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Creating Jobs and Growing Businesses Through Entrepreneurship Roundtable

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Creating Jobs and Growing Businesses Through Entrepreneurship Roundtable S. HRG. 112–617 PERSPECTIVES FROM THE ENTREPRENEURIAL ECOSYSTEM: CREATING JOBS AND GROWING BUSINESSES THROUGH ENTREPRENEURSHIP ROUNDTABLE BEFORE THE COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP UNITED STATES SENATE ONE HUNDRED TWELFTH CONGRESS SECOND SESSION APRIL 18, 2012 Printed for the Committee on Small Business and Entrepreneurship ( Available via the World Wide Web: http://www.fdsys.gov U.S. GOVERNMENT PRINTING OFFICE 75–347 PDF WASHINGTON : 2012 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP ONE HUNDRED TWELFTH CONGRESS MARY L. LANDRIEU, Louisiana, Chair OLYMPIA J. SNOWE, Maine, Ranking Member CARL LEVIN, Michigan DAVID VITTER, Louisiana TOM HARKIN, Iowa JAMES E. RISCH, Idaho JOHN F. KERRY, Massachusetts MARCO RUBIO, Florida JOSEPH I. LIEBERMAN, Connecticut RAND PAUL, Kentucky MARIA CANTWELL, Washington KELLY AYOTTE, New Hampshire MARK L. PRYOR, Arkansas MICHAEL B. ENZI, Wyoming BENJAMIN L. CARDIN, Maryland SCOTT P. BROWN, Massachusetts JEANNE SHAHEEN, New Hampshire JERRY MORAN, Kansas KAY R. HAGAN, North Carolina DONALD R. CRAVINS, JR., Democratic Staff Director and Chief Counsel WALLACE K. HSUEH, Republican Staff Director BRIAN VAN HOOK, Democratic Policy Director MEREDITH WEST, Republican Senior Professional Staff (II) CONTENTS OPENING STATEMENTS Page Landrieu, Hon. Mary L., Chair, and a U.S. Senator from Louisiana .................. 1 Brown, Hon. Scott P., a U.S. Senator from Massachusetts .................................. 4 Moran, Hon. Jerry, a U.S. Senator from Kansas .................................................. 20 Risch, Hon. James E., a U.S. Senator from Idaho ................................................ 20 WITNESSES Gorman, Juliet, Communications Director, Etsy .................................................. 5 Gerber, Scott, Founder and President, Young Entrepreneur Council ................. 5 Williamson, Tim, Chief Executive Officer and Co-Founder, The Idea Village ... 6 Daugherty, Scott, Executive Director, North Carolina Small Business and Technology Development Center ........................................................................ 6 Mitchell, Ph.D., Matt, Senior Research Fellow, Mercatus Center at George Mason University ................................................................................................. 7 Lowe, Hon. Craig, Mayor, City of Gainesville, Florida ......................................... 7 Nigro, Joe, Business Evangelist, Vsnap.com ......................................................... 7 Wadhwa, Vivek, Fellow, Stanford University ....................................................... 8 Friederichs, Christina, Managing Director, Helzberg Entrepreneurial Men- toring Program ..................................................................................................... 8 Laskey, Alex, President and Founder, Opower ..................................................... 9 Hyman, Jennifer, Chief Executive Officer and Co-Founder, Rent the Runway . 10 Burfield, Evan, Chairman, StartupDC .................................................................. 10 Greene, Ph.D., Patricia G., Paul T. Babson Chair in Entrepreneurial Studies, Babson College ..................................................................................................... 11 Acharya, Nishith, Director, Office of Innovation and Entrrepreneurship, Eco- nomic Development Administration, U.S. Department of Commerce ............. 11 ALPHABETICAL LISTING AND APPENDIX MATERIAL SUBMITTED Acharya, Nishith Testimony .......................................................................................................... 11 U.S. Department of Commerce Economic Development Administration 2011 i6 Green Challenge Winners ............................................................... 47 Brown, Hon. Scott P. Testimony .......................................................................................................... 4 Burfield, Evan Tesimony ........................................................................................................... 10 Daugherty, Scott Testimony .......................................................................................................... 6 Prepared statement .......................................................................................... 54 Biz Boost Report ............................................................................................... 57 Friederichs, Christina Testimony .......................................................................................................... 8 Gerber, Scott Testimony .......................................................................................................... 5 Prepared statement .......................................................................................... 65 Gorman, Juliet Testimony .......................................................................................................... 5 Greene, Ph.D., Patricia G. Testimony .......................................................................................................... 11 Hyman, Jennifer Testimony .......................................................................................................... 10 (III) IV Page Landrieu, Hon. Mary L. Opening statement ........................................................................................... 1 Chart titled ‘‘Private Sector Job Growth’’ ....................................................... 40 Chart titled ‘‘2009 Graduate Students in STEM Fields’’ .............................. 41 Chart titled ‘‘Top 10 U.S. Engineering Graduate Degree Programs’’ .......... 42 Laskey, Alex Testimony .......................................................................................................... 9 Prepared statement .......................................................................................... 113 Lowe, Hon. Craig Testimony .......................................................................................................... 7 Mitchell, Ph.D., Matt Testimony .......................................................................................................... 7 Prepared statement .......................................................................................... 71 ‘‘Working Paper on Freedom and Entrepreneurship: New Evidence from the 50 States’’ ................................................................................................ 74 ‘‘Testing Baumol: Institutional Quality and the Productivity of Entrepre- neurship’’ ....................................................................................................... 98 Moran, Hon. Jerry Testimony .......................................................................................................... 20 Nigro, Joe Testimony .......................................................................................................... 7 Risch, Hon. James E. Testimony .......................................................................................................... 20 Snowe, Hon. Olympia J. Prepared statement .......................................................................................... 43 Wadhwa, Vivek Testimony .......................................................................................................... 8 Williamson, Tim Testimony .......................................................................................................... 6 PERSPECTIVES FROM THE ENTREPRENEURIAL ECOSYSTEM: CREATING JOBS AND GROWING BUSINESSES THROUGH ENTREPRENEURSHIP WEDNESDAY, APRIL 18, 2012 UNITED STATES SENATE, COMMITTEE ON SMALL BUSINESS AND ENTREPRENEURSHIP, Washington, DC. The Committee met in a roundtable discussion, pursuant to no- tice, at 10:05 a.m., in Room 428–A, Russell Senate Office Building, Hon. Mary L. Landrieu, Chair of the Committee, presiding. Present: Senators Landrieu, Risch, Brown, and Moran. OPENING STATEMENT OF HON. MARY L. LANDRIEU, CHAIR, AND A U.S. SENATOR FROM LOUISIANA Chair LANDRIEU. Good morning, everyone. Let me call this third roundtable on the entrepreneurship ecosystem to order. I really ap- preciate the special effort that many of you made to be here and to be a part of this exciting, and I hope, productive series of roundtables that the Small Business Committee has been con- ducting over the course of the last few months to explore some ideas relative to strengthening the entrepreneurship ecosystem in our country. I really appreciate your participation. You have all come highly recommended. The goal of these roundtables is to take the ideas that come from them and the discussions, and this is going to be very informal, hopefully very interactive, much different than a sort of staid, stiff, formal hearing. So, I hope that you will be enthusiastic about shar- ing some of your best ideas. You are all a very impressive group of experts and leaders in your own right, and I am going to introduce you briefly in just a minute. As we look at the definition of an ecosystem, it is defined as, ‘‘a system formed by the interaction of a community of organisms within their environment.’’ When I read this definition this morning in preparation, a couple of the words jumped out to me. It is a system. It is not a hodge- podge of unrelated pieces. The word ‘‘interaction’’ is important. It indicates
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