Illinois Science & Technology Coalition Announces Expansion and Outcomes of Corporate-Startup Challenge
Today, the Illinois Science & Technology Coalition (ISTC), a not-for-profit organization focused on growing the state’s innovation economy, is announcing the fourth class of corporate participants in its Corporate-Startup Challenge, an award-winning matchmaking program that connects global corporations with startups and emerging technology firms across the state. This group includes Illinois-based Fortune 500 companies Allstate Corporation (participating in the program for a second time), Caterpillar Inc. and Grainger.
Canada is set to announce a new program that would enable some prospective immigrants to acquire residency visas by investing at least 1 million Canadian dollars ($890,000) in a venture-capital fund, a scheme some other western countries have used to attract wealthy, mainly Chinese, newcomers.
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As Submitted by Richard A. Bendis, President, Innovation America and Vice Chair NASVF
Creating a National Innovation Framework
Building a Public-Private Support System to Encourage Innovation
By Richard Bendis & Ethan Byler
Introduction and Summary
Science, technology, and innovation experts in the United States today almost unanimously agree that our country needs to launch a collective national effort to accelerate U.S. technological- and innovation-based growth. Amid a global economic downturn during which other nations are boosting their already significant public- and private-sector efforts to build more competitive, innovation-led economies, the United States stands almost alone in the world without a national innovation framework.
The result? Our country is beginning to lose its innovation leadership and national competitive advantage because we do not coordinate innovation policy across federal, state, municipal, and university boundaries and do not adequately support high-growth entrepreneurial companies. The federal government pours approximately $150 billion annually into basic scientific research but then largely fails to ensure this money results in the kind of broad-based economic growth that makes our products and services the most competitive on the planet. This is a travesty because it is innovative small businesses that have generated between 60 to 80 percent of net new jobs annually over the last decade as they grow and prosper, according to the U.S. Small Business Administration. These same companies also employ 30 percent of high-tech workers such as scientists, engineers, and information technology workers.
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Rich Bendis President, Innovation America spoke about how innovation will change small business.