Thomas Jefferson's Ideals Revitalized in 'Declaration of Principles' for an Innovative and Entrepreneurial Society

CHARLOTTESVILLE, Va., Jan. 23, 2012 /PRNewswire/ -- In the spirit of Thomas Jefferson, gathered at the university he founded, business leaders, elected officials and educators have staked their names to a new Declaration setting forth seven principles to guide the development of more innovative and entrepreneurial societies. As the United States struggles to recover from economic recession and looks for ways to spur growth, the business and thought leaders who attended October's Jefferson Innovation Summit at the University of Virginia have rallied behind a vision of change for America built upon a foundation of innovation and entrepreneurship. Embodied in a new Declaration of Principles – these innovators, celebrated for accomplishments in their respective fields, spell out seven areas where change is needed to promote a society that better nurtures innovation and entrepreneurship.

The seven "Foundation" areas that constitute the Declaration call for engagement from all stakeholders across the public and private sphere to foster change in elements of society ranging from education and financial services to immigration and intellectual property – specifically championing the following:

• Comprehensive educational system that develops and inspires all people to be curious and creative leaders by providing experiential learning opportunities and exposure to imaginative and entrepreneurial role models.
• Entrepreneurial culture that inspires and empowers communities and individuals to embrace, nurture and celebrate innovators and entrepreneurs.
• Collaborative public and private financial institutions that promote appropriate investment in innovative research, entrepreneurial startups and social enterprises.
• Progressive immigration policies that attract and retain the best talent in the world and encourage them to work for local businesses and launch their own ventures.
• Coherent tax structure that encourages investors, managers, entrepreneurs and inventors to allocate greater risk capital to research, development and new venture creation.
• Nimble and professionalized regulatory system that simplifies and harmonizes regulation across nations, states, regions and municipalities, enabling productive and progressive risk taking.
• Modernized intellectual property laws that reflect the realities of the post-industrial age in order to improve collaborative efficiency and better incentivize the co-creation of new ideas, technologies and ventures.

The University of Virginia Darden School of Business, through its Batten Institute for entrepreneurship and innovation, announced a further commitment to the ongoing agenda of the Jefferson Innovation Summit – a commitment to robust research and dialogue on entrepreneurship education – a topic embodied by the first Principle of the new Declaration.  With continued guidance and input from the Summit Delegates, the Batten Institute plans to individually address the other six principles in the coming years. Future Summits will convene key stakeholders to evaluate progress made and set new agendas and goals that build from the Declaration.

Scott Case, CEO of the Startup America Partnership and a leader of the Drafting Committee responsible for the Declaration of Principles, said, "Entrepreneurship is critical to the nation's long term prosperity, and the Declaration demonstrates our collective commitment to step up our game and focus on the startup economy. We look forward to continuing to work to further advance the Declaration of Principles to spur entrepreneurship and innovation in America."

"Reviving America's spirit of discovery and innovation will be essential to maintaining our place in today's world of globalization," said Robert Bruner, dean of UVA's Darden School of Business. "The Principles spelled out by the Summit Delegates provide a clear path forward toward that goal – and correctly identify education as the core building block to ensure we remain an entrepreneurial and innovative society. I'm proud to both endorse the Declaration and help advance the next leg of the Summit's work – with Darden's firm commitment to advance knowledge and inspire the next generation of entrepreneurs and innovators."

The following Summit Delegates or participants have added their names in support of the Declaration:

The full text of the preamble of the Declaration of Principles, listed below, mirrors the spirit and approach of The Declaration of Independence penned by UVA founder Thomas Jefferson:

We hold these truths to be self-evident, that a flourishing society empowers its people to innovate and create, providing the freedom to bring forth ideas in the pursuit of economic and social well-being. Our nation, built upon an unyielding entrepreneurial spirit, has risen to greatness with these essential truths as a foundation. Yet, whenever policies or institutions – both public and private – fall short in these ends then we bear a responsibility to remedy these shortcomings, thereby reinvigorating our society and ensuring no spurious limits on the inventiveness of humankind.

ABOUT THE JEFFERSON INNOVATION SUMMIT: Today's economic challenges call for renewed attention to innovation and entrepreneurship to spur economic growth, create jobs and ensure global competitiveness. Given the urgent need for civil discourse and healthy debate about these issues, the Jefferson Innovation Summit, hosted by the University of Virginia with support from its Batten Institute, initiated a broad and impactful exchange among our nation's leaders. Through an unconventional and provocative format, the Summit brought together the brightest minds in business, government, academia, media and the arts to discuss how to create and sustain a society of entrepreneurs and innovators.

ABOUT THE BATTEN INSTITUTE: The Batten Institute at the Darden School of Business creates value and transforms society through entrepreneurship and innovation. The Institute's academic research center advances knowledge that addresses real-world challenges and shapes Darden's curriculum, and the Center for Entrepreneurial Leadership offers one of the world's top entrepreneurship programs. The Batten Institute was established with gifts now totaling over $100 million from UVA alumnus Frank Batten, Sr., a media pioneer, visionary and founder of The Weather Channel. www.batteninstitute.org.

ABOUT THE DARDEN SCHOOL OF BUSINESS: The University of Virginia Darden School of Business is one of the world's leading business schools, offering MBA, Ph.D. and Executive Education programs. The unique Darden experience combines the case study method, the highest-ranked faculty whose research advances global managerial practice and business education, and a tight-knit learning environment to develop principled and complete leaders who are ready to make an impact. For questions or information, contact [email protected].

SOURCE The Batten Institute at the University of Virginia's Darden School of Business