EBOOK
The Venturesome Economy
How Innovation Sustains Prosperity in a More Connected World
Amar BhidéSeries: Kauffman Foundation Series on Innovation and Entrepreneurship(0)
About
"Winner of the 2009 Silver Medal Book Award in International Business/Globalization, Jenkins Group, Inc., Axiom Business" "Winner of the 2008 PROSE Award in Business, Finance, and Management, Association of American Publishers" "One of Economist's Best Books for 2008" "One of BusinessWeek's Best Innovation and Design Books for 2008" Amar Bhidé is the Thomas Schmidheiny Professor at the Fletcher School of Law and Diplomacy, Tufts University, editor of Capitalism and Society, member of the Council on Foreign Relations, and the author of The Origin and Evolution of New Businesses. A former McKinsey & Company consultant, Bhidé was educated at the Indian Institute of Technology and Harvard Business School, where he graduated as a Baker Scholar and later served as an associate professor.
Many warn that the next stage of globalization--the offshoring of research and development to China and India--threatens the foundations of Western prosperity. But in The Venturesome Economy, acclaimed business and economics scholar Amar Bhidé shows how wrong the doomsayers are.
Using extensive field studies on venture-capital-backed businesses to examine how technology really advances in modern economies, Bhidé explains why know-how developed abroad enhances--not diminishes--prosperity at home, and why trying to maintain the U.S. lead by subsidizing more research or training more scientists will do more harm than good.
When breakthrough ideas have no borders, a nation's capacity to exploit cutting-edge research regardless of where it originates is crucial: "venturesome consumption"--the willingness and ability of businesses and consumers to effectively use products and technologies derived from scientific research--is far more important than having a share of such research. In fact, a venturesome economy benefits from an increase in research produced abroad: the success of Apple's iPod, for instance, owes much to technologies developed in Asia and Europe.
Many players--entrepreneurs, managers, financiers, salespersons, consumers, and not just a few brilliant scientists and engineers--have kept the United States at the forefront of the innovation game. As long as their venturesome spirit remains alive and well, advances abroad need not be feared. Read The Venturesome Economy and learn why--and see how we can keep it that way. "Bhidé makes a detailed argument that contradicts the prevailing view of expert panels and authors who contend that the nation's prosperity is threatened by the technological rise of China and India, and that America's capacity for innovation is eroding. . . . Mr. Bhidé derides the conventional view in science and technology circles as 'techno-nationalism,' needlessly alarmist and based on a widely held misunderstanding of how technological innovation yields economic growth. In his view, many analysts put too much emphasis on the production of new technological ideas. Instead, he observes, the real economic payoff lies in innovations in how technologies are used."---Steve Lohr, New York Times "Offers a perspective on American innovation and prosperity that is remarkably optimistic, given the temper of the times. Among his data-driven findings: American consumers have long shown an 'exceptional willingness' to buy, for instance, technology products before their utility is clear. Such 'venturesome consumers' help spur companies and entrepreneurs to take the risks that lead to innovation."---Rob Walker, New York Times "The Venturesome Economy is a refreshing riposte to the doomsayers of recession and the bleak prognostications of the technonationalists. It is a compelling book and will have a wide audience; many will be interested in the numerous case studies, particularly of IT and biotech firms. The emphasis on relationships, connections and networks resonates well with modern literature on social capital and economic psychology."---Michelle Baddeley, Times Higher Education "Bhidé points out that w
Many warn that the next stage of globalization--the offshoring of research and development to China and India--threatens the foundations of Western prosperity. But in The Venturesome Economy, acclaimed business and economics scholar Amar Bhidé shows how wrong the doomsayers are.
Using extensive field studies on venture-capital-backed businesses to examine how technology really advances in modern economies, Bhidé explains why know-how developed abroad enhances--not diminishes--prosperity at home, and why trying to maintain the U.S. lead by subsidizing more research or training more scientists will do more harm than good.
When breakthrough ideas have no borders, a nation's capacity to exploit cutting-edge research regardless of where it originates is crucial: "venturesome consumption"--the willingness and ability of businesses and consumers to effectively use products and technologies derived from scientific research--is far more important than having a share of such research. In fact, a venturesome economy benefits from an increase in research produced abroad: the success of Apple's iPod, for instance, owes much to technologies developed in Asia and Europe.
Many players--entrepreneurs, managers, financiers, salespersons, consumers, and not just a few brilliant scientists and engineers--have kept the United States at the forefront of the innovation game. As long as their venturesome spirit remains alive and well, advances abroad need not be feared. Read The Venturesome Economy and learn why--and see how we can keep it that way. "Bhidé makes a detailed argument that contradicts the prevailing view of expert panels and authors who contend that the nation's prosperity is threatened by the technological rise of China and India, and that America's capacity for innovation is eroding. . . . Mr. Bhidé derides the conventional view in science and technology circles as 'techno-nationalism,' needlessly alarmist and based on a widely held misunderstanding of how technological innovation yields economic growth. In his view, many analysts put too much emphasis on the production of new technological ideas. Instead, he observes, the real economic payoff lies in innovations in how technologies are used."---Steve Lohr, New York Times "Offers a perspective on American innovation and prosperity that is remarkably optimistic, given the temper of the times. Among his data-driven findings: American consumers have long shown an 'exceptional willingness' to buy, for instance, technology products before their utility is clear. Such 'venturesome consumers' help spur companies and entrepreneurs to take the risks that lead to innovation."---Rob Walker, New York Times "The Venturesome Economy is a refreshing riposte to the doomsayers of recession and the bleak prognostications of the technonationalists. It is a compelling book and will have a wide audience; many will be interested in the numerous case studies, particularly of IT and biotech firms. The emphasis on relationships, connections and networks resonates well with modern literature on social capital and economic psychology."---Michelle Baddeley, Times Higher Education "Bhidé points out that w