With little taste for new spending programs, America has another option for creating jobs. It's called entrepreneurship, and polices that promote it can be a low-cost stimulus package that sparks innovation and creates tens of thousands of jobs.The core idea is to build an army of entrepreneurs -- the people who take new ideas and move them from the garage (or the lab) to the marketplace as part of businesses that create jobs. Our studies at the Kauffman Foundation show that over the last three decades new businesses five years of age or younger have been responsible for virtually all of our economy's net new jobs. If our national mantra is "jobs, jobs, jobs," entrepreneurs are the ones who historically have delivered with a disproportionate share of the disruptive innovations that really drive growth. The automobile, the airplane, the computer revolutions were brought to market by startups, not established firms.
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Author: Robert E. Litan
