The Boulevard of Broken Dreams: Innovation Policy and Entrepreneurship

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The long-run consequences of public policies that facilitate or hinder the development of a venture sector—the impact on national prosperity that a vital entrepreneurial climate can have—are substantial. In many cases, there is likely to be a role for the government in stimulating a vibrant entrepreneurial sector, given the early stage of maturity of these activities in most nations. But at the same time, it is easy for the government to overstep its bounds and squander its investments in this arena. Only by designing a program that reflects an understanding of, and a willingness to listen to, the entrepreneurial process can government efforts be effective.