Viewpoint

“Innovation is the specific instrument of entrepreneurship … the act that endows resources with a new capacity to create wealth. —Peter Drucker

November’s Digest focuses on what is happening around the country in an emerging field of economic development — entrepreneurship. While generally thought to be critical to the success of the private sector, entrepreneurial ideas and techniques are very important for public sector development professionals and policymakers.

Two of the themes identified by the National Commission on Entrepreneurship report (see page 3) relate directly to public policy:

“Entrepreneurs and government officials must begin an ongoing dialogue, and government must continue to craft an overall framework and institutional policy infrastructure that enable entrepreneurial regions to thrive.”

“Most local economic development policies ignore the unique needs of entrepreneurial firms, even though these businesses create most new jobs.”

Of particular concern is creating and sustaining entrepreneurial firms in rural and small metropolitan regions where venture capital is not available and the local business culture may not encourage entrepreneurs through networking and information sharing. Regional development organizations as part of their comprehensive economic development planning can play an important role in helping to encourage public policy that is friendly toward entrepreneurs.

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