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The last we heard from the i6 Challenge, the Economic Development Administration was looking for comments on the "X Prize-style" competition designed to help additional cities develop economic blueprints for the future. Last week, four of the six winners of the competition were featured at a hearing on Capitol Hill to provide members of Congress with a look at how federal funds are impacting regional economic growth.
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:
SBA Administrator Karen Mills has been tapped by President Obama to join his Cabinet as part of a larger plan to consolidate the Small Business Administration and several other federal agencies with overlapping responsibilities. The move for Mills is effective immediately, but the reorganization plan requires the backing of Congress.
Things are starting to pick up on Capitol Hill as the House of Representatives is set to reconvene tomorrow (Nov. 17). Relevant hearings are already scheduled for several committees, including Financial Services, Armed Services and Oversight & Government Reform. The Senate will reconvene next Monday, January 23.
In a world where seemingly every nation is scrambling to bolster innovation and entrepreneurship, how can the U.S. strengthen its competitiveness? According to a new report from the Department of Commerce, the formula is simple and based on looking at the country’s track record for promoting innovation—increased government funding for research, education and infrastructure. It argues that “failures to properly invest in, and have comprehensive strategies for” those three pillars are responsible for the shrinking gap between the US and other nations.
No hearings scheduled for the week ahead. The House of Representatives is scheduled to convene on Tuesday, January 17 with the Senate scheduled for Monday, January 23.
According to the latest figures from the National Venture Capital Association, dollars invested are on the rise while the number of funds continues to fall. In the US, thirty-eight (38) venture capital funds raised $5.6 billion in the fourth quarter of 2011—representing an increase of 162% in commitments. While the total number of funds for 2011 held constant in comparison to 2010 totals, the fourth quarter total of 38 marks a low point since the third quarter of 2009.
Last week, we highlighted a new piece of legislation introduced by Senators Jerry Moran (R-KS) and Mark Warner (D-VA) that pulls a number of ideas from a collection of policy reforms suggested by the Kauffman Foundation. It wasn’t the only new bill aimed at reviving the sluggish economy through new and young firms.
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