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In a report by Endeavor Insight on the impact of scaleups in Greater Louisville, Endeavor found that the metropolitan area lags behind peer cities and the U.S. as a whole in terms of economic growth. Louisville’s per capita gross domestic product (GDP) ranks 38th out of the top 50 U.S. metropolitan areas. The number of startups in Greater Louisville has increased, but the number of large businesses has declined even though the population is growing. The number of companies employing 500 or more workers in the Louisville area dropped by more than 35% in the last twelve years, while the number of local micro-businesses increased by more than 100%.
However, Endeavor found that there is a framework for action that leaders in Louisville can use to foster the development of more scaleup companies by improving the local ecosystem for high-growth businesses. Cities that wish to foster the growth of more scaleup firms and become hubs of entrepreneurship must foster the development of the local entrepreneurship ecosystem – the way individuals, companies, organizations, and governments interact to influence the development of local entrepreneurs and their firms. Louisville’s entrepreneurship ecosystem has three major strengths: great quality of life, excellent access to a skilled workforce, and successful entrepreneurs who have a desire to reinvest in others. To leverage these attributes, Endeavor Louisville launched in 2014 to select, support and multiply the impact of the area’s high impact entrepreneurs.
Read more of the report’s findings below.
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