Entrepreneurship

Small Cap companies are sharply declining in the

West and increasing in the East

Decision makers change the climate for

enterprenuership

 Basic and

Translational Science
As resources tighten

up, decisions about what to fund grow ever more conservative.

 Market Catalysts

-Government shouldnt try to pick the winners

-Must recognize that society benefits most when diverse approaches are allowed to compete
-Ensure the right mix of risks and rewards to elicit a broad-based response.

 Grand Challenges

-Social issues, from education to poverty alleviation -Think of Youth Villages

Resource

Assembly

-Quality

and Supply of Human Capital

-High potential entreprene urial action

 Capital Markets

-Moribund markets -Avoid policies that, however well-intentioned, reduce incentives for entrepreneurial action and cripple firms ability to access public capital

 Information Availability

-Information Gap -Encourage local trade associations to do so, perhaps by providing them with funding.

 Go to Market

-Competitive Playing Fields -strike a balance, allowing companies to gain advantage but preventing them from making that advantage unassailable -Workforce Health Care -Succeed and Harvest

 Tax Treatment of Risks and Rewards

- Capital gains taxation affects the share of profits retained and therefore influences the supply of risk capital - policies that tax income from exercised stock options at the same high rates as ordinary income discourage workers from supplying their labor to entrepreneurial ventures