Entrepreneurship drives economic growth and prosperity. When entrepreneurs start new businesses, they create jobs, increase demand for goods and services and generate new revenue streams. This leads to economic growth and increased prosperity for all.

Innovation drives gains in productivity. Much of this innovation comes from entrepreneurs and new businesses.

A strong entrepreneurial ecosystem attracts new businesses and talent, initiating a cycle of economic development. Programs and services that support small businesses, robust infrastructure planning and policies fostering a healthy business environment are essential to encourage a diverse business landscape.

While not all small businesses exert the same economic impact, they serve as the foundation for larger companies, contributing to a healthier economy overall. Small businesses also provide opportunities for entrepreneurs who might not have the resources to start larger companies.

Since I’m traveling as I write this column, I decided to share economic development initiatives from a couple of European countries and draw parallels to Colorado initiatives.

Starting with my homeland, Sweden has focused its efforts in recent years on supporting startups in  artificial intelligence and technology. Sweden stands out with its robust support for tech startups through the Startup Sweden program. This initiative offers mentorship, access to funding and international exposure, positioning Sweden as a global innovation hub.

In 2023, Sweden experienced a 7 percent increase in startup formation, particularly in financial and health technology. The country’s investment in digital infrastructure and a strong emphasis on research and development have been key drivers of this growth.

Greece, a country that’s been recovering from a prolonged economic crisis, has made significant strides with its Elevate Greece initiative. This program supports the startup ecosystem through funding opportunities, tax relief and networking events aimed at attracting domestic and international investors.

In 2023, the startup sector in Greece grew 12 percent, with notable successes in the agriculture and tourism technology industries. The government’s focus on creating a business-friendly environment has been pivotal in this resurgence, providing a model for economic recovery and growth.

In Colorado, the Office of Economic Development and International Trade (OEDIT) plays a similar role in fostering entrepreneurship and innovation. The advanced industries accelerator program provides grants and other resources to startups in such key sectors as aerospace, bioscience and advanced manufacturing. This mirrors Sweden’s focus on tech and innovation, supporting Colorado’s position as a leader in high-tech industries.

Similarly, the  network of Small Business Development Centers in Colorado offers one-on-one business consulting and training programs to help small businesses navigate challenges — akin to the Elevate Greece initiative. These efforts ensure entrepreneurs have the support and resources they need to succeed, fostering a resilient and dynamic business environment.

Entrepreneurship thrives when government policies and economic development organizations work together to increase resources available to entrepreneurs and protect against economic slumps. Supporting entrepreneurship drives innovation and creates jobs, leading to a stronger and more prosperous community.

As we reflect on these international examples and our local efforts, we should ask ourselves: How can our community better support entrepreneurship? What policies and initiatives can we implement to foster a robust entrepreneurial ecosystem?

By fostering curiosity and inspiring action, we can navigate and overcome economic challenges, building a brighter future for our community.