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The Chilean economy has been recognized as the most competitive of
Latin America. In general, Chile has been characterized by political and
economic stability and relatively low levels of corruption and offers one of
the most advanced physical infrastructure systems in the region. The potential
and proven track record of this economy has led to Chile’s recent
accession to the OECD as its 31st member and its first member in South
America. Not surprisingly, Chile is often a case study in economic development.
The question is whether its model will show the power of entrepreneurship as an
engine for prosperity?
Access to funding is often mentioned in meetings about how to enable high impact entrepreneurship. We are always reminded that bank lending to small businesses remains tight. Even loans subsidized by the Small Business Administration have dropped off in recent months. Venture capital was prominent historically for its role in financially catalyzing high-growth companies, but has over the years become less significant in spurring entrepreneurship. So what are angel investors up to this summer?
Like many developing countries, Bolivia has a nascent, but promising
entrepreneurial environment. The country has a good number of
institutions that offer financial and technical services that network
the country’s millions of micro-entrepreneurs. However, as readers of
this blog are well aware, data has confirmed time and again that it is
young firms that grow that provide the most benefits to society in terms
of job and wealth creation and innovation. Thus, the challenge ahead
for Bolivia is to enable more growth entrepreneurs.
In the 90s, Argentina became Latin America’s Internet center, which was a
good sign of an entrepreneurial spirit among its people. Endeavor,
the United States nonprofit that helps foster high impact
entrepreneurship, had its first success in the developing world in
Argentina just before the country’s last major financial collapse. Given
Argentina’s turbulent economic history, I thought I would take a quick
look at the role of entrepreneurs over the past 10 years since
Argentina’s Internet startup boom.
The China we knew as the enormous economy largely fueled by cheap labor and inexpensive manufacturing has changed. Though happening slowly compared to its potential, China is becoming one of the most innovative economies on the planet and the birthplace of entrepreneurs like Robin Li, CEO of Baidu, who are entrepreneurial rock stars at home and around the world. Entrepreneurial capitalism seems to be taking hold in China. How is entrepreneurship overcoming the roadblocks of a planned economy?
I have just returned today from a short visit to South Korea where I addressed an international conference and met with various universities both in Seoul and Daejeon Valley – described to me by locals as Korea’s Silicon Valley.
Visitors arriving at Seoul’s acclaimed airport can only be impressed by its sophisticated application of technology into everyday lives. The train I rode from Seoul to Daejoen cruised at 300 Kilometers per hour, every taxi in Seoul was clean and paid for with a back seat touchpad card reader and the urban planning seemed super smart with local government being placed in beautiful floating structures on the river and national government being moved altogether out of Seoul.
Last week I participated in an interesting gathering in Washington, DC of top medical and policy experts who issued a new health care manifesto that might be of interest to entrepreneurs in the space. Hosted by the Council for American Medical Innovation, FasterCures and the Kauffman Foundation, the 2010 Translational Medicine Alliance Forum (TMAF) brought together leaders from academia, government agencies, and pharmaceutical, biotechnology, and venture industries to discuss models to enable and accelerate the progress of translational medicine.
I returned this weekend from the Aspen Institute’s annual meeting of development entrepreneurs in New York where fresh thinkers were hard at work looking for new approaches to impactful international economic development. USAID Administrator Dr. Rajiv Shah sought out the opportunity to present his new vision for his agency, and Carl Schramm, President of the Kauffman Foundation, challenged the traditional strategic and intellectual platform that has driven the tired policies of decades of Washington consensus thinking around how we stimulate global economic growth.
The past few months have brought a new series of reports dissecting the job creation phenomenon by new firms, timely at a time when so much of the economic discussion lately in the U.S. has focused on strategies to recover the roughly 8 million jobs lost during this past recession. We already knew that research has firmly established that new firms—those no more than five years old—over the past three decades have been responsible for virtually all of the net new jobs created in the U.S. economy (see 2009 reports “Jobs Created from Business Startups in the United States,” and “Where Will The Jobs Come From?”). As the nation debates this leading up to the mid-term elections in the United States, let’s further examine U.S. job growth and its relationship to startup companies.
While the global financial crisis impacted almost all new entrepreneurs, it began in developed countries and hit their entrepreneurs harder. As a result, in richer countries, new business creation dropped sharply amid the crisis. In contrast, new business registrations in many low-income countries didn't change much. These are the findings in The 2010 World Bank Group Entrepreneurship Snapshots, which presents data collected about newly registered companies in 112 countries and was released recently.
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