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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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Maryland’s governor is putting new economic development energy into creating life sciences and cybersecurity startups.

To kick off the Governor’s Business Summit in Baltimore this morning, Gov. Larry Hogan provided some details on Excel Maryland. It’s a new initiative that’s seeking to bring together government, university and the tech community to develop a new strategy to grow startups.

Image: Gov. Larry Hogan announces the Maryland Tech Council. (Photo by Stephen Babcock) - https://technical.ly/baltimore

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shanghai

If you think you’ll have to move to the Bay Area to get a foothold in the startup world, think again.

This week, the Kauffman Foundation released its annual Startup Activity Index that explores the state of entrepreneurship across the United States. According to the data assembled in the report, the home of Google, Facebook and Twitter doesn’t even crack the top 10. Neither does Amazon and Microsoft’s hometown of Seattle.

 

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Silicon Valley A Peek Into the World of Young Entrepreneurs Knowledge Wharton

Wall Street Journal reporter Alexandra Wolfe peels back the mystique of Silicon Valley, where hordes of young entrepreneurs are hoping to strike it rich while changing the world, in her new book Valley of the Gods: A Silicon Valley Story. She follows the exploits of three promising young entrepreneurs who received $100,000 each to drop out of school and start a business through a program by billionaire venture capitalist Peter Thiel, co-founder of PayPal and an early investor in Facebook.

Wolfe paints a startling and sometimes hilarious picture of the goings on among techies in Silicon Valley. “It was so much more colorful than I imagined,” she said. Wolfe, the daughter of Tom Wolfe, New Journalism pioneer and author of the seminal The Bonfire of the Vanities, talked about her book on the [email protected] show, which airs on SiriusXM channel 111.

Image: http://knowledge.wharton.upenn.edu

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Entrepreneurs are an optimistic bunch. The upward trend to start new businesses continued for the third consecutive year, according to the annual Kauffman Index that measures new business creation in the United States and covers about 5 million companies in all industries.

Immigrants are twice as likely to start companies as U.S. citizens, and first-generation immigrants now make up nearly 30% of all new U.S. entrepreneurs. This is also the highest the share of immigrant entrepreneurs in the last 20 years.

Image: https://news.fastcompany.com

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Kauffman Foundation

(KANSAS CITY, Mo.) May 18, 2017 – Business startup activity trudged slightly upward in 2016, continuing a three-year ascension and reaching pre-Recession levels, according to the 2017 Kauffman Index of Startup Activity, released today by the Ewing Marion Kauffman Foundation.

While the findings are heartening, the report notes, startup activity remains in a long-term decline when compared to activity levels in the 1980s.

"A three-year upward trend in new business formation is a promising sign for the economy," said Victor Hwang, vice president of Entrepreneurship at the Kauffman Foundation. "Recent research demonstrates that more startups lead to higher productivity, wage growth and quality of life.

 

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philadelphia

A new report released on Thursday by the nonprofit Brookings Institution tries to tackle a major, eternally looming question for Philadelphia: With all of the city’s recent advancements in innovation, why isn’t Philadelphia more competitive on the national and global stage?

The answer: Philly leaders and institutions lack “a sense of collective urgency” to help the city intentionally connect the dots on how to best leverage its innovation capacity.

The report examined what it calls Philadelphia’s “innovation district” the area from 17th Street in Center City to 44th Street along Market in University City and South along the Schuylkill River to Grays Ferry and determined that this region, home to anchor firms and institutions like CHOP, FMC, the Science Center, Drexel, Penn, Comcast, IBX, and PECO, can be further developed and more interconnected to push Philly past its innovation tipping point.

 

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creative

When your team is tasked with generating ideas to solve a problem, suggesting a brainstorming session is a natural reaction. But does that approach actually work?

Although the term “brainstorming” is now used as a generic term for having groups develop ideas, it began as the name of a specific technique proposed by advertising executive Alex Osborn in the 1950s. He codified the basic rules that many of us follow when getting people together to generate ideas: Toss out as many ideas as possible. Don’t worry if they’re too crazy. Build on the ideas people generate. Don’t criticize initially.

 

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As the first source of external financing for most entrepreneurs, angel investors play an important role in the success of burgeoning startups. But investing in young businesses is always a risk. So what convinces an investor a venture is worth betting on—the product? The market data? The confidence and charm of the entrepreneur?

According to research by Laura Huang, assistant professor of management and entrepreneurship, the answer might be found in an unexpected place: the gut. In her paper “Managing the Unknowable: The Effectiveness of Early-Stage Investor Gut Feel in Entrepreneurial Investment Decisions,” coauthored by Jone L. Pearce, a University of California, Irvine, management professor, Huang examined the ways in which angel investors make decisions. 

Image: http://entrepreneurship.wharton.upenn.edu

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city

New York, San Francisco, San Jose, Boston and Los Angeles are just some of the obvious cities that come instantly to mind when you think leading business cities in the U.S.

However, freelancers, startup founders, and small business owners have some great locations that you may not have realized were great for business and now the secret is out on eight of them:

 

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lesson

As a journalist, maintaining a healthy level of skepticism is a requirement. Sources routinely put their own actions in the best possible light, while undercutting the activities of rivals. I just can’t take everything people say to me at face value.

But every now and then, I get to engage in a project that is so inspiring, my wall of cynicism melts. That’s the way I feel about our annual coverage of the Most Creative People in Business. Each year, our editorial team scours the globe to identify 100 all-new honorees whom we have not significantly covered in print before.

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Mark Suster

I’ve been involved with several startups where a giant incumbent attacks you and tries to sue you out of existence. When you first receive the threat it feels like the local pizza shop when they first get a call from the local mafia boss and you can feel the shake-down coming. The first instinct is fear, then dread, then panic. You begin to think about how hard it will be to fund raise, sign customers, hire employees, etc. with the cloud of a lawsuit hanging over you.

 

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