GWOctober is pleased to host a gathering of global leaders under the banner “Entrepreneurship and Economic Development: A winning combination” at George Washington University from October 22nd to 24th.  Entrepreneurship plays a significant role in the revival of dormant and neglected sectors within our economy.  Entrepreneurship for many years was associated with high-tech and was limited to research parks and universities.  This is, fortunately, no longer the case.  The breakout has begun and the impact on our society is proving to be nothing short but extraordinary.  The new life that is breathed in manufacturing, agriculture, and those associated with the 1st Industrial revolution has been fascinating to watch.

Economic development has been typically associated with a list of common factors that are used to gauge the economic metrics within a society. These include the need for improvement in better living conditions, increased education and literacy, and access to healthcare. What is the relationship between Entrepreneurship and Economic Development?  How is this relationship tested in an age of automation and artificial intelligence?   Well, this year’s conference will address these questions.   For the first time, the US Small Business Administration (SBA) has partnered with the International Council for Small Business (ICSB) to provide a one-day boot camp (pre-conference) on what are the pillars that policymakers must include in order to build strong support for both entrepreneurs and empower economic development officials.   These pillars include tutorials on capital access programs, building a network of technical counselors and trainers, public funding for small business development through procurement, contingency planning, and how to create the right the regulatory environment to promote Small and Medium Enterprises (SMEs) support. Other topics on entrepreneurship policy and the role of the state will address the role that government policy plays in shaping the climate for small business starts and growth. Access to capital financing is a cornerstone of every small business and leading financiers and financial institutions will share their views and process that should be considered when seeking access to capital. This is a good time to be in the company of SMEs.

A win-win situation is defined as a mutually beneficial event.  Entrepreneurship, as applied to solving the challenges that are defined by economic development metrics, presents such an opportunity.   In attendance, will be Washington, D.C. officials who will welcome speakers and participants.  Mr. Joseph Jye-Cherng Lyu, Chairman of Taiwan Financial Holdings, will share his views on entrepreneurship, capital access, and government policy, as the leader of the Bank of Taiwan.   The 9th Annual Policy conference will address the topic of “Entrepreneurship Policy and the Role of the State.”   Government officials from the US Department of Labor (DOL), SBA, and the United Nations’ Division of Sustainable Development and Department of Economic and Social Affairs (DESA) will share how each organization works with SME formation and support via policies at the national and international level.

Capital is the lifeblood of any business or organization.   The Finance and Access to Capital Markets will give notable executive leaders at banking institutions and financial holdings organizations the opportunity to share best practices when working with small businesses.  This is a must see panel because the implementation of banking regulation, as understood by the executive leadership, is important to solve the access to capital hurdle.   Wrapping up the day, the audience will be treated to a discussion around “The Shifting Sands in Global Economic Power.”  The internet age and technology have given access to knowledge to entrepreneurs and small business owners globally.  By filling long existing economic knowledge gaps, more and more regions around the world are finally taking their place in global opportunities.

Entrepreneurship can be defined as the combination of creativity and Innovation, with creativity equating to thinking new things, while Innovation is about doing new things.  Let the winning continue.

-Author:
Dr. Winslow Sargeant
ICSB Senior Vice President of Partnerships