Global Experience in Policy and Program Development
Edited by Sarfraz A. Mian
Chapter 1: Science and Technology Based Regional Entrepreneurship in the USA: The Evolution of National and State Policies and Programs
Sarfraz A. Mian and Walter H. Plosila INTRODUCTION In the post World War II era, the US economic system has experienced a transition away from the ‘managerial capitalism’ of the 1950s and 1960s to the emerging ‘entrepreneurial capitalism’ of the last several decades, which we are currently witnessing today.1 To maintain its economic preeminence in the changed world economic scenario, the national capacity to innovate and commercialize its science and technology (S&T) research results in new products and services through the creation of new ventures remains vital to the future competitiveness of the country. Today, reinforcing and sustaining this capacity has become more challenging in light of the participation of new and more active national players in the global knowledge economy. As the US National Research Council noted in its report (NRC, 2007): This nation must prepare with great urgency to preserve its strategic and economic security. Because other nations have, and probably will continue to have, the competitive advantage of low wage structure, the United States must compete by optimizing its knowledge based resources, particularly in science and technology, and by sustaining the most fertile environment for new and revitalized industries and the well paying jobs they bring. In many countries, national governments are directly supporting new technologies and industries considered strategically important for national economies. The US has witnessed the emergence of various S&T based state and regional ‘innovation ecosystems’ particularly from the mid-1980s which generated what is widely seen as one of the world’s most...
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