Over the past two years, Fort Worth has demonstrated its capability to enact significant improvements for local entrepreneurs and innovators. However, there remains much work to be done.
In February 2024, a revised version of the Entrepreneurship & Innovation Advisory Committee, comprised of various stakeholders passionate about investing in growing entrepreneurship and innovation, convened to develop an overarching guide for the Ft. Worth council committee of the same name. The council committee focuses on policies and partnerships that will enhance entrepreneurship and Fort Worth’s business environment and look to data to help improve policies around permitting, small business success, and strategic development.
Pulling from a white paper presented in the summer of 2021, available at www.startupfortworth.com, the committee began ranking current priorities to increase economic development through entrepreneurship. Through passionate discussions and data analysis, a new white paper was developed.
In May 2024, committee co-chairs, Tamara Payne from Ensemble Coworking & Sparkyard and Cameron Cushman with HSC Next, presented their findings to the city council E&I committee, consisting of council members Michael Crain, Chair, Charles Lauersdorf, Vice-Chair, Carlos Flores and Macy Hill.
Review of the presentation established:
- Entrepreneurship equals economic development
- New businesses (companies <5 years old) are net job creators
- Fort Worth’s entrepreneurial ecosystem is underdeveloped, considering our size and wealth
- Resources remain fragmented, siloed
- We lack a high-profile, well-resourced benefactor that advocates for entrepreneurship
- Bright spots: Fort Worth ranked 7th best place to start a business (WalletHub)
- The City should take the lead on some recommendations, but not all
- The entrepreneurial ecosystem-building community is here to support and lead other recommendations
The white paper Entrepreneurship = Economic Development, How to Move Fort Worth Forward focuses on the problems the city of Fort Worth faces regarding entrepreneurship and innovation. It also touches on several items that have been accomplished since the first white paper. The critical component in the paper is the recommended actions that the city, entrepreneurial support organizations, and individuals can take to move Fort Worth forward.
While governments often resort to forming panels or task forces to examine issues, the recommendations in this document, combined with insights from numerous stakeholders like Tech Fort Worth, Techstars, The DEC Network, Near Southside, Co-Starters, Inc., The Fort Worth Hispanic Chamber, and many others, offer a wealth of actionable ideas. The only incorrect approach to boosting our entrepreneurial activity is inaction. Embracing the entrepreneurial spirit, let’s collaborate to innovate, include new voices and ideas, and strengthen our entrepreneurial community for future generations.
White Paper: Entrepreneurship = Economic Development, How to Move Fort Worth Forward
