U.S. COMMERCE SECRETARY PENNY PRITZKER HIGHLIGHTS IMPORTANCE OF ENTREPRENEURSHIP AT CHINA EXECUTIVE LEADERSHIP ACADEMY PUDONG
SHANGHAI, CHINA – U.S. Secretary of Commerce Penny Pritzker participated in an armchair discussion titled the “Collaborative Innovation Workshop” at the China Executive Leadership Academy Pudong (CELAP) in Shanghai.
Speaking before an audience of up-and-coming Chinese government officials, Secretary Pritzker highlighted how U.S.-China business collaboration, innovation and entrepreneurship can benefit both economies.
Leading the first-ever “presidential designated” trade mission during the Obama Administration, Secretary Pritzker and U.S. Deputy Secretary of Energy Liz Sherwood-Randall, along with a delegation of 24 U.S. businesses, are in China to focus on connecting U.S. businesses with opportunities in the green infrastructure and energy efficiency industries. This trade mission is a clear sign of America’s commitment to U.S.-China energy cooperation and broader relationship. It will also help further U.S.-China’s clean energy collaboration and introduce Chinese investors, entrepreneurs, and innovators to the U.S.’s clean energy technology market.
Remarks as Prepared for Delivery
Good morning. It is an honor to be back at the Chinese Executive Leadership Academy Pudong. I am so pleased to be joined by my good friend, Deputy Secretary of Energy Elizabeth Sherwood-Randall, and Mr. Hugh Martin, the CEO of Sensity Systems.
We are here in China as part of the Obama Administration’s first-ever “presidential trade mission,” which the U.S. Department of Commerce is co-leading with the U.S. Department of Energy. Put simply, our objective is to make progress on the historic commitments of our two Presidents to address climate change, while also paving the way for U.S. firms to play a bigger role in China’s clean energy future.
We have brought 24 U.S. firms – including Sensity Systems -- that not only represent the gold standard in clean technology, but who also exemplify the American spirit of innovation and entrepreneurship.
Creating an environment in which innovation and entrepreneurship can thrive is what we are here to discuss with you today. When I last visited CELAP, in the summer of 2014, I had the honor of meeting with you, Mr. Jiang, and some of your faculty here at CELAP. We talked about how building strategic trust between the U.S. and China requires more engagement and collaboration, so I am pleased to be here again to further that goal.
Throughout our discussion last year, the question your colleagues repeatedly asked is, “How does the U.S. support and entrepreneurial culture?” I offered to come back to CELAP to speak directly to the students who have the opportunity to influence the culture here in China.
I am so glad we could make this happen.
While I am speaking to you today as the United States Secretary of Commerce, first and foremost, I am an entrepreneur myself. I spent 27 years in the private sector and started 5 businesses. I understand what it is like to have a concept, but not know how to turn it into a business plan or into an entity that can attract funding.
I understand the fear and excitement of starting a new business and trying to attract talent when you have no revenue, no customers – just an idea.
I understand what it means to adapt and modify your product to meet market demands – and then have the market change. It is both terrifying and exhilarating to be an entrepreneur. I was fortunate to have the guidance, mentorship, and capital to succeed. But that can be a rare situation.
The entire Obama Administration understands that entrepreneurship is essential for
economic growth and job creation. We also understand that America’s innovators are producing the technologies that will keep our economy competitive in the 21st century, while also helping us solve some of the most pressing challenges facing not just the United States, but the entire world.
We have created a whole of government approach to ensuring that our entrepreneurs have the best opportunity to succeed. For example, the Department of Energy funds early stage research in areas that would otherwise have difficulty attracting private sector funding. You will hear more about this from my colleague Deputy Secretary Randall Sherwood in a few minutes.
At the Department of Commerce, we call ourselves “America’s Innovation Agency.” While we know that government does not create new companies, we do set the conditions for entrepreneurs across all sectors of our economy to take risks, to collaborate, to find financial support, to find customers, and, ultimately, to thrive.
Every day at our Department, we issue patents that protect intellectual property. We make investments in local economic development that support incubators and accelerators, where entrepreneurs can develop their concepts and start putting their ideas into practice. We collect and disseminate data to the public that informs better decision-making and helps build businesses. We work to expand access to broadband and to protect a free and open internet – which is an absolute necessity for any firm in the 21st century.
Last summer, your leadership asked me directly how the United States has created a culture that supports our entrepreneurs and allows them to thrive. In fact, this is a question I hear often.
I have traveled all over the world since I became Secretary, and I have met with countless ministers and heads of state who have asked me the very same thing. The conversation begins with how to build an infrastructure of opportunity.
Countries need a strong educational system that produces students able to think broadly and creatively, and to accept and take risks, even if that could mean failure. Entrepreneurs thrive when their country’s private sector and universities have close relationships, so that ideas can easily become commercialized and tested in the market.
Countries also need laws that make it easy for innovators to both start a company and wind it down, and laws that protect intellectual property. And, entrepreneurs need strong rule of law, a reliable court system, a level playing field, and the ability to access financing throughout the stages of a business’ life cycle.
Here in China, the challenge is no different. You have many elements in place that lead to entrepreneurial success, including the young talent that is represented by this audience today.
But that means each of you have to serve as a driving force supporting the changes that will strengthen your countries’ innovative economy.
From intellectual property protection to commercial rule of law and its consistent application. From transparency in the rule-making and regulatory process, to bankruptcy laws that allow for risk-taking and failure, you all have a role to play to ensure that government is working as a catalyst and enabler, rather than a barrier to entrepreneurship.
It is my pleasure to be here, and I look forward to our discussion.
