Mr. Amar Bhidé Visiting Scholar - Kennedy School of Government on "The Venturesome Economy"
Creative Industries - Keynote Speech
The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World
Many warn that the next stage of globalizationthe offshoring of research and development to China and Indiathreatens the foundations of Western prosperity. But in The Venturesome Economy, acclaimed business and economics scholar Amar Bhidé shows how wrong the doomsayers are.
Using extensive field studies on venture-capital-backed businesses to examine how technology really advances in modern economies, Bhidé explains why know-how developed abroad enhancesnot diminishesprosperity at home, and why trying to maintain the U.S. lead by subsidizing more research or training more scientists will do more harm than good.
When breakthrough ideas know no borders, a nations capacity to exploit cutting-edge research regardless of where it originates is crucial: our venturesome consumptionthe willingness and ability of our businesses and consumers to effectively use products and technologies derived from scientific researchis far more important than our share of such research. In fact, a venturesome economy benefits from an increase in research produced abroad: the success of Apples iPod, for instance, owes much to technologies developed in Asia and Europe.
Many playersentrepreneurs, managers, financiers, salesmen, consumers, and not just a few brilliant scientists and engineershave kept the U.S. at the forefront of the innovation game. As long as their venturesome spirit remains alive and well we need not fear advances abroad. Read The Venturesome Economy and learn whyand see how we can keep it that way.
About Mr. Amar Bhidé
Amar Bhidé, previously the Laurence D. Glaubinger Professor of Business at Columbia University, has just completed A Call for Judgment: Sensible Finance for a Dynamic Economy scheduled to be published by Oxford University Press in September. His 2008 book, The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World, (Princeton University Press 2008) won the Association of American Publishers' PROSE Award for Professional and Scholarly Excellence in Business, Finance, and Management, and was in the "Best of 2008" lists of the Economist, BusinessWeek and Barrons. The author of The Origin and Evolution of New Businesses (Oxford 2000), and Of Politics and Economic Reality (Basic Books 1984), Bhidé been studying entrepreneurship for more than twenty years.
Bhidé is a Member of the Center on Capitalism and Society and spearheaded the launch of its eponymous journal, Capitalism and Society (published by the Berkeley Electronic Press) which he now edits (with Prof. Edmund Phelps). He is also a member of the Council on Foreign Relations and a Fellow of the Royal Society of Arts (RSA).
Bhidé served on the faculties of Harvard Business School (from 1988 to 2000) and the University of Chicago's Graduate School of Business. A former Senior Engagement Manager at McKinsey & Company and proprietary trader at E.F. Hutton, Bhidé served on the staff of the Brady Commission which investigated the stock market crash. Bhidé earned a DBA (1988) and an MBA with high distinction as a Baker Scholar (1979) from Harvard. He received a B.Tech from the Indian Institute of Technology in 1977.
Bhidé has several publications in the areas of entrepreneurship, strategy, financial markets and firm governance. His eight Harvard Business Review articles include "Efficient Markets, Deficient Governance," "How entrepreneurs craft strategies that work," "Bootstrap Finance: the Art of Start-ups," and "Hustle as Strategy." His work on financial markets and governance includes "The Hidden Costs of Stock Market Liquidity" in the Journal of Financial Economics and articles in the Journal of Applied Corporate Finance. He has written numerous articles in the Wall Street Journal, The New York Times, and The LA Times.