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Founded by Rich Bendis

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.

http://www.jumpstartinc.org/images/global/bg-logo.gifJumpStart - President, JumpStart Advisors

Title: President, JumpStart Advisors
Reports to: CEO
Anticipated Hire Date: ASAP
Commitment: Full-time Position
Location: Cleveland, OH preferred but not required

About JumpStart Inc.

JumpStart Inc. is a non-profit venture development organization whose vision is to solidify, celebrate, and continually grow Northeast Ohio as a nationally significant center of entrepreneurship and innovation.

Over the last six years JumpStart has been focused on leading and executing a wide range of programs and initiatives to build an entrepreneurial, high-growth ecosystem in Northeast Ohio. Its work has been recognized with numerous national awards including recognition from the U.S. Commerce Department stating that “JumpStart is the best and brightest example of 21st century economic development”.

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Breakthrough InstituteLast week, the flagship federal legislation for U.S. competitiveness containing broad support for science, technology, and advanced education - called the America COMPETES Reauthorization Act of 2010 - collapsed in Congress after it was blocked from passage through the House, despite already being significantly weakened.

Enter the age of American polarization, where bread-and-butter competitiveness and innovation policy is subject to hyper-partisan politics and obstructionism, even in the face of rapidly rising global competition. America COMPETES, which was originally passed with strong bipartisan support under President Bush, may be yet one more casualty of today's extreme political polarization, which according to one major study is at the highest level in over a century.

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A German stamp commemorating the 100th anniversary of the death of Friedrich Wöhler, with an image of a urea molecule.“God formed the man from the dust in the ground.” —Genesis 2:7

The announcement by Craig Venter last week that his eponymous institute has “rebooted” a cell using a made-from-scratch length of DNA has excited the usual round of pronouncements that a milestone has been reached, that Venter is the first scientist to truly “play God.” This ambiguous assertion is in some cases accompanied by demands that synthetic genomics cease and desist, and that if necessary there should be a government ban. The world of science got a remarkably similar shock in 1828 when Friedrich Wohler first synthesized an organic compound from non-organic chemicals. But more on that in a moment.

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Article ImageSovereign Wealth Funds, the large investment funds supported by governments, are mostly a positive economic force that can provide a shot in the arm to the companies -- and countries -- they invest in. They are also a stabilizing force for the nation where the investment originates. Those are some of the main takeaways from a new study, "The Brave New World of Sovereign Wealth Funds," conducted by Wharton MBA students and sponsored by the Wharton Leadership Center and the Joseph H. Lauder Institute of Management & International Studies. The research suggests there is little reason to worry about these funds acting from political rather than economic motives. In an interview with Knowledge@Wharton, Wharton management professor Mauro F. Guillén, who helped to oversee the research, and two Wharton MBA candidates present some of the study's key findings. An edited transcript of the interview follows. The complete study can be downloaded as a pdf here.

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http://riccentre.files.wordpress.com/2009/08/cropped-headersmall1.jpgIs there any questions that the Canadian venture capital industry is in turmoil? There is a change that is happening, it might just not be happening as fast as it could. Mark McQueen talks about the creative destruction of the VC industry in Canada.

“There’s no robust “new class” of VC firms coming in behind the current oligarchy, with a similar amount of capital to deploy as those they are planning to replace. We are witnessing the destruction piece of the equation, for sure, but not the rebirth that is the essence of “creative destruction” if it is to succeed.” – Mark McQueen, Wellington Fund


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PR Newswire: news distribution, targeting and monitoringEntrepreneurs in every town, city and state are seizing opportunities all around us to create incredibly impactful, relevant and innovative businesses. Nowhere is there a more clear demonstration of this than in Entrepreneur's June issue profiling 100 Companies to Watch in 10 vibrant areas of opportunity.

The 100 Companies to Watch are making their marks in areas as far-ranging as mobile technology, outsourcing, fitness and pets. Take the category of outsourcing with Ian Ippolito, who launched Rent A Coder, a site that connects businesses with a global freelance market of programmers. With more than $24.7 billion of outsourced contracts just in the fourth quarter of last year, Ippolito's business is brilliantly positioned to expand its existing 136,837 buyers.

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A capacity building seminar for those involved in designing and putting in place local strategies to respond to the climate change challenges

9-11 June 2010, Trento, Italy

Implemented with the support of the European Commission,
DG Employment, Social Affairs & Equal Opportunities

This seminar is twinned with the seminar on
"Strategies for local economic development – Focus on green jobs"
organised by the ILO International Training Centre, 10-21 May 2010, Turin, Italy

Organised by the OECD LEED Trento Centre
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cantwell.jpg"Part of the reason MIT is so awesome," Jonathan Seelig just wrote in a tweet, is that "we just voted for a team with a founder with a PhD in concrete as the winner" of the MIT $100K business plan competition.

That winning idea would be Rouzbeh Shahsavari's C-Crete, which is working on a new kind of nano-engineered concrete that's stronger, more durable, and easier on the environment than traditional concrete.

(Seelig, now a venture capitalist, was part of a team in the very same competition a dozen years ago that didn't win, but was a runner up: Akamai Technologies, now part of the NASDAQ 100 Index.)

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Law firm Cooley today released its latest report showing what it called a “solid start” for venture capital fundings during the first quarter of 2010.

The report is based on the 83 deals that Cooley was involved with, so it’s less comprehensive than the MoneyTree report or the data from VentureSource. But Cooley can compile details beyond the money raised and the round of funding.

For example, one of the most encouraging signs was a continued increase in the number of “up” rounds, where the valuation increased from the previous round. That number tumbled to 16 percent during the first quarter of last year, and now it’s up to 58 percent. And there were seven deals where the valuation was more than $100 million.

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It’s a risky business, but still, somebody decided to do it. Venture capital is a sort of financing scheme that funds businesses that have been found to have some growth potential.

Venture capital is also called risk capital. For businesses that have very limited start-up capital, they could go find a venture capital investor. But for the venture capitalist, they still need to weigh the various risks involve.

A venture capital is an investment that is basically provided by third-party investors. This investment is usually used for enterprises that were deemed to be too risky that even the standard market investors or banks avoid putting a single cent on them.

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The Centers for Medicare and Medicaid Services (CMS) is looking for help in setting up a new innovation center created under the health reform legislation.

Under the reform package, CMS is expected to develop new models for care reimbursements to allow for reduction of costs while also preserving quality of care. This may involve accommodating new practices such as telehealth.

The law required establishing a Center for Medicare and Medicaid Innovation in CMS by January 2011. The center will serve as a research and development arm of CMS.

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I read a lot of business books, not just because I want to know what the competition is up to but because I’m always hungry for new insights and understanding. Sadly, many are so packed with frameworks, matrices and checklists that the moment I put them down, I’ve forgotten them. They may be great advertisements for the author’s consulting practice, but often they’re badly written and packed with errors –instead of memorable sources of inspiration or action. So when a good one comes along, it makes a deep impression. A few can even change your game. Here are my top five, each of which changed how I work in some way:

Hidden Value by Jeffrey Pfeffer and Charles O’Reilly. I think this is my all-time favorite because it’s well written, well researched and contains a message that never ages. Pfeffer’s argument is that the people you hire contain more value than most companies ever tap. And he backs it up with great stories and data. Why does SAS Institute needs half the number of quality assurance people that Microsoft requires? Because they treat their people better. In a recession, this argument matters more than ever. This book gave me the evidence I needed to run things the way I wanted to.

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man beach laptopEvery small business loves the exposure, empathy and sense of community that having a website that's a daily destination for consumers can generate.

But getting people to visit on a regular basis can be a challenge, especially if updates are infrequent or all you have to offer is the occasional monotone press release or product announcement.

Thankfully, building a website that's “sticky” enough to keep users engaged and coming back doesn't have to require investing thousands or reinventing yourself as the next online media empire.

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EurActiv LogoAmbitious European biotech firms still look to the US when they need large sums of venture capital, according to EU officials, who fear home-grown talent is crossing the Atlantic.

Not only is it easier for high-growth start-ups to access funding in the US – enticing young research-based companies to abandon Europe – but Europe's own venture capital industry continues to lose the expertise of talented fund managers.

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This is a phenomenal article by Daniel J. Isenberg in the June 2010 Harvard Business Review. One of the best I've read in a long time on entrepreneurship. Well researched, good case study references, excellent country specific examples and terrific insight into the nine prescriptions for creating an entrepreneurship ecosystem.

Isenberg is no stranger to entrepreneurship with international wings. He also authored, "The Global Entrepreneur," December 2008 for HBR.

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Good Entrepreneur can create a strong economy. Entrepreneurship is an important facet of industrial growth and development of a nation. It is the backbone of a nation that sets its eyes on maximizing its performance in every field. The spirit of entrepreneurship brings about enthusiasm, persistence and the ability to seek entrepreneurial opportunities that lead to success. A nation’s ability to generate a steady stream of business opportunities can only come about when its people take to entrepreneurial activities. Entrepreneurs are essentially the engines of growth for a nation. There are several factors that go into making a successful entrepreneur, and he or she need not necessarily possess a strong business and financial background. On the contrary, well-conceived and well directed training can always produce an outstanding entrepreneur. In addition, today’s world with its burgeoning population offers limited avenues of employment.

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Karen Mills, Administrator of SBAOne of the most impressive parts of her talk was the description of the SBA’s mission for small businesses — she called it the “3 Cs.”

Now, if you’re an Internet entrepreneur, you may be thinking you know the 3 Cs. Back in 1999, Michael Dell, the founder of Dell Computer, defined the 3 Cs of e-commerce as: “content, community and commerce.”

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The Pew Trust has done the math and it turns out the the economic crash of 2008 incurred about $108,000 per US household in costs and stock and house-price losses:


U.S. households lost on average nearly $5,800 in income due to reduced economic growth during the acute stage of the financial crisis from September 2008 through the end of 2009.[1] Costs to the federal government due to its interventions to mitigate the financial crisis amounted to $2,050, on average, for each U.S. household. Also, the combined peak loss from declining stock and home values totaled nearly $100,000, on average per U.S. household, during the July 2008 to March 2009 period. This analysis highlights the importance of reducing the onset and severity of future financial crises, and the value of market reforms to achieve this goal.


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