Mike Milken's solution for unemploymentHelen Walters
Each day at TED, there are various hosted lunches, typically fairly quick affairs in which diners gather to listen to one particular topic or speaker or another. Today, I went to listen to Carl Schramm, President and CEO of the Ewing Marion Kauffman Foundation who was talking to legendary financier Mike Milken. The topic of the conversation: “Entrepreneurial Philanthropy: Effecting Transformative Change.” Much was said of the state of philanthropy, in particular that too many wealthy, successful individuals check their entrepreneurial spirit at the door when it comes to doing good. But not surprisingly, the state of the U.S. economy came up front and center.
Here’s how Milken suggested the unemployment crisis could be solved. Easy, he said. “Bring entrepreneurs to America.” Current rules and regulations make it difficult to work in the States, but new standards could attract talent. How does that help? Prescribe that every immigrant coming to start a business employs ten people, spending at least $1 million on payroll. 300,000 immigrants = 3 million employed.
Schramm nodded his support. “Without young firms, there’ll be no recovery.”
What do you think?