U.S. Competitiveness Project at Harvard Business School.
The Obama administration has put in place programs that attract more production, more investment, and more jobs back to our shores, according to Karen Mills, head of the Small Business Administration.
The United States has been using fiscal and monetary solutions as a base for its economic growth policy. But these macroeconomic strategies by itself are not leading to long-term growth. If we want to create more jobs, increase per capita income and reduce poverty, we need a shift in focus towards regions as the drivers of the national economy.
Regulation, innovation, infrastructure, education: each of these is crucial to competitiveness. Put together the small things happening in the states, and they become something rather big. That is the essence of the America that works.
US capital market competitiveness remained weak in 2012 with many competitiveness measures suffering declines from the previous year, according to the Committee on Capital Markets.
To boost U.S. competitiveness, one area recommended by The Harvard Business School U.S. Competitiveness Project is for companies to support innovation and entrepreneurship. Macy's is one example, by having an incubator to support startups relevant to its supply chain, writes Chitra Nawbatt.
Former White House economic advisor Larry Summers warned Thursday that a failure to address the fiscal cliff would make things worse as the U.S. economy now is at "critical juncture", but tackling the fiscal challenge needs long-term vision on growth.
IBM is joining hands with the Lawrence Livermore National Laboratory to develop technology, products and processes critical to the U.S. infrastructure in an effort to boost the global competitiveness of the country.
Where will the next generation of great entrepreneurs come from? David Teten, a Partner with ff Venture Capital, showcases the Venture Capital Access Program, a pilot venture providing women and minority entrepreneurs with access to venture capital.
When a business school solicits alumni, it's usually to ask for donations. Last night, though, the school hit them up for something they may find harder to give: a commitment to use whatever influence they have to get their companies to invest in the local workforce, raise U.S. median wages, and support local suppliers.
Now's the time to push pro-entrepreneurship legislation over the goal line, so we can ensure the United States remains the world's most entrepreneurial nation.
Professors Josh Lerner and William A. Sahlman explore the role of entrepreneurial ventures in addressing pressing problems like energy, the environment, healthcare, and education, while also driving productivity and domestic job growth in the U.S..
Innovation, the classic basis for U.S. success in world markets, rests on foundational institutions, such as research centers, incubators for entrepreneurs, and skills training vehicles, that provide fertile soil in which to seed, grow, and renew enterprises, writes Professor Rosabeth Moss Kanter.