Efforts to enhance regional economies have resulted in the development of a variety of economic development strategies. These strategies, when viewed historically, are commonly referred to as “waves.” The first of these waves began in the 1930s and was focused on business recruitment. The second wave, begun in the 1980s, emphasized the retention and expansion of existing businesses along with the creation of new, entrepreneurial ventures. The third and final wave focused on building industry clusters, the creation of public-private partnerships, developing the skills of the work force, providing technical assistance, and developing capital networks. Today, most large communities like Hampton Roads pursue the full spectrum of these economic development activities. It is the entrepreneurial component of the second wave, i.e. the creation of new firms by entrepreneurs, that is the subject of the present document.
The Hampton Roads Economy, Analysis and Strategies Part 4 - Entrepreneurship in Hampton Roads