How Startups Affect the Business Mindset

Richard Florida writes that while other countries and regions may create superior products, America generates startups that forever shift the nation’s economic structure.

This system of innovation is based on three key principles: technology, talent, and tolerance. A great university like Stanford or MIT is a necessary but in-itself insufficient condition for success. It’s the same with venture capital. This system, this social structure of innovation and new firm formation, requires a constant flow of especially talented people — and not just scientists and investors, but entrepreneurs with the vision and skills to follow through, executing and building companies. This can only happen in an environment that’s open, meritocratic, and diverse, where it doesn’t matter what you look like or where you are from, or what your ethnic background or sexual orientation is. More than half of all the Silicon Valley startups launched over the past couple of decades have had an immigrant on their founding teams.

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