Georgia Ranked First in U.S. for Entrepreneurial Activity

ATLANTA, May 18, 2009 – Governor Sonny Perdue announced today that Georgia leads the nation in entrepreneurship, according to a highly-respected national ranking of small business activity in the U.S. The just-released Kauffman Index of Entrepreneurial Activity shows Georgia is home to 590 entrepreneurs per every 100,000 adults, moving the state from third in 2007 to number one this year. Additionally, Georgia ranks third in the U.S. in the number of companies on the 2008 Inc. 500 Fastest-Growing Private Companies listing. 'This national ranking by the Kauffman Foundation validates the success of Georgia's Entrepreneur Friendly program in stimulating small business growth and cements our status as the most entrepreneur-friendly state in the U.S.,' said Georgia Governor Sonny Perdue. 'As a small business owner myself, I know how important it is to support our entrepreneurs, who account for more than 95 percent of Georgia's businesses.' The Entrepreneur Friendly program is successfully invigorating Georgia's small business community, which totals more than 620,000 incorporated businesses and thousands more unincorporated ones. Eighty-one percent of Georgia's 159 counties participated in this highly structured program and achieved the state's designation. In one year, the conversion of small business project announcements to new jobs and investment growth increased from 29 percent in fiscal year 2007 to 68 percent in fiscal year 2008. Already in fiscal 2009, small businesses with fewer than 20 employees, assisted by Georgia Department of Economic Development (GDEcD) representatives, have invested more than $354 million in locations and expansions. GDEcD figures show that small business activity has increased 30 percent from April 2008 to April 2009, proof that the entrepreneurial spirit continues to flourish in the state regardless of economic conditions. The Kauffman study indicate that entrepreneurial activity in Georgia rose from 0.40 percent in 2007 to 0.59 percent in 2008, an increase of almost 50 percent. Overall entrepreneurial activity in the U.S. slightly increased from 0.30 percent in 2007 to 0.32 percent (320 of 100,000 adults created a new business each month) in 2008. Georgia's Entrepreneur Friendly program was launched by Governor Perdue in 2004 and is managed by the Georgia Department of Economic Development (GDEcD). Communities formed a local committee to identify ways to grow small businesses and integrate them into the community's economic development strategy. One hundred twenty-nine communities across Georgia earned the Entrepreneur Friendly designation after completing a comprehensive process to achieve the designation. Participation in the program was widespread throughout the state:  55 of Georgia's 68 metropolitan counties and 74 of the state's 91 rural counties completed the program and achieved Entrepreneur Friendly status. GDEcD's Entrepreneur & Small Business Office continues to assist designated Entrepreneur Friendly communities, working closely with each one to establish an entrepreneur support program, help them better understand their existing entrepreneur environment, and develop sustainable, effective local strategies. The state's Supplier Match program helps link small businesses with potential clients, and GDEcD's International Trade division provides assistance for Georgia companies to market their products and services abroad. Ask the Professionals Day In observance of Small Business Week May 17 – 23, 2009, two of the state's leading resources for small business assistance are teaming up to sponsor 'Ask the Professionals Day' Wednesday, May 20.  From 9:00 a.m. to 5:00 p.m., small business owners can go online with their questions on small business topics and receive a reply from professionals at the Georgia Department of Economic Development and the Georgia Small Business Development Center Network. Frequently asked questions and answers will be displayed on the GDEcD site, Georgia.org., and the SBDC site at, GeorgiaSBDC.org.    (http://georgia.org/business-resources/small-business-resource-directory/) or www.georgiasbdc.org) Small Business Week is a national celebration of small business proclaimed by the President of the United States for the U.S. Small Business Administration. This year marks the 46th annual proclamation of National Small Business Week. Celebratory events will be held in Washington D.C. from May 17-19 to honor outstanding small businesses from throughout the nation. The Georgia Department of Economic Development (GDEcD) is the state's sales and marketing arm, the lead agency for attracting new business investment, encouraging the expansion of existing industry and small businesses, locating new markets for Georgia products, attracting tourists to Georgia, and promoting the state as a location for film, music and digital entertainment projects, as well as planning and mobilizing state resources for economic development.