If the state and federal governments remove barriers to creativity and entrepreneurial drive, such as unnecessary licensing, fees, and permits, more people will consider starting businesses. As a result, local economies will thrive, he says. "The U.S. technological boom is being driven by entrepreneurship," Phan continues. "One thing the government did right was to change the Telecommunications Act in 1996. By doing so, the government sent the message that it was serious about freeing the individual to pursue technological innovation without fear." However, this is only the beginning and is not enough. "The U.S. has pockets of incredible entrepreneurial activity like the Silicon Valley, but we also have former industrial cities, such as Troy, N.Y., or Altoona, Pa., that have been decimated," Phan says. "Government won't bring wealth to those areas-entrepreneurship will." CONTACT: Theresa Bourgeois, (518) 276-2840, bourgt@rpi.edu |
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"If
the U.S. is to learn anything from Taiwan, it's that big government
should stay out of small business," says Phan, the Warren
H. Bruggeman '46 and Pauline Urban Bruggeman Distinguished Associate
Professor of Entrepreneurship at Rensselaer's Lally School of
Management and Technology. In the depths of the Asian economic
crisis, Taiwan announced an annual growth of 4 percent. That's
because nearly 70 percent of Taiwan's economy is based on small
to medium enterprises, he says.