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Tuesday is a busy day for the Senate Committee on Small Business and Entrepreneurship. First, the committee will examine the challenges and advantages of an increasing number of seniors engaging in entrepreneurial activity. It will also conduct a nomination hearing for Maria Contreras-Sweet, President Obama’s pick to head the Small Business Administration. Meanwhile, the Senate Committee on the Budget will be reviewing the Congressional Budget Office’s latest report — The Budget and Economic Outlook: 2014-2024. Other topics covered by hearings this week include: the rapid growth of wireless technology and the Internet of Things, regulatory burdens, open science and innovation at the EPA, monetary policy and the minimum wage.
Are governments wasting their time and money with all of their efforts to promote entrepreneurial growth in their communities and countries? Not quite, but they could certainly be spending their resources more wisely. A new report from the Kauffman Foundation argues “despite billions of dollars in government research expenditures, the presence of research universities and patents are not associated with higher rates of entrepreneurship” and “the public sector can affect few significant factors to encourage entrepreneurship.”
The big topic on Capitol Hill this week is protecting consumer privacy with one committee hearing in the House and three in the Senate. In late 2013, Target suffered a massive data breach affecting up to 110 million customers and they will be represented at two of the hearings — along with representatives from Neiman Marcus, Symantec, Consumers Union, U.S. Secret Service, Department of Homeland Security, Federal Trade Commission and more. Other topics covered by hearings this week include: the 2014 budget, inefficiencies in federal programs for small businesses, Dodd-Frank’s Volcker Rule, financial research and the commercialization of space.
Bit by bit, entrepreneurs throughout the U.S. are picking up confidence along the road to economic recovery — and they are willing to put their money where their mouth is. The latest Startup Confidence Index from the Kauffman Foundation and LegalZoom shows a greater willingness from entrepreneurs to put personal savings toward new business ventures. Personal savings as a means for funding the startup jumped from 66 percent in 2012 to 86 percent in 2013.
Toward the tail end of 2013, we highlighted a couple of reports that pointed to a fairly stable angel market in the U.S. The latest from one of those reports, the Halo Report — from Angel Resource Institute (ARI), Silicon Valley Bank (SVB) and CB Insights — may suggest reason for a bit of concern. According to the report, median angel round sizes are down $180,000 per deal since Q1 2013 ($700,000 to $520,000).
Each day, Innovation Daily checks the pulse of global innovation--courtesy of Innovation America. Below, we take a look at a handful of relevant stories compiled from the last week on developing entrepreneurial ecosystems, Bitcoin, the Series A crunch, state-sponsored VC and entrepreneurship trends for 2014.
One of the most commonly cited — and ambiguous — laws of the internet is ‘fair use’. Some consider it a loophole to copyright protection while others — like a couple of witnesses at an upcoming congressional hearing — have called it vital to creative communities or even “the secret sauce of U.S. cultural competitiveness.” This week, the House Judiciary Committee examines ‘The Scope of Fair Use’ and whether or not Congress needs to adjust the current formulation of fair use in the Copyright Act. Other topics covered by hearings in the House and Senate this week include: financial research, fighting the war on poverty through economic growth, the small business trade agenda and the impact of the Affordable Care Act’s employer mandate on full-time jobs.
The Securities and Exchange Commission is looking for feedback from entrepreneurs and small business owners on a proposed rule to implement equity-based crowdfunding as required by the Jumpstart Our Business Startup (JOBS) Act.
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