Entrepreneurial Hub of Sacramento State Wins $250,000 State Grant
Sacramento State’s Carlsen Center for Innovation and Entrepreneurship Leads Global Entrepreneurship Week Activities
Introduction
The Carlsen Center for Innovation and Entrepreneurship at Sacramento State University stands as a driving force behind regional economic growth. For the fifth consecutive year, the center spearheaded Global Entrepreneurship Week (GEW) activities and secured a substantial $250,000 state grant. This grant solidifies the center’s role as a key player in fostering entrepreneurship and supporting small businesses.
GEW Activities and Grant Announcement
During the Sacramento Entrepreneurial State of the Union event held at the Carlsen Center on November 13, 2024, Clair Whitmer, NorCal regional advisor of the California Office of the Small Business Advocate (CalOSBA), announced the grant. The CalOSBA Accelerate California: Inclusive Innovation Hub grants are awarded to organizations that provide valuable resources and support to entrepreneurs, including training, coaching, mentorship, access to capital, and small business resources.
The Carlsen Center was among five organizations to receive the second round of funding, joining Chapman University, Humanmade, iHub San Joaquin, and Plug in South Los Angeles. These grants play a crucial role in promoting entrepreneurship and fostering innovation across California.
California’s Small Business Landscape
California is home to an impressive 4.2 million small businesses, which serve as economic powerhouses and community leaders. However, 98% of these businesses have 20 or fewer jobs, highlighting the need for a supportive environment where small businesses can thrive and contribute to job growth.
Global Entrepreneurship Week: A Global Movement
Global Entrepreneurship Week is a worldwide initiative that aims to promote entrepreneurship and celebrate the achievements of entrepreneurs. Since its inception in 2008, GEW has grown exponentially, with organizations in over 200 countries hosting 40,000 events attended by an estimated 10 million people.
Sacramento State’s Contribution to Entrepreneurship
Sacramento State University, as the only public university in the state capital of California, recognizes the significance of entrepreneurship in driving economic growth. President Luke Wood emphasized the university’s role as an anchor institution embedded in the community, collaborating with regional leaders and organizations to cultivate an entrepreneurial culture.
The Carlsen Center, under the leadership of Executive Director Cameron Law, has been instrumental in spearheading GEW activities in the region for the past five years. Law’s initiative to launch the Sacramento Entrepreneurial State of the Union in 2019 has provided a platform for discussing the importance of entrepreneurship and recognizing the contributions of entrepreneurs in the region.
Carlsen Center’s GEW Activities in 2024
This year, the Carlsen Center organized a remarkable 27 events throughout the region as part of GEW. One notable event was the Mentor Sprint, a “speed-dating” session where early-stage entrepreneurs and startups received valuable advice from area investors, advisors, and experts. This event aimed to increase visibility for entrepreneurs and investors in Sacramento and foster a supportive ecosystem for startups.
Spark Venture Competition: Encouraging Budding Entrepreneurs
The Carlsen Center also hosted the Spark Venture Competition, where four budding entrepreneurs from the Sacramento region won shares of a $20,000 prize. Ten finalists pitched their business ideas, competing in two categories: For-Profit and Social Impact. The winners demonstrated innovative and promising ventures that have the potential to make a positive impact on the community.
The Significance of Entrepreneurship in Economic Growth
The Carlsen Center’s efforts have brought much-needed attention to the role of entrepreneurs in driving economic growth. Executive Director Cameron Law highlighted the importance of entrepreneurship as a key pillar in regional growth strategies. Unlike large companies that may relocate, entrepreneurs have a strong connection to their community and are more likely to remain and contribute to its growth.
Conclusion
The Carlsen Center for Innovation and Entrepreneurship at Sacramento State University continues to be a beacon of entrepreneurship and innovation in the region. With the $250,000 state grant and its ongoing initiatives, the center empowers entrepreneurs, fosters small business growth, and contributes significantly to the economic vitality of the Sacramento region. The center’s dedication to promoting entrepreneurship aligns with Sacramento State’s commitment to being an anchor institution that actively engages with the community and drives positive change.