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Listing all articles in the Files / Working Papers category
Canada’s Startup Ecosystems Are Growing, But Still Lag the Global Leaders
There is growing concern over rising economic inequality, the decline of the middle class, and a polarization of the U.S. workforce. This study authored by Richard Florida, Todd Gabe, and Jaison R. Abel, examines the extent to which low-wage workers in the United States transition to better jobs, and explores the factors associated with uch a move up the job ladder.
This chapter examines the phenomenon of “winner-take-all urbanism” and “winner-take-all cities.” Large segments of the modern economy have been shown to conform to a “winner-take-all” pattern as superstar talent draws a disproportionate share of economic rewards.
This report takes a deep dive into America’s Service Class. The Service Class includes 65 million workers who toil in precarious, low-skill, low-pay jobs in fields like Food Preparation and Service, Retail Trade, Personal Care, and Clerical and Administrative positions. Our research outlines the dramatic growth of the Service Class, documents the low wages paid to Service Class workers, and charts the large share of women and minorities that make up Service Class workers.
This report examines job growth across Canada and the United States. It uses data from Emsi data for the period 2001–2016 for the 222 metros that had more than 100,000 jobs in 2016. This includes 203 U.S., 91 percent of the total, and 19 Canadian metros, 9 percent of them. We also look at job change for the more recent 2012–2016 post-economic crisis and recovery period. (Emsi compiles its labor market analytics from U.S. and Canadian government sources).
Recent years have seen increasing apprehension over rising inequality and the growth of the so-called “1 percent.” For all the concern expressed about the rise of the global super-rich, there is very little empirical research related to them, especially regarding their location across the cities and metro areas. Our research uses detailed data from Forbes on the more than 1,800 billionaires across the globe to examine the location of the super-rich across the world’s cities and metro areas.
Once the province of American tech hubs like California’s Silicon Valley, venture capital has gone global. This report by Richard Florida and Karen King uses detailed datafrom Thomson Reuters to chart the world’s leading centers for venture capital investment.
Startup City Canada examines venture capital activity in Canada, identifying its leading cities and metros and mapping its urban orientation in the county’s three largest venture capital hubs: Toronto, Vancouver,and Montréal. This report is part of a larger, ongoing research project tracking the urban geography of venture capital and start-up activity.
This report presents the 2015 edition of the Global Creativity Index, or GCI. The GCI is a broad-based measure for advanced economic growth and sustainable prosperity based on the 3Ts of economic developmenttalent, technology, and tolerance. It rates and ranks 139 nations worldwide on each of these dimensions and on our overall measure of creativity and prosperity.
NYU Study Uncovers the Keys to Keeping NYC Competitive: Innovation, Creativity & Investment
Beyond the interventions that Sampson describes, we need an urban policy that is attuned to this new reality—and that can help to change it. What we need is a new growth model that is as ambitious and as far-reaching as our post-World War II commitment was to creating a middle class. We need to re-knit the safety net and ensure that everyone has access to good, family-supporting jobs that are the equivalents of my father’s factory job.
The article marries Michael Porter’s industrial cluster theory of traded and local clusters to Richard Florida’s occupational approach of creative and routine workers to gain a better understanding of the process of economic development. By combining these two approaches, four major industrial - occupational categories are identified.
A new report released today by Richard Florida and the Martin Prosperity Institute (MPI) at the University of Toronto's Rotman School of Management, finds America's cities and metro areas to be strikingly divided by class. The report, released to the City Lab Conference of Mayors and City Leaders in Los Angeles, maps the stark class divisions within 12 of America's largest cities and metro areas. Americans, it finds, are not only separated by income and race, but by socio-economic class.
The Rise of the Creative Class, which was originally published in 2002, has generated widespread conversation and debate and has had a considerable impact on economic development policy and practice. This essay briefly recaps the key tenants of the creative class theory of economic development, discusses the key issues in the debate over it, and assesses its impacts on economic development policy.
This paper examines the geographic variation in wage inequality and income inequality across US metros. The findings indicate that the two are quite different. Wage inequality is closely associated with skills, human capital,technology and metro size, in line with the literature, but these factors are only weakly associated with income inequality. Furthermore, wage inequality explains only 15% of income inequality across metros. Income inequality is more closely associatedwith unionization, race and poverty. No relationship is found between income inequality and average incomes and only a modest relationship between it and the percentage of high-income households.
High tech startups are taking an urban turn. This is a new development. While large urban centers have historically been sources of venture capital, the high tech startups they funded were mainly, if not exclusively, located in suburban campuses in California’s Silicon Valley, Boston’s Route 128 corridor, the Research Triangle of North Carolina, and in the suburbs of Austin and Seattle. But high tech development, startup activity, and venture investment have recently begun to shift to urban centers and also to close-in, mixed-use, transit-oriented walkable suburbs. This report, which is based on unique data from the National Venture Capital Association, Thompson Reuters and Dow Jones, examines this emergent urban shift in high tech startup activity and venture capital investment.
The economic crisis contributed to sharp increases in US unemployment rates for all three of the major socio-economic classes. Results from regression models using individual-level data from the 2006–2011 US Current Population Surveys indicate that members of the Creative Class had a lower probability of being unemployed over this period than individualsin the Service and Working Classes and that the impact of having a creative occupation became more beneficial in the 2 years following the recession. These patterns, if they continue,are suggestive of a structural change occurring in the US economy—one that favours knowledge-based creative activities.
This research examines the factorsthat shape the happiness of cities, whereas much of the existent literature has focused on the happiness of nations. It is argued that inaddition to income, which has been found to shape national-level happiness, human capital levels will play an important role in thehappiness of cities. Metropolitan-level data from the 2009 Gallup–Healthways Survey are used to examine the effects of human capital on city happiness, controlling for other factors. The findings suggest that human capital plays the central role in the happinessof cities, outperforming income and every other variable.
China is currently seeking to transform its economic structure from a traditional industrial to a more innovative, human-capital driven, and knowledge-based economy. Our research examines the effects of three key factors on Chinese regional development in an attempt to gauge to what degree China has transformed from an industrial to a knowledge-based economy, based on higherlevels of (1) technology and innovation, (2) human capital and knowledge/professional/creativeoccupations, and (3) factors like tolerance, universities, and amenities which act on the flow of the first two. We employ structural equation models to gauge the effects of these factors on the economic performance of Chinese regions. Our research generates four key findings.
This article written by Richard Florida,Charlotta Mellander and Kevin Stolarick examines the effects of this intra‐metropolitan distribution on economicperformance. The findings indicate that this distribution matters significantly to US regional performance. Suburban human capital matters more than center city human capital.
This article written by Richard Florida, Charlotta Mellander and Jason Rentfrow examines the role of post-industrial structures and values on happiness across the nations of the world. They argue that these structures and values shape happiness in waysthat go beyond the previously examined effects of income.
In this paper, Richard Florida, Charlotta Mellander and Kevin Stolarick examine the effects of satisfaction with individuals’ current location on the decision to stay.
The geographic clustering of economic activity has long been understood in terms of economies of scale across space. This paper introduces the construct of geographies of scope, which we argue is driven by substantial, large-scale geographic concentrations of related skills, inputs and capabilities. We examine this through an empirical analysis of the entertainment industry across US metropolitan areas from 1970 to2000.
In this article, Richard Florida, Brian Knudsen, and Kevin Stolarick provide a data-driven, empirical analysis of the university’s role in the “3T’s” of economic development, looking in detail at the effects of university R&D, technology transfer, students and faculty on regional technology, talent, and tolerance for all 331 U.S. metropolitan regions.
In this article Richard Florida, Charlotta Mellander and Kevin Stolarick examine the factors that shape economic development in Canadian regions.
Our research examines the role of post-industrial structures and values on happiness across the nations of the world. We argue that these structures and values shape happiness in waysthat go beyond the previously examined effects of income. Our analysis explores whether income has different effects on countries at different stages of economic development. Ourresults indicate that post-industrial structures and values have a stronger effect on happiness in higher income countries, where the standard of living has surpassed a certain level. Income,on the other hand, has a stronger impact on happiness in low-income countries.
In this paper Richard Florida, Robert Wuebker and Zoltan Acs examine recent patterns of venture capital investment which suggest that the venture capital industry is in the early stages of a profound transformation catalyzed inpart by the globalization of igh-impact entrepreneurship. This change in the allocation of early-stage venture investment has important implications for the financing of young firms, the speed of innovation and technologicaltransformation, and the locus of long-term economic growth.
This research examines the effect of skillin cities on regional wages. In place of the extant literature’s focus on humancapital or knowledge-based or creativeoccupations, we focus our analysis on actual skills.
Richard Florida and Charlotta Mellander examine the effects of post-industrial economic structures and values on smoking and obesity.
Richard Florida, Charlotta Mellander and Peter J. Rentfrow examine the role of post-industrial structures and values on happiness across the nations of the world. They argue that these structures and values shape happiness in ways that go beyond the previously examined effects of income.
This special issue publishes some of the interesting work that is going on within the creative economy research field. This concept of the creative economy has been the focus of our ownresearch for more than a decade. The most fundamental level building block of the creative economy is, of course, creative individuals. Richard Florida’s The Rise of the Creative Class(2002) illustrated that every single human being has creative potential, and discussed the economic value of such creative individuals for innovation in industry. At the industry level,“creative industries” has been the terminology to describe industries where individual creativity is systematically harnessed to achieve high levels of innovation, namely, high-tech industries with a high R&D or programming component, as well as cultural industries such asentertainment or design (Caves, 2000; Throsby, 2001; Hesmondhalgh, 2002).
In this Chapter of Daniel Araya's and Michael A. Peter's book, Education in the Creative Economy, Richard Florida, Brian Knudsen,and Kevin Stolarick argue that the university’s increasing role in economic growth stems from deeper and more fundamental forces. The university’s role in these forces goes beyond technology to both talent and tolerance.
This paper by Richard Florida, Charlotta Melander and Kevin Stolarick analyzes the economic geography of musicians and the recording industry in the U.S. from 1970 to 2000 to shed light on the locational dynamics music and creative industries more broadly.
Richard Florida, Charlotta Mellander and Peter J. Rentfrow in this work aim to replicate and extend previous work by examining the geographic distribution and correlates of well-being within the US.
Richard Florida and Charlotta Mellander argue that artists, bohemians and gays affect housing values through two kinds of mechanisms: an aesthetic-amenity premium; and a tolerance or open culture premium.
Richard Florida and Charlotta Mellander look at the roll of human capital and occupation based measures in shaping cross-national economic performance.
Richard Florida, Charlotta Mellander and Kevin Stolarick in this work hypothesize that the conjoint effects of scale and scope economies combine to shape significant geographic concentration of the entertainment industry.
Richard Florida, Charlotta Mellander and Kevin Stolarick examine the effects of beauty and aesthetics on community satisfaction.
Working Paper Series: Martin Prosperity Research prepared by Richard Florida, Charlotta Melander, and Tim Gulden on the role of cities and metropolitan areas.
Part of the Working Paper Series by Richard Florida, Charlotta Mellander and Kevin Stolarick on the factors that shape economic development in Canadian regions.
Where do musicians locate, and why do creative industries such as music continue tocluster? This paper analyzes the economic geography of musicians and the recording industry in the US from 1970 to 2000, to shed light on the locational dynamics of music and creative industries morebroadly.
Report Summary: Ontario’s Opportunities in the Creative Age by Richard Florida and Roger Martin.
Richard Florida and Charlotta Mellander find that occupational or “creative class” measures tend to outperform educational measures in accounting for regional wages per capita across their sample of Swedish regions.
In this study by Richard Florida, Charlotta Mellander and Haifeng Qian, the authors employ both educational and occupational measures of talent to examine the relationships between talent, technology and regional economic performance in China.
This report by Richard Florida, Brian Knudsen, Kevin Stolarick, and Gary Gates investigates density, and more specifically the density of creative workers, as a key factor influencing regional development.
This research note authored by Richard Florida and Charlotta Mellander is part of a large scale project on the music industry and system.
This paper authored by Richard Florida and Scott Jackson examines the changing economic geography of the music industry over the past several decades.
University of Toronto Magazine
This report authored by Richard Florida and Charlotta Mellander examines the effects these populations have on increasing housing values in the neighborhoods and communities they inhabit.
This paper by Richard Florida, Tim Gulden, and Charlotta Mellander uses a global dataset of nighttime light emissions to produce an objectively consistent set of mega-regions for the globe.
By Richard Florida, Irene Tinagli, Patrik Strom, and Evelina Wahlquist
By Brian Knudsen, Richard Florida, Gary Gates, and Kevin Stolarick - May 2007
Report by Richard Florida, Charlotta Mellander, and Kevin Stolarick on the importance of human capital to regional development in conjunction with two key issues.
A report by Richard Florida and Charlotta Mellander explaining regional development in Sweden.
A report on the role of the university in the economy by Richard Florida, Gary Gates, Brian Knudsen, and Kevin Stolarick.
By Charlotta Mellander and Richard Florida - Dec 2006
By Richard Florida and Jeremy D. Mayer - Dec 2006
This paper by Richard Florida and Kevin Stolarick examines the specific interactions among the creative, technical, business, and design communities of the Montreal region.
By Richard Florida and Jeremy D. Mayer - Nov 2006
By Richard Florida, The Atlantic Monthly - October 2006
By Richard Florida - 2006
By Richard Florida and Irene Tinagli
By Robert Axtell and Richard Florida - March 2006
By Richard Florida - Feb 2006
By Richard Florida, The Times of India - Feb 2006
By Richard Florida, Chronicle of Higher Education - 2006
By Richard Florida, Newsweek - Nov 2005
By Richard Florida, The Atlantic Monthly - Oct 2005
By Richard Florida - Sept 2005
This report by Richard Florida, Brian Knudsen, and Kevin Stolarick investigates how the density of a specific class of workers, the "creative class", affects metropolitan innovation.
By Richard Florida - July 2005
By Richard Florida and Irene Tinagli
By Richard Florida and Jesse Elliott - June 2005
By Richard Florida, Philadelphia Inquirer - May 2005
By Richard Florida - April 2005
A report on Montreal and it's creative opportunities by Richard Florida, Kevin Stolarick, and Lou Musante.
By Richard Florida - Nov 2004
The Unites States built the most powerful economy by producing and attracting human capital. Is America throwing that advantage away?
By Richard Florida, Across the Board: the Conference Board Magazine - Sept 1994
Richard Florida promotes a vision of economic development that returns government to its core functions-building the civic infrastructure necessary to attract and retain people and businesses.
By Richard Florida - The Next American City - July 2004
By Richard Florida - April 2004
By Richard Florida and Irene Tinagli - Feb 2004
By Richard Florida, Harvard Business Journal - Feb 2004
By Richard Florida, Washington Monthly - Jan/Feb 2004
By Richard Florida, The Washington Monthly - Jan/Feb 2004
By Richard Florida, The Washington Monthly - March 2003
By Richard Florida, City & Community - March 2003
By Kevin Stolarick, Catalytix - Feb 2003
By Richard Florida - Revised Edition - 2003
This article by Richard Florida examines the economic geography of talent exploringthe factors that attract talent and its effects on high-technology industry and regional incomes.
A report prepared by Richard Florida, Meric S. Gertler, Gary Gates, and Tara Vinodrai for the Ontario Ministry of Enterprise, Opportunity and Innovation and the Institute for Competitiveness and Prosperity.
By Richard Florida, Washington Monthly - May 2002
By Richard Florida, A report prepared for the Regional Plan Association and the Civic Alliance - April 2002
This paper by Richard Florida examines the geography of bohemia and the relationships between it, human capital, and high-technology industries.
By Richard Florida, Journal of Economic Geography, Oxford University Press - 2002
By Richard Florida, book chapter in Entrepreneurship, David Hart (editor) - 2002
By Richard Florida and Gary Gates, Brookings Institution, Center for Urban and Metropolitan Policy - June 2001
By Richard Florida, Information Week - April 2001
By Richard Florida, Information Week - March 2001
By Richard Florida, Pittsburgh Post-Gazette - March 2001
By Richard Florida and Derek Davison, California Management Review - March 2001
By Richard Florida, Information Week - Jan 2001
By Richard Florida and Martin Kenney, book chapter Organizational Capabilities, in Richard Nelson (editor), Oxford University Press - 2001
By Richard Florida and Derek Davison, book chapter in Going Private: Environmental Management Systems and the New Policy Agenda edited by Cary Coglianese and Jennifer Nash - 2001
By Richard Florida, Information Week - Dec 2000
By Richard Florida, Information Week - Nov 2000
Richard Florida, Mark Atlas, and Matt Cline - Nov 2000
By Richard Florida, Pittsburgh Post-Gazette - Oct 2000
By Richard Florida, Information Week - Sept 2000
By Richard Florida, Pittsburgh Post-Gazette - June 2000
By Richard Florida, Information Week - April 2000
By Timothy Sturgeon and Richard Florida - A study by Carnegie Mellon University and the Massachusetts Institute of Technology - Final Report to the Alfred P. Sloan Foundation - March 2000
This article by Richard Florida seeks to shed light on the factors that shape the organization of scientific research in profit-seeking enterpises.
By Richard Florida - Greater Philadelphia Regional Review - Jan 2000
By Richard Florida, Review of We Were Burning by Bob Johnstone - 2000
By Richard Florida, American Chamber of Commerce, Chamber Executive - Aug 1999
By Richard Florida, Issues in Science and Technology - June 1999
By Richard Florida and Tracy Gordon, Commentary - Summer 1999
Richard Florida, Derek Davison, and Matthew Cline, Report to the Pennsylvania Department of Environmental Protection - June 1999
The study has explored the factors driving globalization in the automotive industry and has begun the task of exploring the effect of globalization on the quality, quantity and location of jobs in that industry.
By Richard Florida, book chapter in Industrializing Knowledge, Lewis Branscomb and Furnio Kodama (editors), MIT Press - Feb 1999
By Richard Florida and Tracy Gordon, A Report prepared for the Environmental City Network and Sustainable Pittsburgh - Jan 1999
By Richard Florida and Mark Samber, The New Industrial Geography: Regions, Regulation and Institutions - Jan 1999
Lewis Branscomb, Fumio Kodama, and Richard Florida (editors) - Cambridge: MIT Press -1999
By Richard Florida, Research Policy - 1999
By Richard Florida - Sept 1998
By Richard Florida, American Political Science Review - 1998
By Richard Florida, Technology Review - March-April 1998
By Richard Florida and Lewis Branscomb, book chapter in Investing in Innovation: Creating and Research and Innovation Policy That Works, Lewis Branscomb and James Keller (editors), MIT Press - 1998
By Mark Atlas and Richard Florida, Book Chapter in Green Manufacturing, Richard Dorf (editor), Handbook of Technology Management. CRC Press - 1998
By Wesley Cohen, Richard Florida, Lucien Randazzese, and John Walsh, book chapter in Challenge to the Research University, Roger Noll (editor), Brookings Institution - 1998
By Richard Florida, Report for the National Academy of Sciences, Washington DC: National Research Council, Committee on Japan - 1998
By Richard Florida, Issues in Science and Technology - 1998
Richard Florida and Davis Jenkins, book chapter Between Imitation and Innovation: The Transfer and Hybridization of Production Systems in the International Automobile Industry, in Steven Tolliday (editor), Oxford University Press - 1998
By Richard Florida, Davis Jenkins, and Don Smith - Aug 1997
By Davis Jenkins and Richard Florida, book chapter in Remade in America: Japanese Manufacturing Transformed, Paul Adler, Mark Fruin, and Jeffrey Liker (editors), Oxford University Press - March 1997
By Richard Florida, American Journal of Sociology - 1997
By Richard Florida, Research Policy - 1997
By Richard Florida, Economic Geography - July 1996
By Richard Florida - Jan 1996
By Martin Kenney and Richard Florida, Journal of Management Studies - Nov 1995
By Richard Florida, Futures: The Journal of Forecasting and Planning - June 1995 [reprinted in Meric Gertler, Economic Geography Handbook; Zoltan Acs, Regional Innovation and Global Change (London: Pinter Publishers)
By Richard Florida - Issues in Science and Technology - March 1995
By Richard Florida, Chapter 3 in The Foreign Investment Debate edited by Cynthia Beltz - 1995
By Richard Florida, book chapter in Foreign Direct Investment, in Cynthia Beltz (editor), Washington, D.C.: American Enterprise Institute - 1995
By Richard Florida and Timoth McNulty, Commentary - Spring 1995
By Richard Florida, Growth and Change - Fall 1994
By Wesley Cohen, Richard Florida and Richard Goe, Carnegie Mellon University - July 1994
By Richard Florida, Tokyo Business Today - May 1994
By Richard Florida and Martin Kenney, book chapter in Social Reconstructions of the World Automobile Industry: Competition, Power, and Industrial Flexibility, Frederick Deyo (editor), Ithaca, New York: Cornell University Press - 1997
By Richard Florida, Inc. Magazine - April 1994
By Martin Kenney and Richard Florida, Growth and Change - March 1994
By Martin Kenney and Richard Florida, World Development - 1994
By Richard Florida, Book Chapter in Financing Entrepreneurs by Cynthia Beltz (editor) - 1994
By Richard Florida, Prevision: Journal of the Japan Association for Management Research - 1994
By Richard Florida, Science - 1994
By Richard Florida, Economic Geography - 1994
By Martin Kenney and Richard Florida, Research Policy - 1994
By Richard Florida and Donald F. Smith, Jr., Annals of the Association of American Geographers - Sept 1993
By Richard Florida and Martin Kenney, Chronicle of Higher Education - July 1991
By Richard Florida and Martin Kenney, Futures: The Journal of Forecasting and Planning - July 1993
By Richard Florida and Donald F. Smith Jr., Issues in Science and Technology - June 1993
By Richard Florida, The World & I - May 27, 1993
By Martin Kenney & Richard Florida - Jan 1993
By Richard Florida, Contemporary Sociology - 1993
By Richard Florida and Martin Kenney, Journal of the American Planning Association - Winter 1992
By Richard Florida and Martin Kenney, Economic Geography - April 1992
By Richard Florida and Martin Kenney, Carnegie Mellon Magazine - Spring 1992
By Richard Florida & Martin Kenney - Jan 1992
By Richard Florida and Andrew Jonas, Antipode - Oct 1991
Organization versus Culture: The Japanese Transplants in the U.S.
By Richard Florida and Martin Kenney, Industrial Relations Journal - Autumn 1991
By Richard Florida and David Browdy, Technology Review - Aug 1991
By Richard Florida, Futures: The Journal of Forecasting and Planning - July 1991
By Richard Florida and Martin Kenney, UC Davis Magazine - Summer 1991
By Richard Florida and Martin Kenney, American Sociological Review (June 1991) 56, 3: 381-398. Reprinted in Morris Low (ed)., Science, Technology and R&D in Japan (Routledge, 2001) - June 1991
By Richard Florida and Martin Kenney, New Technology, Work and Employment - March 1991
By Martin Kenney and Richard Florida, Technology Review - Feb 1991
By Richard Florida, Book Review of Behind the Silicon Curtain by Dennis Hayes, Economic Geography - 1991
By Richard Florida and Donald Smith, Economic Development Quarterly - Nov 1990
By Richard Florida and Martin Kenney, California Management Review - Fall 1990
Marshall Feldman and Richard Florida, Book Chapter in Government and Housing: Developments in Seven Countries. Urban Affairs Annual Reviews no. 36 by Willem van Vliet and Jan van Weesep (editors) - 1990
By Richard Florida and Donald F. Smith, Jr., Economic Development Quarterly - 1990
By Martin Kenney and Richard Florida, Futures - April 1989
By Andrew Mair and Richard Florida and Martin Kenney, Economic Geography - Oct 1988
By Richard Florida, ICTTE Technology Proceedings, 1988 International Congress on Technology and Technology Exchange - Oct 1988
By Richard Florida and Martin Kenney, Pittsburgh High Technology - Sept 1988
By Richard L. Florida and Martin Kenney, Research Policy - June 1988
By Richard Florida and Martin Kenney, Professional Geographer - Jan 1988
By Richard Florida and Martin Kenney, Journal of Business Venturing - 1988
This paper by Richard Florida and Marshall M.A. Feldman explores housing’s role in the ‘Fordist’ organization of the postwar US political economy.
By Richard Florida, Public Budgeting and Finance - Autumn 1986
Richard Florida (editor), New Brunswick, NJ: Center for Urban Policy Research - 1986
By Robert Burchell, James Carr, Richard Florida, and James Nemeth, Center for Urban Policy Research - 1984
By Robert Burchell, James Carr, Richard Florida, and James Nemeth, Center for Urban Policy Research - 1984
By Richard Florida, Revue Francaise de Finances Publique - 1983
By Brian Knudsen, Richard Florida and Denise Rousseau
By Richard Florida
By Richard Florida, The Environmental Forum
By Richard Florida and Donald F. Smith Jr
By Richard Florida
By Richard Florida
By Richard Florida
This article explains the differences among various venture complexes focusing on where venture capital is important to innovation and entrepreneurship and conversely where it is not.