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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
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?
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?
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
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
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”
What Has the US Done Right (contd)? Is there something in the water in California? • Silicon Valley • Hollywood • San Diego • Napa Valley
Dilemma for Sweden – How to encourage greater entrepreneurship without losing the great things about your society!
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