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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.
Massachusetts is still the top state in the country when it comes to the new economy, according to the latest State New Economy Index from the Information Technology and Innovation Foundation. The report is the sixth in the series from ITIF with previous indexes published in 1999, 2002, 2007, 2008 and 2010. Massachusetts has claimed the top spot in each year.
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.
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.
Immigrants looking to start a firm and remain in the United States have a new tool at their disposal—a portal launched by the U.S. Citizenship and Immigration Service to help them navigate the process of registering for and securing visas to extend their stay in the country. Announced last week, Entrepreneur Pathways is more of a user-friendly guide to existing resources on the USCIS site than it is a stand-alone resource.
Young firms and their ability to raise capital will be the focus of a discussion in Washington next week at the Brookings Institution.
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.
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