Challenges and Opportunities for Small Business in Milwaukee

Milwaukee is home to a robust array of business support organizations; however, it lacks a unifying entity to consolidate these resources. This was a key finding in the recent report published by the Wisconsin Policy Forum, which highlighted the necessity for improved coordination and education for local entrepreneurs. The report identified 50 public and private sector organizations dedicated to offering training, coaching, and networking opportunities for Milwaukee entrepreneurs. Despite the city’s abundance of service providers, the absence of a singular entity acting as the ‘backbone’ of the support ecosystem poses a significant challenge. In comparison, other Midwest cities such as Kansas City and Detroit have established organizations like KCSourceLink and New Economy Initiative, which serve as central hubs for business support.

Furthermore, the report emphasized the importance of educating entrepreneurs about the available resources. It proposed the establishment of a centralized business center where multiple service organizations could provide assistance under one roof. Additionally, the report highlighted the necessity of a ‘no wrong door’ approach, ensuring that business owners can receive referrals to various service providers irrespective of their initial point of contact. In terms of demand and capacity, the report identified areas such as one-on-one business coaching, financial education, and access to capital where Milwaukee falls short.

Additionally, the report underscored the significance of local philanthropic organizations in supporting entrepreneurs. Although no collaborative effort currently exists in Milwaukee, the report encouraged the involvement of philanthropic organizations to strengthen the city’s small business support ecosystem. Drawing from the success of other cities, the report suggested that with more focused leadership, coordination, and financial support, Milwaukee’s business support ecosystem could become more effective in meeting the needs of small business owners and entrepreneurs.