WSJ reports that public and private sector leaders will announce Thursday a $100 million seed fund to support local companies. The article also says the city still acts as base for several big corporations, despite losing some iconic companies in recent years.
According to WSJ, research reveals a strong correlation between job growth and entrepreneurship. Ajay Agrawal, a University of Toronto economist, has studied what cities can do to encourage entrepreneurship. His findings showed three qualities entrepreneurial cities possess: capital, a mix of small and large businesses, and available role models.
The article says St. Louis is one of the country’s richest in terms of inherited wealth, but that local fortune heirs are hesitant to invest in start-ups. According to Agrawal, the $100 million seed fund is a good start for gaining capital, but warns that promoting growth isn’t easy. “Lots of cities are trying to do what St. Louis is trying to do,” Agrawal said. Every city and town is trying to find the magic bullet for innovation and entrepreneurship. Nobody has figured it out.”
By: Christina Santiago Turner
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