Over the Horizon

Chinese culture is 4,000 years old, the United States is more than 200 years old, venture capital as an organized segment of private equity is 60 years old, and angel investing in an organized form is barely 20 years old. Enormous, enduring economic value has been created by each of these disparate entities, wealth that has transformed lives and livelihoods. Yet we still know so little about which common denominators are responsible for success. Central questions remain unanswered. What enables some economies, or regions within economies, to suddenly create more firms, attract more capital and produce bursts of inventions? What combination of formal and informal practices sparks the innovation that so many governments seek? Is it possible for one nation to transplant successful entrepreneurship from another…