Benchmarking and Evaluating Entrepreneurship Programs

Here are some useful ideas on practical measures to assess the performance of entrepreneurial development initiatives and programs. The source is the International Economic Development Council. These are just some starting ideas, if you are looking for somewhere to begin.

Quantitative Measures

-Number of new business startups
-Numbers of entrepreneurs assisted
-Business failure rates (or ratio of start-ups to failures)
-Number of jobs created
-Cost per job created
-Percentage of women and minorities assisted
-Number of local residents hired

Qualitative Measures

-Diversification of businesses (e.g. new industries, new services)
-Program graduates understanding the costs and opportunities of an entrepreneurial endeavor
-Ability to create a supportive environment for entrepreneurs (courses, networks, mentors)
-Stated project goals and the degree to which they have been achieved (e.g. promotion of female entrepreneurs)
-Incubators provide entrepreneurs with affordable space, and on site available technical assistance and management support. Incubators strive to accelerate the successful development of new ventures through low start-up costs. Incubators provide An incubator amy serve a specific objectives such as technology development or neighborhood revitalization. Incubators should be evaluated by the degree to which they meet their unique objectives.

Additional Quantitative Measures

-Incubator occupancy rate
-Incubator graduation rate
-Average time spent in the incubator prior to graduation
-Ratio of failures to total tenant occupancy over the life of the incubator
-Percentage of firms obtaining finance