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"IT IS VITALLY IMPORTANT TO HAVE A THRIVING ENTREPRENEURIAL CLASS TODAY; BUT WE ALSO HAVE TO THINK AHEAD AND WORK HARDER TO GROOM NEW GENERATIONS OF ENTREPRENEURS WHO WILL CONTINUE TO INNOVATE, CREATE JOBS, AND CONTRIBUTE TO A MORE PROSPEROUS NATIONAL ECONOMY." —Carl Schramm, Kauffman Foundation Entrepreneurship Holds Steady Entrepreneurial activity in the United States held steady in 2002 after a sharp drop in 2001, according to the "Global Entrepreneurship Monitor" (GEM), an annual study of entrepre- neurship and economic growth conducted by Babson College in Wellesley, Massachusetts, and funded by the Kauffman Foundation of Kansas City, Missouri. The 2002 U.S. entrepreneurial activity level—which found just over one in 10 Americans creating or growing new businesses—remained 50 percent higher than it was in 1998, according to the GEM report. In what researchers considered an- other good sign, 37 percent of Americans were opti- mistic in 2002 about the cli- mate for starting a new busi- ness; that figure held steady from the previous year. "The good news here is that the 2001 slump in en- trepreneurship bottomed out in 2002 and may have set the stage for a return to new growth this year," said Kauffman Foundation President and CEO Carl Schramm. "This report makes a powerful case for step- ping up the best efforts of the Kauffman Founda- tion and others to get more new entrepreneurs into the pipeline. It is vi- tally important to have a thriving entrepreneurial class today; but we also have to think ahead and work harder to groom new generations of entrepreneurs who will continue to innovate, create jobs, and contribute to a more pros- perous national economy." The study also found that, in the to start or grow a new business. The GEM data also showed a solid U.S., "informal investing" was hold- ing up better than venture capital in- vesting. According to the survey, 4.6 adults reported investing money in entrepreneurial firms, with 50 per- cent of those proceeds going to companies owned by relatives. The study also found that women con- tinue to be less engaged in entrepre- neurial activity than men. In the 18- to 24-year-old age bracket, men are three times more likely than women E for Effort ESADE in Barcelona, Spain, is changing its corporate identity to reflect the school's emphasis on all things "E"—enterprise, excellence, evolution, and ethics. The school's new logo and bold letter "E" are being used in all corporate and communica- tions support media, from labels to brochures to Web sites. As the school renews its strategic focus on consolidating its position among European business schools, it wants the new visual identity to help strengthen its brand. The new logo com- bines a classical typeface with a modern one to express the conjunction between ESADE's 45-year history and its plans for the future. According to Carlos Losada, ESADE director general, "The new visual identity is not the changing of a sym- bol, but rather a symbol of change." The makeover project was carried out by SUMMA, a consult- ing firm specializing in the creation and management of brands. School officials describe the appearance of the new logo as one that "implies punctiliousness, a personal style, and a willingness for innovation." correlation among entrepreneurship, education, and job creation. Nearly a third of entrepreneurs with less than a high school education expected to remain self-employed over the next five years, while 35 percent of the most highly educated entrepreneurs expected to employ 20 or more peo- ple over the next five years. For the full text of the GEM report, go to www.kauffman.org. ASU Goes to Shanghai Top-level executives and government leaders in China began classes last month at the W.P. Carey MBA Shanghai, offered by Arizona State University's Carey School of Busi- ness in Tempe. The program was de- veloped in cooperation with China's Ministry of Finance and will be deliv- ered in collaboration with the Shang- hai National Accounting Institute. The W.P. Carey MBA Shanghai will be delivered in Mandarin, through translators or by professors who speak that language. Officials at the Carey School be- lieve it is the first U.S. business school to partner with the govern- ment of the People's Republic of China. Classes are designed to pro- vide senior executives with the skills that will allow them to compete in global business. Two-thirds of the first class of 65 hold the position of chairman, chief executive officer, or executive/senior vice president in some of China's largest state-owned enterprises. Faculty consists of Carey professors as well as professors from other top U.S. schools, including Massachusetts Institute of Technol- ogy, New York University, Stanford, and Yale. BizEd NOVEMBER/DECEMBER 2003 9