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Boulevard of Broken Dreams by Josh Lerner

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CHAPTER 3

WHY SHOULD POLICYMAKERS CARE?

At this point we are familiar with the argument that government has no role in promoting venture capital and entrepreneurship. In the last chapter, we looked at some historical evidence that planted seeds of doubt about this argument. Now we’ll turn to more systematic evidence, as articulated in recent research.

The case that policymakers should indeed care about new ventures and venture capitalists—and do have a role to play in facilitating their activity—rests on three foundations. The bulk of this chapter reviews the first two critical rationales: that innovation is critical to growth, and that new ventures can stimulate innovation. As we’ll see, both rationales are quite compelling. We’ll discuss the ...

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