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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.

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Companies raising money through regulation crowdfunding can now raise up to $5 million, the United States Securities and Exchange Commission announced Monday.

Previously, entrepreneurs had a limit of $1.07 million for regulation crowdfunding. Regulation crowdfunding provides entrepreneurs with an exemption from the SEC’s registration requirements for securities-based crowdfunding, according to the SEC website. 

Image: https://news.crunchbase.com

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immigrants

The outcome of Tuesday's US presidential election could have a monumental impact on how foreign-born founders and employees view the country's venture capital ecosystem.

Many in the industry feel that the raft of immigration restrictions imposed by the Trump administration has hampered opportunity among immigrant entrepreneurs. But if Joe Biden captures the White House, those concerns may ease.

 

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team

Welcome to McKinsey Talks Talent, a podcast on the new science of talent, featuring McKinsey leaders and talent experts Bryan Hancock and Bill Schaninger.

Change is a constant. We knew that even in the prelapsarian days before the outbreak of COVID-19. But we didn’t know how fast that change could happen. In the grips of the pandemic, companies and their employees have had little time to devise new ways of working. And the changes will keep coming: artificial intelligence, automation, augmented reality—all the technologies we’ve been talking about in recent years will become fair game. In this episode, recorded just prior to the coronavirus crisis, Bryan and Bill speak with McKinsey Publishing’s Lucia Rahilly about how best to prepare for this new world of work. This is an edited version of their conversation.

 

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ITIF Logo

In the conventional view, innovation is something that just takes place idiosyncratically in “Silicon Valley garages” and research and development (R&D) laboratories. But in fact, innovation in any nation is best understood as being embedded in a national innovation system (NIS). Just as innovation is more than science and technology, an innovation system is more than those elements directly related to the promotion of science and technology. It also includes all economic, political, and other social institutions affecting innovation (e.g., the financial system; organization of private firms; the pre-university educational system; labor markets; culture, regulatory, and tax policies and institutions).

 

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entrepreneur

In normal times organizations face numerous uncertainties of varying consequence. Managers deal with challenges by relying on established structures and processes. These are designed to reduce uncertainty and support calculated bets to manage the residual risks. In a serious crisis, however, uncertainty can reach extreme levels, and the normal way of working becomes overstrained. At such times traditional management operating models rarely prove adequate, and organizations with inadequate processes can quickly find themselves facing existential threats.

 

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Here s why now is a better time than ever to explore entrepreneurship Financial Post

The greatest part of my day job as a venture capitalist is the inspiration I draw from watching amazing Founders take a crazy concept, work tirelessly, and sacrifice a ton with the sole purpose of turning a dream into a reality. I recognize how hard the entrepreneurial journey is – and I know full well of the ups and downs that the job brings.

I fully believe the world needs entrepreneurs more than ever and I try my best to encourage and support anyone who is just crazy enough to jump into the arena and give it a shot. From my own experience, being an entrepreneur is the greatest job in the world. Innovation is the key to global progress and entrepreneurs have the potential to change the world, improve communities, create new jobs and solve some of the greatest challenges the world faces. What job even comes close?

 

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Warren Buffett

Outside of Warren Buffett's mastery of investing, you have to agree that his simple life and business lessons are not only the stuff of legends, but also have a profound effect on people.

Some of it is pure common sense, like this slice of wisdom from the Oracle of Omaha:

You only have to do a very few things right in your life so long as you don't do too many things wrong.

 

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Tim Draper in November 2017 Tim Draper Wikipedia

Two years ago, venture capitalist and noted Bitcoin investor Tim Draper publicly stated that Bitcoin will hit $250,000 by 2022. Yet, as Bitcoin continues to gain interest from investors, Draper revealed to Cointelegraph during an interview that a $250,000 price prediction may have been conservative: “I think it’ll certainly hit that. But a lot of people are thinking that $250,000 was a little too conservative."

Image: https://en.wikipedia.org/wiki/Tim_Draper#/media/File:Tim_Draper_in_November_2017.jpg

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MIT

The Engine — which is a venture firm founded by MIT in 2016 — announced it has raised $230 million for the second round of funding. And with this funding, the venture firm will start making investments in startups focused on commercializing solutions to some of the world’s most pressing challenges.

MIT had provided $25 million in anchor funding for The Engine’s Fund I — which exceeded the original goal of raising $150 million to close at over $200 million in 2017. And MIT is investing $35 million toward this new round of funding The Engine Fund II.

 

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Bill Gates from Long ago during a presentation.

Sometimes I like to drop the comment socially that “I knew Bill Gates back when he was a regular guy.” I know that dates me a good bit, but it also shows that I have been hanging around startups for a long time. The honest truth is that I worked directly with him in the early days of Microsoft from my “safe” perch in big IBM, during the startup of the IBM PC.

At that time I couldn’t imagine a startup succeeding that was first called Traf-O-Data to process raw traffic data into reports, later changed to Microsoft to sell Basic Interpreters to microcomputer manufacturers. In retrospect, however, Bill Gates did a lot of things right as a startup that I still look for today in aspiring entrepreneurs and their companies:

Image: https://blog.startupprofessionals.com

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Arial photo of a street in tokyo

Tokyo is fast becoming the city of choice for foreign companies, SMEs and startups looking to raise funds, gain a competitive advantage or expand. They come for the city’s many advantages, which include a growing venture capital base, world class infrastructure and an increasingly global and highly educated talent pool.

STARTUP GENOME RECOGNIZES TOKYO ECOSYSTEM

Tokyo’s emergence as a hub of innovation is being recognized by industry experts like Startup Genome, a policy advisory and research organization with a focus on leading edge ideas and economic growth.

 

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Bob Dole

“There is a misguided view that holds that patents are somehow not necessary and that inventors will invent and companies will spend millions or billions of dollars in research and development without the prospect of owning any rights in what is being developed. That fairly-tale fantasy is not real life, and it ignores human nature. ” – Gene Quinn

 

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