Kauffman Foundation's CEO evokes the spirit of Henry Ford and believes that Detroit can do it again -- in terms of entrepreneurial spirit.
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The rise of Detroit in the 20th century was a result of entrepreneurs such as automotive icon Henry Ford taking risks, innovative thinking and start-up companies that provided jobs.
"This city can do it all over again," he said.
One of the Kansas City, Mo.-based foundation's missions is to foster and advance entrepreneurship, promote entrepreneurship-friendly policies and facilitate the commercialization of new technologies by entrepreneurs. The foundation last week released a study showing that young companies are the main drivers of job creation. Companies less than five years old created nearly two-thirds of net new jobs in 2007, according to the U.S. Census Bureau.
Detroit's greatest assets are the plethora of "human capital" and a new mayor who is well-versed in the business world, Schramm said. Mayor Dave Bing, who founded The Bing Group, an automotive supply company, could be a real boost to the city's economic growth.
"I have a hunch if there's a blessing (for Detroit's business climate), it's Mayor Bing's experience," Schramm said.
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