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Why are some metropolitan areas so much more entrepreneurial than others? Silicon Valley seems almost magically entrepreneurial with a new startup on every street corner, but in
declining Rust Belt cities such startups are far and few between.
High levels of entrepreneurship are closely correlated with regional economic growth. Places with abundant new start-ups also experience faster income and employment growth. Areas with more small, independent fi rms far in the past have tended to do better.
Unsurprisingly, local policy makers who are looking for ways to rev the economic engines of their cities are interested in policies that can generate more entrepreneurship. Therefore,
understanding the determinants of entrepreneurship can help guide the development of more effective economic development policies, both locally and nationally.