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.
One of the best things about being an academic is being able to mold young minds and guide them to success. When one of my students, Andrew Leblanc told me he was entering the Duke Startup Challenge Elevator Pitch Competition, I [Vivek Wadhwa] told him to come and see me and do a practice run. After all, I had judged several of these contests at Duke and other universities. I thought I knew what worked.
After the eleventh iteration, Andrew got it right. He wasn’t trying to pack his presentation with unnecessary details. He had slowed down his pitch, added a personal touch and was now exuding confidence. Andrew even researched the background of the judges and tailored his message to their interests. So after two hours of intense preparation, I had little doubt that Andrew would win.
The Washington State Department of Commerce has submitted its recommendations to Gov. Chris Gregoire and the Washington State Legislature for restructuring the department as a leader in the state's economic development efforts. Formerly the Department of Community, Trade and Economic Development, Commerce's report outlines two options for creating a more focused and efficient organization dedicated to growing and improving jobs in Washington.
"After listening carefully to business and community leaders, employers and our other key stakeholders around the state, we believe the priorities and organization laid out in this report provide a framework to succeed in keeping Washington state competitive and helping our communities and economies thrive," said Commerce Director Rogers Weed.
KOLKATA: When Scott Adams, famed creator of the Dilbert cartoon strip, recently told ET that recession is often a perfect spawning ground for serious entrepreneurs, he may have been alluding to what he saw back home in the US. But India may also have gravitated to the same league, according to the venture capital flock.
So much so, the number high-value business proposals have actually surged in India since slowdown began. Indian Venture Capital Association (IVCA)—the apex organisation of venture capital and the private equity industry in India—estimates that if, in the pre-recession era, average seed funding size was around $1.5-2 million, it has now risen to $2.5-5 million.
Collaboration can pay off, as Procter & Gamble shows, but only if companies jump in with both feet
Open innovation is a hot topic at almost every company that is serious about innovation. Why? Because the idea of combining internal and external resources to increase innovation productivity and prowess is just too good a value proposition to miss out on.
Nevertheless, I believe that only about 10% of all companies are adept enough at open innovation to get significant benefits. Another 30% have seen the light and are scrambling to make open innovation work and provide results that are worth the bother. I call them contenders. The other 60% are pretenders—companies that don't really know what open innovation is and why or how it could be relevant for them. Some might figure out how to follow the leaders one day, but today they're mostly going through the motions.
What is a cultural entrepreneur?
New fields of development begin with ideas and then need the practical applied. With the practical comes the need for definitions. Over the last couple of years my definition for a cultural entrepreneur has evolved and I would like to share it with you now.
Cultural Entrepreneurs are cultural change agents and resourceful visionaries who organize cultural, financial, social and human capital, to generate revenue from a cultural activity. Their innovative solutions result in economically sustainable cultural enterprises that enhance livelihoods and create cultural value and wealth for both creative producers and consumers of cultural services and products.
Innovation in the state's economy was unchanged during the second quarter, ending a year of decline, but a quarterly index from the University of Michigan-Dearborn finds that job creation lagged other indicators.
The quarterly Innovation Index remained at 80.0 during the second quarter after falling each quarter since reaching 96.0 points for the second quarter of 2008. The index tracks trademark applications, Small Business Administration loans, venture capital funding, new business formation and other indicators.
Entrepreneurship can be an emotional roller coaster. However, much like life itself, if you develop the right relationships, it is reassuring and comforting to know that you are not heading out on the journey alone (unless you’re a jerk).
Share your enthusiasm and sell your vision to friends and family. It can be infectious (but not in an H1N1 kind of way).
At first, you may feel like you are the only person who sees the “brilliance” of what you are creating. And that’s ok. Just remember that your enthusiasm is infections. If you wear your heart on your sleeve, others may not fully grasp your vision, but they will sense that something is brewing and will become your biggest supporters and most effective marketers.
This isn't news anymore (see here, and here), but Bruce Alberts, Editor-in-Chief of Science has weighed in on the out-of-whack system of incentives in the biomedical sciences:
Assuming that the system supporting this career path works well, these will be the individuals with the most talent and interest in such an endeavor: young people well positioned to make the scientific breakthroughs that societies need to survive and thrive. But the current system squanders the creativity and energy of these exceptionally gifted young people through a funding process that forces them to avoid risk-taking and innovation.
Professors from Harvard Business School, Insead and Brigham Young University have just completed a six-year study of more than 3,000 executives and 500 innovative entrepreneurs and have identified five skills that drive innovation:
This is the fifth of several 'Innovation Perspectives' articles we will publish this week from multiple authors to get different perspectives on 'What is the most dangerous current misconception in innovation?'. Now, here is Hutch Carpenter's perspective:
In addition to generating financial returns for the investors, VC investments contribute significantly to the economic growth as well as creation of new industries. In fact many industries such as Information technology, biotech, medical devices, clean tech etc have been created through VC investments. This post makes an attempt highlight the contribution of VC investments to the economic growth. As US VC industry is the oldest and most successful, the data outlined in this article is from the US. As the VC industry build scale outside US, one could expect similar trends.
Here are some interesting facts about the contribution of VC investments to the US economy (Source of the data: Venture Impact, 5th edition, NVCA/IHS Global insight study)