What can Wall Street learn from thriving small businesses on Main Street, and how do these businesses evolve successfully from their start-up roots? Those questions inspired three economists, Paul Oyer, Michael Mazzeo and Scott Schaefer, to take a road trip across America's heartland.
Greater Cincinnati has become known as a region where new ideas can get noticed, get funding and get help developing into viable projects. And now two local professionals have added a fun new twist to micro-funding innovative ideas, and it involves ice cream.
Of the 15 companies that have been helped by UpTech, the Northern Kentucky business accelerator, over the last two years, 13 are still in operation. That is a great track record when you consider that half of all new-business startups fail. UpTech, which focuses on informatics and new ways to process, store, retrieve and use data, recently named the semi-finalists in its third class of entrepreneurs.
The entrepreneurial spirit is alive and well in Greater Cincinnati. Our region's economic climate and support networks are becoming more favorable each year to those looking to take the chance and start their own business. But it's still a risky proposition, and no one should start a company without doing their homework.
Patrick Burke, CPA, attorney and author, says everyone has a number, that number, if invested wisely, that results in zero financial worries for the rest of your life. The number that provides “exit velocity” from the gravitational pull of your financial needs. A number, he says, few of us will reach in traditional salaried jobs.