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I suggested in my blog following President Obama’s Presidential Summit on Entrepreneurship earlier this year that what we need now is for routine global ministerial level economic meetings to concentrate on policies that encourage the creation of new firms. As I depart Toronto where we have been gathering for the official G20 Young Entrepreneurs Summit I note at least one minister arriving having put his money where his mouth is for entrepreneurs - UK Chancellor of the Exchequer George Osbourne.
Brazil is more than just the popular future host of the 2014 World Cup and 2016 Olympics. It is a very promising economy and the country of origin of many global challenger companies, such as Embraer, Marcopolo, and Natura. Economic analysts group the country with the most promising emerging markets, Russia, India and China, which together form the “BRIC countries.” Is entrepreneurship responsible for part of Brazil’s economic development? A look at some of the trends in entrepreneurship in Brazil suggests so, and the country’s efforts to boost its culture of innovation and entrepreneurship promise to sustain its growth in the coming years.
Washington has been busy on several fronts important to entrepreneurs these past few months. One we must not forget to reflect on is the recent U.S. Senate approval of a bipartisan-sponsored amendment to the financial reform bill that protects against creating new barriers for high-growth entrepreneurs seeking to raise angel capital. This “Angel Amendment” addressed two of the original provisions in the bill that had the potential of creating regulatory obstacles for entrepreneurs raising angel financing and weakening the pool of angel capital by reducing the number of accredited angel investors.
President Obama has made it a priority to address one of America’s greatest challenges, meeting energy demand in a sustainable way by transforming the ways we produce and consume energy. He assembled a team that could help him in this task, such as science adviser John Holdren, Energy Secretary Steven Chu and energy adviser Carol Browner. Congress in turn is working on climate change legislation that could foster a new wave of energy innovation. Senators John Kerry and Joe Lieberman have recently unveiled their new energy bill that would introduce fees on carbon emissions. Other recent developments in Washington have included entrepreneurs, which signals a government push to leverage their risk-taking behavior and the power of individual innovators.
Once again, entrepreneurial activity showed big in the United States. Last year was a tough year for entrepreneurs. We have experienced a deep recession, credit crunch and record unemployment rates. But although the odds were against them, new-business creation during the 2007-2009 recession years increased steadily year to year (e.g. 60,000 more starts per month in 2009 than in 2007) and 2009 became the year business startups reached their highest level in 14 years. The number of startups even exceeded the count during the peak of the 1999-2000 technology boom.
There has been a lot talk in the past year about job creation, entrepreneurship and economic recovery. Under the economic pressures, it became more important to than ever to examine closely how to unleash the entrepreneurial potential of various groups in society. We know for example that women are under-represented among business founders in high-tech and other high-growth fields despite their increasing participation in science and engineering. Fortunately, we are better prepared every day to inform policy. Today, I examine some of the most recent findings on the factors that affect the survival and growth of startups founded by women.
Having focused last month on efforts to further entrepreneurship abroad leading up to the global Presidential Summit on Entrepreneurship, this week I wanted to focus squarely on the United States ahead of next month's Global Entrepreneurship Week Partners Forum convened at the Kauffman Foundation in Kansas City. Who are some of the leading players in 2010 driving America's startup culture and how does Global Entrepreneurship Week each November enable them to combine voices in underscoring to the American people how entrepreneurs built America?
The spirit of entrepreneurship was alive and well at last week’s Presidential Summit on Entrepreneurship. The White House took a political risk in hosting a summit on “global” entrepreneurship in a climate when so many Americans, anxious about their local economy, are easily blinded to the vital role entrepreneurs play in building the stable economies overseas essential to our growing firms back home. The summit though was a foreign policy success and a solid statement of support for the role all entrepreneurs play in creating jobs and economic growth.
This morning, President Obama addressed the Presidential Summit on Entrepreneurship organized by the Department of State and the Department of Commerce following his promise in Cairo last June. The event is designed to promote entrepreneurship in Africa, the Middle East, and South, Central and Southeast Asia as a tool for economic and development policy and to fulfill the President’s commitment to broaden and deepen ties between the United States and Muslim communities around the world.
Today, we start the seven day countdown for the Presidential Summit on Entrepreneurship, and I want to take the opportunity to highlight a nation where entrepreneurship is starting to bloom: Malaysia. Although not yet a start-up economy, the desire for entrepreneurship and innovation are there, along with a growing number of public policies to support them-- a good recipe to put the economy on the entrepreneurial path.
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