Panelists:
Alicia García Herrero, Member of the Board, CAPRI; Chief Economist for Asia Pacific, Natixis; Senior Fellow, Bruegel
Andrew Nelson, Professor, Management at the University of Oregon
Isabell Stamm, Professor, Technische Universität Berlin
Moderator: Christina Lubinski, Professor, Department of Business Humanities and Law, Copenhagen Business School
This panel explored the evolving meaning of entrepreneurship in democratic societies, interrogating its ideological underpinnings, risks, and democratic consequences. The panelists critiqued the dominant US model, where entrepreneurship is celebrated as a form of individualism, disruption, and self-reliance. In reality, they argued, this vision often masks systemic advantages, such as access to public funding and elite networks, that disproportionately benefit already privileged founders.
The conversation distinguished between traditional entrepreneurship (e.g., small business development) and a newer form of financialized entrepreneurialism that prioritizes speed, disruption, and investor returns. The panelists warned that this model often results in precarious labor conditions (as seen in gig work), eroded worker protections, and widening inequality. While entrepreneurship is frequently portrayed as empowering, it also shifts risk away from institutions and toward individuals, particularly those with fewer resources.
In contrast, European models of entrepreneurship tend to be embedded within social safety nets, yet panelists noted that neoliberal ideologies have still crept in, thereby redefining success as scaling fast, deregulating labor, and offloading risk. Entrepreneurship today, they argued, must be rethought in light of these structural imbalances. Rather than focusing solely on productivity or innovation, panelists urged a shift toward democratic accountability, public purpose, and equitable access to opportunity.
The speakers closed by underscoring that entrepreneurship can support democracy but only if embedded within strong institutions, inclusive ecosystems, and public policies that distribute risk and reward fairly. If left unchecked, entrepreneurialism risks becoming a vehicle for plutocracy rather than participation.
