Issue 176 - 02 | The Resurrection of the American Dream

By Craig Hall, with Linden Gross
Published May 15, 2019 12:00 p.m.
“In 2011, I attended a speech given by Moody Analytics’ chief economist Mark Zandi. The speech was about entrepreneurship, and how it had been in decline for the better part of three decades. At first, I couldn’t believe what I was hearing. How could entrepreneurship be in decline when all I was hearing about in the news was about the incredible technology startups coming out of Silicon Valley? At the time I heard this speech, I was living in and running my business in Dallas, where the economy was vibrant despite being on the heels of the Great Recession.

My initial disbelief evolved into curiosity. I decided to further investigate Mark’s claims. The statistics and research were clear—over the course of the last several decades, the number of new startups in the U.S. has been on a steady decline. In fact, from 2008 to 2011, more U.S. businesses died annually than new ones were started for the first time in recorded history. Add to this that according to the Economic Innovation Group, only twenty counties—out of 3,149—generated half of the net new businesses between 2010 and 2014. Additionally, 75 percent of venture capital in the U.S. goes to only three areas—Silicon Valley, New York, and Boston. This has left much of the United States a wasteland in terms of entrepreneurial activity.

And the punches keep on coming.”

About Craig Hall, with Linden Gross | Craig Hall is an entrepreneur, civic leader, New York Times bestselling author and philanthropist. He formed HALL Group in 1968 in Ann Arbor, Michigan and today the company controls billions of dollars in assets and is made up of several subsidiary brands, with interests ranging from real estate development, ownership and management to financial lending and HALL Wines and other winery operations. Hall actively supports entrepreneurs and start-ups and, together with his wife Ambassador Kathryn Hall, funded the Fulbright Kathryn and Craig Hall Distinguished Chair for Entrepreneurship in Eastern Europe. Hall also founded the Dallas Regional Office of NFTE (Network for Teaching Entrepreneurship). He has received a number of awards and honors, including being named a lifetime member of the Horatio Alger Association for Distinguished Americans in 2007.

Linden Gross is a bestselling writer & editor, a book consultant, and a writing coach & blog coach.

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