The Washington Post
Steve Case is chairman and chief executive of Revolution LLC and chairman of Startup America Partnership.
After President Obama delivers his State of the Union address Tuesday, pundits will prognosticate that despite any bold plans unveiled, the critical task of spurring economic growth and job creation will be deferred until after Election Day.
Forecasting Washington gridlock is a safe bet after months of political standoffs on nearly every issue. Despite all the discord, however, momentum is building behind a policy aim every American can support: jump-starting job creation by improving the environment for entrepreneurs to start companies and expand existing businesses.
As a member of President Obama’s Council on Jobs & Competitiveness, I have led the effort to identify policies that can accelerate the creation and expansion of high-growth businesses — think Facebook, Chipotle and UnderArmour.
Research by the Kauffman Foundation indicates that firms less than five years old have produced 40 million American jobs over the past three decades — accounting for all of the net new jobs created in that period.
Unfortunately, over the past five years, start-ups are down 23 percent. The firms that are starting are, on average, adding fewer jobs than firms had in previous decades. Public offerings have fallen significantly since the early 2000s. Companies that are trying to expand have found that accessing capital and securing talent have become more challenging.
Meanwhile, as the American entrepreneurial engine slows, the pace has picked up around the world. Indeed, globalization has affected not just manufacturing and services but also entrepreneurship.
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