Entrepreneurship in the Global Economy: Engine for Economic Growth

Description

Entrepreneurs have long been drivers of innovation in developed countries. They start companies and create new industries that keep economies strong and prosperous. Today, however, in developing nations such as China, state-controlled economies are building robust industries at stunning speed and siphoning off jobs from the West. How can entrepreneurs function in the face of this challenge? Can they continue to create economic value in a globalized business environment? This book addresses the crucial issue of state planning vs. free enterprise and examines specific problems surrounding entrepreneurship in the global economy through nine case histories of entrepreneurial companies. It also looks at how and why government gets involved in economic growth and how entrepreneurs contribute to economic value. Based on this analysis, the authors argue that companies can succeed, even in controlled economies, by understanding the customs and policies of countries where they do business.

Henry Kressel, a senior partner of Warburg Pincus LLC, has been responsible for investments in technology companies in the USA, Europe and Asia. He began his career at RCA Laboratories where he pioneered the first practical semiconductor lasers. He was the founding president of the IEEE Photonics Society and co-founded the IEEE/OSA Journal of Lightwave Technology. He is the recipient of many awards and honors, a Fellow of the American Physical Society and the IEEE, was elected to the US National Academy of Engineering and is holder of thirty-one issued US patents for electronic and optoelectronic devices. He is the co-author of three previous books, Semiconductor Lasers and Heterojunction LEDS with J. K. Butler (1977) and Competing for the Future: How Digital Innovations are Changing the World (Cambridge, 2007) and Investing in Dynamic Markets: Venture Capital in the Digital Age (Cambridge, 2010), both with Thomas V. Lento. He also edited Semiconductor Devices for Optical Communications (1987). Thomas V. Lento is founder and President of InterComm, a corporate communications consultancy specializing in technology companies. He has been a university professor, an ad agency executive and Director of Communications for Sarnoff Corporation. In addition to collaborating with Henry Kressel on three books, he was editor of Inventing the Future: 60 Years of Innovation at Sarnoff and co-authored Gregory H. Olsen's By Any Means Necessary: An Entrepreneur's Journey into Space (2009).

'This unique book is a must read for innovators that increasingly live all around the globe. In the past the conventional wisdom was design it locally, manufacture it where appropriate, sell it globally; Henry Kressel and Thomas Lento argue in this book that products will be designed anywhere, manufactured anywhere, and marketed anywhere around the globe. Businesses starting up today are global in all dimensions, and competitors operate globally. Businesses need to understand the unique characteristics of each country they operate in, particularly the financial impact of local government financial incentives. Innovators ignore the lessons here at their own peril.' Bart Stuck, Managing Director, Signal Lake 'Henry Kressel and Tom Lento take a fresh look at the entrepreneur in the global marketplace and challenge accepted ideas on how the world's governments and institutions can foster or hinder new businesses. Drawing on many years of private equity investment experience, they analyze the path taken by twelve entrepreneurs, from founders of huge multinational corporations to early-stage company leaders. Prospective business leaders would do well to learn from these clear lessons.' Peter Scovell, President, Newlyn Technologies Ltd 'The authors provide a brilliant analysis of the role of entrepreneurship in driving innovation. Through a combination of historical analysis and fascinating case studies, Kressel and Lento provide important insights regarding the appropriate balance - and tension - between the requirements for government and private sector initiatives. With sweeping breadth from mercantile eighteenth-century France to twenty-first-century China and the United States, Kressel and Lento offer a fascinating picture of what works - and why!' Peter A. Derow, Cofounder, Prodigy 'Henry Kressel is a hero and a prophet of our times. His book with Thomas Lento offers a clear vision of the global economy built upon fascinating tales and spectacular facts. This book is a must read for entrepreneurs, investors and government officials, indeed for anyone who is trying to make sense of our turbulent world.' Graciela Chichilnisky, Columbia University and CEO, Global Thermostat LLC 'Where others see barriers to success when considering the dynamics of industrial policies in emerging markets, the authors teach us that these are not barriers but essential elements for success. Some may take for granted that reaching the US market is always critical and a first step before expanding abroad. But reading this we are reminded that working abroad and having the innovative technology imported into the US may be a better option when we consider the dynamics of a global marketplace.' Teri Willey, Vice President, Mount Sinai School of Medicine