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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.

WSJThe Chinese government will joining local governments and private investors in setting up VC funds in an attempt to boost high-tech growth in the country, Dow Jones Newswires reports. These funds are aiming to raise at least CNY250 million ($36.7 million), and according to the State Council’s Web site, the government will not be the controlling shareholder. Its stake will be capped at 20%, except in the case of angel funds.
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Nine months after the $787 billion American Recovery and Reinvestment Act of 2009 (ARRA, commonly referred to as the stimulus package) passed, efforts are being made to count the number of jobs it has created or retained. These figures are being reported by the federal government as evidence of the package’s success. Recent investigations by the Associated Press, CNN, and Denver Post, however, have found that these some of these figures may be inflated due to misreporting.

The success or failure of the stimulus package will be determined in large part by the number of jobs it helps to create or retain. The federal government recently declared that the stimulus package had already helped to create or retain 640,000 jobs, well on its way to the 3.5 million job goal by the end of 2010. This job count comes primarily from organizations who received stimulus money and reporting job creation and retention is a required part of the funding process. However, the reporting process is complex, with long, detailed forms to complete creating room for error and ultimately skewing the results.
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nitch*I’ll [Andrew Lane] be heading to nextMEDIA Toronto this week to take in the broader discussion and also moderate a panel with some incredible producers talking about bringing traditional media content into the digital space, and most of all, methods to monetize that content. I’m always excited to speak on these sorts of subjects because, for all the valuable content we consume on a daily basis - between the news, the weather, research, slideshare presentations, tabloids, sports reports, games, television series, web videos, iPhone apps and more - people tend to give it a pretty bad rap. Considering how long we’ve acknowledged content, either jokingly or legitimately, as “king”, I think it’s a little unfair. Content business models simply need time to reinvent themselves, and once they do “the king’s” crown will hopefully lose all traces of this recent tarnish.
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Naples NewsThe Economic Development Council of Collier County (EDC) announced in September an initiative to support entrepreneurs in Collier County, Economic Gardening. This program marks the "Era of the Entrepreneur" and is designed to provide technical assistance to CEOs of 2nd Stage growth companies, those companies that employ between 10 and 99 employees. The Collier County program is supported by the Florida Economic Gardening Institute, located in Orlando, Florida and the Edward Lowe Foundation, located in Cassopolis, Michigan. The Florida Economic Gardening Institute was created as a result of a pilot program funded earlier this year through the Florida Legislature.
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TechCrunchThere was one complaint I heard over and over again from Indian entrepreneurs during my three weeks shuttling between Delhi, Jaipur, Bangalore, Mumbai and Pune: There aren’t enough angel investors in India.

Now, truth be told, that’s a complaint I also hear in the American heartland, in Canada, in Europe, in Africa, in China and, well, pretty much everywhere I’ve traveled to over the last few years. I’m not sure people ever feel they’ve got enough money being thrown their way.
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TechCrunchOne 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.
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AIThe 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.
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BWCollaboration 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.
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mLiveInnovation 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.
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SBThis 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.
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BIThis 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:
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IECWelcome to the website for the Innovation Economy Conference, a day-and-a-half of conversation on what American policymakers, business, NGOs, and private citizens can do to maintain the innovation that can drive economic recovery and ensure long-term sustainable growth.

As part of a yearlong, multifaceted commitment to galvanizing thought leadership around the “innovation economy,” the conference is presented by the Intel Corporation with the Aspen Institute, PBS’ “The News Hour with Jim Lehrer,” and Democracy: A Journal of Ideas as content partners to help the conference discussions.

 

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