Supporting Entrepreneurs Is Critical
Over the years, we’ve written a number of times about the importance of promoting entrepreneurship and mentoring those trying to start and grow their own businesses.
This component of economic development, one that is often overlooked amid efforts to attract large businesses, open new industrial parks, and grow new business sectors like biotech, is vital because small businesses have always been the key to the growth and vitality of individual communities and regions like Western Mass.
Just as important, these small businesses — everything from restaurants to dry-cleaning establishments; from dance studios to clothing stores — help give these communities their identity and make them more livable.
And that’s why we’ve been a strong supporter of what has become a movement of sorts in this region to encourage entrepreneurship and help those who have made the decision to put their name over the door — figuratively if not, in many cases, literally. Within this movement has been the creation and development of what’s been called the entrepreneurship ecosystem, which has many moving parts, from agencies that support entrepreneurs to colleges with programs in this subject, to venture-capital firms that provide the vital fuel to help businesses get to the next stage.
This ecosystem has always been important, but it’s perhaps even more important now in the middle of this pandemic. That’s because — and you know this already, but we need to remind you — a large number of small businesses are imperiled by this crisis. Their survival is not assured by any means, and as the calendar turns to fall — with winter not far behind and no relief in sight from this pandemic — uncertainty about the fate of many businesses only grows.
As the story on page 6 reveals, agencies and individuals that are part of the ecosystem have been working to help businesses navigate their way through this whitewater, be it with help securing a grant from the local chamber of commerce or a Paycheck Protection Program loan, or making a successful pivot to a different kind of service or a new twist on an old one that would help with all-important cash flow.
Meanwhile, the work of mentoring those in business or trying to get into business goes on, often with powerful results, as that same story recounts. Initiatives such as WIT (Women Innovators and Trailblazers) creates matches that provide rewards to both parties, but especially the young (and, in some cases, not so young) women working to turn ideas into businesses and smaller businesses into larger, more established ventures.
It would have been easy to put such initiatives on the shelf for several months until the pandemic passes, but we don’t know when it’s going to pass, and the business, if we want to call it that, of supporting people like Nicole Ortiz, who recently put her food truck on the road in Holyoke, and Leah Kent, who wants to grow her business that supports writers and helps them get works published, must go on.
And it does, because, as we said, the creation and development of small businesses isn’t just one component of economic-development activity in this region; it is perhaps the most important component of all. v