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Historically the U.S. economy has been about ideas, experiment, and exploration. U.S. dynamism-the country's ability and proclivity to innovate-depends on multiplicity: variety among new ideas, a pluralism of beliefs among financiers, and diversity among consumers. Dynamism has been in decline over the past decade. Venture capitalists bemoan a dearth of innovative ideas, and investors bewail a precipitous drop in their returns. Total venture investment is running at less than $20 billion per year. The current financial system chokes off funds for innovation. As an antidote, this article proposes the establishment of a new government-sponsored enterprise - the First National Bank of Innovation. It would be structured as a network of "merchant" banks that invest in and lend to innovative projects, and it would have some features of the Farm Credit System in the United States. A dedicated funding arm would raise money in the capital markets at attractive rates. Banks would pass these funds on to entrepreneurs at rates commensurate with the risks of their projects. The banks in the network would be dedicated to "relationship-based" investing and lending. Thanks to comprehensive risk-based disclosure, strict oversight and transparency would emerge. As the new year dawns-and as businesses crawl out from under the weight of the global recession-our focus is on reinvention. This HBR Spotlight examines that theme from various perspectives: how to manage corporate transformation, what we understand about personal resilience, whether the United States can reclaim its leadership role in innovation and invention, and how executives in strategy and marketing are reconceiving the work they do.