The Emergence of Entrepreneurship Policy: Governance, Start-Ups, and Growth in the U.S. Knowledge Economy

Cover......Page 1
Half-title......Page 3
Title......Page 5
Copyright......Page 6
Contents......Page 7
Editor’s Acknowledgments......Page 9
Contributors......Page 11
PART ONE THE ENTREPRENEURIAL SOCIETY......Page 13
1 Entrepreneurship Policy......Page 15
ENTREPRENEURSHIP: A NARROW DEFINITION......Page 17
PUBLIC POLICY AND GOVERNANCE WITHIN THE CONTEXT FOR ENTREPRENEURSHIP......Page 19
The Federal Level......Page 22
State, Regional, and Local Initiatives......Page 24
DOES ENTREPRENEURSHIP POLICY PRODUCE ENTREPRENEURSHIP?......Page 26
AN INTRODUCTION TO THE VOLUME......Page 28
2 Entrepreneurship Policy and the Strategic Management of Places......Page 32
PUBLIC POLICY TOWARD BUSINESS AFTER WORLD WAR II......Page 34
GLOBALIZATION AND THE STRATEGIC MANAGEMENT OF PLACES......Page 36
THE SPATIAL BASIS OF THE KNOWLEDGE ECONOMY......Page 40
THE ROLE OF ENTREPRENEURSHIP......Page 42
ENTREPRENEURSHIP POLICY......Page 46
CONCLUSIONS......Page 49
3 Entrepreneurship, Creativity, and Regional Economic Growth......Page 51
CREATIVITY, ENTREPRENEURSHIP, AND REGIONAL ECONOMIC GROWTH......Page 53
RESEARCH DESIGN AND METHODS......Page 57
Diversity and Innovation......Page 58
The Importance of Being Creative......Page 59
Economic and Cultural Creativity......Page 60
Immigrants as a Source of Diversity......Page 62
The Gay Index and Regional Diversity......Page 64
Diversity in the Broadest Sense......Page 66
High-Tech Entrepreneurship and Overall Creativity......Page 67
PUBLIC POLICY IMPLICATIONS......Page 68
APPENDIX......Page 70
PART TWO HIGH-TECH ENTREPRENEURSHIP......Page 71
4 Start-ups and Spin-offs......Page 73
INTRODUCTION......Page 74
EARLY STAGE TECHNOLOGY DEVELOPMENT IN CONTEXT......Page 76
The Unit of Analysis......Page 79
The Interval Between Invention and Innovation......Page 80
Who Funds Early Stage Technology Development?......Page 83
An “Innovation Gap”?......Page 88
TECHNOLOGISTS AND EXECUTIVES: DIVERGENT SKILLS, SHARED MOTIVATIONS......Page 91
Start-ups: The Similar Motivations but Different Skills of Academic Scientists and CEOs......Page 93
Spin-offs: The Fruit of Frustration......Page 95
Overcoming Barriers to Innovation: Angels Are Everywhere......Page 97
Putting Innovation in Its Place: Collective Entrepreneurship and Regional Economic Development......Page 98
CONCLUSION: PUBLIC POLICY IN SUPPORT OF COLLECTIVE ENTREPRENEURSHIP......Page 101
5 Entrepreneurship and American Research Universities......Page 104
UNIVERSITY TECHNOLOGY TRANSFER OFFICES: TIMING, STRUCTURE, AND MOTIVES......Page 105
THE MECHANISMS OF UNIVERSITY TECHNOLOGY TRANSFER......Page 110
Sponsored Research......Page 112
Licenses......Page 113
UNIVERSITY-BASED SPIN-OFFS......Page 115
THE LOCAL EFFECTS OF ACADEMIC RESEARCH......Page 119
STATE ECONOMIC DEVELOPMENT INITIATIVES AND UNIVERSITIES......Page 121
REFLECTIVE CONCLUSIONS......Page 123
6 America’s Entrepreneurial Universities......Page 125
ACADEMIC ENTREPRENEURSHIP, CURRICULAR INNOVATION, AND HIGH-TECHNOLOGY INDUSTRY......Page 129
ACADEMIC MEDICAL CENTERS AND THE NEW WAVE OF ACADEMIC ENTREPRENEURS......Page 133
SPILLOVERS AND SPIN-OFFS: UNIVERSITY RESEARCH AS THE KNOWLEDGE BASE FOR ENTREPRENEURSHIP......Page 137
TWO EXEMPLARY CASES: CT AND MRI......Page 143
THE ROLE OF VENTURE CAPITAL......Page 146
A CLOSING CONJECTURE......Page 147
PART THREE EQUITY ISSUES IN ENTREPRENEURSHIP POLICY......Page 151
7 Venture Capital Access......Page 153
POLICY IMPACT AND DEBT FINANCING......Page 154
EQUITY CAPITAL INVESTMENT......Page 156
A MODEL OF ACCESS TO VENTURE CAPITAL......Page 158
Strategic Choice: Grow or Not?......Page 159
Human Capital......Page 161
Structural Barriers......Page 162
PUBLIC POLICY RECOMMENDATIONS......Page 164
CONCLUSION......Page 166
8 Minority Business Assistance Programs Are Not Designed to Produce Minority Business Development......Page 167
TRADITIONAL MINORITY ENTREPRENEURSHIP AND THE LEGACY OF DISCRIMINATION......Page 168
EMERGING LINES OF BUSINESS: A GENERATION OF PROGRESS......Page 170
DIRECT GOVERNMENT ASSISTANCE TO MINORITY-OWNED BUSINESSES: THE HISTORICAL LEGACY OF EOL......Page 172
AN ALTERNATIVE APPROACH TO GOVERNMENT MINORITY BUSINESS LENDING PROGRAMS......Page 174
MBE ASSISTANCE DELIVERED BY PRIVATE-SECTOR PARTNERS: BREAKING WITH THE PAST......Page 176
ADDRESSING THE DILEMMA, ACHIEVING VIABILITY......Page 177
DESIGNED FOR FAILURE: MBE ASSISTANCE IN THE 1990S......Page 180
WHY DO MINORITY BUSINESS DEVELOPMENT PROGRAMS GENERATE SO LITTLE MINORITY BUSINESS DEVELOPMENT?......Page 182
PART FOUR SECTOR-SPECIFIC ISSUES......Page 185
9 Understanding Entrepreneurship in the U.S. Biotechnology Industry......Page 187
PUBLIC POLICY INFLUENCES ON BIOTECHNOLOGY ENTREPRENEURSHIP......Page 189
FACTORS THAT FACILITATE BIOTECHNOLOGY ENTREPRENEURSHIP......Page 192
Scientific and Technical Knowledge......Page 193
Financial and Human Resources......Page 199
Market Applications......Page 203
CHALLENGES FACING POLICYMAKERS AND RESEARCHERS......Page 204
10 E-Commerce, Entrepreneurship, and the Law......Page 207
ANTAGONISTIC VIEWS......Page 208
LAW AS LEVELER......Page 210
Law as Protector......Page 212
Law as Enforcer......Page 216
MAPPING OUT A RESEARCH AGENDA......Page 220
REASSESSING THE NEED FOR LAW: A CALL FOR LEGAL ENTREPRENEURSHIP......Page 222
INTRODUCTION......Page 226
MONOPOLY AND ENTREPRENEURSHIP IN TELECOMMUNICATIONS......Page 227
3. The New Telecommunications Network Environment Is Not Linear But Cyclical......Page 233
THE PROSPECTS OF ENTREPRENEURSHIP......Page 234
PART FIVE IMPLEMENTING ENTREPRENEURSHIP POLICY......Page 237
12 Knowledge, Power, and Entrepreneurs......Page 239
KNOWLEDGE AND POWER IN THE ENTREPRENEURSHIP POLICY PROCESS......Page 240
THE POLITICAL RESOURCES OF ENTREPRENEURS......Page 242
MOBILIZING ENTREPRENEURS......Page 244
CHECKS AND BALANCES......Page 248
CONCLUSION......Page 250
13 Entrepreneurship as State and Local Economic Development Strategy......Page 252
THE DEVELOPMENT OF DEVELOPMENT......Page 253
THE THIRD WAVE IN ACTION......Page 257
ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT POLICY: KEY TRENDS......Page 259
A NEW APPROACH......Page 261
1. Focus on an Entrepreneurial Eco-System......Page 262
2. Promoting Cultural Change......Page 263
3. Serving Individuals, Not Firms......Page 264
4. New Delivery Mechanisms......Page 265
5. Focus on High Growth......Page 267
Program-itis......Page 268
Political Cycle versus Business Cycle......Page 269
CONCLUSION......Page 270
Afterword......Page 272
References......Page 277
Index......Page 305