What makes silicon valley tick?

With the U.S. in one of the worst economic downturns since the Great Depression, business as usual will no longer get us back to economic growth. Innovation is the best, and perhaps the only way for us to sustain our prosperity. Tapan Munroe argues that instead of simply creating new waves of same-old consumer products and services, we must focus on transforming smart ideas that address real problems and needs into valuable products and services. Innovation must become part of our national psyche and culture.
How? We must encourage the growth of world-class innovation regions. None surpass Silicon Valley in creating new businesses stemming from innovations, or in maintaining sustained progress for more than five decades. The mother of all innovation regions, Silicon Valley owes its prolonged success and resilience to continuous innovation.
Understanding and emulating the Valley throughout the nation is of paramount national importance. Business leaders across the country would benefit greatly by following the examples of successful companies in the Valley. Economic development leaders regionally and nationally would be wise to shape regions in other parts of the nation along the lines of Silicon Valley, since the Valley's model extends beyond hi-tech industries.
What Makes Silicon Valley Tick? is a must for academic leaders as well as leaders of think tanks and research organizations who play a vital role in the enhancement of innovation regions. It is also important for venture capitalists and angel investors to fully understand the vital roles they play, not only in providing the capital that is so vital for starting new businesses, but in providing expertise and resources critical to the success of early-stage companies. Finally, it essential that government officials at all levels understand the critical role they play in the emergence and enhancement of businesses in the innovation economy.