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Another narrowly focused week lies ahead as the calendar slowly gives way into the final month for Republicans and Democrats to find compromise and avoid a $500 billion mix of tax increases and spending cuts. Leading the way is a Joint Economic Committee hearing on the fiscal cliff itself—scheduled for Thursday. The only other hearing of interest scheduled at this point is on the impact of international tech transfer on American R&D.
A recent blog by Dan Isenberg from Babson College argues that there has been too much focus on startups around the world and that “infinitely more important is to embed scale-up.” Of course, Dan has a point in that I frequently hear leaders outside the United States lament their lack of billion dollars firms, but I think we are far from the point when we can stop advocating for better support for new starts. Not only is most of the world still focused on size not age of firms—talking “SMEs”—but we still do not know enough about the science of startups and how to best support those that want to scale. As with kids—to play along with Isenberg’s analogy—we have to help firms start better if they are to scale later in life and now is not the time to pull back the throttle on legitimizing founders and startups as a centrepiece of that economy policy.
A new report from the Kauffman Foundation reveals that the pace of recovery in hiring and job creation since 2008 is stronger in newer firms – those two years old or younger – than in more established companies. Job Creation, Worker Churning, and Wages at Young Businesses is the seventh report in a series using data from the U.S. Census Bureau’s Business Dynamic Statistics.
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.
If you are familiar with this blog, you know we often discuss the progress or obstacles in various entrepreneurship ecosystems. We have also discussed the paucity of data around the world to best inform decision makers keen to smooth the path for their aspiring entrepreneurs. Current thinking suggests that startup communities need to be led by entrepreneurs and today we take note of a new global survey of entrepreneurs. Released earlier this month, the Global Entrepreneurship Week Policy Survey, which was designed to shed light on key questions for policy discussions on high-growth entrepreneurship from the perspective of entrepreneurs themselves.
There is a reason why much of the world looks to the U.S. to replicate its success in promoting startup ecosystems and entrepreneurial growth—and it isn’t just Silicon Valley. To be fair though, Silicon Valley is at the top of the list.
Following a quiet week on Capitol Hill due to the Thanksgiving holiday, talks on the fiscal cliff are scheduled to resume this week as lawmakers return to Washington. In addition, there are a number of hearings scheduled on the House side that touch on issues of interest to hard-core followers of the entrepreneurial economy including: music licensing and intellectual property, energy R&D and capital standards.
Young firms and their ability to raise capital will be the focus of a discussion in Washington next week at the Brookings Institution.
U2's Bono is the only one championing the cause of startups in the fight for poverty reduction and sustainable economic growth--and it isn't restricted to Africa or emerging economies either. A new study by the Goldwater Institute points to a "strong connection between a state's rate of entrepreneurship and declines in poverty"--put simply, more entrepreneurs equals less poverty.
The entrepreneurship policy environment in emerging economies may not be a significant obstacle to starting and growing new firms after all – at least if you ask high-growth entrepreneurs in those countries. That is one of the overarching findings in a paper released last week by Global Entrepreneurship Week (GEW) following a survey of more than 3,000 high-impact entrepreneurs in 34 countries.
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