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When Congressional committee hearings look into “offshore profit shifting” of “multinational corporations”, we don’t usually mention it in this weekly post. But when the multinational corporation in question is Apple and its CEO and CFO are scheduled to testify, we will make an exception given its impact on the mobile startup space alone. Tim Cook appears before the U.S. Senate Permanent Subcommittee on Investigation on Tuesday to answer questions about its tax operations—and multiple sources are reporting he will likely use it to call for a major simplification of the tax code. But the Silicon Valley giant won’t be the only big name on the Hill this week.
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.
‘Entrepreneur visas’ aren’t only being discussed in Washington, DC. Recently, French President Francois Hollande announced a series of measures aimed at jump-starting entrepreneurial growth that included capital gains tax reforms, support services for SMEs and entrepreneur visas for those looking to launch and grow startups in the country.
Is the U.S. losing the global race for the best and brightest entrepreneurial talent? It depends who you ask, but the question is the main focal point of the latest program from America Abroad Media entitled ‘Immigration and the Global Talent Search’—part of a four-part series on American entrepreneurship in a global economy.
Each year, 552,000 employer firms open in the U.S. and a fairly stable percentage grow rapidly to become companies that ‘matter.’ According to a new paper from Kauffman Foundation senior fellow Paul Kedrosky, anywhere from 125 to 250 U.S. companies per year reach $100 million in revenues—the first of three criteria that he uses to determine if they matter. In addition to being scalable, the firms must be able to generate jobs quickly and broadly and they must be disproportionate creators of wealth (through profits and salaries as well as through equity). So where do most of these firms emerge?
While all eyes in the Senate are on the ongoing immigration debate, the House has a handful of committee hearings of interest. The “changing landscape of patent law” brought on by the American Invents Act and its “effects on small firms” are the focus of a Small Business Committee hearing. Topics covered in other hearings include: small business and pass-through entity tax reform; data centers and the cloud; copyright principles; and Keystone XL and small business job growth.
Last week, confidence on Wall Street was sent soaring to all-time highs following the April jobs report from the U.S. Department of Labor—employers added 165,000 jobs for the month and unemployment fell to its lowest point since the end of 2008. The confidence of entrepreneurs is on the rise as well according to the latest Startup Confidence Index.
With the ‘digital revolution’ in full swing and technological innovation advancing daily, the creative industries are expanding. However, the policies that guide the creative economy are too often outdated and based on business models that have been virtually swept away. Nesta, a UK-based foundation focused on innovation, has come up with a set of policy recommendations to guide the UK—and possibly serve as at least a discussion starter for other countries.
How often do you get more than 70% of self-professed conservative Republicans and liberal Democrats to agree? Apparently, when the topic is immigration reform and you ask about a proposal that includes “a pathway to citizenship, allowing more high-skilled workers and guest workers into the country, increasing border security and creating employer verification requirements.” Those are the core elements of the Gang of Eight proposal (S.744: Border Security, Economic Opportunity and Immigration Modernization Act) being pushed by a bi-partisan group of U.S. senators.
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