The Kauffman Foundation has highlighted three things that entrepreneurs do in every economy in the video below. In summary:
1. They “birth” the new product or service. Nearly every major new innovation came from a startup.
2. They create jobs. On average, startup companies (that are less than 5 years old) create 3,000,000 jobs each year. However, politicians and policy makers don’t get this.
3. They create all the new “net wealth” in society. Think of Bill Gates and Microsoft. While Bill made a lot of money, the real net wealth goes into society. It is said that these startup founders made less than 1% of the new net wealth that was created.
