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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.

BRUSSELS, February 4 /PRNewswire/ --

- http://www.realeconomyfuel.eu

A new website goes live today that provides a forum for a much-needed debate around the role of private equity and venture capital in the real economy.

The site http://www.realeconomyfuel.eu is part of a campaign by the European Private Equity and Venture Capital Association "EVCA" (http://www.ecva.eu) to encourage an informed discussion about the real role of the asset class within Europe.

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Investing in innovation is a critical component of long-term economic prosperity, and the president’s FY2011 budget request includes two notable provisions that will support regional science and technology clusters.

The administration is asking for $75 million “to support the creation of regional innovation clusters that leverage regions’ competitive strengths to boost job creation and economic growth,” a goal Jonathan Sallet, Ed Paisley, and Justin Masterman championed in the Science Progress report, “The Geography of Innovation.” Part of the key to this approach is that is allows policymakers to pay close attention to regional strengths. As the report authors explain: “Geographic regions that are bound together by a network of shared advantages create virtuous cycles of innovation that succeed by emphasizing the key strengths of the local businesses, universities and other research and development institutions, and non-profit organizations.”

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Campus Philly Careers invites hundreds of regional employers to recruit for internship positions over the web


GREATER PHILADELPHIA –This March, Campus Philly’s career matching website will be the center of online talent recruitment for the Philadelphia region during its fourth Online Internship Fair. From March 15th-26th, the nonprofit invites area employers to recruit student talent for internship opportunities on CampusPhilly.org/careers, free of charge.

“While the site is live all year, employers can feel confident that local talent will have a presence on the site during our two-week fair,” said Alethia Calbeck, Campus Philly’s director of employer partnerships. The fair will be supported by a marketing campaign to encourage students to post their resumes on the site and actively search for internship opportunities.

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tzleft.holly.krisztina.courtesy.jpg(CNN) -- On Monday, President Obama introduced his  much-anticipated federal budget for fiscal year 2011. And as America reviews the plan, few issues will be as critical as how it addresses job creation.

Fortunately, an opportunity to solve our job crisis lies right under our noses.

Currently, the federal government is investing nearly $50 billion a year on university research -- yet barely a dime on university programs to help translate the most promising ideas into new businesses and employment opportunities. That's like turning up the water pressure but never opening up the faucet.

Thought leaders in academia, industry, and the public sector have collaborated to develop a policy proposal called IMPACT, which I recently presented at a forum on Capitol Hill. This proposal would expand our country's capacity to harness innovation to create real impact -- impact in the form of high-paying jobs.

Dear friends,
I wanted to share some great news. As you may know, the Federal budget came out on Monday. In it, theres a significant item that I believe will dramatically improve job creation by supporting university innovation.

Currently, the federal government invests nearly $50 billion a year on university research -- yet very little on university programs to help translate the most promising ideas into new businesses and employment opportunities.

In a recent column for CNN, I outlined a specific policy proposal for how the federal government can catalyze economic growth and societal benefit with ideas spawned at major research universities. The IMPACT proposal, which I authored last summer at the urging of the White House Office for Science and Technology Policy, is an initiative that would translate the most promising innovations into new products, services, and start-ups; increase engagement of faculty and students in the innovation and entrepreneurship process; and enhance regional innovation ecosystems around universities.

So, the great news is that the proposal made it into the National Science Foundations budget as an expansion of their Partnerships for Innovation program! In the FY 2011 budget, $12 million will be invested in a new NSF Innovation Ecosystem competitive grant program.

The key to the program is that it is modest in cost yet big on impact, because it leverages the resources we already have in higher education. It focuses on what a university does best -- generating groundbreaking ideas, teaching lifelong innovators, and serving as a nexus for the local community. Ultimately, we hope that it scales to every corner of the country.

We know first-hand that these initiatives create jobs and economic prosperity. For example, in the last two years 16 USC spinouts raised at least $148 million in financing. These companies employ approximately 500 full-time employees, more than half locally in Los Angeles.

Now that the proposal is in the federal budget, I could use your help. Please spread the word with your colleagues! We need to gain more awareness and popular support behind the idea as Congress prepares to consider the budget in the coming months.
Thanks for your help!

--Z

The CNN article can be found here: http://bit.ly/acFPJl
Impact Paper can be found here: http://bit.ly/IMPACT
The White House OTSP Budget Highlights can be found here: http://bit.ly/WHBudget
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BusinessWeek Logo Venture capitalist Jim Breyer has seen a global change over the past decade in the entrepreneurs seeking financial backing and the investors willing to risk money to develop their ideas.

In 2000, Breyer and all the other investing partners in the venture capital firm Accel Partners were "100 percent" based in the United States.

"Today 33 percent of our investing partners are based in the United States," he said."We have seven partners in China, we have four in India, we have four in London, with the rest of the investing partners based in Palo Alto, Calif.," where the firm is headquartered.

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“I do not accept second place for the United States of America,” President Obama said last week in his State of the Union address. Speaking of investments that countries like China, Germany, and India are making in their innovative economies, the president was clear: “These nations, they’re not standing still. These nations aren’t playing for second place. They’re putting more emphasis on math and science. They’re rebuilding their infrastructure. They’re making serious investments in clean energy because they want those jobs.”

Fortunately, the budget request for fiscal year 2011 that the Obama administration released on Monday includes foundational investments that will help the United States remain the leader among innovative nations. Congressional leaders should support the president’s vision by adopting these investments in their budget later this year.

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(KANSAS CITY, Mo.), Feb. 2, 2010 – Despite promising economic growth numbers in the last quarter of 2009, economics bloggers have a grim outlook, according to a new Ewing Marion Kauffman Foundation survey released today. Just last Friday, the U.S. Bureau of Economic Analysis released its advance report of a 5.7 percent growth rate (annualized) of gross domestic product during the fourth quarter of 2009. But even before the fourth-quarter estimate was published, 48 percent of economics bloggers said in the mid-January survey that the economy was "worse than official government statistics show." Most respondents rate the overall condition of the economy as "mixed," and 33 percent say it is still "facing recession" or "weak and recessing."

In the inaugural Kauffman Economic Outlook: A Quarterly Survey of Top Economics Bloggers, the Kauffman Foundation sent invitations to more than 200 top economics bloggers, most of whom were on the Palgrave's econolog.net December 2009 rankings. The Foundation will be surveying the bloggers about their views of the economy, entrepreneurship and innovation every quarter to provide a new gauge for the nation's fiscal health.

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Employment in California’s biomedical industry has remained fairly stable through the recession, according to a new industry study that also points to numerous challenges on the horizon for the sector.

The report yesterday from the La Jolla-based California Healthcare Institute says the biomedical work force shrank slightly in the 12 months through March 2009 but was still up by more than 1,000 jobs from 2007.

Altogether there were 272,181 jobs in areas that ranged from biopharmaceuticals and medical devices to academic research and laboratory services, according to the report. The industry employed 24,123 people in San Diego County.

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Goals From A Small Business OwnerIn a recent AP-GFK poll, 72% of Americans said they’re optimistic about what 2010 will bring for the country. That’s a dramatic difference from their same poll answer where almost 75% of them thought 2009 was a bad year for the country.

Despite the recent earthquake tragedy in Haiti (and who knows what else the year will bring), I’ve noticed that people are generally much more hopeful this year. I know I am!

Here are some resolutions you can make, to have a great business and a great life in 2010:

1. I will first schedule for the year all activities that support my health and family (including workouts, doctor appointments, vacations, family events). Why? Because without these, I won’t be able to be productive in my business.

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eye on you peasap flickr 230xarticle Six things you should know before meeting with a US venture capitalistMany Australian companies set their capital raising sights on California’s Silicon Valley, as the availability of venture capital funds there is much greater than in Australia. There are many reasons to seek funding in the US, and not all of them involve preparation for entry into the American market (my company, for example, is seeking funding to help us expand into the Indian, Asian and African regions instead of into the US market).

Today, a growing population of VCs in Silicon Valley hails from Australia, China, India and Singapore, among other countries. And because of this, these US-based investors are more willing than ever to invest in international companies that have a global vision. So even if your intention isn’t to move into the US market itself, the VC community there can still offer major support toward your goal of expanding in other international markets.

Last month, I was given the opportunity to participate in the G’DAY USA Australian Innovation Shoot Out — an event that connects Australian technology startups with investors and potential partners in the United States. There I received the extreme honour of being named Australian Innovator of the Year. Through the experience, I not only established valuable connections with US-based VCs — I also learnt quite a bit about the ins-and-outs of the US venture capital market.

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The Silicon Valley Association of Startup Entrepreneurs (aka SVASE) has set up a new seed funding program for Silicon Valley entrepreneurs in conjunction with newly established early-stage investment firm Cambridge West Ventures.

On the East Coast, meanwhile, things are in motion too, with the introduction of a new seed startup fund dubbed IA Venture Strategies that was founded by New York angel investor Roger Ehrenberg.

SVASE and Cambridge West Ventures are looking to connect with startups and entrepreneurs in Silicon Valley, and have developed a program apt for very early-stage companies. Selected startups are eligible for up to $50,000 in venture capital in return for an unspecified ‘modest stake’ and deferred legal costs up to $15,000 from certain law firms from the region.

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Middle Eastern Technical University President Ahmet Acar.Aiming to promote the concept of “business angels” in Turkey, a leading university in Ankara has established Turkey’s first business angel network association to support early-stage technology entrepreneurs.

“Our aim is to develop the business angel sector in Turkey and boost technology-based economic development. Turkey should be a technology producer, not a consumer, an important precondition for the welfare of the country in the medium and long run,” Middle Eastern Technical University, or METU, President Ahmet Acar told the Hürriyet Daily News & Economic Review.

Once used in the art world to describe wealthy individuals who provided money for theatrical productions, the term business angel, also known as an investor angel, now refers to qualified, experienced and affluent businesspeople who provide capital, expertise, managerial assistance and a network for early-stage entrepreneurs to solve their initial financing problems and help establish their firms in the marketplace.

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