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This Week in Entrepreneurship Policy.
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:
In the June issue of Newsweek, former US President Bill Clinton put forward a dozen or so ideas on how to attack the jobs crisis (cleverly titled, of course, 'It's Still the Economy Stupid'). One of those ideas was ‘More Cash for Startups’ where he talked about a plan by the Obama Administration to allow converting tax credits to cash equivalents tied to the number of employees hired for green jobs and startups.
Companies established in 2009 could employ one million fewer people than the historic norm. That is the alarming bottom line from a recent Kauffman study that shows the U.S. jobs problem pre-dates the Great Recession of 2007-2009. The research suggests that the country faces a far more fundamental employment challenge—a long-term trend that the researchers call a slow jobs "leak."
Commercialization and job creation in nanotechnology get a look from the Senate Committee on Science, Commerce & Transportation this week, while a joint hearing on "Tax Reform & the Tax Treatment of Debt and Equity" brings together the House Committee on Ways & Means and the Senate Finance Committee.
In the last decade, the United States has found itself fully immersed in nation building, despite its alleged distaste for such endeavors. U.S. military forces in particular have been at the center of these efforts, building schools in Iraq, staffing Provincial Reconstruction Teams (PRTs) throughout Afghanistan and training soldiers in Mozambique. U.S. Army platoon leaders hand out micro grants to small business owners and help stand up city councils. Civil servants who once trained for peacetime development work now find themselves mediating tribal disputes in remote mountain provinces. Regardless of the efficacy of such efforts, public statements by both President Obama and Secretary of State Hillary Clinton suggest that nation building and related activities are preferred solutions in the war against terrorism. Yet despite the enormous complexity and ambition of such efforts, there remains a gap in the training and education for nation building.
If you ask an entrepreneur, the global economy is starting to perk up a bit. In the most recent ‘Global Entrepreneur Indicator’ survey, 62% experienced an increase in their net profits -- a 25% increase over the previous year -- while 57% added jobs since last surveyed.
Last week, a patent reform bill, the America Invents Act (H.R. 1249), passed the House of Representatives. On March 8, the Senate passed a similar patent bill (S. 23) by a broad margin. There is no doubt our patent system is broken with backlogs and litigation, but the bill’s net effect on innovative entrepreneurship is still unclear.
Members of the House are back in their home districts for a Constituent Work Week and will return after the Independence Day holiday. On the Senate side, a light week is highlighted by a Finance Committee hearing on simplifying the tax code.
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