The Myth of the Magic Start-Up

In large part, reigniting the American economy depends on creating innovative new businesses that employ new technologies and new business models to drive productivity and create wealth. But contrary to popular mythology, only a small number of entrepreneurs create these very valuable companies, while most of the rest create companies that are largely worthless. A policy that encourages the wholesale creation of “any and all businesses” by “anybody and everybody” is as likely to destroy value as to create it. What does this reality imply for the future of our economy? .....

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