Saturday, October 27, 2007

Carl Schramm Discusses Entrepreneurial Capitalism

Carl Schramm is President and CEO of the Kauffman Foundation. The Kauffman Foundation, founded in the mid-1960s, focuses on advancing entrepreneurship and supporting education for children and youth. It is the country's 26th largest foundation, with an asset base of about $2 billion.

On October 2, 2007, Schramm spoke to about 400 people on the Cornell campus as part of the Entreprenurship@Cornell speakers series. He discussed the concept of "entrepreneurial capitalism" which he defines as a radically new economy brought about by a series of random occurrences in the early 1980s, such as the collapse of some of the country's top companies, the era of junk bonds and the ensuing creation of 401(K) plans to support workers and venture capitalism to create new businesses.

In addition to that concept, Schramm shared thoughts on the prevalence of entrepreneurship in people's careers today and that the work world is a very different place for today's graduates than it was for their parents.

In the video clip below, Schramm states that entrepreneurs are key to the American economy because they innovate, create jobs and generate wealth.

To hear more of the lecture, click here to access Schramm's comments in eClips.

For more information about the event, please access this The Cornell Chronicle article.

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