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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.

Daniel Howard

Most millionaires (which is probably in the $1M-$2M category) usually do three things that are within their power that others don’t do:

  • Choose a good-paying skill and business: they aren’t public school teachers and they don’t run a fast food franchise; they are doctors, engineers, etc or run a non-franchise, medium or high margin non-niche business (not a t-shirt or comic book shop) 
  • Keep their nose to the grindstone: they build their skill or business rather than changing businesses, losing money and starting over and apply it over a period of a decade or two 
  • They save: They are “reluctant customers” of goods and services. They don’t jump at every opportunity to give their money to somebody else. They avoid monthly payments.

 

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Woman Writing on a Notebook Beside Teacup and Tablet Computer Free Stock Photo

If you were born in 1960, it turns out you had bad timing. A portion of the Social Security benefit formula is based on national average wages for each cohort of 60-year-old workers. It’s not yet certain how long double-digit unemployment rates will last, but it’s a safe bet that record job losses will bring down average wages this year. That means a middle-income worker who was born in 1960 could see her Social Security benefits reduced in retirement by 14 percent, or $3,900 a year, according to a study from the University of Pennsylvania’s Wharton School.

 

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Man Wearing Pink Polo Shirt With Text Overlay Free Stock Photo

The pandemic has caused many students to hit pause on their education while colleges work to determine whether they can reopen for in-person instruction this fall.

Uncertain enrollments and potentially high summer melt have driven colleges to announce a variety of tuition discounts and scholarship programs to entice prospective students and to keep those already enrolled. Whether the programs will pay off is still to be determined.

 

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Matthias Evers

Imagine a world in which we can produce meat without animals, cure previously incurable diseases by editing the genetic fabric of an individual, and make industrial chemicals in yeast factories. The foundational technologies that could make all this possible largely exist. This is a Bio Revolution that could transform economies, societies, and our lives—and is already helping to respond to the COVID-19 pandemic.

The speed with which scientists sequenced the virus’s genome—weeks rather than months—bore witness to the power of biological innovations.

 

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LEntrepreneurs do you have these two skills to succeed News The Patriot Ledger Quincy MA Quincy MAet me ask you something. After the virus from Wuhan, China, wreaked havoc emotionally, physically and economically, do you see what I see coming?

I intuit a massive rise in entrepreneurship. Here’s why. Aside from chaos, the worldwide confinement has ignited the Law of Contrast. Meaning when you think of something it typically activates the exact opposite thought. Hot, cold. Light, dark. Etc. Contrast is highly effective. You learn what you do and don’t want, pronto. Keep people captive in their homes for two months. What happens?

Image: Paila M. Parker

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NewImage

Consulting giant Deloitte will cut 5 percent of its U.S. workforce amid a slowdown in business caused by the national shutdown in response to the coronavirus pandemic, sources told CRN.

The cuts were announced in all-staff calls by the CEOs of the firm’s various divisions Friday morning. With a total headcount in the U.S. of more than 106,000 in more than 100 cities, that would mean potentially 5,300 workers could be affected.

Image: https://www.crn.com

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meeting

There has never been a more important time for entrepreneurship and innovation. Globally innovative solutions will be needed for the challenges of a post-pandemic world. Graduates will be facing into an uncertain future with a recession looming, but recessions always breed innovation. As graduates and students have fewer opportunities open to them compared to 6 months ago many students have decided to see if they can be the masters of their own destiny and start their own business.

 

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customer

Like most businesses around the world, start-ups are encountering challenging times as the coronavirus hurts business sentiment and dries up funding. Small- and medium-sized businesses have been more adversely affected in most places, but large corporations have also started slashing jobs.

Entrepreneurs currently trying to build their businesses have to understand how the pandemic is going to shift user behavior in the future and adapt, Rajan Anandan, a managing director at Sequoia Capital India, told CNBC.

 

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thinking

Many small business owners who have been approved for Paycheck Protection Program loans (“PPP”) are realizing that the loan isn’t as forgivable as they’d hoped.

The amount a small business can qualify to have forgiven must primarily be payroll costs. The SBA’s rule making has stated that at least 75% of the forgiveness request must be payroll costs but can also contain up to 25% of other approved expenses under the law such as rent, mortgage interest and utilities. That rule seems to be widely understood and so long as small business owners are spending 75% of their PPP funds on payroll this rule won’t frustrate small business owners when it comes time to forgiveness. Unfortunately, there is an additional restriction on loan forgiveness requests which penalizes a small business if they do not bring back the same number of workers they had before the pandemic.

 

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COVID Will Shape the Class of 2020 for Their Entire Lives Time

They call it commencement because it’s supposed to be a new beginning.

College graduation is one of life’s last clean transitions, a final passage from adolescence to adulthood that is predictable in ways other transitions rarely are. Relationships end with breakups or death, jobs often end with quitting or firing, but college is one of the only things in life that ends with a fresh start. Except when it doesn’t.

Image: https://time.com

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NewImage

As an investor, innovation is a term I certainly like to hear these days, but many of you entrepreneurs try to take it to the next level, by claiming to have a “disruptive innovation.” What you probably don’t realize is that the term disruptive brings its own set of baggage, implying to investors extra high risk, high market building costs, and a long slow ramp before payback.

 

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