The entrepreneurial imperative

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In 2004, Carl Schramm, president of the Kauffman Foundation, published a provocative essay asserting that Americans lack awareness of the fundamental secret behind our economic success. He argues that for the U.S. to maintain its global economic leadership, it is crucial to understand and harness this secret: our exceptional entrepreneurial spirit. Schramm contends that entrepreneurship, rather than technology, education, manufacturing, or capital markets, is the key to sustaining America as an economic superpower. He emphasizes that technology is now universally accessible, education lags behind other countries, basic manufacturing has largely moved overseas, and capital markets have become globalized. Drawing on extensive research from the Kauffman Foundation and his own entrepreneurial experience, Schramm illustrates the implications of this entrepreneurial imperative for universities, foundations, corporate leadership, personal career choices, and foreign policy. His insights promise to transform not only the operations of government, corporations, and nonprofits but also the everyday lives of working Americans.