Embracing Entrepreneurship to Revive Cleveland
"[R]evitalizing Cleveland will require a multi-faceted approach that attempts to harness the creative and entrepreneurial talent of the broadest base possible. This involves nurturing the entrepreneurial talent of existing residents and businesses as well as creating a general business climate capable of attracting and sustaining new businesses and residents. In many cases, the reforms are simply a matter of getting out of the way. The city, for example, limits entrepreneurship in the taxi business by requiring cabs participate in an 'association' of at least 25 cabs, or create a company with a fleet of at least 25 cabs. These rules make it practically impossible for someone to start up a small cab company and build equity in a small business. As a result, entry into the Cleveland cab market has been severely limited for decades."
Staley suggests emulating the transformation of Hong Kong, which has one of the world's most entrepreneur-friendly set of economic policies.