In the News

Hill pledges caucus to focus on finding causes for U.S. ‘startup slump’

11/20/19
The Ripon Society 

U.S. Rep. French Hill (R-AR), co-chairman and founder of the bipartisan House Entrepreneurship Caucus, on Nov. 18 commemorated the start of Global Entrepreneurship Week by promising that the newly formed group would find the causes for the nation’s current “startup slump.”

“This ‘spirit of the start-up’ is built into our DNA,” Rep. Hill said. “We believe that anyone with a good idea and determination can build a business that changes the world.”

In fact, since its founding, the United States has been a global role model for innovation and creativity, said Rep. Hill, noting that more than 99 percent of U.S. employers are small businesses that employ 57 million Americans and generate 44 percent of the nation’s economic activity.

Nevertheless, the lawmaker pointed to recent statistics from the U.S. Small Business Administration showing that American entrepreneurship growth has stagnated, with the rate of self-employment among individuals ages 15 to 34 on a gradual decline since 1990.

Rep. Hill said the caucus, which launched in October, will work with entrepreneurs, business leaders and economists to identify the causes of the current startup slump, which he added is “a critical step to unleashing a new generation of small business growth.”

“The House Entrepreneurship Caucus was created to identify comprehensive answers on how to enact pro-growth policies for a 21st century economy,” said Rep. Hill. “As an Arkansas entrepreneur and job creator, I know how difficult it can be to get a business off the ground.”

The House Entrepreneurship Caucus is also led by co-chairs U.S. Reps. Bill Foster (D-IL), Steve Chabot (R-OH), Stephanie Murphy (D-FL), David Schweikert (R-AZ), and Marc Veasey (D-TX).

Rep. Hill on Oct. 31 led the caucus co-chairs in introducing the Enhancing Entrepreneurship for the 21st Century Act, H.R. 4960, which would direct the U.S. Commerce Secretary to conduct a comprehensive study into the underlying economic factors driving the decline in rates of entrepreneurship.

Economic research shows that this startup slump in America shows up in all 50 states, in almost all 360 metropolitan areas examined, and across a wide variety of industries, according to information provided by Rep. Hill’s office.