By Josh Lerner

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

Discussing the complicated heritage of Silicon Valley and different pioneering facilities a raffle capital, Lerner uncovers the level of presidency impression in prompting development. He examines the general public innovations used to develop 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 knowing for the entrepreneurial technique, 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 understanding in their constrained skill to stimulate the entrepreneurial sector.

As governments around the globe search to spur financial development in ever extra competitive methods, Boulevard of damaged Dreams bargains a huge warning. The ebook argues for a cautious method of govt aid of entrepreneurial actions, in order that the errors of prior efforts aren't repeated.

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Extra 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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The firm also has shown a preference for hiring locally at the community level for tasks like guarding generators or building towers, thus creating income for grassroots communities. Celtel and other cell phone service providers had a measurable effect on the national economies of the countries they entered. 11 The Special Case of Venture-Backed Firms Recent studies have also highlighted the special advantage in innovation that belongs to certain entrepreneurs: those backed by venture capital firms.

The same pattern, where government intervention played a crucial role, was repeated in many other nations, from Germany to India. 28 Its most direct predecessor, the Industrial and Commercial Finance Corporation (ICFC), was founded in 1945 by political and financial leaders to provide long-term capital for small and medium-sized firms, to help domestic industry recover from the ravages of World War II and the Great Depression that had preceded it. The Bank of England and the five major clearing banks at the time funded the effort with £10 million in equity ownership, in effect establishing a future competitor.

10 Many narratives of the history of Silicon Valley begin with 1955, when William Shockley founded Shockley Transistor in Palo Alto, which would soon in turn spawn Fairchild Semiconductor and much of the modern semiconductor industry. indd 32 8/5/2009 3:09:44 PM A L O O K B A C K WA R D S ard. The powerful culture that drove Silicon Valley during its growth over the past few decades—with close ties between local universities and start-up firms, the absence of legal or social barriers to job-switching, an active venture community to finance new entities, and a willingness to work with young firms—has also been rightly celebrated by Annalee Saxenien and other authors.

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