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.
As industry sectors go, the creative economy is a work in progress - one with a bit of an identity crisis.
"If you ask 11 people their definition of creative industries, you're going to get 11 different definitions," said Kelly Lee, president and chief executive officer of Innovation Philadelphia, an economic-development agency focused on supporting and growing the region's creative economy.
Making cars and trucks is a capital intensive business with high barriers to entry. It naturally benefits from mass production and economies of scale.
But I don’t understand why there isn’t more a more dynamic relationship between established automakers and entrepreneurs. Imagine if the auto industry had an ecosystem like the biotech industry. Thousands of startups develop new drugs, devices, and therapies. Successful innovations get licensed or sold off to larger players with mass production capacity.
NEW YORK, NY -- 09/29/09 -- The New York Stock Exchange (NYSE) Foundation today announced a partnership with The Global Student Entrepreneur Awards (GSEA), the premier global competition for undergraduate students who own and operate revenue-generating businesses while attending a college or university.
The grant from the NYSE Foundation will support the expansion of the GSEA to 24 countries, including five new participating nations -- India, Ireland, Singapore, South Korea, China -- advancing the mission of student entrepreneurship shared by both organizations. The NYSE Foundation has committed to helping GSEA develop a mentorship and legacy summit for GSEA students. In addition, this year GSEA and the NYSE Foundation will work with and honor the world's top high school entrepreneur by providing him / her with the mentorship needed to grow a business and succeed.
Abu Dhabi will undertake the first geothermal project in the Gulf region, drilling 4km beneath the city this year. The government hopes to tap enough cheap, clean energy to meet up to half the needs of its zero-carbon development Masdar City, reports The National newspaper.
“We have found that Abu Dhabi has a very good chance to generate energy from geothermal sources,” Sanad Ahmed, a senior project manager at the government-owned Masdar, told the daily. “It’s one of the cheapest sources for renewable energy available.”
The recession is spurring British inventors on to turn their creations into businesses, new research suggests.
Aspiring inventors cited the current economic climate and the greater risk of being made redundant as the two main inspirations for moving forward with their business ideas, the poll by Business Link London found.
The recession is also apparently promoting innovation and invention within existing small businesses. Some 49% of small businesses said they had been proactively innovating during the past year.
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Welcome to the TechConnect Newsletter! The TechConnect community provides a powerful solution for catalyzing commercialization, partnership and licensing of emerging technology. Each month, we will feature exciting technology profiles and leading news items from the global business technology community.
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IP Profile: Mg2Si: Environmentally benign semiconductor material for energy conversion, Toyko University of Science, JP
At our laboratory, we have developed a direct thermal-to-electric power generator using environmentally-benign semiconducting material. [more]
IP Profile: Compositions and methods for polynucleotide extraction and methylation detection, Johns Hopkins School of Medicine, US
The invention features methods and compositions for methylation detection, as well as a novel method for polynucleotide extraction and sodium bisulfite treatment. [more]
Calling all Innovators and Entrepreneurs! Submissions Open Next Month for TechConnect Summit 2010
TechConnect Seeks Technology and Company Submissions Focused on Nanotech, Cleantech, and Biotech/Pharma Markets [more]
Federal labs critical to spurring entrepreneurial innovation**************************
House Small Business Subcommittee members examine how federal labs partner with small companies to spur technology R&D, new product development, and support local economic activity. [more]
US Government to Create Office of Innovation and Entrepreneurship
US Department of Commerce will also create a National Advisory Council on Innovation and Entrepreneurship[more]
Serious Materials Raises $60 Million in Third-Round Financing
Cleantech Start-Up's Innovative Energy Efficiency Solutions Attracts Strong Investor Interest [more]
DiscoveryBioMed, Inc. Awarded Phase 2 SBIR Grant
NIH Grants Company $750k to Continue Their Innovative Research [more]
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In my last post, I explained the motherlode of innovation hidden in the huge stacks of patents and discoveries backlogged at our universities and research labs. While entrepreneurs in Silicon Valley trip over each other to create the next iPhone app, they ignore the early-stage discoveries which could lead to the next Internet, a revolutionary memory device, or a cure for infectious diseases. Researchers in university labs find vast numbers of breakthroughs which can better the world. Most of their work never sees the light of day. Hardly 0.1% of all funded basic science research results in a commercial venture.
To boost our economy, we need to bridge this gap and improve the university research commercialization system. Many are working on solutions. Unfortunately, things change slowly in academia and those solutions are years off, at best. In the meantime, there are opportunities for ambitious entrepreneurs to do what some smart VC’s do — tap into this goldmine.
The feature stories in JumpStart Connect are all about progress, and usually, we focus on the progress of our client companies. But in this edition, we'd like to share some progress of our own.
In our non-profit world, we experience a major change every three years as our Board composition changes due to term limits. One of the biggest changes for us this year will be the change of our Board Chair. Three years ago, JumpStart welcomed Chris Schmid as Board Chairperson. Chris has been an ambassador for JumpStart's mission and significant partner, providing strategic advice and counsel. As he steps down and welcomes in his successor, JumpStart would like to express our gratitude for the leadership, vision, and passion Chris brought to the position. Thankfully, Chris will remain on as a member of the Board and we are certain he will continue to advocate for JumpStart and all of Northeast Ohio's entrepreneurs.
We published an article, "How GE is Disrupting Itself," in the October 2009 Harvard Business Review, co-authored with Jeff Immelt, Chairman and CEO of General Electric. The article introduces the phenomenon of reverse innovation. Several people have asked us about the relationship between reverse innovation and disruptive innovation, as defined by Clay Christensen.
There is an overlap between reverse innovation and disruptive innovation but not a one-to-one relationship. In other words: Some, but not all, illustrations of reverse innovation are also illustrations of disruptive innovation.
After Socrata Inc. launched its online database service last year, it remained in beta for the next several months to see which types of customers would emerge as a fit.
Small businesses were natural early adopters of the company’s online spreadsheets, which allows people to visualize, filter, comment on and search large datasets within a Web site.
But soon, a new, deep-pocketed customer appeared that encouraged Socrata to shift gears: the federal government.
Relative to the amount of capital invested, venture capital backed companies have disproportionately contributed to the creation of jobs, market value, and revenue to their local economies. As a result, states and municipalities are competing for the establishment of venture capital investors’ offices in their communities.
In Buy Local? The Geography of Successful and Unsuccessful Venture Capital Expansion (NBER Working Paper No. 15102), authors Henry Chen, Paul Gompers, Anna Kovner, and Josh Lerner examine the location decisions of venture capital (VC) firms and the impact that venture capital firm geography has on investments and outcomes. They analyze data for 2,039 VC firms in the period 1975 to 2005, including their office locations and that of the businesses in their investment portfolios.
Companies are getting sold early than ever before. Tech companies are often sold only one or two years from start up. This is happening now because the IPO market is dead, the Venture Capital model is broken and the fundamental structure of the American economy has changed dramatically.
Very few entrepreneurs, and angel investors, have sold more than a few companies. There is very little good information available about selling companies.
Almost all of the earlier books on exit strategies were for business owners who wanted to retire. Recently, there have been a number of books written about exit transactions for traditional venture capitalists. “Early Exits” is the first book about selling companies specifically written for entrepreneurs and angel investors.