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Since the economic crisis broke out, capitalism has been under the microscope. Many have blamed evil businesses and market forces for the financial meltdown, and have lost confidence in private-sector engagement strategies for recovery. Luckily, in this country many more have experienced the positive impact of entrepreneurship either directly and indirectly. In a March 2009 survey, 63% of respondents said they “prefer giving individuals the incentives they need to start their own businesses as opposed to allowing the government to create new jobs directly.” A look at the role of new businesses in the economy reveals that it is not a matter of rejecting capitalism but rather of allowing more entrepreneurs into the economy.
Turkey offers quite a sophisticated platform for entrepreneurs. It has a diversified industrial base, a relatively stable political and economic environment, a critical mass of willing early adopters, a considerable talent pool, a strong domestic market and underserved neighboring markets. Yet, currently only 6 out of 100 people are entrepreneurs – a very low rate given the country’s level of development. What challenges does Turkey need to address in order to unleash entrepreneurship as a force for economic growth?
To develop a solid IP protection strategy, accumulate patent protection on as many of the unique and novel aspects of your product as possible. Approach the challenge of creating a patent strategy by considering all the components of your product, such as its design, its use, and its manufacture.
Job seekers need to be competent in three areas in order to compete in the global work market. These are Communication- the ability to learn and unde
A growing economy constantly creates new job opportunities in new sectors, but also displaces and even destroys existing jobs. The workforce in an entrepreneurial economy must always evolve as well. Government efforts to protect jobs are often misguided, hindering growth and new job creation. Pro-growth workforce rules should instead focus on developing worker skills, allowing maximum hiring and layoff flexibility, and focus adjustment efforts on getting displaced workers into new jobs as soon as possible. Small firms employ half of all private sector employees and create 60-80 percent of net new jobs in the U.S., according to the SBA. Labor rules are one of the largest barriers to entrepreneurial ventures. The World Bank’s cross-country comparison of labor regulations shows lower job creation where workplace rules are more rigid. Labor rules must move beyond the early 20th century framework of management versus labor and encourage new firm formation as well as a dynamic, not static, worker.
The creation of new ideas being essential to a growing economy, the U.S. government has continuously reformed rights of Intellectual property (IP) to maintain the most entrepreneurial climate possible. Recognized in the Constitution itself, patents for new inventions and copyrights for new artistic creations provide an incentive for people to both create and publicize their intellectual property. However, rules, protections, and the adjudication process surrounding IP requires constant reforms to keep up with challenges of the digital revolution. Piracy has become much easier, while at the same time patent laws in the U.S. are increasingly cumbersome. In many cases, innovation is being hindered by overly broad and specious court and agency decrees. This brief is on U.S. patents; copyrights will be treated elsewhere.
The crown jewel of the U.S. university system – the finest in the world – is the research university, where knowledge creation is the ultimate goal. Recognition of the centrality of knowledge creation to economic growth makes the efficiency of university innovation a top concern to policymakers, especially since the federal government funds two-thirds of the $48 billion of R&D performed in academic institutions. In too many universities, commercialization of research discoveries is not as rapid or as successful as it could be. The solution provided by Technology Transfer Offices (TTO) has been mixed, as too many have been directed to focus on maximizing revenue through patent licensing, leading to a sub-optimal level of technology diffusion. In the face of declining funding of basic science research, venture capital migration to downstream opportunities, and heightened competition from abroad, the optimal commercialization of U.S. university innovations could not be more important.
Developing the human capital of young Americans is vital to keep America’s entrepreneurial economy growing. Our future entrepreneurs and their workers need the twenty-first century skills and knowledge to create successful ventures and to spur innovation in the economy. Yet education in the U.S. is struggling to stay competitive and fails to provide access to a quality educational experience for all students. Developing tomorrow’s talented, capable innovators is a challenge that will require major, entrepreneurially-driven improvements in education from pre-school through graduate school.
In the past, reverse mergers were associated with penny stocks, manipulation, and potential for abuse. Today they are viewed as a legitimate vehicle for going public. The author explains the steps involved in doing a reverse merger and offers tips for expediting filing and approval of documents with the SEC.
Doing business ethically in third world countries involves providing instruction about U.S. business standards in cultures whose business fundamentals are vastly different, writes the author. Another imperative concerns the wisdom of respecting cultural differences without crossing the line to engage in practices considered inappropriate or immoral in the West.
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