Engine hosted the Startup Policy Seminar to discuss access to capital policy and how startups can get involved to drive solutions to capital access barriers. Engine supports the growth of technology entrepreneurship through economic research, policy analysis, and advocacy on local and national issues.
Limited access to capital is one of the biggest challenges that entrepreneurs – particularly underrepresented founders – face when launching a startup. COVID-19 has presented new challenges for startups, especially when it comes to accessing capital. The thought of approaching and engaging Congress or policymakers to drive solutions to these problems may seems daunting, but Engine and the panel of experts covered steps that can be taken to engage policymakers in a discussion on this topic.
A point that was emphasized by all panelists, was that entrepreneurs need to bring the challenges they are facing to their policymakers at the local, state and federal levels. There is value in policymakers hearing from entrepreneurs and the barriers they are facing to operating business and accessing capital.
Raising awareness is important to hold agencies accountable to address barriers to capital and other issues that hinder entrepreneurial success. In addition to letting your policymakers know what isn’t working, it is also important to let them know what is working. If you have a great business resource center or CDFI, make sure you share that so that those resource providers continue to receive funding to provide support to you and your community.
There is no one size fits all approach to reducing barriers for entrepreneurs. Many lawmakers do not have entrepreneurial experience and will benefit from learning from entrepreneurs and ecosystem builders on the ground. Educating policymakers about the challenges faced and potential solutions will result in an open dialogue to improve innovation and entrepreneurship nationally.