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innovation DAILY

Here we highlight selected innovation related articles from around the world on a daily basis.  These articles related to innovation and funding for innovative companies, and best practices for innovation based economic development.

podcast

Richard H. Thaler, the “father of behavioral economics,” has this week won the 2017 Nobel Prize in Economics for his work in that field. Thaler has long been known for challenging a foundational concept in mainstream economics — namely, that people by-and-large behave rationally when making purchasing and financial decisions. Thaler’s research upended the conventional wisdom and showed that human decisions are sometimes less rational than assumed, and that psychology in general — and concepts such as impulsiveness — influence many consumer choices in often-predictable ways.

Once considered an outlier, behavioral economics today has become part of generally accepted economic thinking, in large part thanks to Thaler’s ideas. His research also has immediate practical implications. One of Thaler’s big ideas – his “nudge theory”  – suggests that the government and corporations, to take one example, can greatly influence levels of retirement savings with unobtrusive paperwork changes that make higher levels of savings an opt-out rather than an op-in choice. In fact, he co-authored a book, Nudge: Improving Decisions About Health, Wealth and Happiness, which became a best-seller.

 

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Every startup fears that one angry and unfair customer who can jeopardize the business by a negative post on Ripoff Report, Yelp, or one of the hundreds of other consumer complaint and review sites on the Internet. Most entrepreneurs don’t even know how to keep track of what people are saying about them on the web, much less how to respond or remove it.

Web reputation management, both business and personal, has become a top priority requirement. On the personal side, these items can kill your career, as I discussed in an old article “Google Yourself to See How Other People See You.” Luckily, the basic principles for reputation management are the same for both business and personal environments:

Image: http://blog.startupprofessionals.com

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strategy

It sometimes appears that the traditional rules of business are being upended by today’s mega-trends of multisided platforms, big data, machine learning and AI, crowdsourcing, the internet of things (IoT), and more. These trends have transformed the world of business immeasurably. But they have certainly not repealed the timeless rules of strategy.

Yet for too many entrepreneurs, especially those steeped in tech and devoted to product, strategy often seems to be an afterthought. Experiment and create a great product, the thinking goes, then scale, and then figure out the business model once you’ve succeeded. It’s true that nothing beats having a compelling product that customers badly want. However, while good products and good “shopkeeping” are surely good business, they are no substitute for clear-minded strategy.

 

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Superfoods The 19 Best Foods for Health and Happiness Time com

If a single food was guaranteed to make you instantly slim or happy, or end your allergy woes, stores would have to fight back the feverish shoppers. We're not quite there yet, but there are foods and nutrients that science says benefit your well-being. "Diet has tremendous effects on our short-and long-term health, especially when it comes to obesity, diabetes, and heart disease," says Dr. Dariush Mozaffarian, associate professor of cardiovascular medicine at Harvard Medical School.

Image: http://time.com - From Video

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Benari

In Dusseldorf, Germany, there is a pleasant bus stop with a comfortable bench. But don’t wait for a bus there. It will never arrive.

People do occasionally sit on the bench, and wait for a bus. They come from the Benrath Senior Center which sits just behind it.

The bus stop is an ingenious solution to an occasional problem.

As those of you caring for elderly relatives with dementia know, our loved ones may need to be kept inside, behind locked doors, for their own safety. If they manage to get out of their care facility, a search will ensue. Employees look for them. If they don’t turn up quickly, the police are summoned.

 

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lonely

Entrepreneurship is an enriching journey, and I encourage anyone with a dream of being a business owner to try their hand at success. That said, it isn’t always a fun journey.

In addition to being stressful and time consuming, entrepreneurship can be lonely, and if you aren’t prepared for that reality, it could end up consuming you.

These are just some of the ways loneliness can strike entrepreneurs:

 

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In this video, Entrepreneur Network partner Brian Tracy breaks down what it takes to be a Brian Tracy uccessful entrepreneur. He highlights six traits that are common among good entrepreneurs and explains how they can help you in starting your own business.

The first is that you need to have a love and passion for what you do. Without that, you won't have the drive or the belief necessary to get through the humbling and frustrating times. You might not be willing to stay late or get up early or do whatever it takes to get your business up and running.

 

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This is the latest in my “superstar effect” series. Richard Florida posted an interesting analysis of venture capital investments over at City Lab.

Four cities dominate the charts: San Francisco Bay Area, New York, Boston, and Southern California. Call them the Big Four. No place else is even close.

Image: http://www.newgeography.com

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entrepreneur

Entrepreneurs in Silicon Valley this year set themselves an audacious new goal: creating a brain-reading device that would allow people to effortlessly send texts with their thoughts.

In April, Elon Musk announced a secretive new brain-interface company called Neuralink. Days later, Facebook CEO Mark Zuckerberg declared that “direct brain interfaces (are) going to, eventually, let you communicate only with your mind.” The company says it has 60 engineers working on the problem.

 

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funding

Novel and useful crowdfunding ideas surprisingly don’t work together, according to new research. Both novelty and usefulness increase project funding separately, but when these two are together they cause a noticeable decrease, say researchers from HEC Paris, the University of Technology Sydney, Singapore Management University and INSEAD.

 

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typing

When it comes to emails, I tend to be pretty wordy.

I live with an intense fear of coming off as too direct or cold, and there’s something about all of those extra words, niceties, and (embarrassing) exclamation points that make me sound a little warmer and friendlier.

But, here’s the thing: I’m ultimately wasting my own time–along with the time of the person reading my message.

 

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Growth has always been fundamental to business success, but it’s never been more critical than it is now, nor more difficult. Every opportunity is global, but so is the competition. Evolving customer expectations and technology are the norm, forcing every company, from startups to large enterprises, to innovate quickly, despite their fear of change, uncertainty, and doubt.

Image: http://blog.startupprofessionals.com

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