The State of Entrepreneurship Address: Policies to Help History Along
An archived webcast of the "State of Entrepreneurship Address" by Carl Schramm of the Kauffman Foundation is now available. Citing sobering new datathat show a majority of American entrepreneurs do not expect to createjobs in 2010, Schramm delivered "The State of Entrepreneurship" address in which he called on policymakers to promote entrepreneurship to spur job creation and speed recovery.
"In the last 30 years, literally all net job creation in this countryhas taken place in firms less than five years old," said Schramm.
“We could wait for history to repeat itself, to generate the futureFortune 500, as entrepreneurs have done in previous downturns. But withanother 85,000 jobs last month, I, for one, would be much morecomfortable if we had some policies to help history along.” He thenproposed the following ideas to do so:
- Reform immigration policy, granting citizenship for foreign students graduating from American universities and other immigrants who want to start new companies and create jobs.
- Revise Sarbanes-Oxley regulations to allow company shareholders to choose whether their companies must fulfill some of the most onerous reporting requirements if they think the costs of compliance outweigh the benefits.
- Provide a temporary payroll tax holiday to companies less than five years old.
- Give academic entrepreneurs the choice of multiple avenues to commercialize their research so their innovations can reach consumers more quickly.
- Offer fellowships for doctoral graduates in scientific fields to educate them about how to start companies.
- Provide entrepreneurship education and training to students in high school and college.
"There is no better vehicle for job creation than entrepreneurship," inturn said U.S. Secretary of Commerce Gary Locke during his remarks atthe event. Secretary Locke highlighted efforts already under way in theObama Administration, such those now starting at the new Office of Innovation & Entrepreneurship, and called for more action to encourage entrepreneurship and innovation.