Innovation and Entrepreneurship: The New Drift in Federal Policy


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By Mark Muro, International Economic Development Council

“The rebuilt American economy must be more export‐oriented and less consumption‐oriented, more environmentally‐oriented and less fossil energy‐oriented, more bio‐ and software engineering‐oriented and less financial‐ engineering‐oriented and less oriented to income growth that disproportionately favors a very small share of the population.”
‐ Director of the National Economic Council,
Lawrence Summers, July 2009

  • The next economy will be metropolitan‐led
    Which means regions belong at the center of national innovation and entrepreneurship policy. There is no single American economy, but a network of 366 metropolitan economies that compete with other economic regions around the world
  • Metropolitan regions concentrate, amplify, and align the economic inputs that matter most
    • There’s a “missing middle—” an ignored opportunity to join the macro and the micro at the metro for growth
  • Brookings has developed a suite of innovation‐related innovation proposals
    • Urge federal leadership while celebrating bottom‐up localism
    • Focus on regions
    • Suggest organizational and institutional reforms
  • A federal CLUSTER program would stimulate regional industry clusters from the bottom‐up
    This idea assumes federal policy has generally failed to tap into the power of clusters to facilitate knowledge transfer, innovation, workforce development, and improved productivity
  • A new federal CLUSTER (Competitive Leadership for the U.S. Through its Economic Regions) program would:
    Provide competitive grants to cluster initiatives to foster “bottom‐up” innovation and collaboration in regional industry clusters of all sorts
    Create an information center to map cluster geography, track cluster performance, and research and disseminate cluster best practices

more> http://tinyurl.com/2bl4y7z

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