Governor Snyder Calls for a Business Culture of Failure #MPC14By Amanda Lewan on May 28th, 2014 /
During the opening talk at the Mackinac Policy Conference Gov. Rick Snyder covered the three pillars that we will be discuss and sharing this week: entrepreneurship, STEM education, and making an impact.
What does making an impact mean? Snyder gave credit to a few programs that have worked together to create change, including Detroit’s Live Midtown initiative, which is bringing young professionals downtown to live where they work, and the internationally recognized ArtPrize competition in Grand Rapids.
But when it comes to entrepreneurship and creating a stronger business climate, Gov. Rick Snyder called for a change in culture, one that encourages and accepts failure not just sharing successes.
While failure should be celebrated, the State of Michigan as a whole is far from failing in its entrepreneurial endeavors, as Snyder shared the following facts:
- Michigan ranks #6 in the nation for entrepreneurship.
- Michigan has a high number of portfolio companies managed in venture capital.
- Michigan was well represented at the First Robotics competition with the largest number of student teams participating.
“Let’s be proud that we’re leading the nation in something that ties right back to STEM education,” said Gov. Snyder, who pointed out the three pillars are not operating in silos, but together they lead to a greater business climate.
Why A Culture of Failure?
“Never forget that Henry Ford was on his third try when he started Ford Motor Company,” said Snyder. “We are a state that makes things. Made in Michigan is something special. Whether it’s created, grown, or manufactured in our state.”
Snyder described a culture of failure as important for all industries whether it’s public, private, or non-profit sectors. Many entrepreneurs fail over and over again before creating a company that works, a company that can create jobs in Michigan and makes an impact in their industry. When failure is accepted widely, more successes will likely emerge.
Collaboration will also be key in continue to work together to create change and economic results.
“The whole approach of working together is what this conference is able to achieve,” said Snyder.
We’ll be sharing stories from the conference over the next few days, especially on business, entrepreneurship, and re-invention for the Blue Cross Blue Shield of MI Blogger Zone. You can tweet at us with any questions @Michipreneur. Also, please take our 10 Question Anonymous Survey for Michigan Entrepreneurs to share your own insights for supporting business growth.