Entrepreneurship is the Key to World’s Economy - Carl J. Schramm (Kaufmann Foundation)

Posted by Vineet Bansal

at October 10, 2009

(1 votes, average: 4.00 out of 5)

Loading ...

An eventful first day of the three day PAN IIT 2009 conference enters into the evening session. Large audience seated in a huge ballroom is enlightened by Dr. Carl Schramm. Founder of the Kauffman foundation, Dr. Schramm is a highly respected personality in the entrepreneur community. Entrepreneurial capital he says is the biggest contributor in shaping the present economy as it is.

There has been a sudden surge in the Entrepreneurial activity in India and China in the past few years is one of the prime reasons for these countries to pop up on the world map. Entrepreneurial activity is what drives the economy and it’s not the economy which shrinks or expand in bad and good times, it is the firms that shrink or grow. It’s the high growth firms which contribute to the prosperity of the economy. He disagrees with the notion of starting early to be an Entrepreneur and quotes that the average age of top 500 Entrepreneurs is 39 years.

America’s success story is dedicated to the fact of understanding the transformation of a start up to a high growth firm. With this understanding, Kauffman foundation has started a new program of nurturing Entrepreneurs in their laboratories. Comparing this to IIT’s, Dr. Schramm says that every IIT graduate is a potential Entrepreneur who has the potential to contribute in the growth of the economy.

Dr. Schramm concludes by urging everybody present in the hall to think big and think for the economy as a whole.