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During the “Presidential Summit on Entrepreneurship” hosted by President Barack Obama in Washington, DC, in April 2010, it became clear that the seeds of entrepreneurship as an economic development policy and diplomatic tool had been planted. Today, I send in a quick report from the Second Global Summit on Entrepreneurship in Istanbul which has brought together approximately 1200 successful entrepreneurs and leaders from Turkey and across the world for idea sharing under the general theme of “Entrepreneurship, Values and Development: A Global Agenda”. Turkey’s Prime Minister Recep Tayyip Erdoğan hosted the event and US Vice President Joe Biden spoke yesterday.
The world economy has disappointed this year with its jobless recovery and continuing financial instability. Clearly, the country needs more entrepreneurs. A recent poll in the U.S. shows that those ages 18-34--the so-called “Millennial Generation”--are that entrepreneurial bunch. Fifty-four percent of “millennials” either want to start a business or already have started one. And judging by last week’s vibrant Global Entrepreneurship Week, this seems to be a global phenomenon and one driven by people who want to do good and do well.
According to a recent index released by Forbes, many policy changes have made Canada the best country for business. The index evaluates countries on property rights, innovation, taxes, technology, corruption, freedom (personal, trade and monetary), red tape, investor protection and stock market performance. Canada jumped three spots from the 2010 survey, getting high marks for Personal Freedom (#1), Red Tape (#3), Investor Protection (#5) and Trade Freedom (#7). It also had a noticeable improvement in its tax ranking—thanks largely to a “Harmonized Sales Tax” and reduced corporate and employee tax rates. Is this resulting in a better climate for Startups?
Regardless of whether American policymakers can ever fix domestic policy to boost entrepreneurship—as in making a Startup Visa happen or removing other barriers that slow the birth of new high growth firms—the nation’s capital will be alive with startup fever next week (November 14 – 18) as Global Entrepreneurship Week takes center stage around the world.
Today is another historic day for startups and our economies. It is the opening day of the fourth Global Entrepreneurship Week, the world’s largest celebration of the innovators who launch startups that bring ideas to life, drive economic growth, and expand human welfare. In three short years, Global Entrepreneurship Week has expanded to more than 120 countries and this week organizers are expecting nearly 11 million people to show up at over 40,000 planned events and activities.
Every year, reports from the World Bank, the OECD and numerous private sector researchers tell us that nations are improving their regulatory environment in terms of reducing the complexity and cost of regulatory processes for starting a business. However, comprehensive reforms to stimulate startup creation are still relatively hard to find. Will the ever-intensifying global race to build strong startup ecosystems from the bottom-up change this?
This week we can expect President Obama to speak to immigration reform and a new immigration proposal to be unveiled in the Senate. I have discussed in this blog the importance of creating a U.S. Startup Visa for high skilled immigrants—but only in the context of America’s loss. We take a look today on what America's loss in terms of brainpower and innovation skills means for one nation—India.
Unless you completely unplugged over the holidays, you know that if Democratic and Republican lawmakers could not bridge their differences on how best to reduce the nation's budget deficit and debt, the Budget Control Act of 2011 mandated a combination of spending cuts and tax increases to take effect January 1, 2013. While Washington kicked the can down the road on budget cuts, the cliff was avoided – but what does the deal mean for American entrepreneurs?
While most favor bottom-up, entrepreneur-led efforts to develop robust entrepreneurial ecosystems, in Africa especially, what the government does actually matters a great deal. In the third of four posts this month on Africa, I look at Rwanda and find a country where smart government engagement has created a favorable climate for entrepreneurs.
The nurturing of new and young firms has so far not been given much attention in prominent global gatherings. International government meetings have mostly concentrated on passive SME policy and others like the World Economic Forum have treated entrepreneurs as a side ring at the circus. The maturing of the Global Entrepreneurship Congress (GEC) to fill this gap is thus a welcome development.
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