Karen Mills – Wikipedia

US businesswoman and administrator

Karen Gordon Mills ( give birth September 14, 1953 ) is an american businessperson and former government official who served as the 23rd Administrator of the U.S. Small Business Administration ( SBA ). She was nominated by President-elect Barack Obama on December 19, 2008, confirmed unanimously by the Senate on April 2, 2009, and sworn in on April 6, 2009. [ 1 ] [ 2 ] During her tenure, her office was elevated to the rate of Cabinet-level military officer, expanding her power on policy decisions and granting her inclusion in the President ‘s cabinet meetings. [ 2 ] On February 11, 2013, she announced her resignation as Administrator [ 2 ] [ 3 ] and left the military post on September 1, 2013. Since leaving the SBA, Mills has served as a Senior Fellow at Harvard Business School and Harvard ‘s John F. Kennedy School of Government. [ 4 ] She is the president of the investment firm MMP Group, Inc., [ 5 ] the vice chair of the board of directors of the immigration services caller Envoy Global, [ 5 ] and a even contributor to Fortune and other publications. [ 6 ] [ 7 ] [ 8 ] [ 9 ] She is the writer of Fintech, Small Business & the American Dream. [ 10 ]

early on life [edit ]

Mills is the daughter of Ellen ( née Rubin ), the CEO of Tootsie Roll since 2015, and Melvin Gordon, the President and CEO of Tootsie Roll Industries from 1962 until 2015. [ 2 ] [ 11 ] She holds an AB in economics from Harvard University and an MBA from Harvard Business School, where she was a Baker Scholar. [ 12 ]

career [edit ]

During the 1980s and 1990s, Mills invested in and managed several little manufacture firms throughout the country, including producers of hardwood shock, refrigerator motors, and formative injection mold. Before becoming SBA Administrator, Mills served as president of the united states of the individual equity firm MMP Group, a firm focused on growing businesses in areas such as consumer products, food, textiles, and industrial components. Prior to MMP, she was a establish collaborator and managing director of Solera Capital, a venture capital firm based in New York City which invested in many women-owned firms, such as natural food manufacturer Annie ‘s. [ 2 ] In 2007, former Maine Governor John Baldacci appointed her to chair the state ‘s Council on Competitiveness and the Economy, which was focused on rural and regional development. She besides served on the state ‘s Council for the Redevelopment of the Brunswick Naval Air Station. previously, she has worked as a management adviser in the US and Europe for McKinsey and Co., and as a product coach for General Foods, and has served on the boards of directors for Scotts Miracle-Gro and Arrow Electronics. [ 13 ]

Clustering [edit ]

Mills is an recommend for regional invention clusters—geographic groupings of associate industries ( such as technical school companies in Silicon Valley ) that can share resources, ideas, and human capital. In 2005, Mills became involved with the effort to create new jobs following the close of the Brunswick Naval Air Station. She helped organize the North Star Alliance, a partnership between local boat builders, composite material manufacturers, and researchers at the University of Maine, which has helped increase the global competitiveness of Maine ‘s boat build and composite industries. [ 14 ] She went on to organize the creation of a peculiarity foods bunch in Maine, with specialization producers, such as Peak Organic Beer, taking advantage of Maine ‘s local farming. [ 15 ] In 2007 she was appointed chair of Maine ‘s Council on Competitiveness and the Economy, where she focused on attracting investment in regional industries and rural areas of Maine. [ 16 ] Drawing on her feel working with regional invention clusters, Mills authored a paper on the capable for the Brookings Institution in April, 2008. [ 17 ]

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US Small Business Administration [edit ]

Created in 1953, the Small Business Administration operates in four cardinal areas : expanding access to capital, increasing government contracting opportunities, entrepreneurial development, and calamity stand-in. The agency gained a higher profile under President Obama, who made modest businesses a cornerstone of his feat to revive the economy in the wake island of the Great Recession. [ 1 ] Mills, a democrat, [ 18 ] was confirmed as administrator of the SBA at a critical time in early 2009 when the small business lend market had ground to a stem, including SBA-backed lend. [ 2 ] She oversaw implementation of key provisions of President Obama ‘s american Recovery and Reinvestment Act of 2009, including the forfeit of fees on SBA-backed loans and increasing the agency ‘s government guarantee on loans made by private sector lenders. [ 2 ] The shock of these provisions were contiguous with average weekly lend volume increasing by more than 60 percentage. [ 2 ] Leveraging bipartisan support for America ‘s minor businesses, Mills led efforts for the enactment of the Small Business Jobs Act of 2010, which was referred to at the prison term as the most significant slice of small commercial enterprise legislation in more than a decade. [ 3 ] Among other things, the Act extended the successful Recovery Act lend provisions, raised the maximum size of SBA-guaranteed loans, expanded opportunities for small businesses competing for federal contracts, created the State Trade and Export grant program, provided $ 50 million in extra financing for Small Business Development Centers, and strengthened the agency ‘s supervision and enforcement tools. [ 2 ] Under Mills, SBA besides launched the Impact Fund original program, under the agency ‘s Small Business Investment Company plan, with the goal of capitalizing investment funds that seek both fiscal and social revert, [ 19 ] adenine well as its first gear regional clusters initiative. [ 20 ] In January 2012, the stead of Administrator of the SBA was elevated to the rank of Cabinet-level policeman, expanding Mills ‘ baron on policy decisions and granting her access to cabinet meetings. [ 2 ] On February 11, 2013, she announced that she would resign as Administrator of the SBA, with President Obama saying that ; “ because of Karen ‘s difficult work and commitment, our small businesses are adept positioned to create jobs and our integral economy is stronger. ” [ 21 ] Mills left her status at SBA on September 1, 2013. She received praise for her leadership of the agency from the lend diligence because of her work to tackle outdated regulations, bureaucracy and strengthening and simplifying the agency ‘s core loanword programs. [ 2 ] During her tenure, the agency supported more than $ 106 billion in lend to more than 193,000 little businesses, including two record years of SBA-backed lending and three phonograph record years of investments made through the Small Business Investment Company program. [ 13 ] Additionally, in federal fiscal years 2011–13, $ 286.3 billion in union contracts were awarded to small businesses, which was $ 32 billion more than the three former years. [ 13 ]

Post-SBA sour [edit ]

Since leaving the SBA, Mills has served as a Senior Fellow at the Harvard Business School and was previously a senior Fellow at the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School. [ 22 ] In July 2014, she released The State of Small Business Lending: Credit Access During the Recovery and How Technology May Change the Game, which looked at the geomorphologic and cyclic contributors to the austereness of the credit crunch following the 2008–2009 recession and the slow recovery of the belittled commercial enterprise lend markets. It besides examined the rapid growth, trends and shock of on-line lenders focused on the small occupation marketplace. [ 23 ] In November 2016, she co-authored The State of Small Business Lending: Innovation and Technology and Implications for Regulation [ 24 ] additionally, at HBS she has contributed inquiry and recommendations on the connection between entrepreneurship and in-between class opportunity, including in the September 2015 U.S. Competitiveness project reports The Challenge of Shared Prosperity [ 25 ] and Growth and Shared Prosperity. [ 26 ] In both reports she authored sections considering the impact of the declining rate of modern commercial enterprise startups on issues like income inequality and economic mobility, and offered recommendations on how to increase startup rates through a combination of policies focused on access to capital, skills educate and the universe of entrepreneurial ecosystems. [ 27 ] [ 28 ] She is besides a member of the Milstein Commission on Entrepreneurship and Middle Class Jobs [ 29 ] at the University of Virginia ‘s Miller Center and a contributor to the commission ‘s January 2015 report Can Startups Save the American Dream? which proposed a series of “ virtual, meaningful measures that can generate consensus and overture America ‘s startup residential district in service of the middle course. ” [ 30 ] She is a electric chair of the Advisory Committee for the Private Capital Research Institute, [ 31 ] co-Chair of the Bipartisan Policy Center ‘s Main Street Finance Task Force, [ 32 ] a extremity of the Milken Institute ‘s Fintech Advisory Committee, [ 33 ] and serves on the Board of Directors of the National Bureau of Economic Research. [ 34 ] In 2013, Mills besides returned to her position as president of MMP Group, Inc., a fast that has invested in businesses in consumer products and services, food, textiles, and industrial components, and is the vice chair of the board of the immigration services company Envoy Global. [ 5 ] She besides served on the board of the Maine Technology Institute, a nonprofit that invests in local technology companies and advanced humble businesses. [ 21 ] She is a penis of the Council on Foreign Relations and previously served as a frailty president of the Harvard Board of Overseers, the older, more advisory, and larger of the two Harvard governing bodies. In 2014, she was elected to fill a void in the Harvard Corporation ( made up of the President and Fellows of Harvard College ), the University ‘s smaller governing body that is its star fiduciary authority. [ 35 ] [ 13 ] She is besides the recipient of the U.S. Navy ‘s Distinguished Public Service Award [ 36 ] and a regular subscriber to Fortune and early publications, writing chiefly on the economy, small commercial enterprise and entrepreneurship. [ 8 ] [ 37 ] [ 38 ] [ 39 ] [ 9 ] [ 40 ] [ 41 ]

Published works [edit ]

Books [edit ]

  • Fintech, Small Business & the American Dream (Boston, MA: Palgrave Macmillan, 2018).[10]

Papers [edit ]

  • A New Categorization of the U.S. Economy: The Role of Supply Chain Industries in Innovation and Economic Performance, by Mercedes Delgado and Karen G. Mills (October 9, 2017)[42]
  • The State of Small Business Lending: Innovation and Technology and Implications for Regulation, by Karen G. Mills and Brayden McCarthy (November 2017)[43]
  • Growth & Shared Prosperity, by Karen G. Mills, with Contributions from Joseph B. Fuller and Jan W. Rivkin (September 2015)[44]
  • The Challenge of Shared Prosperity, by Jan W. Rivkin, Karen G. Mills, and Michael E. Porter, with contributions from Michael I. Norton and Mitchell B. Weiss (September 2015)[45]
  • The State of Small Business Lending: Credit Access During the Recovery and How Technology May Change the Game, by Karen G. Mills and Brayden McCarthy (July 2014)[46]
  • Clusters and Competitiveness: A New Federal Role for Stimulating Economies, by Karen G. Mills, Andrew Reamer and Elisabeth B. Reynolds (April 2008)[47]

personal life [edit ]

She is marry to Barry Mills, who served as president of Bowdoin College from October 2001 to July 2015, and has three sons .

References [edit ]

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