Author Josh Lerner (Harvard)
... winner of the Swedish government’s 2010 Global Entrepreneurship Research Award... ... ... ...
Princeton University Press, 8/7/2012
(On Amazon) , (The Kauffman Foundation Series on Innovation and Entrepreneurship)
Co-Winner of a 2010 Gold Medal in the Axiom Business Book Awards in the category of Entrepreneurship.
Winner of the 2009 PROSE Award for Excellence - Business, Finance & Management
Silicon Valley, Singapore, Tel Aviv--the global hubs of
entrepreneurial activity--all bear the marks of government investment.
Yet, for every public intervention that spurs entrepreneurial activity,
there are many failed efforts that waste untold billions in taxpayer
dollars. When has governmental sponsorship succeeded in boosting growth,
and when has it fallen terribly short? Should the government be
involved in such undertakings at all? Boulevard of Broken Dreams
is the first extensive look at the ways governments have supported
entrepreneurs and venture capitalists across decades and continents.
Josh Lerner, one of the foremost experts in the field, provides valuable
insights into why some public initiatives work while others are hobbled
by pitfalls, and he offers suggestions for how public ventures should
be implemented in the future.
Discussing the complex history of
Silicon Valley and other pioneering centers of venture capital, Lerner
uncovers the extent of government influence in prompting growth. He
examines the public strategies used to advance new ventures, points to
the challenges of these endeavors, and reveals the common flaws
undermining far too many programs--poor design, a lack of understanding
for the entrepreneurial process, and implementation problems. Lerner
explains why governments cannot dictate how venture markets evolve, and
why they must balance their positions as catalysts with an awareness of
their limited ability to stimulate the entrepreneurial sector.
As governments worldwide seek to spur economic growth in ever more aggressive ways, Boulevard of Broken Dreams
offers an important caution. The book argues for a careful approach to
government support of entrepreneurial activities, so that the mistakes
of earlier efforts are not repeated.
Josh Lerner is the
Jacob H. Schiff Professor of Investment Banking at Harvard Business
School, with a joint appointment in finance and entrepreneurial
management. He is the coauthor of Innovation and Its Discontents (Princeton), The Venture Capital Cycle, and other books.
Reviews:
"[S]uperb."--Edward L. Glaeser, New York Times' Economix blog
"Lots
of governments would like to promote high-tech entrepreneurship and
venture capital in their regions--but many don't know how to do it
effectively. In his new book Boulevard of Broken Dreams, Josh
Lerner . . . examines which types of policies to promote
entrepreneurship and venture capital tend to work--and which don't.
Lerner supports his carefully researched analysis with numerous examples
chosen from around the globe."--MIT Sloan Management Review
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