As venture capitalists, we believe deeply in the value of decentralized, emergent, start-up innovation. The Internet has been an unusually fertile ground for this type of innovation largely because, for the first time in history, it has been possible to get directly to consumers without negotiating with entrenched intermediaries. The result has been a spectacular explosion of innovation with tremendous benefits to consumers and to the global economy.
McKinsey recently studied thirteen mature national economies and found that over the past five years, 21% of GDP growth can be directly attributed to the Internet. They found that 2.4 jobs were created for every job lost to Internet efficiencies. They also found that over the last fifteen years, an increase in Internet maturity is directly correlated to an average increase in real per capita GDP of $500. By contrast, it took 50 years to see that impact during the industrial revolution of the 19th century.
To read the full, original article click on this link: The PROTECT IP Act Will Slow Start-up Innovation - Union Square Ventures: A New York Venture Capital Fund Focused on Early Stage & Startup Investing
Author: Brad Burnham
