What pitfalls is the nation now facing in terms of continuing to grow its entrepreneurial advantage?
America is in one of its moments, and we go through them periodically, where we turn against business. This is the biggest pitfall. On the heels of Enron, this is an easy villain to erect, especially by people who would like to see government as the bright alternative to business (which it can never be). The result is overreaction and over-regulation, such as Sarbanes Oxley, which has done little to contain business fraud (of which there wasn’t that much in the first place), but has done a great deal to erode the leadership of Wall Street as the international banking and investment center. Of the 20 biggest IPOs in the last two years, only one has gone to market in New York! This is very worrisome. Why do you say we have an “entrepreneurial economy” and what does that “entrepreneurial ecosystem” depend upon for growth? We have an entrepreneurial economy, built on an entrepreneurial ecosystem. There is no denying that four parts of our economy – start-ups, large businesses, universities
