Creating Startup-Friendly Shared Values
Different cities have different attitudes towards startups. These differing attitudes steer the conduct of the region’s stakeholders. For example, if a city’s professors are rewarded for moving between the classroom and helping start companies that bring their ideas to the marketplace, more professors will start companies. Conversely, if those professors are rewarded for publishing articles in academic journals that help them get tenure, they will put their efforts there instead of starting companies. Students are also influenced by a region’s values. For example, if parents urge their children to try entrepreneurship, most students will start companies. And if local parents pressure their children to go into jobs, such as banking or consulting, that pay high current compensation, they will be more likely to become bankers or consultants.