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==Defining "Article=====Introduction===The American perception of entrepreneurship and innovation is an overwhelmingly positive one; Americans believe not only that there are good opportunities for starting a business, but also that they have the capabilities to start one themselves. [http://www.forbes.com/sites/elainepofeldt/2013/05/27/u-s-entrepreneurship-hits-record-high/#7144d97d73aa] The Global Entrepreneurship Monitor U.S. Report found that 43% of Americans believe there are good opportunities for entrepreneurship, and that 56% of American adults believe they have the capability to start a business. [http://www.babson.edu/news-events/babson-news/PublishingImages/babson-gem-info-graphic-692.png] But recent trends in business birth and death rates tell a more sinister story. Many studies report sustained declines in entrepreneurship and business dynamism across the U.S. economy. [http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2014/02/declining_business_dynamism_in_us_high_tech_sector.pdf%20Kauffman] Though many Americans view the high -tech sector as the pinnacle of entrepreneurship and innovation [http://blogs.wsj.com/washwire/2014/05/06/snowden-effect-americans-still-like-tech"==-industry-but-not-telecom/], the Kauffman Foundation found the declines in business dynamism that occurred broadly across the U.S. economy over the past two decades also occurred in the high-tech sector in the post-2000 period (high-tech sector being defined as the group of industries with very high shares of workers in the STEM occupations of science, technology, engineering, and math). [http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2014/02/declining_business_dynamism_in_us_high_tech_sector.pdf%20Kauffman] This article aims to ask what happened in the American economy to cause the decline of business dynamism in high technology sectors, and the impacts of this slowdown on economic growth.

'''High tech''': a high-tech industry is defined by the presence ===Cause of four factors: a high proportion of scientists, engineers, and technicians; a high proportion of R&D employment; production of high-tech products, as specified on a Census Bureau list of advanced-technology products; and the use of high-tech production methods, including intense use of high-tech capital goods and services in the production process [http://www.kauffman.org/~/media/kauffman_org/research%20reports%20and%20covers/2014/02/declining_business_dynamism_in_us_high_tech_sector.pdf Kauffman]decline===

A Congressional Office During the period of Technology Assessment document describes aggregate productivity and job growth in the 1990s, the high-technology firms as those “engaged tech sector and newly listed public companies exhibited increases in indicators in the designdynamism and entrepreneurship. However, developmentsince 2000, the high tech sector and introduction publicly traded firms have exhibited a decline in dynamism. The number of new products IPOs has fallen in the post-2000 period andthose that have entered have not exhibited the same rapid growth as earlier cohorts. [http:/or innovative manufacturing processes through the systematic application of scientific and technical knowledge/econweb.umd.edu/~haltiwan/Haltiwanger_Kauffman_Conference_August_1_2015.”pdf]

National Science Foundation Why the decline? The primary challenge start-ups in general face is access to capital. Only 29 percent of small business owners said they’ve applied for a business loan over the last two years. Millennials report on science turning to friends and technology resources family for loans, rather than taking out a traditional loan from a bank. [http://newsroom.bankofamerica.com/sites/bankofamerica.newshq.businesswire.com/files/press_kit/additional/Fall_2014_Bank_of_America_Small_Business_Owner_Report.pdf] Millennials also refers have less access to personal capital in that they take on significant student debt when they go to the employment of scientists, engineers, college. A [http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2417676 study] from Penn State University found "a significant and technicians economically meaningful negative correlation between changes in student debt and net new businesses employing one to measures four employees, the firms most dependent on personal debt for financing." Personal debt and lack of R&D activities as “two access to capital are particularly problematic in the high tech sector, where millennials compose a majority of the most important parameters workforce and are more comfortable making advances in technology older members of innovation” and uses those two parameters “as surrogates for measuring the broader concept workforce do not. [https://www.pwc.com/gx/en/managing-tomorrows-people/future-of innovation-work/assets/reshaping-the-workplace.”pdf]

''Which The overwhelmingly large presence of millennials has contributed to the decline in business dynamism particularly in high-tech sectors because these is best definition?''members do not have the means or desire to finance a small business given that they are often saddled with debt from college.

==High tech and firm birth/death=Impacts===Kauffman While student debt is used to fund increases in human capital (education), the utilization of student debt reduces an individual's ability to access other forms of credit. As a result, the study's findings suggest a debt trade-off in which larger amounts of student debt lower an individual's ability to start a new business. Penn State's study found that decline an increase of one standard deviation in business dynamism occurred student debt uses results in both the general Ua decrease of 70 new small businesses per county, a decline of approximately 14.4%.[http://poseidon01.ssrn.Scom/delivery. economy php?ID=250070119116011113124099103112018099029051017051045044067089002120116105111114122091055102119102108111124001067027106101088127010005061051067105078103112127022029065052114071094113003125125064112116102099068082028078069030125114010072077114106025&EXT=pdf] ===Conclusion===Millennials and recent college graduates comprise a large majority of those with interest in the high-tech sector in the post-2000 periodtechnology workforce. As part Because their access to capital is limited both institutionally and due to high levels of student debt, many of this these workforce participants are either unable or unwilling to take on more debt to start their own businesses. This has resulted in a decline in business dynamism, Kauffman found indicators in high technology fields to the tune of a slowdown decrease of 70 small businesses per increase in entrepreneurship standard deviation in student debt. It seems as though increasing access to capital through easily accessible bank loans or implementing policy aimed towards lowering student debt would help to reverse the high-tech sector in the post-2000 periodtrend.