The WSJ tells us the credentials of the authors of the following advice: “Mr. Muller is CEO of GenOn Energy. Mr. Zimpleman is president and CEO of the Principal Financial Group.”
(p. A15) In our view, there is no hope of giving consumers renewed confidence in America unless governments at all levels mount a vigorous effort to get rid of rules that discourage entrepreneurs from launching and growing new businesses.
The Kauffman Foundation recently proposed a way to do that with a set of ideas aptly called the Startup Act. Those ideas, which would cost the government virtually nothing, include:
• Letting in immigrant entrepreneurs who hire American workers.
• Reducing the cost of capital through capital gains tax relief for early stage investments.
• Reducing barriers to IPOs by allowing shareholders to opt out of Sarbanes-Oxley.
• Charging higher fees for patent applicants who want quick decisions to remove the backlog of applications at the Patent Office.
• Giving licensing freedom to academic entrepreneurs at universities to accelerate the commercialization of their ideas.
• Having the government provide data to permit rankings of startup friendliness of states and localities.
• Regular sunsets for regulations and a consistent policy of putting new ones in place only if their benefits exceed their costs.
For the full commentary, see:
EDWARD R. MULLER and LARRY ZIMPLEMAN. “OPINION; An Entrepreneurial Fix for the U.S. Economy; Several reforms can make it faster and easier for new business startups..” The Wall Street Journal (Mon., AUGUST 29, 2011): A15.