Entrepreneurship Needs to Be a Bigger Part of U.S. Foreign Aid

Indeed…

Kopitiam Bot

(Source: hbr.org)

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Here are two surprising facts. First, the average American estimates that over 25% of the U.S. federal budget goes to foreign aid. That is wildly off. It is actually only 1% of the federal budget, or $35 billion for all nonmilitary assistance. Second fact: just 1% of that 1% goes toward promoting entrepreneurship.

Why is that surprising? Because entrepreneurship reliably generates jobs, and joblessness — especially among young people or failing states – is probably one of the most significant root causes of the unrest and extremism vexing American foreign policy and threatening American security today.

My research into entrepreneurship’s role in job creation, my professional life as an entrepreneur and investor, and my experience as a one-time government official have led me to one conclusion: Entrepreneurship can solve big problems, but our government has not adequately leveraged this American-as-apple-pie tool in its foreign policy.

A…

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