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Strategies for Cutting-Edge Innovation Policy in a Global Economy

Explore the multifaceted realm of innovation and entrepreneurship policy as presented by Martin Kenney at the 2011 Sweden-U.S. Entrepreneurial Forum. Delve into questions, comparisons between Silicon Valley and traditional industries, societal inclusivity, and successful practices by the U.S. in fostering innovation. Discover insights into entrepreneurship stimulation, venture capital development, and university research investments to inspire impactful change in your own region.

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Strategies for Cutting-Edge Innovation Policy in a Global Economy

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  1. Thoughts on Creating a State-of-the-Art Innovation Policy Martin Kenney Department of Human and Community Development UC Davis & Berkeley Roundtable on the International Economy & ETLA – Research Institute of the Finnish Economy Prepared for the 2011 Sweden--‐U.S. Entrepreneurial Forum Stockholm, Sweden September 26--‐27, 2011

  2. Questions for a Policy Maker • Is Innovation Policy and Entrepreneurship Policy the same thing? • What type of innovation do we want? • What type of innovation have we had in the past? • What type of innovation are we likely to get? • How much are we likely to get?

  3. The U.S. Does Not Have All the Answers! • Silicon Valley or Alabama? • U.S. ICT and Biotechnology or Automobile and Steel Industries? • Finance for Building New Firms or Societal Financialization? • Socially Inclusive Society or Winner-Take-All and Abandon the Rest?

  4. What Has the US Done Right? • Built a general environment encouraging entrepreneurship • Low barriers to entrepreneurship • Easy bankruptcy policy • Difficult to enforce non-compete agreements (California) • Reasonable level of capital gains taxation • SBIRS and STTRs • Encouraging environment for angels

  5. What Has the US Done Right (contd)? • Encouraged the development of venture capital • By allowing pension funds to invest prudent sums in venture capital • Having a good policy for encouraging stock options • Minimal micro-level government involvement

  6. What Has the US Done Right (contd)? • Invested enormous sums in university research • Many of the best research universities in the world • Universities as spaces for experimentation • Research universities choosing immigrants • And they have wanted to stay • Encouraged entrepreneurs to think about “changing the world”

  7. What Has the US Done Right (contd)? Is there something in the water in California? • Silicon Valley • Hollywood • San Diego • Napa Valley

  8. Dilemma for Sweden – How to encourage greater entrepreneurship without losing the great things about your society!

  9. Comments Welcome mfkenney@ucdavis.edu

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