Study: Young Entrepreneurs Have More Support in Pittsburgh

A new study by NerdWallet found that it is easier for young entrepreneurs to pursue and fund their business ventures in Pittsburgh than in many other US cities. In the list, Pittsburgh was listed as the 13th best region for entrepreneurs that are aged 25-34. There are a number of things that can contribute to the high ranking like access to business loans, the tech boom in the city and the numerous startup accelerators like RCI that support entrepreneurs.  The study found that:

"Broadening the gap between the cost of living and how much people earn I think in the long run will become the most important issue for everyone in the region, particularly young entrepreneurs,” he said. 

Networking, which was tied to the percentage of the population 25 and older with at least a bachelor’s degree, and access to mentors, which was tied to the number of businesses per 100 people in a city, were also deemed critical to small business success.

“I’m coming from the Colorado [area], which has a very robust startup scene, and they’ve got nothing on Pittsburgh,” said John Mason, director of entrepreneurial studies at Duquesne University’s Palumbo Donahue School of Business.

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You Can Support Young Entrepreneurs-Here's How

The organization, Entrepreneuring Youth, fosters and supports entrepreneurship in young people by teaching them business skills that they can apply in real life. The program also connects middle and high school aged future entrepreneurs to business owners, so that they can gather insight into what it takes to run a business from the people who have actually done it.

If you are an entrepreneur, you could be a perfect mentor for a young person with the same drive. Entrepreneuring Youth is holding their 4th Annual Retail Expo at One Oxford Centre on December 13. From 11am to 2pm you can meet 30 teen entrepreneurs, take a look at the homemade products they will be selling and offer business tips and advice.

For more information, visit www.eyouthamerica.org.

Pittsburgh is Revamping Its Innovation Plan

If you didn't know about Pittsburgh's Innovation and Performance Department before, then you should get to know it now. The department was created in February and has the goal to further innovation. Its impact could change how the city operates, and technology is being viewed as one of the primary drivers behind the innovation movement.

The group's biggest project they have underway is what has been dubbed Pittsburgh's "Innovation Roadmap," which will provide a basis to guide major innovation activities over the next three years. 

Speaking Wednesday evening at anMIT Enterprise Forum hosted at Carnegie Mellon University, Lam unveiled the early work on the plan. 

What's important, she said, is that the plan go beyond the latest trends and fads to provide a proactive blueprint to drive strategies. 

Ideas for the project were generated this summer through a series of five roundtables that brought together about 120 stakeholders to discuss the strengths and weaknesses in Pittsburgh's innovation community. 

Topics included: the maker moment, clean technology, co-working and accelerators, startups and entrepreneurs and venture capital and angel investors.

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Urban Innovation Districts Are The Next Big Thing

Oftentimes, when people think of areas of innovation, places like Silicon Valley come to mind. However, some are saying that a new model for innovation is on the rise: urban innovation districts. One article in the Harvard Business Review defines urban innovation districts as, "geographic areas where leading-edge anchor institutions and companies cluster and connect with start-ups, business incubators, and accelerators. Compact, transit-accessible, and technically-wired, innovation districts foster open collaboration, grow talent, and offer mixed-used housing, office, and retail.”

Pittsburgh has been named as one of the leading U.S. urban innovation districts. Some other insights from the article highlighted this.

Globally, Barcelona, Berlin, Copenhagen, London, Medellin, Montreal, Seoul, Stockholm, and Toronto all contain emerging innovation districts. In the United States, the most iconic districts can be found in the downtowns and midtowns of Atlanta, Cambridge, Detroit, Philadelphia, Pittsburgh, and St. Louis. In each, advanced research universities, medical complexes, and clusters of tech and creative firms are sparking business expansion as well as residential and commercial growth.

What does the rise of urban innovation districts mean?

Much of this activity reflects a fundamental rethinking by corporate management about how and where innovation happens. In turn, it is making the case that discrete urban geographies can be instrumental in strengthening the competitive advantages of specific firms and clusters.

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Why Veterans Can Make Excellent Entrepreneurs

Photo by Elias Friedman

Veterans Day isn't until next week, but this week is National Veterans Small Business Week, orchestrated by the Small Business Administration (SBA). All week long, veteran business owners and those interested in starting their own companies were invited to participate in local business workshops and events. During an event this week, one speaker highlighted the key skills that can make veterans excellent entrepreneurs.

Victor Maga's eyes darted around a roomful of veterans, who were listening intently about how he built his business. They were hoping to do the same.

Maga's construction company sets a foundation out of concrete, but he said his firm is built upon a sturdy set of principles – the same ones that sustain the military.

“As veterans,” he said, “we possess some qualities that are irreplaceable for anyone looking for a contractor: planning, execution, leadership, discipline and tenacity.

Maga, a former Army paratrooper, was the featured speaker during a business workshop for veterans Tuesday inside California University of Pennsylvania's Center for Innovation at Southpointe.

The program was aimed at assisting small business owners and those planning to launch a similar enterprise. It was organized by the Pittsburgh office of the U.S. Small Business Administration, the University of Pittsburgh Small Business Development Center and Cal U.

SBA, which has at least one office in every state, provides counseling for startups, loans and loan programs, information on applying for grants and programs such as the one last week.

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Pittsburgh Halloween Weekend Events

In the months leading up to Halloween, Pittsburgh has tons of haunted houses, hayrides and other spooky attractions to celebrate. Now that the scariest day of the year is just a day away, there are even more things to do in the city. If you haven't made any Halloween plans yet, here are a few ideas:

1. Bacchanalia
Don your craziest costume and join us for a night of revelry and mischief. Feast on goodies from some of Pittsburgh’s premier restaurants and bars while you enjoy outrageous live entertainment and all night dancing. The best part? All this indulgence is for a good cause: a portion of the proceeds benefit the Delta Foundation. You don’t want to miss out on this unforgettable night. Purchase your tickets here. 

2. Trick-or-Treating
Nothing beats good old fashioned trick-or-treating! Pittsburgh and its surrounding neighborhoods offer many chances for little ones to show off their best costumes and earn some candy. You can never go wrong with a classic, and the weather promises to be chilly so dress warmly! Click here for a full list of trick-or-treating times by location. 

3. Night of the Singing Dead #22
Every year the best late performers return to the Rex Theater for one night only during the Night of the Singing Dead. This musical comedy features some of Pittsburgh’s most popular musicians and media personalities as they bring the dead back to life with humor, music and irreverent fun. Now in its twenty-second season, the show is completely rewritten each year to include the most up-to-date celebrity passings. To purchase tickets or find out more check out their website.

4. Horrorpocalypse
This Variety Hour theater show celebrating the American Horror Film is making its world premiere at Brillobox on Halloween eve. The performance includes dance, comedy, flow art, singing, burlesque and other special spooky surprises and is sure to shock. DJs will provide pre- and after-show music and costumes are encouraged, so come ready for an unforgettable night. To learn more about this Vaudeville Slasher Revue, check out the event’s website. 

5. 21+ Nights: Spirits and Sprites
Join the Carnegie Science Center for a night of spirits, spooks and science. The Science Center is collaborating with Wigle Whiskey, Maggie’s Farm Rum and Independent Brewing Company to bring you mixology lessons, science and alcohol-related ghost stories. Learn the science behind some of your favorite Halloween frights while you sip brews and take in a laser show. Tickets can be purchased here.

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The Steel City is Now Recognized as a "Tech Hub"

Years ago, Pittsburgh was mostly known for being the city of steel and bridges. Now, however, it is getting a new title as one of the major high tech hubs in the U.S. In a recent Business Facilities article, Pittsburgh is noted for its booming startups, particularly ones that have blended manufacturing and technology into their business. Below is an excerpt from the article:

Pennsylvania is leading a new wave of technological transformation. Innovation and technology are driving growth across key industries including advanced manufacturing, energy, ICT, financial and business services, and healthcare and life sciences. 

In 2013, the Pittsburgh region captured 302 economic development deals—a 12 percent increase over the previous year. Advanced manufacturing was the most active sector with 65 wins in 2013. 

“High-tech/advanced manufacturing is one of our sweet spots and a differentiating strength for the region,” said Patty Horvatich, VP of Business Investment for the Pittsburgh Regional Alliance (PRA), an affiliate of the Allegheny Conference on Community Development and the 10-county Pittsburgh region’s economic development marketing organization.

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