Thinking startups are what make nations innovative is the macroeconomic equivalent of thinking R&D labs are what make companies innovative.
Both are the same mistake. I call it the sequestration fallacy. Startups and R&D are the consequence, not cause of innovative cultures.
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Although in the case of I would argue that incentivising foreign entrepreneurs into the country has had an impact on their previously risk averse culture
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then what could be the origins of innovative culture?




