American capitalism is crumbling, with millions cut off from the ecosystem of business startups, scale ups and investment that the privileged few take for granted.
We need to be nurturing and building a wider pool of entrepreneurial talent if we want to stimulate economic growth from the bottom up. That starts with replacing the Ivy League fraternity culture of many investors with a transparent, meritocratic and tech-enabled VC ecosystem.
If we get this right, we could be entering a golden age of entrepreneurship: Many of the newly unemployed are opting to start their own businesses, with 804,398 new businesses being started in 2020, compared with an average of approximately 700,000 in previous years.
In theory, many of these businesses have the potential to grow and even float on the stock market in several years’ time. The best are likely to be supported by VCs, who ensure that the best, most promising founders and startups succeed while the “survival of the fittest” mechanism weeds...read more...