White House Visit: Babson Professor Helps Craft Inclusive Support for Entrepreneurs
Babson Associate Professor of Entrepreneurship Lakshmi Balachandra was invited to the White House for the release of the National Entrepreneurship Strategy by the National Advisory Council on Innovation and Entrepreneurship (NACIE).
Balachandra, who co-authored the report entitled, “Competitiveness Through Entrepreneurship: A Strategy for US Innovation,” joined federal officials and committee members at a White House announcement to unveil recommendations aimed at boosting entrepreneurship while fostering inclusivity in the business landscape.
The recommendations, developed by the 32-member NACIE, were created after a charge by the Secretary of Commerce, Gina Raimondo, who said, “NACIE’s report and recommendations provide a road map to help ensure America remains a global leader by expanding research and development, increasing access to capital, and fueling inclusive business growth across the country.” Implementing the 10 recommendations could influence the country’s entrepreneurial ecosystem for years to come.
“These recommendations can profoundly impact future entrepreneurs,” Balachandra said. “It’s been amazing to see the number of activities and resources coming from across federal government agencies for would-be entrepreneurs and innovators.”
Balachandra, whose research focuses on the intersection of entrepreneurship and gender, worked with Steve Chase, the founder of AOL, and Kristina Johnson, former president of The Ohio State University, in their roles as co-chairs of NACIE.
“I had the ability to craft the working groups’ ideas developed from meetings with the NACIE members into meaningful recommendations and implementable actions that we outline in this report,” Balachandra said. “More importantly, the report offers short-term applications and long-term policy creation opportunities that could turn into real solutions and benefits for U.S. entrepreneurs.”
A Blueprint for Competitiveness Through Entrepreneurship
The final report, “Competitiveness Through Entrepreneurship: A Strategy of U.S. Innovation,” provides policy recommendations, guidance for congressional legislation, and potential executive office actions for increasing and supporting entrepreneurship and innovation.
One notable recommendation is the establishment of an online “one-stop shop” portal, envisioned to streamline access to government programs, funding opportunities, and other vital information for entrepreneurs. Raimondo, who will be charged with implanting these recommendations, expressed interest in taking steps to start the portal right away.
“This is one example of what the Secretary of Commerce called a short-term play that could be accomplished quickly, even before the next NACIE meeting in May,” Balachandra said. “The Secretary wanted to set into action recommendations that she could help implement through the Administration; this also included creating a National Innovation Council (NIC), another top-line recommendation that would help coordinate federal government entrepreneurship and innovation efforts.”
The NIC would coordinate entrepreneurship-related federal government activities nationwide and prioritize efforts related to critical technologies through various actions, including requiring mandatory reporting of demographics of venture capital investments.
Balachandra describes the event as not just a professional milestone but a profound opportunity to influence policy, particularly regarding the empowerment of women entrepreneurs and fostering diversity in venture capital funding.
“I felt I was getting the chance to actually make an impact through my work writing this report and helping craft actionable recommendations.”
Lakshmi Balachandra, Associate Professor of Entrepreneurship
“After 20 years of researching specific ways in which women could get more access to venture capital, I have to admit I felt discouraged. Nothing seemed to be moving the needle; women continue to receive less than 2% of U.S. venture capital funding,” Balachandra said. “And now, this report and recommendations that include diversification of entrepreneurship and funding was also of importance to the White House. I felt I was getting the chance to actually make an impact through my work writing this report and helping craft actionable recommendations.”
A Whirlwind Day
In addition to the enormous progress the NACIE recommendations represent to the country’s entrepreneurship and innovation efforts, Balachandra’s invitation to the announcement was her first trip to the White House.
She described her experience as a whirlwind day filled with discussions and insights that spanned from early morning sessions to a special evening West Wing tour.
“I could barely sleep the night before; I was so excited. I was mostly worried about oversleeping—can you imagine missing this meeting,” Balachandra said. “I have always wanted to visit the White House, since I was young, and now that we have our first Indian and Black woman in the Vice Presidency, it felt particularly thrilling to be a part of it all.”
“I have already started bringing this knowledge to my students and helping them consider other critical components of building businesses, like regulations and patents.”
Lakshmi Balachandra, Associate Professor of Entrepreneurship
As policymakers and legislators contemplate the implementation of the recommendations, the potential impact on aspiring entrepreneurs, including students at institutions like Babson College, is profound.
“I have already started bringing this knowledge to my students and helping them consider other critical components of building businesses, like regulations and patents,” Balachandra said. And she thinks Congress could act on the recommended legislation quickly.
“Helping entrepreneurs and innovators start up and grow businesses is a bipartisan topic,” Balachandra said. “I am hopeful that these recommendations, designed to help all entrepreneurs, everywhere in the country, will be able to be implemented regardless of administration.”
Posted in Entrepreneurial Leadership, Insights
