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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:
A growing number of customers have apparently found a way around tighter economic times—pay late or just sometimes not at all. The latest Kauffman Firm Survey shows an alarming increase of young firms who claim their primary business challenge is customers paying late or simply not making payments—jumping from 2 percent in 2008 to 14 percent in 2010. That may not be as big of a problem for larger established firms, but for startups it can mean the difference between failure and survival.
A fairly slow week on Capitol Hill is punctuated by a Joint Economic Committee hearing on "How the Taxation of Labor and Transfer Payments Affect Growth and Employment." Witnesses for the hearing are: Simon Johnson, entrepreneurship professor from MIT; Richard Rogerson, economics professor from Princeton; and Andrew Biggs, resident scholar at AEI (and former principle deputy commissioner of the Social Security Administration).
As the venture capital industry continues to consolidate, a new report from the Kauffman
Foundation examines the cause for its poor long-term returns. But unlike some recent shots, the report's authors don't point the finger of blame directly at VCs. Instead, they issue a challenge to state pension funds, endowments, foundations and other institutional investors in those funds to require deeper due diligence and more rigorous data analysis before investing.
Members of Congress return from a short recess to a handful of committee hearings this week, including a look at how skyrocketing costs on gasoline are impacting small firms by the House Committee on Small Business.
At a time when policymakers throughout the U.S.--and all over the world for that matter--are pointing to the job creating power of entrepreneurs and small business owners, a new study from the Kauffman Foundation points out a worrisome trend. The nation's business startup rate fell below 8 percent for the first time in 2010, marking the lowest point on record for new firm births.
Both houses of Congress formally adjourned for a one-week recess and will return on Monday, May 7.
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