I read an article about a taxpayer-funded economic development start-up called AccelerateMSP and thought, wow, even the startup’s CEO acknowledges the program can’t give entrepreneurs what they need to succeed. Yet, somehow, the city of St. Paul, the state and a few other private foundations are funding this program. Why?
Using taxpayer money, the program receives funding to counsel entrepreneurs and connect them with resources. Wonder what “resources” they’re talking about? Well, it’s not the capital that small business owners need most – it’s access to opportunities and people.
Every successful entrepreneur knows the importance of seeking out opportunities and people; an entrepreneur needs capital not counseling programs and loosely defined resources to build their business.
Government should stop dumping taxpayer money into AccelerateMSP’s bewildering counseling and resource program in the Twin Cities. Rather, the state and private foundations should look for economic development opportunities in rural areas supporting small and medium-sized startups that possess the drive, knowledge and resources to succeed with the right support.