Every country, every region, has to do this to compete in the world economy. If they don't, they will lose jobs resulting in high unemployment and social problems. That's why the entrepreneurship and the creation economy are so important. Now, let me turn to Stanford, which is my major assignment here. I'm going to talk about Stanford University's role in Silicon Valley.
People often ask if there was a plan for Silicon Valley and the answer is, No.
There was no plan, but there was a vision. And having a vision is very important because certain things are done to foster that vision. And the vision actually was carried to Stanford by Fred Thurman, who was first the Dean of Engineering and later the Provis. His vision was one of a university-industry community. There is a certain irony about this because he acquired this vision at MIT, where he was a student of Vaniver Bush.