Innovation America Innovation America Accelerating the growth of the GLOBAL entrepreneurial innovation economy
Founded by Rich Bendis

The National Association of Seed and Venture Funds and the non-profit Innovation America are proposing a new $1-$2 billion public/private partnership for seed investment. The proposal is their bid to get federal economic stimulus money flowing into new company formation.

Rich Bendis, founder of Innovation America, told Ebb & Flow the group had proposed a $1 billion program and said the Office of Management and Budget responded that $2 billion might be a more appropriate funding level. These federal funds would then be matched by state investment groups, angel investors and early stage VCs.

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Once again, Richard Bendis spoke with the Wall Street Journal.  In her article, Federal Aid Sought for Equity-Backed Companies, Kelly K. Spors covers the growing initiative to invest in innovative companies.

"There needs to be a balance" when handling the financial needs of "Main Street businesses and innovation entrepreneurs, and I think the SBA is capable of serving both," says Rich Bendis, chief executive and president of Innovation America, a Philadelphia-based nonprofit that works with investor groups.

"In December, Innovation America and the National Association of Seed and Venture Funds pitched to members of the Obama transition team a plan to create a government-funded $1 billion seed fund that would shore up angel-investing groups and regional early-stage equity investment programs, which provide equity investments to start-ups. He says the new administration seemed receptive to the idea, but has not moved forward on the proposal."

Federal Aid Sought for Equity-Backed Companies, Kelly K. Spors of the Wall Street Journal

In an article posted on newgeography website, the author explores the issue of private vs. public investment in the innovation area.

"Americans Want Small Business Innovation
If entrepreneurship and innovation are the keys to revitalizing our economy, how can the federal government spur this on without the delay involved in creating a new bureaucracy? Is there a proven mechanism in place for evaluating, vetting and administering research funds that can be used to address some of our nation’s most pressing challenges related to the environment, a dwindling industrial base, our defense capability, or the health of our nation?"

ENTREPRENEURS OVERLOOKED IN RECOVERY PLANS, newgeography

The author contiunes to recommend bumping the Small Business Innovation Research (SBIR) program to $5 billion dollars.  Worth a read!

Awareness of our innovation funding challenges continues to grow. 
"Venture capitalists invested $3 billion in 549 deals during the first quarter of 2009 — the lowest national level in 12 years and down 47 percent in dollars and 37 percent in deals from the fourth quarter of 2008." Venture capital investment hits 12-year-low in 1Q, Patty Tascarella
Once again, there is a year on year decline in Venture capital available for innovation businesses.  The article goes on to speak about year on year declines in funding in Life Sciences, Clean Tech and Internet Specific companies, to name a few.

In her article Recession knocks VC funds to 5 1/2 year low, Deborah Gage speaks to Richard Bendis about Innovation America.

"The group and several other organizations have asked the Obama administration to fund young companies and have the funds matched by individuals, foundations and regional groups, said Richard Bendis, president and CEO of Innovation America, a nonprofit in Philadelphia."

"He said state governments have also cut back on programs to fund young companies because their budgets are crunched."

You can view the entire article here

In his article, A Federal VC Fund of Funds, Dan Primack speaks to Richard Bendis about Innovation America.

"Richard Bendis of Innovation America says that the organizations held initial talks with the Obama transition team back in December, at which point the proposed program stood at just $1 billion. Bendis says that the government reps requested additional information, which prompted Innovation America and NAVSF to conduct a survey demonstrating the difficulties faced by young companies in search of venture capital."

You can view the entire article here.

In his article Federal Fund Proposal Targets Valley Of Death, Jonathan Matsey speaks to Richard Bendis about Innovation America.

“In the past, the private sector was able to take care of this,” said Bendis, whose organization aims to coordinate between federal, state and local economic development projects. “But the venture capitalists are moving upstream and the valley of death is just growing a little bigger.”

"Bendis said he hopes to secure at least half of the money for the National Innovation Seed Fund of Funds from the federal government, with the remainder coming from state and local governments, private investors and nonprofits."

You can view the entire article here

In his post titled, New Hope on the Horizon for Getting Through the Valley of Death on the SBIR Coach website, Fred Patterson mentions the new NASVF / Innovation America initiative.

"On Monday, the National Association of Seed and Venture Funds (NASVF) announced the intent, in a joint venture with a dynamic "innovation intermediary", Innovation America (IA), to create a National Innovation Seed Fund of Funds to help fill the investment gap faced by entreprenurial companies seeking to get through what's known as the "Valley of Death"...
"This is big stuff. A Fund of Funds seeds other investment funds. The magnitude of numbers being talked about are using $Bs not $Ms. Control will be regional, closer to where the entrepreneurial companies are and where the investments will be made..."
Visit his site to read the full article.

Our guest this week is Rich Bendis, the founding President and CEO of Innovation America (IA), a Global Innovation Intermediary focused on accelerating the growth of the entrepreneurial innovation economy in America.

Mr. Bendis is a distinguished and successful entrepreneur, corporate executive, venture capitalist, investment banker, innovation and technology based economic development leader, international speaker and consultant in Innovation and Economy Building.

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In a scenario characterized by the challenge of structuring a regional development process that combines social responsibility with competitive insertion in the global economy, to join knowledge, education and innovation has become increasingly challenging in order to perpetuate the generation of employment, income and quality of life for the entire population of such region.

The challenge of promoting, in each territory, the development of intellectual capital, ability to generate ideas and knowledge and competence to turn that potential into innovative, socially responsible goods and services, capable of taking over part of the global market, is what might be understood under the perspective of the new competitiveness of the territories.

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March 8, 2010 - March 9, 2010
Clinton Library, Little Rock, AR

If you would like to attend the sessions of this meeting that are open
to the public or need more information please contact:


Contact Name: Adam Gertz
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 202-334-1529
Fax: 202-334-1505


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Thursday, July 15, 2010 12:00 p.m. - 1:30 p.m.
B-340 Rayburn House Office Building


A luncheon briefing presented by ASTRA, The Alliance for Science & Technology Research in America for the House R&D Caucus.
Congress continues to seek solutions to help the nation regain its lost momentum as the world’s most innovative and competi- tive country. Please join us and participate in a nonpartisan panel discussion with leading experts in business commercial- ization, small business and entrepreneurship, patent and intel- lectual property, and innovation measurement and assessment.
Topics covered will include:

  • Overview: Measuring the Decline of U.S. Science Leadership & Where We are Headed (Shelton)
  • Barriers to Commercialization of R&D Discovery: The University-Industry Interface — What’s Working and What’s Not (Darmody, Johnson)
  • Modernizing America’s Intellectual Property System: The Importance of the U.S. Patent & Trademark Office (USPTO) in enabling U.S. Innovation and Competitiveness (Graham)
  • “MIssing in Action”: The Role Small Businesses and Entrepreneurs Should be Playing in Reviving the U.S. Innovation Economy (Bendis)

Download the PDF for more infromation or contact Robert Boege at This email address is being protected from spambots. You need JavaScript enabled to view it.

The Technopolicy Network brings together experts and practitioners on Science Based Regional Development. Together, they engage in an exchange of knowledge and experience that helps policy makers, technology transfer officers, facilitators and researchers alike. The international contacts promote a broader understanding of the issues involved and provide opportunities for cooperation.

The governance and management of the Network is accomplished by a Secretariat and an Advisory Board. The Advisory Board serves as the eyes and ears of the network in a community of practice. The Technopolicy Network is honored to present three new advisory board members:



For a full overview of our advisory board, please check our website

digno

--Digital North Seminar Showcases Canadian Talent, Opportunities, and Partnerships to New York Metro Area Digital Media Executives--

New York, January 10, 2011 – The Consulate General of New York, announced today it will host “Digital North – Creative Opportunities in Canada”, a seminar and networking reception designed to strengthen ties between the digital media industry in the New York metro area and Canada on Thursday January 27th, 2011 at 6:00pm.

The one-hour seminar will highlight the differences and parallels between Canada and the United States’ digital media environment. The event will include an overview of Canadian tax incentives and government programs available to companies with international expansion plans. The reception following the seminar will provide industry executives with a platform to network and build their cross-border contacts.

 

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