Keynote address by Carl J. Schramm, President and CEO, Ewing Marion Kauffman Foundation | Summary and Q&A

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November 28, 2011
by
Federal Reserve
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Keynote address by Carl J. Schramm, President and CEO, Ewing Marion Kauffman Foundation

TL;DR

Entrepreneurship is crucial for economic growth, but there are misconceptions and lack of understanding about the role of entrepreneurs in society.

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Key Insights

  • ❓ Entrepreneurship is essential for economic growth and job creation.
  • 👨‍💼 Misconceptions about entrepreneurship, such as the importance of business plans and venture capital, can hinder the understanding of its true value.
  • 🚕 Public policy should focus on creating conditions that support entrepreneurship, including visa reforms, intellectual property regulation, and tax incentives.
  • 👶 A national narrative that celebrates entrepreneurship can help promote the growth of new firms.

Transcript

CARL SCHRAMM: Thank you Bob, and it is certainly a pleasure to be back here in Washington, particularly since I got here from Korea, and it's nice to have a Federal Reserve lunch, something without rice. Um, anyway. Well, already you can see I'm sort of smiling, happy to talk, and I have to remind myself I'm in Washington. This is not a city of ... Read More

Questions & Answers

Q: What is the role of entrepreneurship in economic growth?

Entrepreneurship is vital for economic growth as entrepreneurs bring forth new ideas, create jobs, and contribute to the overall wealth of the nation. They teach society about needs we didn't even know we had and drive innovation.

Q: How can public policy support entrepreneurship?

Public policy can support entrepreneurship by changing visa policies to attract talented, foreign-born individuals, reforming intellectual property regulations, and providing tax incentives and regulatory flexibility for new firms. Public narratives should also celebrate the achievements of entrepreneurs.

Q: What are some misconceptions about entrepreneurship?

There is a misconception that all new businesses require detailed business plans, but many successful firms never had one. Additionally, venture capital funding is not a prerequisite for success, as only a small percentage of fast-growing firms have received venture capital. It is important to challenge these narratives and focus on the core essence of entrepreneurship.

Q: How can we encourage more new firm starts?

To encourage more new firm starts, public policy should create an environment that supports entrepreneurship. This includes providing financial incentives, relaxing regulations, and fostering a culture that values entrepreneurship. Additionally, changing the visa status to allow foreign-born individuals to start businesses in the US can further promote new firm creation.

Summary & Key Takeaways

  • Carl Schramm discusses the importance of entrepreneurship and its role in economic growth.

  • He highlights the need for more new firm starts and the creation of conditions that support the success of these firms.

  • Schramm also emphasizes the significance of scaling growth in new businesses.

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