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Mark Sanders Scientific Coordinator

Mark Sanders Scientific Coordinator. The FIRES Reform Strategy for the UK. The Shoulders we Stand On. Entrepreneurial Society and its Enemies Popper’s Open Society Contestability is the road to progress Schumpeter’s Capitalist Dynamics Entrepreneurship and Creative Destruction

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Mark Sanders Scientific Coordinator

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  1. Mark SandersScientific Coordinator The FIRES Reform Strategy for the UK

  2. The Shoulders we Stand On • Entrepreneurial Society and its Enemies • Popper’s Open Society • Contestability is the road to progress • Schumpeter’s Capitalist Dynamics • Entrepreneurship and Creative Destruction • Baumol’s Institutional Approach to Entrepreneurship • Entrepreneurial Talent Allocation • Soskice’s Varieties of Capitalism • Institutions embedded and interacting • Audretsch’ Entrepreneurial Society • Managed to Entrepreneurial Society

  3. Our Analysis Inclusive, Sustainable and Innovative Growth requires Entrepreneurship There is no shortage of ideas, talent and capital in Europe Too little currently flows to (productive) entrepreneurial activity Institutions protecting creditors, workers and inventors block these flows Effective Reform requires a regionally differentiated and historical approach Effective Reform should aim to channel more capital, labor and knowledge to entrepreneurial activity We know a lot, the challenge is to formulate effective, tailored reform proposals based on that knowledge And address these in a coherent package at the right policy levels

  4. Seven steps... The FIRES seven step approach Step 1: Assess the most salient features of the institutional complex in place and trace its deep historical roots. Step 2: Assess the strengths and weaknesses and flag the bottlenecks in the entrepreneurial ecosystem using a structured data analysis. Step 3: Identify, using careful primary data collection among entrepreneurial individuals (i.e. founders) what most salient features characterize the start-up process and where entrepreneurs face barriers. Step 4: Map the results of step 2 and 3 onto the menu of policy interventions to identify potential interventions for the country under investigation. Step 5: Carefully consider the list of proposals in light of the historical analysis under step 1 and fit the proposed reforms to the relevant local, regional and national institutional complex in place. Step 6: Identify who should change what in what order for the reform strategy to have the highest chance of success. Step 7: Experiment, evaluate and learn and return to step 1 for the next iteration.

  5. Diagnosis

  6. The Patient • Long and Glorious History • Patents, Finance, Universities • Global Empire, Industrial Revolution and New World Order • Recent History • Labour Relations and the Welfare State • Entrepreneurship policies

  7. The Symptoms

  8. The Symptoms

  9. The Symptoms

  10. The Complaints

  11. Our Diagnosis Liberalised labour markets, deep formal financial markets, strong science and knowledge creation. Resources flow to and are highly concentrated in London and South-East. The ecosystem rewards success but is not very inclusive. Educated and loyal labour force hard to come by/retain. A lot of good seed falls not in fertile soil. Excellent micro, but weak macro performance.

  12. Treatments UK should not become Germany... ...but perhaps move a little in its direction. Make the UK ecosystem more fertile, resilient, diversified and inclusive.

  13. Whatthe LSE GrowthCommission (2017) recommends: Negotiate good deals with EU and US upon Brexit. Strengthen London as Global Financial Services Hub. Set an ambitious industrial strategy. Invest in higher worker skills and lifelong learning.

  14. OurTreatments More open access to knowledge More inclusive capitalism Level the playing field in labour markets

  15. Proposals 2 and 5: Experiment with Open IPR to ensure Access to and Commercialisation of Knowledge

  16. Proposals 11, 15 and 18:Promote Accumulation and Investment of Small Private Wealth

  17. Proposals 43 and 45:Build Digital Infrastructure and Information to Support Platform Based Inclusive Finance

  18. Proposals 27, 31, 52 and 63:Promote the Flow of Talent into Venturing (also as Employees)

  19. Proposals 52, 55, 59, 61 and 62:Strengthen the Accumulation and Maintenance of (Esp. Firm Specific) Human Capital

  20. And join us in Brussels on May 25th... Register at www.projectfires.eu

  21. OurQuestions a)      Which proposal(s) among the ones proposed by FIRES, you would support and endorse and, conversely, which one (if any), you would disregard? b)     Is there any policy proposal for the UK entrepreneurial ecosystem that you would recommend to include that it is not mentioned in the FIRES policy brief? c)      Can you please gauge about the political feasibility of the FIRES proposal(s) that you like. Are they easily implementable or not? Do you see any difficulties or obstacles of any sort, and in particular political obstacles, to implementing the proposed recommendation(s)?

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