It also is fueling a new phenomenon of wealth creation that is producing unprecedented levels of investment in new companies and innovative products and business practices. Participants at the NCOE-Kennedy School Conference identified several key elements needed to build a habitat for entrepreneurship in local regions. Engler also said state government is uniquely poised to take steps to boost entrepreneurship because it can move faster than the federal government in delivering services. In the 1970s, ten percent of teenagers surveyed wanted to be an entrepreneur. In other words, an entrepreneur looking to start a company will do so in a city or region that contains the most talented people and where there is a high level of openness and diversity, such as Austin or northern California.
Universities also play a crucial role in promoting entrepreneurial habitats.
He also said policy must strengthen bonds between universities and industry because these bonds often drive the creation of many of our most innovative companies. The conference also explored the financing of entrepreneurial companies. Candida Brush of Boston University said the venture community must play a bigger role in supporting women-owned firm because they are the fastest growing sector of the economy. And he urged government to work with the venture community to increase VC investments in each state. Carper, former governor of Delaware, and Engler both talked about creating nurturing economic climates in their states by reducing tax rates and developing a skilled labor and talent pool in vocational and community college education.