Boulevard of Broken Dreams
Josh Lerner is the Jacob H. Schiff Professor of Investment Banking at Harvard Business School and a globally recognized expert on venture capital, private equity, and innovation policy. He has advised governments and institutions around the world on how to foster entrepreneurship effectively—and where many go wrong.
In Boulevard of Broken Dreams: A Field Guide for Policymakers Who Want to Boost Startups—Without Wasting Billions , Lerner offers a grounded, data-driven look at why government-led startup initiatives often fail—and how to design smarter ones.
Drawing on decades of academic research and direct policy experience, Lerner argues that while governments can play a catalytic role in startup ecosystems, most interventions fail due to poor design, misaligned incentives, or weak execution. The book contrasts big-spending failures with nuanced success stories—from Dubai’s tech ambitions to Australia’s flawed incubator programs—highlighting the difference between enabling innovation and distorting markets.
Key takeaways:
• Set the stage before funding: Build the legal, tax, and IP infrastructure first.
• Co-invest, don’t control: Require private sector buy-in to avoid skewed incentives.
• Think globally: Strong programs connect to international capital and talent.
• Evaluate rigorously: Treat startup policy like an experiment—measure, iterate, and exit when needed.
Lerner’s bottom line: Governments shouldn’t avoid supporting startups—but they must act like disciplined, informed partners, not blind spenders.
Sources:
Princeton University Press
