The University of Tampa continues its commitment to track the growth and progress of the Tampa Bay entrepreneurial ecosystem, via its recent report entitled the State of the Tampa Bay MSA Entrepreneurial Ecosystem issued by the John P. Lowth Entrepreneurship Center. The report, a third installment of an ongoing assessment process, was authored by Rebecca J. White, Ph.D. James W. Walter Distinguished Chair of Entrepreneurship Director, John P. Lowth Entrepreneurship Center, Speros Margetis, Ph.D. Professor of Finance Sykes College of Business and Thomas Pittz, Ph.D. Associate Professor of Management and Entrepreneurship Sykes College of Business.
The original research was conducted in November 2016 and was funded by the Marion Ewing Kauffman Foundation. Subsequent reports build upon the foundational research, assessing progress of some of the critical factors impacting the ecosystem’s health. The current report revealed that the region continues to have a strong and diversified entrepreneurial economy with improved density of companies, founders, and investors over 2017, but connectivity between investors and founders remains a challenge.
The number of “lone” investors and founders in the region increased since 2017, finance is more diffuse throughout the “dealmaker” network, telecommunications moves further away from their nucleus, and healthcare remains clustered for now but it also is beginning to move away from its core network as well.
In addition, a survey of 159 local business owners in Tampa found that 41% do not believe the local government advocates for small business and entrepreneurs, or promotes initiatives friendly to entrepreneurs. Access to seed capital is another concern, with only 21% agreeing the local financial community is accessible and sufficient for their planned ventures.
Overall, however, the region’s entrepreneurial economy remains strong and thriving, encouraging risk-taking and providing sufficient breadth through a variety of organizations supporting entrepreneurial activity.
Regional GDP climbed from $142.6 billion in 2016 to $146/3 billion in 2017, and unemployment fell to 3.6% from 4.5%.
