Distinguished Professor David Audretsch – a world-renowned expert on entrepreneurship – delivered an eye-opening analysis of how democratic institutions and entrepreneurial activity fuel each other.
In this public lecture, Audretsch draws on decades of research to explain how democracy supports (and sometimes hinders) entrepreneurship, and why the decline of one often mirrors the decline of the other.
His authoritative perspective and compelling examples make a powerful case that vibrant entrepreneurship is vital for healthy democracy, offering insights that will leave you eager to hear more.
Key insights
Democracy as a catalyst for entrepreneurship: Audretsch explains that democracy constrains the unbridled power of legacy corporations and governments, preventing them from suppressing new businesses. By safeguarding independent, decentralised decision-making and fair competition, democratic institutions create fertile ground for startups and innovation. An important policy mandate, he argues, is to ensure entrepreneurs can make autonomous decisions – a cornerstone of democratic society.
A worrying global decline: Audretsch points to a troubling trend: entrepreneurship is declining worldwide alongside a backslide in democracy. Citing data from Freedom House, he notes that global freedom has fallen for 13 consecutive years – and in tandem, the rate of new business formation has dropped. This parallel decline rings alarm bells, underscoring how closely the fate of free societies is intertwined with the vitality of entrepreneurship. When democratic freedoms erode, it often stifles the innovative spirit and risk-taking essential for economic dynamism.
Historical warnings and modern examples: Drawing on vivid historical and contemporary cases, Audretsch shows that when democracy wanes, entrepreneurial activity suffers. He recalls how authoritarian regimes like Nazi Germany rose by crushing both democracy and small businesses, illustrating a link between political oppression and the silencing of entrepreneurs. In today’s world, countries that have slid toward authoritarianism – for example, Turkey and Hungary – also see fewer startups and constrained economic creativity, with dissident business founders often labelled enemies of the state. These examples illustrate the high stakes: when unchecked power or monopolies dominate, independent entrepreneurial voices are muted. As Audretsch warns, “democracy will not work unless we have a diversity of different views” – a diversity that thriving entrepreneurs help provide in both economy and society.
About Professor David Audretsch
Part of what makes Audretsch’s message so persuasive is the credibility he brings. He is the Ameritech Chair of Economic Development at Indiana University and has spent decades studying the links between entrepreneurship, government policy, innovation, and economic development. Audretsch’s accomplishments are unparalleled – he co-founded the field’s leading journal Small Business Economics and was recognised as a Clarivate Citation Laureate in 2021. In 2024, he was even ranked as the world’s #1 scholarly expert in business and management for his influence in research. When Audretsch speaks, you’re hearing one of the foremost authorities on entrepreneurship share insights forged from a lifetime of scholarship and global accolades. This expertise shines through in every point he makes, lending weight to his call to action.
These videos offer just a glimpse of Professor Audretsch’s profound analysis. His central message – that nurturing entrepreneurship is not only an economic priority but also a democratic imperative – is a wake-up call for policymakers, business leaders, and citizens alike. Audretsch’s engaging storytelling and evidence-backed insights will leave you with a new appreciation for how startups and democratic values rise and fall together.
Audretsch delves even deeper into how we can empower independent entrepreneurs and safeguard our democratic ideals in the process. It’s a compelling, thought-provoking presentation by a leader in the field, sure to inspire and inform anyone passionate about innovation, freedom, and the future of our societies.
COMING SOON .. watch full lecture to be inspired by the expert on entrepreneurship and discover how each of us can contribute to a more entrepreneurial – and democratic – world.
