Changing Horses: Recreating Entrepreneurial Economies in the Mid-Western United States

15 Pages Posted: 19 Nov 2007

See all articles by Ross B. Emmett

Ross B. Emmett

Arizona State University (ASU) - Center for the Study of Economic Liberty; PERC - Property and Environment Research Center

Bryan K. Ritchie

Michigan State University - James Madison College

John T. Fournier

Michigan Center for Innovation & Economic Prosperity

Date Written: November 15, 2007

Abstract

Economies of the Midwest United States led the world in entrepreneurialism, wealth creation, and economic transformation in the 20th century. But the institutions created to maintain that wealth are now constraining the region's capacity to make the changes necessary to adapt to the new global economy. The new economy requires knowledge creation, innovation, risk taking, and other characteristics of entrepreneurial economics. To restore their entrepreneurial capacity, the economies of the Midwest need to create and integrate four institutional capacities: the agglomeration of research and skill sets that we often associate with university research parks, assistance to new business start-ups through "one-stop shops" for economic development, stronger private sector connections with the region's research universities, and very early-stage venture funding. None of these things in isolation is more than a real estate venture, a government bureaucracy, an ivory tower, or raw capital. But in combination they can maximize the breadth and depth of human capital participation in the economic development enterprise.

Keywords: midwest, entrepreneurship, venture capital, institutional capacity, one stop shop,

JEL Classification: H7, O18, O33

Suggested Citation

Emmett, Ross B. and Ritchie, Bryan K. and Fournier, John T., Changing Horses: Recreating Entrepreneurial Economies in the Mid-Western United States (November 15, 2007). Available at SSRN: https://ssrn.com/abstract=1030848 or http://dx.doi.org/10.2139/ssrn.1030848

Ross B. Emmett (Contact Author)

Arizona State University (ASU) - Center for the Study of Economic Liberty ( email )

CPCOMM 4th Floor
United States

PERC - Property and Environment Research Center

2048 Analysis Drive
Suite A
Bozeman, MT 59718
United States

Bryan K. Ritchie

Michigan State University - James Madison College ( email )

302 South Case Hall
East Lansing, MI 48824
United States
517-353-8614 (Phone)

John T. Fournier

Michigan Center for Innovation & Economic Prosperity ( email )

South Case Hall
East Lansing, MI 48825-1205
United States

HOME PAGE: http://www.mciep.org

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