Celebrating National Entrepreneurship Month
Investing in entrepreneurs through community partnerships
The month of November is known for a lot of things – Thanksgiving, football season, Veterans Day – all very important and wonderful. But did you know that November is National Entrepreneurship Month as well? With Huntsville, Alabama becoming a hub for entrepreneurs, I see National Entrepreneurship Month as a time for our community to celebrate those visionaries and dreamers who are helping grow our economy and reminding everyone of the American Dream.
As the Huntsville market president for Renasant Bank and throughout my 30-year career in Huntsville, I have built enduring banking connections. It has been incredible to watch Redstone Arsenal and NASA Marshall Space Flight Center act as catalysts in building a small business-centric environment. Defense firms are typically entrepreneurially formed from research to meet a need, and this same method is particularly found in space exploration. The excitement of research and continued creation that has surged in the Huntsville market has led to an incubator of progressive business ideas and solutions.
The city of Huntsville took this energy and took off like a rocket. Rocket City was recently recognized with several accolades because of the growth in jobs and opportunities created with all the new industry and businesses opening locally. While this growth is exciting, we have simultaneously been able to support these incoming entrepreneurs and businesses. Entrepreneurs find solutions to specific needs by creating but often do not have the practical business experience of day-to-day operations or access to capital. Oversight in business management or starting a business with too much debt are the most common reasons small businesses do not survive. That’s why resources like gener8tor, one of the leading venture firms and startup accelerators, and community banks are important. We come together to bolster our thriving entrepreneurial ecosystem and provide accessible business mentorship and guidance.
As supporters of entrepreneurs and small businesses, our local community banks must continue to employ and invest in credible teams who understand the needs of the market. We are partnering with and supporting resources like gener8tor to earn the trust of local business owners and budding entrepreneurs looking to Huntsville as the new hub for innovation. According to the U.S. Census Bureau, more than 5.4 million new businesses were started in the U.S. in 2021 -- over 20% more than any year on record. We are seeing large manufacturing and large single employers enter the Huntsville market because of what small businesses built first. My hope is that while those businesses thrive and Huntsville continues to grow, we continue to invest in innovative, research-oriented entrepreneurial businesses.
Alabama is proud to be leading the nation in cutting-edge economic development approaches that support and attract emerging startup companies. Through programs such as the Growing Alabama Tax Credit, championed by Secretary of Commerce Greg Canfield and of which Renasant is a proud partner, Alabama is becoming a hub in the South for entrepreneurs to grow and scale their businesses. In the last few years, gener8tor has launched 10 accelerators throughout Alabama. Renasant and our community banks and sponsors have had the tremendous opportunity to mentor up-and-coming startups from across the state and throughout the country while also providing them access to our business networks and equipping these startup founders with essential program funding.
Alabama Accelerators
Bronze Valley Investment Accelerator
HudsonAlpha AgTech Accelerator
Prosper HealthTech Accelerator
gBETA Bronze Valley Accelerator
Renasant views Huntsville as one of its most important and competitive markets and believes success here makes the entire organization better. The bank has made continuous investments in the community by building a new, vibrant Downtown location on the square and recently renovating our banking center on Drake Avenue with expanded services and hours. We have locations serving Huntsville and Madison staffed with local people, most of whom have been in Huntsville their entire lives.
Renasant’s tagline is “Understanding You,” and that is our goal – to understand and support what our community needs. We hope you’ll join us in continuing to invest in Huntsville and in supporting our dreamers and innovators during this National Entrepreneurship Month.