Source: United States Senator for South Carolina Tim Scott
Tuesday | September 24, 2019
Earlier this year, Klobuchar and Scott launched the bipartisan Senate Entrepreneurship Caucus to address the most pressing policy issues facing entrepreneurs and today hosted a Women’s Entrepreneurship Roundtable to encourage new business founders
WASHINGTON—Today, Senate Entrepreneurship Caucus Co-Chairs Senators Tim Scott (R-SC) and Amy Klobuchar (D-MN) introduced the bipartisan Enhancing Entrepreneurship for the 21st Century Act. As recent research has demonstrated that rates of Entrepreneurship in the U.S. have fallen near a 40 year low, the Enhancing Entrepreneurship for the 21st Century Act would require the Secretary of Commerce to work with partners at all relevant government agencies to conduct a comprehensive study into the underlying factors driving the current “startup slump.”
“From going door to door selling vacuums, to eventually owning my own insurance agency, I found out first-hand what it means to sign your name on the front of the check instead of the back,” said Senator Scott. “Our job in Congress is to cultivate the soil conditions so job creators and entrepreneurs can flourish. This bill will ensure that the Executive Branch is doing everything it can to allow innovators to succeed and small businesses to grow.”
“Entrepreneurs are the innovators driving economic growth, but fewer and fewer new businesses are launched every year,” Senator Klobuchar said. “This legislation would allow us to identify and evaluate the reasons for the lag in new business formation. With a better understanding of the causes of this slowdown, Congress will be able to work with entrepreneurs across the country to stimulate innovation and create jobs to move our country forward.”
Click HERE to read full bill text.
Quotes for Enhancing Entrepreneurship for the 21st Century Act
“After growing at an average annual rate of 3.6 percent between 1947 and 2000, the U.S. economy has not grown at 3 percent or better on a year-over-year basis since 2005. It is not a coincidence that this subpar growth is occurring at a time when startup rates have fallen near four-decade lows. Revitalizing American entrepreneurship and achieving the more robust economic growth the American people need and deserve requires informed changes in public policy – which, in turn, requires a rigorous understanding of the likely causes of declining rates of new business formation. The Enhancing Entrepreneurship for the 21st Century Act will contribute enormously to our understanding by directing the Secretary of Commerce to investigate the issue, bringing to bear all the data and analytic capacities of the Federal government. CAE thanks Senators Amy Klobuchar and Tim Scott for their leadership on this critical issue and looks forward to supporting the Secretary in this important endeavor.”- John R. Dearie, President, Center for American Entrepreneurship
“Our small businesses play a key part in job creation as well as demonstrate the critical role entrepreneurship plays in a sustainable economy. Senator Scott’s leadership in recognizing the issues facing small business startups and then taking bipartisan action to start addressing the problem is a model for other elected officials to follow.”- Frank Knapp, President and CEO of the South Carolina Small Business Chamber of Commerce
“The Enhancing Entrepreneurship for the 21st Century Act would task the U.S. Department of Commerce, the Office of Advocacy at the U.S. Small Business Administration, and other federal researchers with accumulating the latest data and advising Congress’ work within 12 months. We share your optimism that a comprehensive federal study on the startup slump would inform Congress, the Administration, and stakeholders in the business community. Undoubtedly, the policy dialogue informed by such a report would better address the unique needs of entrepreneurs like those businesses at Digital Ignition and at other start-ups throughout the country. We look forward to working with you on highlighting the benefits of the Enhancing Entrepreneurship for the 21st Century Act and working with your colleagues in the Senate to ensure its passage.” – Dr. Christel Slaughter, Chair of the U.S. Chamber of Commerce’s Small Business Council.
“Strong entrepreneurship is central to America’s innovative and economic vitality, and addressing weak startup activity must be a priority for elected officials and business leaders across the United States. SBE Council applauds the leadership of Senator Klobuchar and Senator Scott for introducing the Enhancing Entrepreneurship for the 2st Century Act, which will help guide the development of effective policies and actions by uncovering and fully understanding the underlying causes of the startup slump,” said Karen Kerrigan, President & CEO of the Small Business & Entrepreneurship Council.
- US Chamber of Commerce
- South Carolina Small Business Chamber of Commerce
- Center for American Entrepreneurship
- Small Business and Entrepreneurship Council