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Botswana is among Africa’s richest countries and the continent’s oldest functioning post-colonial, multi-party democracy. It has low taxes and a stable government that has been ranked as Africa's least corrupt. But it needs entrepreneurs.
Venture capital has an important role to play in the creation and growth of new firms—but let’s not get carried away. That is the primary message from a former VC in a new article in the Harvard Business Review. This shouldn’t come as a surprise to regular PDE followers, but there are a number of common misconceptions about the scope, performance and success rate of venture capital for startups.
Several hearings on policies that impact entrepreneurial growth are scheduled for the week ahead with the biggest being the Senate Judiciary Committee’s look at potential immigration reform through The Border Security, Economic Opportunity, and Immigration Modernization Act, S.744. Appearing earlier today were representatives from a range of entities including Microsoft, Rochester Institute of Technology, and the Center for Immigration Studies. On Tuesday, U.S. Secretary of Homeland Security Janet Napolitano appears before the committee during a hearing of the same title. Other topics covered in hearings throughout the week include: next-generation computing and “big data analytics”, the SBA budget, STEM workforce, small business lending, the state of wireless communications and more.
Each day, Innovation Daily checks the pulse of global innovation--courtesy of Innovation America. Here, we take a look at a handful of relevant stories it compiled last week.
While most favor bottom-up, entrepreneur-led efforts to develop robust entrepreneurial ecosystems, in Africa especially, what the government does actually matters a great deal. In the third of four posts this month on Africa, I look at Rwanda and find a country where smart government engagement has created a favorable climate for entrepreneurs.
Created in 2007 during the Bush Administration and reauthorized in 2010 by President Obama, the America COMPETES Act is up for another reauthorization as major provisions are set to expire in 2013. The original law authorized $33.6 billion in appropriations from 2008 - 2010 for programs and activities in physical sciences and engineering research as well as STEM education and more. The reauthorization in 2010 increased the amount to $45.6 billion.
As the unemployment rate fell in 2012, another economic indicator dropped too: the overall business creation rate. According to the annual Kauffman Index of Entrepreneurial Activity released today, the 2012 rate declined slightly from 0.32 percent of American adults per month starting businesses in 2011 to 0.30 percent in 2012.
Last week, we brought you the latest news from the venture capital industry. This week, we hear from the angels and the overall message is a bit more positive—at least that overall angel investing for 2012 was “stable with prior years.”
When I asked Mbwana Alliy last month why he founded the Savannah Fund in Nairobi, he had a simple answer—it is East Africa’s technology hub. As part of PDE’s look at Africa I began last week, we focus today on Kenya.
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