UVA Darden School of Business Jefferson Innovation Summit releases Seven Principles for innovation and entrepreneurship

Last fall, William McDonough took part in a high-level gathering at the University of Virginia Darden School of Business: The Jefferson Innovation Summit. Now that group has released its recommendations to the public. According to the release–

In the spirit of Thomas Jefferson, gathered at the university he founded, business leaders, elected officials and educators have staked their names to a new Declaration setting forth seven principles to guide the development of more innovative and entrepreneurial societies. As the United States struggles to recover from economic recession and looks for ways to spur growth, the business and thought leaders who attended October’s Jefferson Innovation Summit at the University of Virginia have rallied behind a vision of change for America built upon a foundation of innovation and entrepreneurship. Embodied in a new Declaration of Principles – these innovators, celebrated for accomplishments in their respective fields, spell out seven areas where change is needed to promote a society that better nurtures innovation and entrepreneurship.

The seven “Foundation” areas that constitute the Declaration call for engagement from all stakeholders across the public and private sphere to foster change in elements of society ranging from education and financial services to immigration and intellectual property – specifically championing the following:
Comprehensive educational system that develops and inspires all people to be curious and creative leaders by providing experiential learning opportunities and exposure to imaginative and entrepreneurial role models.
Entrepreneurial culture that inspires and empowers communities and individuals to embrace, nurture and celebrate innovators and entrepreneurs.

Collaborative public and private financial institutions that promote appropriate investment in innovative research, entrepreneurial startups and social enterprises.

Progressive immigration policies that attract and retain the best talent in the world and encourage them to work for local businesses and launch their own ventures.

Coherent tax structure that encourages investors, managers, entrepreneurs and inventors to allocate greater risk capital to research, development and new venture creation.

Nimble and professionalized regulatory system that simplifies and harmonizes regulation across nations, states, regions and municipalities, enabling productive and progressive risk taking.

Modernized intellectual property laws that reflect the realities of the post-industrial age in order to improve collaborative efficiency and better incentivize the co-creation of new ideas, technologies and ventures.