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1-Page Summary of The Entrepreneurial State

Overview

We have never faced such daunting global challenges. Climate change requires international cooperation and political ingenuity on a scale we haven’t seen before. Innovation is necessary to solve it, but who should be innovating? Should the market handle it or should the government step in?

As these points will show, there should be no clear line between the state and entrepreneurship. They go hand in hand like peanut butter and jelly.

In this article, you will learn who really invented Google’s search algorithm; why we can’t leave it to corporations to develop green technology; and what Apple owes the American taxpayers.

Big Idea #1: Believe it or not, the state has proven itself to be a savvy investor.

It seems like Google, Facebook and Apple are constantly coming up with new innovations. It’s hard not to be impressed by these top-performing companies. But should we really give them all the credit?

Believe it or not, the state has played a crucial role in helping companies and technology succeed. Take Google for example. Without the help of the state, Google’s innovation would have never been possible. This is because without government funding, there would be no search algorithm that makes Google so successful today.

Wrong! The research and development for Google’s algorithm was made possible through state funding. Investors were simply too scared to back Google’s revolutionary project.

The public sector has been right in some cases, but the economy and even economists are against it.

While many people believe that the private sector is innovative and daring, it’s actually the other way around. The state has been portrayed as an innovator when in fact it’s not.

For example, the financial crisis of 2007 was a result of government overspending and excessive bureaucracy. In 2011, British Prime Minister David Cameron vowed to give more freedom to private businesses in order to combat those problems.

And yet, we know that the biggest contributor to this crisis was actually the private sector. Companies were desperate for a higher profit and they created a financial bubble in the real estate market which caused this crisis.

Businesses are important to the economy. Therefore, it would be good to analyze how we can improve businesses and make them more successful.

Big Idea #2: The entrepreneurial state is a risk-taking, pioneering investor.

Nobody has ever found success without taking risks. We should take the same approach to our economy and invest in new technologies, even if they’re untested. Otherwise, we’ll never see the progress that we want to achieve. Who should take on these risks?

Many young and innovative companies turn to venture capitalists for funding. However, this can be a risky proposition because these investors are more interested in seeing quick profits than they are in innovation.

It takes a long time for true innovation to happen. For example, it may take years of development and testing before the idea can be turned into a profitable product or service. Venture capitalists are more likely to wait for someone else to invest in an innovative idea than risk losing money on something that might not work out. Luckily, the government is willing to take risks with new ideas so that we can benefit from technological advances. For example, the state helped Google develop their search engine algorithm by funding them through grants and loans. The government also created the internet, which enabled people around the world to communicate quickly and easily using computers.