Cover

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Title Page, Other Works in the Series, Copyright

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Contents

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p. v

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Preface and Acknowledgments

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pp. vii-ix

The origin of this book was a dinner by the Persian Gulf a couple of years ago, on a balmy February evening. My host, alluding to my research on entrepreneurship, asked me what could be said to distill the defi nitive conclusions emerging from academic publications that could guide the design of a program to promote new businesses. The truthful answer, I...

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CHAPTER ONE: Introduction

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pp. 1-22

The financial crisis of 2008 opened the door to massive public interventions in the Western economies. In many nations, governments responded to the threats of illiquidity and insolvency by making huge investments in troubled firms, frequently taking large ownership stakes. The magnitude of these investments boggles the imagination. Consider, for instance...

PART ONE: CAN BUREAUCRATS HELP ENTREPRENEURS?

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CHAPTER TWO: A Look Backwards

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pp. 25-42

Before exploring how governments can help entrepreneurs, it is important to understand if they can be effective at all. In the next three chapters, we will explore the major justifications for public intervention to promote entrepreneurship and venture capital. We’ll begin by posing questions that doubtless will be in the back of many readers’ minds: most pressingly, how can we reasonably expect government offcials to help freewheeling...

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CHAPTER THREE: Why Should Policymakers Care?

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pp. 43-64

At this point we are familiar with the argument that government has no role in promoting venture capital and entrepreneurship. In the last chapter, we looked at some historical evidence that planted seeds of doubt about this argument. Now we’ll turn to more systematic evidence, as articulated in recent research. The case that...

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CHAPTER FOUR: Things Get More Complicated

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pp. 65-86

In the previous chapter, we highlighted the importance of innovation to economic growth, and the role that young fi rms, particularly those backed by venture investors, play in stimulating new ideas. When reviewing these propositions, we were able to point to a substantial body of academic research—and many less systematic (but perhaps more persuasive!) stories—suggesting...

PART TWO: THREADING THE NEEDLE

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CHAPTER FIVE: The Neglected Art of Setting the Table

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pp. 89-110

In recent years, many nations in Europe, Asia, and the Americas, as well as local and regional governments, have adopted initiatives to stimulate new ventures. While these programs’ precise structures have differed, the efforts have been predicated on the rationales delineated in the preceding chapters. While some of the programs have been dramatic successes, governments worldwide have also squandered many billions of dollars...

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CHAPTER SIX: How Governments Go Wrong: Bad Designs

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pp. 111-136

The frequent failures among public programs to stimulate entrepreneurship and venture capital suggest that many pitfalls face these efforts. The stark truth is that many more initiatives have been unsuccessful than successful. One benefit that policy-makers today have, however, is that they can learn from the mistakes made in earlier years, and adjust their programs accordingly. Readers may...

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CHAPTER SEVEN: How Governments Go Wrong: Bad Implementation

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pp. 137-161

Even if a program to encourage entrepreneurship is well conceptualized, things can still go wrong once it is begun. The implementation of these programs requires many decisions. While decision making about programs may seem like an obscure, even arcane topic, it is incredibly important. As we’ll see from many examples in this chapter, program administrators...

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CHAPTER EIGHT: The Special Challenges of Sovereign Funds

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pp. 162-180

Perhaps the most dramatic setting where governments have struggled with the challenges of being venture capitalists has been sovereign wealth funds. These funds, owned by a state that invests in various fi - nancial assets, represent in some sense the ultimate challenge in governmental support of entrepreneurship. In addition to the obstacles that all public...

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CHAPTER NINE: Lessons and Pitfalls

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pp. 181-192

The stories and studies discussed in earlier chapters have a variety of implications for those—whether government officials, local business leaders, or simply interested citizens—who seek to promote highpotential entrepreneurship and venture capital. While in many cases this evidence illustrates....

Notes

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pp. 193-218

Index

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pp. 219-229