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Week of October 2 - October 8, 2006

Gulf Coast Entrepreneurs Get a Boost

Community leaders looking to promote entrepreneurship have two new resources to help guide the way. The Urban Entrepreneur Partnership Gulf Coast (UEPGC) opened the first of three permanent offices in the Gulf Coast Region last week. The office in New Orleans will soon be followed by openings in Baton Rouge and in Mississippi. Through the UEPGC program, entrepreneurs and business owners will receive business training, coaching and access to financing and procurement opportunities. In addition, through a resource navigator service, the program will coordinate services among existing organizations that offer other business support services. The ultimate goal of UEP Gulf Coast is to assist businesses in the participation of the rebuilding efforts in the Gulf Coast.

That goal was also the focus of Entrepreneurship: The Foundation for Economic Renewal in the Gulf Coast Region. The conference brought together an array of thought leaders focused on strategies for policymakers to use to make sure that small business stays at the forefront of economic development as they implement recovery efforts.

The conference was cosponsored by the Ewing Marion Kauffman Foundation, the SBA Office of Advocacy, the Urban Entrepreneur Partnership, and the Public Forum Institute. The proceedings can be accessed at: www.sba.gov/advo/research/proceedings06.06pdf.

Angel Investing Continues to Grow

The latest data on angel investing trends from the University of New Hampshire (UNH) shows that the angel investor market remains quite healthy. According to UNH professor Jeffrey Sohl, the value of angel investments reached $12.7 billion over the first two quarters of 2006. The growth rate of these investments was 15% higher than occurred in the first half of 2005. The average size of investments grew (up 22%) as angels backed 24,500 firms in the first half of 2006 – representing a 6% drop from the first half of 2005. ‘Health care and medical devices’ is the hottest sector for angels, accounting for 27% of total deals. Other hot sectors include software, biotechnology, and retail.

To learn more, access the University of New Hampshire’s September 20, 2006 press release entitled “Angel Investor Markets Grows in First Half of 2006.” It is available at: www.unh.edu/news/cj_nr/2006/september/lw_092006vc.cfm?type=n

A Word of Caution on Nanotechnology

In our rush to embrace the wonders of nanotechnology, we should also be careful to remember that technology can bite back. That was a key message at hearings held on September 21, 2006, before the House Science Committee. The Committee convened to hear from leading experts on the benefits and risks of nanotechnology. Experts noted that much more research is needed on how nanotechnologies will affect human health and the environment. Last week, the National Academy of Sciences released an assessment of the National Nanotechnology Initiative (NNI) that also sounded a cautionary note. The report noted that the NNI was making progress, but also recommended that continued funding was required for this effort to keep pace with nanotechnology initiatives now underway in both Asia and Europe. The report also contended that researchers still lack solid information on the potential health and environmental risks associated with nanotechnology.

To access hearings from the September 21, 2006 House of Representatives Science Committee Hearing on “Research on Environment and Safety Impacts of Nanotechnology,” visit www.house.gov/science/hearings/full06/Sept%2021/index.htm.

The September 2006 National Academy of Science’s report, A Matter of Size: Triennial Review of the National Nanotechnology Initiative, visit www.nas.edu/morenews/20060925.html. 

Global Competitiveness Report

The latest annual edition of the Global Competitiveness Report, a global ranking of the world’s most competitive economies, was released last week. Two key themes made the headlines. First, the Nordic economic model of high taxes, a generous social safety net, and flexible labor markets seems to be faring well. All of the Scandinavian economies rank highly in this year’s report, with Finland, Sweden, and Denmark taking the numbers 2, 3, and 4 spots in the rankings. The second theme is that American policymakers may need to start worrying a little about the US’s competitive position. The US, while still ranked No. 6 in the report, showed the greatest decline from 2005’s rankings when the US economy held the top spot. What explains this drop? The American economy remains the world’s leader in many areas such as market efficiency, innovation, and business sophistication. However, growing fiscal and trade imbalances, along with reduced levels of efficiency and transparency in public institutions, contributed to this year’s poorer performance. Switzerland ranked as the No. 1 economy in this year’s rankings. Others in the top ten include: Singapore (#5), Japan (#7), Germany (#8), the Netherlands (#9), and the UK (#10).

The World Economic Forum’s Global Competitiveness Report 2006-2007 can be accessed at:
www.weforum.org/en/initiatives/gcp/Global%20Competitiveness%20Report/index.htm.

Free Charter Subscriptions to The American

A new national magazine on the unique mix of business and life in the US will hit the newsstands soon. The American will range widely, focusing on how the spirit of free enterprise and entrepreneurial initiative runs through our national life – from politics and media to culture, art and fashion. Launching in November and publishing six times a year, it promises to combine compelling prose with arresting images. As a special offer to those interested in following the entrepreneurial economy, The American is offering complementary yearlong subscriptions to the first thousand people who sign-up.

To claim your free subscription, visit www.tamagazine.com/comp_sub.php and enter your name and address.

Ideas for Improving Small Business Contracting

A new paper from the Small Business Administration’s Office of Advocacy looks at ways to improve small business access to federal contracting and subcontracting opportunities. As the report notes, 99.7% of US businesses are defined as small (under 500 employees), these firms receive about 23% of direct federal procurement dollars, and about 40% of dollars devoted to subcontracts. The report contends that more attention should be placed on linking small businesses to subcontracting opportunities. Specifically, it recommends the creation of a model international subcontracting program to open up opportunities for US firms to do more federal procurement business that is performed overseas. It also suggests that policymakers consider new dispute resolution mechanisms to level the playing field in cases where small subcontractors are involved in legal disputes with larger prime contractors.

To access the SBA Office of Advocacy September 2006 report, The Government’s Role in Aiding Small Business Federal Subcontracting Programs in the United States (No. 281), by Major Clark III, Chad Moutray, and Radwan Saade, visit http://www.sba.gov/advo/research/rs281tot.pdf. 

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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All stories © 2006 The Public Forum Institute
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