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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.
Spending a few days in Moscow last week where I spoke at the G20 Young Entrepreneur Alliance Summit, I found a dynamic and outward facing city with startup communities as vibrant as any in Europe. I check on things in Russia on the eve of this Thursday’s St. Petersburg International Economic Forum and on the heels of an announcement yesterday that Russia will convene the next Global Entrepreneurship Congress (March 17-20, 2014) only a few yards from the entrance to the Kremlin in the historic Moscow Manege.
If you thought the immigration debate in Congress was going to be smooth sailing, a markup this week in the House Judiciary Committee promises a choppier course. Committee Chairman Bob Goodlatte has scheduled a markup for the Strengthen and Fortify Enforcement (SAFE) Act—a strict enforcement bill that could change the tenor of discussions. Other topics slated to be covered in hearings this week include: advanced manufacturing, energy priorities and opportunities for small business, STEM education, reauthorization of the Workforce Investment Act, health costs and economic recovery in Zimbabwe.
Where do millionaires get their fortunes? Passed down from generation-to-generation through family inheritance? Wrong. A new report from Barclay’s examines recent shifts in the creation of wealth and finding that in established economies long-established models of inheritance have given way to entrepreneurial activity as the preeminent source.
The White House is hoping to address the skyrocketing number of patent infringement lawsuits with a new series of executive actions and legislative priorities targeted at so-called ‘patent trolls.’ According to a new report by the President’s Council of Economic Advisors, National Economic Council and Office of Science & Technology Policy, the total number of patent cases has nearly doubled in the past seven years. More alarming is the fact that in that same amount of time, the number of suits filed by patent-trolls—companies that own patents for the sole purpose of litigating to receive license fees—has more than tripled to 62% of all cases.
In a relatively slow week for hearings, the House Committee on Financial Services explores ‘Reducing Barriers to Capital Formation’ and international regulatory burdens on U.S. competitiveness. Other hearings on the House side include: challenges and opportunities for small business contractors, review of the satellite television law and more.
The most successful economic periods in the Dominican Republic have been fuelled in the past by growth in tourism, telecommunications and maquiladora manufacturing but a handful of entrepreneurs are working to add new pioneers across all economic sectors. As part of my recent series on Latin America, we take a quick look at developments from the Dominican Republic.
Crowdfunding and other ‘innovative ideas for raising capital’ take center stage when Indiegogo co-founder Danae Ringelmann and others testify before the House Committee on Small Business this week. Other topics covered during hearings this week include: STEM education, regulatory reform, improving efficiency at the SBA, wireless competition, disaster response and the fiscal & economic effects of austerity.
When it comes to supporting entrepreneurs and small business owners in the U.S., local government and ecosystem players get the nod over those at the state or national level. And while they are largely an optimistic bunch about their prospects for growth in the coming year, they worry about sustaining their success.
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