“Throughout modern economic history, entrepreneurs and the start-ups they launch have been the principal source of the innovation that drives productivity gains. For example, most of the radical innovations of the past 100 years—electrification, the railroad, the automobile, the airplane, the telegraph and telephone, air conditioning, the computer—the truly “disruptive” innovations that dramatically enhanced productivity and fundamentally re-made the economic landscape, came from entrepreneurs. Relatedly, recent research has demonstrated that start-ups have also accounted for virtually all net new job creation over the past three decades.”
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