According to the National Center for Rural Entrepreneurship, the Great Recession that began in late 2007 was a powerful call to action. This recession led to business failures, reshaped markets, and threatened the future of many existing businesses. There is a growing recognition that effective economic development now requires a focus on existing and new entrepreneurs.
The state of New Mexico can help communities build a prosperous future through the development of entrepreneurship. Entrepreneurial development is a necessary component of any economic development strategy and is the most promising strategy for rural and small metro areas. Creating an entrepreneurial environment requires a “growing our own” mentality and a systems approach of collaboration that connects services, capital, and talent.
For our state to grow and prosper, economic development must place equal emphasis on creating and growing new businesses in New Mexico and recruiting businesses from outside New Mexico. This includes helping existing businesses grow and prosper.