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Week of July 18 - July 22, 2005

Welcome 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. 

The Million Dollar Idea

Simon Cowell, the sharp-tongued Brit from American Idol is working on a new reality TV show – and instead of looking for the next hit singer, this one is looking for the next big idea. Cowell is the executive producer behind The Million Dollar Idea - designed to discover a budding or overlooked entrepreneur with a promising business idea. He developed the idea with Peter Jones, a judge on BBC’s Dragons’ Den – a BBC series with a similar premise. Nine finalists will receive $50,000 in seed money to compete for a spot in the finale. The contestants will be judged by "The Millionaires"--an American Idol-style panel of three successful entrepreneurs. The winner will receive $1 million in business support, including cash, counseling and physical resources to move their idea to the marketplace.

Production on the show begun months ago and while ABC has not announced a release date, it may air as early as late fall. Until then, you can learn more about Dragons’ Den at http://www.bbc.co.uk/dragonsden/

The Hispanic Business 500

As Latinos become a major force in American society, they are also becoming a major force in American business. The best of the best among Latino businesses are listed in the June 2005 issue of Hispanic Business, which includes the annual list of The Hispanic Business 500. This year’s No. 1 firm, The Related Group of Florida, has capitalized on Miami’s real estate boom. This real estate developer nearly doubled its revenues last year—up to $2.125 billion. When the firm first made the Hispanic Business 500 list in 1997, its revenues totaled $297 million. So, it’s been quite a run for The Related Group and its CEO, Jorge Perez. This year’s rankings also include a special focus on an important growing market: private equity funds focused on Hispanic businesses. Key players in this market include: Bastion Capital, Hispania Capital Partners, and Palladium Equity Partners, among others.

The 2005 Hispanic Business 500 appears in the June 2005 edition of Hispanic Business, and on-line at www.hispanicbusiness.com.

New Academic Papers on Entrepreneurship

In academia, the field of entrepreneurship research is booming both in the US and overseas. For those with interest in such research, the Kauffman Foundation’s Entrepreneurship Research Portal and Germany’s University of Jena Max Planck Institute of Economics are worthwhile resources. Kauffman’s new portal provides access to high-quality, cross-disciplinary research on entrepreneurship. Currently more than 300 records are provided (including some Kauffman-sponsored research), describing journal articles, working papers, conference proceedings and other publications, with frequent additions.esearchers and policymakers.

Headed by David Audretsch, the Max Planck Institute’s Entrepreneurship, Growth and Public Policy Group, has sponsored a number of interesting reports that examine linkages between entrepreneurship and innovation across in a wide range of countries, including “Entrepreneurship and Innovation” (by Audretsch and Zoltan Acs), and “The Economics of Entrepreneurship: What we Know and What we Don’t,” by Simon Parker.

Fixing the Patent Office

Entrepreneurs and innovators regularly tell us that America’s intellectual property protection system is broken and requires a major fix. As part of this reform effort, many are advocating an overhaul of the US Patent and Trademark Office (PTO). A new article in The Washington Monthly, by Zachary Roth, offers a detailed look at the issues and challenges surrounding such a reform effort. Roth offers numerous examples that all support a central claim: the Patent Office lacks the resources, staffing, and updated rules and regulations that are needed to successfully operate in today’s knowledge-intensive economy. More patent applications are being filed, and the technology is becoming more complex. Meanwhile, the PTO has grown, but not enough to keep pace with this increased workload. Because of workload pressures, more patents get approved without a comprehensive screening. According to Roth, these patents can then be used to squelch innovation among new innovators in the field.

“The Monopoly Factory,” by Zachary Roth, appears in the June 2005 issue of The Washington Monthly. It is available on line at http://www.washingtonmonthly.com/features/2005/0506.roth.html

SBA Web Chat Series Begins Thursday

The US Small Business Administration has recently announced a new series of live web chats that offer an opportunity for small business owners to interact with leading entrepreneurs and agency officials. The inaugural web chat will be held this Thursday, July 21, beginning at 1:00 PM EDT. J. Scott Plank, Chief Administrative Officer of Under Armour Performance Apparel will be the first guest, speaking on the topic of “Entrepreneurship: Innovative Strategies for Small Business Growth.” Under Armour, a one-time recipient of early stage SBA assistance, has been an impressive success since its founding in 1996 and was recently inducted into SBA’s Hall of Fame. If you are interested in participating in this week’s web chat, visit the SBA website at www.sba.gov and click on the button “Your Small Business Live Online.”

Entrepreneurs in the Heartland: The Nebraska Rural Poll

A new survey from Nebraska offers some useful insights on the state of entrepreneurship in rural America. The Nebraska Rural Poll 2005 surveyed nearly 3,000 rural Nebraskans to assess how their lives—with an emphasis on mobility, business activity, education, and internet access---had changed over the course of the 1990s. The survey found that 20% of rural Nebraskans own a business, and 13% had started a business during the 1990s. Ten percent had shut down a business over this period, and 4% had unsuccessfully tried to start a business during the 1990s. Respondents also provided their views on the desirability of self-employment. Sixty-one percent had favorable opinions about pursuing self-employment. The high cost of health insurance was the most frequently cited obstacle to pursuing self-employment.

The Nebraska Rural Poll 2005, was completed by the Center for Applied Rural Innovation at the University of Nebraska, Lincoln (http://cari.unl.edu). To access the survey results, visit http://cari.unl.edu/ruralpoll/report05.htm

The US Census Bureau and You

The Census Bureau is looking to make the lives of small business owners a bit easier by minimizing the reporting burden and making the data collected more accessible and useful. The Economic Census, conducted every five years, provides data on 25 million businesses in more than 1000 industries. Starting with the 2007 Economic Census, the Bureau will offer the option of electronic reporting to all 3.5 million businesses that receive a report form, plus those responding to a number of surveys. The new approach is part of an overall effort to inform small business owners on the significance of accurate data to the economy and to show them how that data can be used for their own benefit.

For more information on the Economic Census, visit http://www.census.gov/econ/census02/

To provide feedback to the Census Bureau, send an e-mail to census.ombudsman@census.gov.

Kauffman Foundation    The Public Forum Institute

National Dialogue on Entrepreneurship
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Mark Marich, Editor

All stories © 2005 The Public Forum Institute
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