As the founder and CEO of Victor & Company, an economic growth consultancy, and the driving force behind Right to Start, a campaign dedicated to expanding entrepreneurial opportunities, Victor Hwang has reshaped how communities approach innovation. With a career that includes serving as Vice President of Entrepreneurship at the Ewing Marion Kauffman Foundation—where he launched initiatives that impacted more than 200,000 entrepreneurs—Hwang’s influence is as expansive as it is impactful.
Hwang’s own entrepreneurial journey includes co-founding Liquidity, a Silicon Valley company pioneering nanotech-based water filtration, and T2 Venture Creation, a firm committed to building startups and fostering innovation ecosystems. His co-authored book, “The Rainforest: The Secret to Building the Next Silicon Valley,” is a widely regarded blueprint for cultivating innovation in any community.
With degrees from Harvard and the University of Chicago, and a history of contributing thought leadership to Forbes, The Wall Street Journal, and Entrepreneur, Hwang’s insights continue to shape economic strategies across communities.
So what was he doing in Fargo?
In this Q&A, we learn why Hwang thinks Fargo is special while learning more about his perspectives on fostering inclusive entrepreneurship and his vision for creating a world where anyone can access the tools to innovate and succeed.
Can you tell me about why you are in North Dakota?
A: I am on a cross-country road trip and I’m starting the second half here in Fargo. The idea of the road trip is to meet with entrepreneurs and those who support entrepreneurs all across the country and understand the issues they’re dealing with, their stories, and their concerns, and then take that information to Washington, DC. So I’m going from California all the way to our nation’s capital to send the message of entrepreneurship to our nation’s leaders.
How do you define innovation, and why do you believe it’s crucial for economic growth?
A: If you look at the research data, entrepreneurial innovation is the source of almost all net job growth. Big companies, older companies will shed jobs over time. It’s the new, young businesses that create almost all the net jobs in the economy. More entrepreneurial businesses actually lead to higher lifetime income—it increases community wealth. So every 1% increase in new entrepreneur activity in a county actually creates almost a $500 in average household revenue income increase—it helps fight poverty. For every 1% increase in entrepreneurial activity, there’s a 2% decrease in poverty. Entrepreneurship is powerful because it actually lifts up all of society at the same time.
