By Josh Lerner
Silicon Valley, Singapore, Tel Aviv--the worldwide hubs of entrepreneurial activity--all endure the marks of presidency funding. but, for each public intervention that spurs entrepreneurial task, there are lots of failed efforts that waste untold billions in taxpayer money. whilst has governmental sponsorship succeeded in boosting development, and while has it fallen extraordinarily brief? may still the govt be fascinated about such undertakings in any respect? Boulevard of damaged Dreams is the 1st huge examine the methods governments have supported marketers and enterprise capitalists throughout a long time and continents. Josh Lerner, one of many prime specialists within the box, offers priceless insights into why a few public projects paintings whereas others are hobbled through pitfalls, and he bargains feedback for a way public ventures will be carried out within the future.
Discussing the advanced heritage of Silicon Valley and different pioneering facilities a gamble capital, Lerner uncovers the level of presidency impact in prompting progress. He examines the general public concepts used to enhance new ventures, issues to the demanding situations of those endeavors, and divulges the typical flaws undermining a ways too many programs--poor layout, an absence of knowing for the entrepreneurial procedure, and implementation difficulties. Lerner explains why governments can't dictate how enterprise markets evolve, and why they need to stability their positions as catalysts with an expertise in their restricted skill to stimulate the entrepreneurial sector.
As governments around the world search to spur monetary development in ever extra competitive methods, Boulevard of damaged Dreams deals a big warning. The ebook argues for a cautious method of govt aid of entrepreneurial actions, in order that the errors of previous efforts are usually not repeated.
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Extra info for Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed--and What to Do About It (Kauffman Foundation Series on Innovation and Entrepreneurship)
5 They documented the central contribution of new and small firms: these firms contributed almost half the innovations they examined. But they found that the contribution of small firms was not central in all industries. Rather, their role was a function of industry conditions: it was greatest in immature industries in which market power was relatively unconcentrated. These findings suggest that entrepreneurs and small firms play a key role in observing where new technologies can meet customers’ needs, and rapidly introducing products.
INTRODUCTION • Encouragement of potential entrepreneurs and mentoring for fledgling ventures • Subsidies for leading biotechnology researchers to move their laboratories to Singapore • Awards for failed entrepreneurs (with a hope of encouraging risktaking) While much of the initial growth in Singapore can be attributed to sound macroeconomic policies, political stability, and various other factors, the nation’s entrepreneurship initiatives have played an increasingly important role in stimulating growth.
Moreover, these experiences are the rule rather than the exception. As noted in the introduction, virtually every hub of cutting-edge entrepreneurial activity in the world today had its origins in proactive government intervention. Similarly, the venture capital industry in many nations has been profoundly shaped by government intervention. In the next two chapters, we’ll look at systematic arguments explaining why government has an important role to play in the development of entrepreneurship.