Live Free, Start Up

JAMES MCKIM

If you’ve lived in New Hampshire long enough, you know there are a few universal truths. We measure distance in time: “It’s only 20 minutes away,” we take our maple syrup personally, and we firmly believe that if someone has a good idea, a strong work ethic and a decent snowblower, they can build a business.

That last one is especially important. It’s part of the mythology of the Granite State—the idea that entrepreneurship is open to anyone willing to hustle.

But like many good New England stories, the reality is a bit more complicated. Because while New Hampshire prides itself on independence and opportunity, not everyone starts with the same map, the same shovel, or even the same driveway. And that’s where finance—and who has access to it — comes in.

The “Simple” Formula for Entrepreneurship (That Isn’t So Simple)

On paper, starting a business is straightforward:

1. Have a great idea
2. Get funding
3. Build something people want
4. Profit (and maybe upgrade from Dunkin’ to local artisan coffee)

But step two — get funding — I can tell you from personal experience, is where things often go sideways.

Access to capital isn’t just about having a good idea. It’s about networks, relationships, credit history and often generational wealth. For many diverse entrepreneurs, those doors can feel less like doors and more like decorative shutters on a colonial: Charming, but not actually functional. And here’s why that matters— not just morally, but economically.

The Economic Case
(a.k.a. This Isn’t Just About Being Nice)

New Hampshire’s unemployment rate hovers around 3.0%, well below the national average. Which sounds great — until you realize what it actually means: We don’t have enough workers.

In fact, according to the New Hampshire Fiscal Policy Institute, one of the biggest constraints on the state’s economy for years hasn’t been a lack of jobs; it’s been a lack of people to fill them. So where do new workers come from?

Entrepreneurship.

Small businesses are the backbone of New Hampshire’s economy. According to the Office of Advocacy, they make up 99% of all businesses in the state, and they employ roughly half of the private workforce. And nationally, small businesses create about two-thirds of net new jobs.

Translation: If you want more jobs in New Hampshire, you don’t just recruit companies —you grow entrepreneurs.

Now imagine what happens when large segments of the population face barriers to starting businesses. We’re not just excluding people. We’re excluding job creation itself.

The NH Twist: Small State, Big Opportunity

The good news? New Hampshire is small —and that’s a huge advantage. We’re not trying to turn an aircraft carrier. We’re steering a kayak. A stubborn, independent, possibly slightly underfunded kayak — but still, a kayak.

That means change can happen faster. We already have: Strong community banking traditions, local lending networks, and a relationship-
driven business culture.

Now imagine layering intentional inclusion on top of that. Because here’s the opportunity: Even modest increases in entrepreneurship can have an outsized impact. In 2016 alone, small businesses in New Hampshire created over 9,200 net new jobs. That’s not a rounding error. That’s entire communities gaining employment.

The “But Are There Enough Entrepreneurs?” Question

Every time this topic comes up, someone inevitably asks: “But are there enough diverse entrepreneurs in New Hampshire?” To which the correct answer is: “Are there enough Dunkin’s in New Hampshire?” (Also yes, I’m a Krispy Kreme guy, but again, not the point.)

Entrepreneurial potential exists everywhere. What varies is whether that potential is supported. Across the state, there are people running side hustles after their 9–5; building ideas at kitchen tables; and solving problems that others don’t even see.

Some are first-generation Americans. Some are lifelong Granite Staters who’ve never had access to capital. Some are young people who haven’t yet been told, “Yes, you can do this here.” The issue isn’t a lack of entrepreneurs. It’s a lack of pathways.

Finance as a Gatekeeper (and How to Fire the Gatekeeper)

Finance can either be a bridge or a barrier. Right now, for many diverse entrepreneurs, it still acts like a gatekeeper with a clipboard asking: “Do you have collateral?” “Do you have a long credit history?” “Do you have prior business experience?” All reasonable questions, unless you’ve been systematically excluded from opportunities to build those things.

And here’s the irony: In a state where nhbr.com reports economic growth hit 5.5% in a recent quarter, we still struggle to fully activate all available talent. That’s like having a snowstorm and only plowing half the roads. The solution isn’t to eliminate standards, it’s to expand how we define potential.

The Culture Shift: From “Who You Know” to “Who’s Missing”

New Hampshire is a relationship-driven state. That’s one of its strengths. But it can also mean opportunity circulates within familiar circles. If we want a stronger economy, we need to intentionally expand those circles. Because diversity doesn’t just happen. It’s designed.

When diverse entrepreneurs thrive, more businesses open. More jobs are created. More local wealth stays local. And importantly, the economy becomes more resilient.

The New Hampshire Fiscal Policy Institute documents that New Hampshire already benefits from a relatively diverse mix of industries, which helps buffer against downturns. Expanding who participates in entrepreneurship strengthens that resilience even further.

More perspectives = more innovation.
More innovation = more growth.

And yes, potentially more coffee shops. But hopefully also more tech startups, healthcare solutions, manufacturing innovations, and community-based enterprises.

The Next Great NH Business Is Probably Already Here

Somewhere in New Hampshire right now, someone has an idea. It might be scribbled on a napkin. It might be in a Google Doc titled “Business Idea FINAL_v7_reallyfinal.” It might be sitting quietly because they’re not sure anyone would take them seriously.

We need lenders, investors, policymakers, and community members to make sure those ideas have a fair shot. Because the next great New Hampshire business isn’t just going to come from the usual places. It’s going to come from someone who, until now, hasn’t been invited to the table.

And if we do this right, those folks won’t just get a seat. They might end up running the meeting.