In its recent report, “Entrepreneurship Education in 2022: Powering Inclusive Growth,” leading education nonprofit Network for Teaching Entrepreneurship (NFTE) found that, after a brief pause during the initial wave of COVID-19, the US and other countries around the world reported a record wave of new business startups. In addition, the appeal of ownership is stronger than ever among women, people of color, millennials and Gen Z. As interest in entrepreneurship grows, demand for entrepreneurship curricula is increasing, both in the K-12 space and in higher ed.
Education policymakers are looking to entrepreneurial experiences as a way to re-engage youth who’ve grown disaffected during extended periods of remote learning and COVID-19 disruptions, and postsecondary institutions are seeing more interest in entrepreneurship programs that can help students find economic opportunities. Employers and educators alike agree that the cultivation of the entrepreneurial mindset is an increasingly essential part of workforce development.
“One of the key takeaways from our work over the past 35 years has been that the impact of entrepreneurship education – and entrepreneurial mindset growth – can be profound,” notes NFTE president and CEO, Dr. J.D. LaRock. “Many of our alumni success stories are naturally business startup success stories. A significant number of those who complete an NFTE program will launch at least one, and often more than one, business. That said, many NFTE alumni decide to join an organization and innovate from within, where the entrepreneurial mindset is equally critical to success.”
Allies of entrepreneurship have sprung up in the education sector, in the public policy sector and, most strikingly, across business and industry – where leading global companies are making meaningful investments in entrepreneurship education and improving access to capital for diverse entrepreneurs. Many exciting initiatives are underway as organizations commit significant resources to help close the racial wealth gap, promote more equitable access to economic opportunity, and support the growth of women- and minority-owned small businesses.
A new generation of diverse entrepreneurs and business leaders is emerging. Growing interest in entrepreneurship as a pathway to economic opportunity is also energizing educational policies and approaches to workforce development in states across the country. The findings of NFTE’s report confirm a sea change in attitudes about financial empowerment through entrepreneurship.
To read the full report, visit nfte.com/trendsreport.
Funding for the development of NFTE’s trends report was provided by Citi Foundation, Ernst & Young LLP (EY US), Mastercard and SAP.
Network for Teaching Entrepreneurship (NFTE) is a global nonprofit organization that provides high-quality entrepreneurship education in under-resourced communities through programs for middle and high school students, college students, and adult learners. NFTE reaches 50,000+ K-12 students annually, in 25 states across the U.S. and in 18 other countries. We have educated well over a million students through in-school, out-of-school, college, and summer camp programs, offered in person and online. To learn more about how we are promoting inclusive capitalism and building the next generation of diverse entrepreneurs, visit www.nfte.com.