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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.
The 2010 Translational Medicine Alliance Forum, hosted by the Ewing Marion Kauffman Foundation, the Council for American Medical Innovation and Faster Cures, convened industry leaders to help facilitate a better understanding of effective models enabling and accelerating the progress of translating scientific research into patient treatment focusing on three key elements:
The following is a collaborative post by Jonathan Ortmans, president of the Public Forum Institute and a senior fellow at the Kauffman Foundation, and Anders Hoffman, Director of Entrepreneurship and Innovation Policy for Erhvervs- og Byggestyrelsen
Denmark is in many ways a paradoxical country. It has the world’s highest taxes and yet Danes are among the happiest people in the world according to the U.S. National Science Foundation. Denmark has generous social benefits, a large public sector and yet is quite innovative and entrepreneurial. The Global Competitiveness Report and the Index of Economic Freedom both rank Denmark 9th on their world lists, and the Legatum Prosperity Index ranks the country 6th in entrepreneurship and innovation. Denmark did not end in the top ten of these world lists by chance. What steps and policy initiatives made this possible?
Since it was launched in 2008 by the Kauffman Foundation and Enterprise
UK, more than 18,000 partner organizations joined the global movement to
shape the next generation of entrepreneurs. In its still short life,
GEW has established a solid and ongoing presence in more than 100
countries -- and counting. During the same time period, over 10 million
people around the world have participated in GEW activities and 2010
promises to boost that total to tap even more human capital and breathe
life into new startups.
While the majority of nations this year
will start Global Entrepreneurship Week on November 15th, some countries
are conducting their celebrations a week or more in advance due to an
important Muslim holiday, Eid al-Adha, falling on November 16th.
Throughout this week, when another 80 countries launch Global Entrepreneurship Week (GEW), there will be a significant number of events organized by GEW partners at universities, schools, companies, professional associations, technological centers and municipalities. Like last week’s events in Muslim countries, the activities will be diversified, ranging from thematic conferences to networking with investors and entrepreneurs, presentation of business plans, recreational events, sport events, cultural events, etc. There will be something for everyone and I encourage all to take advantage of these opportunities.
I am happy to report that in its third year, Global Entrepreneurship Week grew by leaps and bounds. As more countries take advantage of this global movement, more minds are pursuing their entrepreneurial dreams. GEW has not just inspired students looking for a way to reach their goals, but the leaders of nations who were inspired in their efforts to boost growth by the sheer energy of the millions of participants in GEW activities during the past two weeks. In case you haven’t been following, here are a couple of anecdotes from this year’s Week, and the reaction it produced among some of the world’s leaders.
“In business, the only certain thing is failure. Especially when you operate in a place like Indonesia,” Sandiaga Uno said earlier this year during his visit to the U.S. for President Obama’s Summit on Entrepreneurship. After being laid off during the financial crisis in Asia in the late 90s, Uno decided to try entrepreneurship to pay off credit card debt and put food on his family’s table. He is now the renowned co-founder of Saratoga Capital, the first private equity firm in Indonesia focusing on natural resources that grew from four workers to about 15,000 employees.
On my recent trip to South America during Global Entrepreneurship Week, I cast a mournful eye over Uruguay where, were it not for problems with flight schedules I had hoped to visit. Uruguay, the South American nation nestled between Brazil and Argentina, is trying to take the fast track toward becoming a startup economy.
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