The Council on Competitiveness has released recommendations from its research project, the National Innovation Initiative (NII). The premise of this group is that America can't compete in the global marketplace without a governmental plan. I disagree.
Here is a summary of the proposals of this study as reported by The National Dialogue on Entrepreneurship along with my thoughts:
* Build 10 regional Innovation Hot Spots in the next five years
Governments should not be in the business of picking economic winners. Rather than spending funding on pork projects like this, cut taxes and focus efforts on cutting needless red-tape that gets in the way of entrepreneurial development.
* Designate a lead Federal agency and an inter-agency council to coordinate economic development programs around innovation-led growth.
Whenever I hear of a government agency wanting to "coordinate" anything I am reminded of the first words uttered by Frosty the Snowman, "Let's Run!" Coordination leads to control. Control leads to bureaucracy. We don't need governmental officials helping entrepreneurs find opportunities in the marketplace.
* Increase the availability of early-state risk capital with tax incentives, expanded angel networks and new seed capital funds.
Cut taxes for everyone and there will be even more money available for all entrepreneurs.
