Spatial, demographic and socio-economic patterns of new business formation in Minnesota

Authors: David Wall*, Saint Cloud State University, King Banaian, Saint Cloud State University, Richard MacDonald, Saint Cloud State University
Topics: Economic Geography, Business Geography, Applied Geography
Keywords: Entrepreneurship, new business formation, regional development
Session Type: Paper
Day: 4/14/2018
Start / End Time: 8:00 AM / 9:40 AM
Room: Grand Ballroom C, Astor, 2nd Floor
Presentation File: No File Uploaded

New business formation is an important component of economic growth. Recently several studies have suggested that entrepreneurship in the United States has been on the decline since the 1980s. Utilizing data from the Minnesota Secretary of State, we seek to understand spatial aspects of new business formation in Minnesota. All new businesses in Minnesota must register with the Office of the Minnesota Secretary of State. Newly formed businesses include incorporations, limited liability companies, assumed names, and nonprofits. Utilizing data from new business filings, we analyze the overall geographic pattern of business formation. We determine firm location based on the street address listed in their filing and examine spatial patterns for a number of geographic entities: planning areas, MSAs, micropolitan counties and rural counties. We then analyze a non-random sample of businesses who completed the Minnesota Business Snapshot voluntary survey that asks respondents questions regarding characteristics of the founder of the business such as immigration status, veteran status, gender, as well as characteristics of the business including number of employees and industry code. This provides us with the ability to do comparative analysis of how business, economic, social, and demographic data align with new business filings and the Minnesota Business Snapshot. The current data set covers three years of business filings 2014-2017

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