Boulevard of Broken Dreams: Why Public Efforts to Boost by Josh Lerner

By Josh Lerner

Silicon Valley, Singapore, Tel Aviv--the international hubs of entrepreneurial activity--all undergo the marks of presidency funding. but, for each public intervention that spurs entrepreneurial job, there are numerous failed efforts that waste untold billions in taxpayer money. whilst has governmental sponsorship succeeded in boosting development, and while has it fallen extraordinarily brief? should still the govt be thinking about such undertakings in any respect? Boulevard of damaged Dreams is the 1st wide examine the methods governments have supported marketers and enterprise capitalists throughout a long time and continents. Josh Lerner, one of many optimum specialists within the box, presents beneficial insights into why a few public projects paintings whereas others are hobbled by way of pitfalls, and he deals feedback for the way public ventures will be applied within the future.

Discussing the complicated heritage of Silicon Valley and different pioneering facilities a bet capital, Lerner uncovers the level of presidency impression in prompting progress. He examines the general public concepts used to increase new ventures, issues to the demanding situations of those endeavors, and divulges the typical flaws undermining a long way too many programs--poor layout, a scarcity of figuring out for the entrepreneurial method, and implementation difficulties. Lerner explains why governments can't dictate how enterprise markets evolve, and why they need to stability their positions as catalysts with an expertise in their constrained skill to stimulate the entrepreneurial sector.

As governments world wide search to spur monetary progress in ever extra competitive methods, Boulevard of damaged Dreams deals an incredible warning. The booklet argues for a cautious method of executive help of entrepreneurial actions, in order that the errors of prior efforts are usually not repeated.

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Additional info for Boulevard of Broken Dreams: Why Public Efforts to Boost Entrepreneurship and Venture Capital Have Failed--and What to Do About It (Kauffman Foundation Series on Innovation and Entrepreneurship)

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This is particularly true when the company is early-stage or technology-based. indd 52 8/5/2009 3:09:56 PM WHY SHOULD POLICYMAKERS CARE? the venture capital firm to diversify. If venture capitalists had to invest alone in all the companies in their portfolio, they could make far fewer investments. By syndicating investments, the venture capitalist can invest in more projects and largely diversify away firm-specific risk. 17 Inevitably, many good ideas are rejected as part of the assessment process.

China and Hong Kong private equity activity, 1992 to 2007 ernment officials will only worsen this boom-and-bust pattern, by throwing money at these ventures at precisely the wrong times. 7 The boom in the late 1990s and early 2000s was largely fueled by investors in the United States and western Europe, who were attracted to the tremendous growth potential of the Chinese market despite the immaturity of the sector and lack of experienced venture professionals. As the money flowed in, the market came under many strains, including rising valuations.

As we’ll see, both rationales are quite compelling. We’ll discuss the third critical link in the argument in chapter 4. Innovation Is Linked to Growth Since the 1950s, economists have understood that innovation is critical to economic growth. Our lives are more comfortable and longer than those of our great-grandparents on many dimensions. To cite just three improvements: antibiotics cure once-fatal infections, long-distance communications cost far less, and the burden of household chores is greatly reduced.

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