Accelerating the growth of the GLOBAL entrepreneurial innovation economy
Founded by Rich Bendis
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.
Bangalore-based Eka Software Solutions, which makes software applications for the commodities trading industry, raised $10 million from Nexus Venture Partners (earlier known as Nexus India Capital). Eka was founded in 2001 by CEO Manav Garg and currently employs over 200 people. It aims to get to $100 million revenues by 2012 – read more at Outlook Business here. Current revenue numbers are not available.
The Economist looks forward to recognising Mark Zuckerberg as this year’s “No Boundaries” award winner, along with seven additional 2009 Innovation Award Winners, at The Economist’s Innovation Awards Ceremony and Innovation Summit, which take place in London on October 29th and 30th, respectively.
The Economist’s Eighth Annual Innovation Summit provides an opportunity for delegates to meet the greatest thinkers and doers of this world in an inspirational setting, take away content relevant to their business and hear from the 2009 Innovation Award winners. This year’s line-up of speakers includes: Bright Simons, Co-founder, MPedigree, developers of a system capable of detecting whether or not medicines are counterfeit, Lesa B. Roe, Director, NASA’s Langley Research Center and Ravi Kant, Vice Chairman, Tata Motors, creators of the world’s lowest-cost car.
Procter & Gamble's mantra, "The consumer is boss," has become a part of the fabric of marketing. But there's another related concept that is also critical to the company's successful record of innovation, according to P&G group president, North America Melanie L. Healey.
"You need to be purpose-driven. You need to know what it is that you really want to do for the consumer," she told attendees at last week's Magazine Innovation Summit in New York, the Magazine Publishers Association's new format for its annual conference.
Some prominent economists tell us we are starting to come out of the worst recession since the Great Depression, but many worry the uptick won’t last.
Since December 2007, Americans lost $13 trillion in household wealth, and our country is swimming in red ink. Today, the federal debt is $11.4 trillion and growing because of a new round of federal spending. Some economists project it could reach $17 trillion in the next decade if Congress and President Obama continue at their current pace.
“The growth of the middle class is very important in China, though it’s still at a fairly early stage,” said Carl Riskin, a professor of Economics at Queens College and senior research scholar at the East Asian Institute at Columbia University. “China will no longer be able to rely on the limitless capacity of Americans to consume beyond their means. So the Chinese government has been eager to find ways to “re-balance” and make growth more dependent on domestic demand.”
Some 1,400 people filled the fieldhouse at St. John Fisher College on Friday to get revved up about Rochester.
"You have a distinct competitive advantage," said keynote speaker Richard Bendis, a Philadelphia-based authority on innovation, referring, among other things, to Rochester's educated and skilled work force. ... But Bendis didn't come to Eyes on the Future just to be a cheerleader. His talk focused on some of the serious problems in the U.S. economy, including a worrisome shortage of money to help new businesses get off the ground. The flow of venture capital is at a 12½-year low, and many state governments are too strapped to be of significant help. It goes without saying that New York is among them.
In the past month, I have attended three conferences-the National Association of Seed Venture Funds (NASVF) national conference in Oklahoma City, Innovation Philadelphia’s regional conference Global Creative Economy Convergence Summit 2009 and most recently, the Association of Corporate Growth’s annual Mid-Atlantic Capital Conference.
All three conferences were very well run and had great speakers. Although unemployment is somewhere between 10 and 15 percent, depending on whose numbers you believe, I think there is growing optimism that the worst is behind us. No questions that the economy is still soft, manufacturing jobs are still disappearing and the economic stimulus hasn’t had much of an impact. Let me tell you what I learned at each conference that shows me America and the world at large are slowly making progress.
Here is a video reminder that a small insight can make possible radically different results.
Was this just a proof of concept ... or will it be the catalyst to more. To some it might be little more than science fiction ... to others it may have been the open door to something completely new and different.
Venture investors are still keeping a tight grip on their capital in the wake of the world’s financial meltdown, making the third quarter of 2009 look about as anemic as the first two quarters of the year.
According to data from industry tracker Dow Jones VentureSource, VCs put $5.07 billion into 616 deals in the third quarter, which marks a 6% drop from the $5.42 billion put into 595 deals in the second quarter of the year.