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03 · Innovation and Industrial Transformation

The Entrepreneurial State

Mariana Mazzucato

Katalyx INTERPRETATIONFOUNDATIONAL

THE Katalyx PERSPECTIVE

Mazzucato reframes government from market fixer to market shaper. The harder question is how public risk-taking can create capabilities while sharing rewards.

If this author were designing a national economy instead, what would they do?

FIVE TAKEAWAYS

01

Markets can be created

02

Public investment absorbs deep uncertainty

03

Mission matters

04

Innovation is collective

05

Risk and reward should be aligned

Katalyx APPLICATION

Design mission-led portfolios with clear public value, learning milestones and mechanisms that recycle upside into future innovation.

Katalyx RATING

Strategic Thinking

Systems Thinking

Practical Application

Long-Term Relevance

Clarity

ONE PROVOCATIVE QUESTION

If the public sector takes first risk, how should it capture lasting capability and reward?

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