Abstract
When the unemployment rate in the United States was 10% during the great recession it was considered a catastrophe. However, the unemployment rate in most MENA countries is close to 30% and even higher in some other countries. This is a disaster for many parts of the world. It leads to desperation and violence as millions of youth struggle to survive. The world needs to create a billion jobs in the very near future to create global peace and prosperity. Entrepreneurship creates jobs and generates economic growth—the underpinning of a stable and civil society. But before we get into how this works we need to discuss what kind of entrepreneurship we are talking about. Who is an entrepreneur? We are not talking about the basket weaver solo entrepreneur; we are not talking about rural microcredit. We are talking about Silicon Valley, Bill Gates, Sam Walton, FedEx, and Starbucks.
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Notes
- 1.
Acs Z, and P. Correa 2014, The World Bank and GEDI, Identifying the Obstacles to High-Impact Entrepreneurship in Latin America and the Caribbean.
- 2.
- 3.
Moore, 1993.
- 4.
(Mathews and Brueggemann, 2015, Chapter 14).
- 5.
Acs, Szerb and Autio, National Systems of Entrepreneurship: Measurement and Policy, Research Policy, (2014b:479).
- 6.
Stakeholder engagement is central for multi-polar policy-making and implementation. Deep stakeholder engagement can tap knowledge within the ecosystem and uncover hidden interactions and cause-effect chains.
- 7.
While there is a small literature on entrepreneurship and economic growth our view is that high-impact firms cause economic growth because they shift the production function and replicative entrepreneurship is caused by economic growth and creates employment by replicating the existing production function.
- 8.
Acs Z., and P. Correa 2014, The World Bank and GEDI, Identifying the Obstacles to High-Impact Entrepreneurship in Latin America and the Caribbean.
- 9.
This trend is reflected in the continuing decline in the cost of computing, the rise of open-source software, the move to the ‘cloud’ and the emergence of huge datacenters where companies such as Amazon, Google, and Facebook are designing their own approaches.
- 10.
Autio and Levie, 2015.
References
Autio, E., Kenney, M., Mustar, P., Siegel, D., & Wright, M. (2014). Entrepreneurial innovation: The importance of context. Research Policy, 43(7), 1097–1108.
Autio, E., & Levie, J. (2015). Management of entrepreneurial ecosystems. Mimeo: Imperial college Business School.
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Acs, Z.J., Szerb, L., Lloyd, A. (2017). Mapping the Global Entrepreneurial Ecosystem. In: Global Entrepreneurship and Development Index 2017. SpringerBriefs in Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-65903-9_1
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DOI: https://doi.org/10.1007/978-3-319-65903-9_1
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