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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.
The G20 Leaders Summit concluded last week in St. Petersburg, Russia, producing a 27-page G20 Leaders' Declaration document that outlines a plan for strong and sustained global economic growth. Weak growth in the aftermath of the global recession and persistently high unemployment—especially among youth—were at the top of the list of challenges.
Eighty-five percent of startup owners in the U.S. are confident that the next 12 months will bring greater profitability. The figure is a one percent increase over the first-quarter results of the Kauffman/LegalZoom Startup Confidence Index and the highest level since the young study began in early 2012.
As Members of Congress return to Washington from their August recess, all eyes are on Syria and whether or not they will approve the use of military force to punish the regime of President Bashar al-Assad. Another issue looming is the debt ceiling and (seemingly perpetual) threat of a government shutdown that will require yet another temporary spending bill. Unsurprisingly, that doesn't leave much room or attention for hearings relevant to entrepreneurship. There are however a few in House committees already scheduled for this week.
Granted, Silicon Valley has the sheer volume, but when it comes to the density of high-tech startups you have to look to Boulder—and Fort Collins—and Denver—and Colorado Springs. A new report that contrasts the job creation dynamics in the innovative tech sector against the entire private sector ranks the top 10 metro areas for high-tech startup density and Colorado dominates the list.
Members of Congress are back in their home states and districts for the August recess. They are scheduled to return on Monday, September 9.
A few years back, a report from the Kauffman Foundation shook up the common perception that there were hordes of young tech geeks—all looking to build the next Google or Facebook—driving an entrepreneurial revolution. The Coming Entrepreneurship Boom showed that 55-64 year olds had the highest rate of entrepreneurial activity while 20-34 year olds had the lowest. Last week, a new survey from American Express OPEN shows that the Great Recession didn’t exactly make things any better for Generation Y.
While elected officials have long extolled the virtues of the small business and its powers of job creation, more attention has been paid recently to the age of firms instead of the size. But what happens when you mix the two and look at the smallest new startups? That is where the real growth happens. Since the late 1970s, new companies with 1 – 4 employees accounted for 86% of new firms. During roughly that same time period, startups with 1-4 employees have created more than 1 million jobs per year while those with 5 – 9 employees have created 500,000 per year. The figures come from the latest Business Dynamics Statistics report from the Kauffman Foundation.
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