Pritzker: Tech innovation ecosystems require tolerance for failure and flexible bankruptcy laws
Penny Pritzker · a16z Podcast | Trade, Commerce, Manufacturing, Immigration, & Cuba -- with Penny Pritzker · Jan 2, 2019 · at 9:56
Penny Pritzker, former U.S. Secretary of Commerce, discusses what foreign governments need to establish local tech innovation hubs during an a16z podcast episode.
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“The first thing you have to do is, it has to be ok to fail. You've got to make it easy to start a company, easy to close a company. It's got to be easy to declare bankruptcy, it's got to be culturally acceptable to try something and fail, and that be ostracized within your community. That's before you even get to, you need different levels of venture capital, and you need a whole capital system that supports the startup of businesses, and the failure of businesses.”
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