Posted by: John Tozzi on September 30, 2008
Adam Davidson at NPR’s excellent Planet Money blog asks the right question: “Will normal banks stop lending money to people and companies that deserve it?”
The single biggest selling point of the US economy—the thing I say to anybody who says China is going to take us over or that the Euro will overtake the dollar—is that this is the easiest place for a good idea to get funding.
You don’t need to be the nephew of some party boss. You don’t need to bribe a petty official. If you’ve got a good idea, you get funding.
That is why we have the most dynamic economy in the world.
And that might change now.
There are already signs that good ideas aren’t getting funded.
That’s the key question for entrepreneurs, who are the people with the good ideas.
Over at Small Business Trends, Scott Shane explores the implications for venture capital. (He doesn’t think they’re good.)