For the last three decades, start-up companies have been the job-creating engine of the US economy. Such enterprises are essential and yet, they are often overlooked in favour of the big firms. A related problem is that capitalism is often thought to be the cause of economic woes, although evidence clearly shows that capitalism – especially entrepreneurial capitalism – creates jobs, wealth and life-enhancing products and discoveries, contends Carl J. Schramm. The President and CEO of Ewing Marion Kauffman Foundation was speaking at SMU's Institute of Innovation and EntrepreneurshipDistinguished Speaker Series.For decades, entrepreneurship has been a course only offered in the business schools of US universities, he observed. “An irony – because entrepreneurs do not [usually] come from the business schools; they come from everywhere else,” said Schramm. Engineering schools, for example, are reflective of “big firm capitalism” as their innovations, new services and products become commercialised. Medical schools, with their prolific research initiatives, also provide fertile ground for entrepreneurship. In fact, any field that is driven by research has the potential to produce entrepreneurs.
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