National Small Business Week is underway as entrepreneurship continues to surge in Michigan.
The Great Lakes State is home to almost 950,000 small businesses, accounting for almost all businesses in the state. Nationally, more than 36 million small businesses employ nearly half the workforce, with many launching at a lower cost thanks to digital tools.
Alison Todak, vice president of entrepreneurship and innovation for the Michigan Economic Development Corporation, said there has never been a better time to start your business.
"If you've had an idea you've been sitting on, there are more tools available through technology, through resources that the state provides, more appetite, and I think more accessibility to a global market to really get your business off the ground," Todak outlined.
Todak pointed out everything from website builders to payment platforms and artificial intelligence tools are making it faster and cheaper to launch a business, setting the stage for competition.
As Small Business Week highlights the sector’s impact, Todak acknowledged even with new resources available, owners still face hurdles in a crowded marketplace.
"I think some of the biggest challenges (are) getting out there with the messaging and the marketing of everything," Todak observed. "That's certainly why the state is putting a lot of power behind resources and mentorship."
State officials said Michigan’s expanding network of funding and mentorship is helping more founders grow, although challenges like inflation and access to capital remain. Even so, Todak emphasized Michigan offers strong support for entrepreneurs looking to start and grow a business.
"We're already solving the world's toughest problems from curing diseases and resilient energy streams," Todak stressed. "We have the highest concentration of engineers here to help build and scale those businesses."
