The United States is a nation built by entrepreneurs. The American experiment itself is a profoundly entrepreneurial undertaking, grounded in the frontier spirit of freedom, adventure, self-reliance, and values of individualism, opportunity, and enterprise. Entrepreneurs, past and present, are woven into the fabric of our economic and popular culture. Most importantly, entrepreneurship powers the American economy – driving innovation, economic growth, job creation, and opportunity.
Entrepreneurship is central to the American identity. But what is entrepreneurship exactly? Despite widespread interest in the topic and a broad recognition of its importance, there remains a lack of consensus about how to specifically define entrepreneurship.
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Startups are disproportionately responsible for the innovations that drive productivity gains and economic growth, and account for virtually all net new job creation.
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After remaining remarkably consistent for decades, the number of new businesses launched in the United States peaked in 2006 and then began a precipitous decline – a decline accelerated by the Great Recession.
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Because of the unique role they play in our economy with regard to innovation, economic growth, and job creation – and because of their inherent fragility as new businesses – startups have unique vulnerabilities and policy needs.
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