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Week of June 6 - June 10, 2005Welcome to the National Dialogue on Entrepreneurship, an initiative of the Public Forum Institute made possible by a grant from the Kauffman Foundation of Kansas City. Through NDE-news, we bring you short summaries and analyses of various trends driving the innovation economy. Subscribe now to receive your weekly copy. Archived issues are available online. Links to the day's entrepreneurship stories from across the nation and around the world are posted each weekday on the NDE main page - bookmark it and stay informed about the latest entrepreneurship news. |
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Linkages Between Angel and Venture Capitalists A new study by researchers at George Washington University looks at the relationships between angel investors and institutional venture capitalists (VCs). The survey asked angels and VCs about how they worked together and how they perceive one another. VCs have a very positive view of angel investors, with 94% of those surveyed agreeing that angels are beneficial to the VC business. This finding may come as a surprise to angel investors, as only 72% said that VCs view them as beneficial partners. The industry’s prevailing view is that angels serve as a “feeder system” for VCs who tend to fund larger, later-stage deals. But, all is not rosy. These general positive perceptions tend to break down when angels and VCs are asked about specific deals. Fifty-eight percent of angels said that their experience with VC investment in their portfolio companies was negative. An identical number (58%) of VCs had the same opinion about angel investors. The authors argue that these results suggest that angel and VCs need to better communicate with one another, and also consider joint training sessions where each side can better learn about how the other operates.
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International Innovation Programs—The Latest from Canada and Europe Many of the major developed economies have been making a big push to improve their performance in terms of developing and commercializing new technological innovations. Here are some recent updates from overseas: In Canada, the Minister for Industry, David Emerson, has convened a new national panel of experts to devise strategies for improving Canada’s technology commercialization performance. The Task Force includes leading scientists and entrepreneurs; it will take a broad look at how to improve Canada’s overall environment for innovation and technology commercialization. In Europe, the European Commission has released an Expert’s Panel Report that examines whether the EU should create a new European Research Council (ERC), which would fund and administer cutting-edge research in a variety of areas. The panel report backs the ERC concept, arguing that it will help Europe attract world-class scientific talent and greater levels of investment in innovation. If the ERC is to succeed, the report argues that it must have a clear mission, autonomous status, and robust funding.
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Public Sector Transparency: It’s Good For Business In developed economies, we often fail to appreciate the positive impacts of government transparency where the public sector regularly reports on its activities and provides open and fair access to government contracts and other means of support. But, the absence of such transparency is a key stumbling block toward development in many economies. A new website and series of reports from the Development Gateway highlights the wide range of issues around public sector transparency, including discussions around the use of science to inform public policy decisions and how government corruption hampers economic and entrepreneurial development.
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New Takes on Recent Census Data As data from the recent Census becomes available, many research organizations are presenting some interesting results from the research. The latest comes from ACCRA, a trade association for economic development researchers. The latest ACCRA newsletter, Research in Review, ranks metro areas in terms of growth of new residents and in terms of new immigrant populations between 2000 and 2004. An ability to attract new residents and new immigrants from overseas has often been correlated with a metro area’s innovative and competitive capacities. In terms of attracting new residents, Los Angeles tops the list, growing by more than 559,000 new residents between 2000 and 2004. Pittsburgh fills out the bottom of the list, losing more than 29,000 residents over the same period. Because Los Angeles and Pittsburgh are large metro areas, these shifts account for small percentage changes. On a percentage basis, the biggest population shift has occurred in Riverside-San Bernardino-Ontario (CA), which grew by 16.5% between 2000 and 2004. Within these broad categories, certain regions appear particularly attractive to new immigrants. Not surprisingly, San Jose and Miami rank at the top of the list for attracting new international migrants. But, the list of the fastest growing immigrant populations also includes some surprising places such as Gainesville (GA), Dalton (GA), Ithaca (NY), and Ames (IA).
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Fifty Companies to Watch in Michigan “Fifty Companies to Watch” is a new program (sponsored by the state of Michigan and the Edward Lowe Foundation) designed to honor second-stage entrepreneurs. Second stage companies, which create the bulk of new jobs in the American economy, often fall in the cracks between well-publicized start-ups and large corporations. The Michigan 50 awards were designed to raise public attention about the importance of such companies. For this program, second stage firms were defined as those with gross annual sales between $750,000 and $50 million and that employed anywhere between 7 and 99. Combined, the Michigan 50 created 1,500 net new jobs between 2001 and 2005, and enjoyed $1.5 billion in total sales.
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