What it takes to lead the world in entrepreneurship?
This weekend I was reading the Special Report on Entrepreneurship in March issue of The Economist and one of the articles had some really great points as to why America still leads the world in entrepreneurship. These points unlock the mystery as to why Silicon Valley is the undisputed leader in churning out world-class products -
1. Comfort in risk taking - most countries have a social stigma associated with going bankrupt or bust.
2. Mature venture capital industry
3. Close relations between the industry and Universities (think, Stanford!).
4. Immigration policy has been historically quite open.
5. 'Venturesome consumers' - wiling to try new products and services.
The last point I think is the most important. The consumers are very involved with the shaping of the product or service. With new web 2.0 and social media tools (e.g. blogs, twitter etc.) this is going to become even more open, transparent and crucial for any company to take advantage of. Every business needs to find their 'venturesome consumers' who will be responsible for shaping the next versions of the product/service.
