On Tuesday, February 28, I testified about how microbusiness ownership and self-employment is a strategy for upward mobility. The California Assembly Committee on Jobs, Economic Development and the Economy hosted an informational hearing entitled “Overview of the California Economy: Supporting Upward Mobility through Economic Growth.” Several speakers talked about California from a macroeconomic perspective and then a panel discussed “Entrepreneurship and other Strategies for Upward Mobility.” Participants included:
- Scott Hauge, President and Founder, Small Business California
- Malaki Seku-Amen, President and Chief Executive Officer, California Urban Partnership
- Heidi Pickman, Communications and Policy Director, California Association for Microenterprise Opportunity
- are 54% more likely to qualify for future business loans;
- are 54% more likely to survive; and
- increase their sales by an average of 41%.
- Invest in the federally recognized entrepreneurial training programs including the SBDCs, the WBCs, and others. They pay for themselves many times over. The SBDCs leveraged $2 million to access $200 million.
- Ensure that access to capital is responsible.
- Re-align institutions that were set up decades ago to reflect today’s labor market realities, for example workforce and student loans.