Last week, I published a post about BCLC research on the state of U.S. job creation. In that post, I highlighted the importance of business ecosystems for creating jobs. In this post we are going to look at a sample of companies that recognize the importance of societal and business relationships in creating jobs. These companies stand out for promoting a greater culture of entrepreneurship to grow new ventures.
How do we know which companies are making a difference in this key area? A summary look at the top 50 Fortune 100 companies reveals interesting insights. Looking through the list, several companies make notable contributions to entrepreneurship. For instance, General Electric has earmarked $200 million for its ?Eco-magination? challenges that spur entrepreneurs to address social and business problems.
Similarly, we see several industries where the promotion of entrepreneurship is clustered. The financial services industry stands out for its focus on innovation. In their corporate citizenship portfolios Bank of America, Citigroup, JPMorgan Chase & Co, and Wells Fargo all focus on entrepreneurialism. For instance, in 2011 JPMC made a commitment of $7.5 million to the Institute for Veterans and Military Families. This institute is affiliated with the Entrepreneurship Bootcamp for Veterans with Disabilities, which helps returning veterans learn the ropes of starting new businesses. The boot camp program has recently drawn a lot of attention, showing up in connection with a number of the Fortune 500 companies. Along the same lines, Bank of America in 2011 donated $250,000 to Syracuse University?s South Side Innovation Center, and Citigroup Foundation donated $255,000 to fund 15 specific entrepreneurial grants targeting women?s empowerment around the world.
In addition to gifting donations to nonprofit partners associated with entrepreneurialism, the financial giants have also started programs to incubate innovation as part of their core business. Bank of America hired more than 50 small business bankers in New England to provide guidance and counsel to local small business owners. The JPMC Foundation established its Catalyst for Growth in South Africa to build management capacity and skills in the region.
Like the financial sector, computer technology companies also consider entrepreneurship as a priority. From the top 50 list, IBM, HP, and Dell stand out for their special concentration on developing entrepreneurship. ?For instance, Dell has created an Entrepreneur in Residence program to provide insights from real world entrepreneurs.
IBM has also made a strategic use of entrepreneurship programs. Through its ?smarter planet? program, IBM has cultivated close relationships with venture capitalists and start-ups. In 2011, its strategic partnership with Streetline Inc., a company developing applications for finding empty parking spaces, yielded positive results. IBM is banking on these kinds of relationships to help keep it on the cutting edge of new technologies.
The positive benefit of entrepreneurial programs is potentially quite large. The work that leads to long-term gains in employment is the kind that colonizes new ground, providing goods and services that the world will soon find indispensible. A culture of entrepreneurship has the potential to feed this cutting-edge expansion. As mentioned in our recent report on job creation, the companies that recognize this potential will be best poised to capitalize on new opportunities.
Related Report:?U.S. Job Creation During this Decade - Where Recovery Is Happening
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