Entrepreneurship and small business ownership are vital to the economy of Hampton Roads, the commonwealth, and the nation, with the U.S. Small Business Administration indicating that small businesses make up over 99% of all businesses in the U.S. StartWheel Hampton Roads is an organization that supports small businesses and entrepreneurship in the region, providing the necessary interconnectivity for coordinating activities. With a variety of resources, including military installations, colleges, universities, innovation centers, and more, StartWheel showcases the entrepreneurial spirit of Hampton Roads and encourages the growth of the local business ecosystem, thus boosting the region’s economy and enhancing the quality of life for its citizens.
The Importance of Entrepreneurship
FROM INSIDE BUSINESS BY TIM RYAN AND JIM CARROLL
Entrepreneurship and small business ownership is the backbone of the economy of this region, the commonwealth, and the nation. The U.S. Small Business Administration reports that small businesses account for over 99% of all businesses in the country.
Support for Small Businesses in Hampton Roads
Here in Hampton Roads, we are indeed fortunate to have numerous organizations that, either directly or indirectly, support our small business owners and a growing entrepreneurial community.
As one can imagine, with 17 jurisdictions, 16 military installations, 11 colleges and universities, NASA Langley Research Center, Jefferson Lab, and the deepest port on the East Coast, there are countless entrepreneurial activities taking place throughout the year.
That’s not including the activities from angel investor groups, innovation centers, makerspaces, school curricula at places like Kempsville High or organizations like the Small Business Development Center. With StartWheel, the region now has the interconnectivity needed to coordinate activities and succeed.
The Role of StartWheel in Supporting Entrepreneurs
While each organization has its own strengths and capabilities, cooperation and partnering with other service providers enables an even higher level of service and success.
StartWheel showcases Hampton Roads’ entrepreneurial spirit and the size of the local business support system. Having this tool will enable the region’s small business and entrepreneurial ecosystem to grow, thus growing the region’s economy and improving the quality of life for Hampton Roads citizens.
“Never before has the region worked this closely together,” said Paul Hirschbiel, StartWheel’s chairman of the board. “Bringing together the startup community with the small business footprint of the Small Business Development Center shows how strong of an entrepreneurial ecosystem we really have. Both complement each other perfectly and now they can grow together.”
Tim Ryan is the executive director of StartWheel and Jim Carroll is the executive director of the Small Business Development Center of Hampton Roads, an affiliate of the Hampton Roads Chamber. To learn more, visit innovate757.org and hrsbdc.org.
Question & Answer
What percentage of businesses in the U.S. are small businesses?
The U.S. Small Business Administration reports that small businesses make up over 99% of all businesses in the country.
What resources does StartWheel Hampton Roads provide for small businesses and entrepreneurs?
StartWheel Hampton Roads provides interconnectivity for coordinating activities among various resources such as military installations, colleges, universities, and innovation centers to support small businesses and entrepreneurship in the region.
How does StartWheel contribute to the growth of the local business ecosystem in Hampton Roads?
StartWheel showcases the entrepreneurial spirit of Hampton Roads and encourages the growth of the local business ecosystem, thus boosting the region’s economy and enhancing the quality of life for its citizens.
