Wednesday, April 8, 2009

Entrepreneurs are the way out of this mess

Instead of dropping money into the sink hole of Wall Street, we should be creating a landscape where startups can flourish. We have the resources we need to get out of this mess - and it is the collective brain-power and ingenuity of our people, young and old alike.

The Internet created an environment with low barriers of entry for new ideas to take flight, basically a much more level playing field, where those with limited resources could compete, on merit with larger established companies. If the government is going to throw money at the economic mess, throw it in this direction, in the form of incentives for startups and entrepreneurs, even capital, etc.

VC's have shown you don't even need to be all that selective. You could almost have a lottery system without wasting a lot of time and money reviewing ideas because there are enough smart people with drive and good ideas, if you throw money at the wall, it will stick. Literally throw the money out there to anybody with an idea - a lot of them will go on to create jobs, if not entire new industries.

The economic recovery starts at the bottom. People have to spend money. It starts with people having jobs. An ecosystem that enables thriving new businesses creates jobs. Forget these old-world Wall Street bafoons - they are not our saviour. We should put our recovery (and some money) in the hands of our smart entrepreneurial pool - that will produce results.

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