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Boulevard of Broken Dreams by Josh Lerner

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CHAPTER 4

THINGS GET MORE COMPLICATED

In the previous chapter, we highlighted the importance of innovation to economic growth, and the role that young firms, particularly those backed by venture investors, play in stimulating new ideas. When reviewing these propositions, we were able to point to a substantial body of academic research—and many less systematic (but perhaps more persuasive!) stories—suggesting that a strong relationship exists between new ventures and innovation.

But as we noted in the previous chapter’s conclusion, these two facts alone are insufficient for us to come to a definitive conclusion. In particular, if government intervention in this arena is to make sense, it is necessary for the effort to be effective in stirring ...

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