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Week of October 22 - 28, 2007

US Firms Still Focused on Home

Most entrepreneurs know that the business world is global, and that successful firms need to reach out to customers around the world. That message is not yet sinking in according to the inaugural version of the UPS Business Monitor-US. Under the Business Monitor’s auspices, UPS surveyed 600 decision-makers based in small to medium-sized enterprises (SMEs). Within this group, only 33% reported participating in cross-border trade. What explains the reluctance to enter global markets? The primary factors cited by the 67% of non-globalized firms included a perception that cross-border trade is too risky, a lack of knowledge about foreign markets and customs procedures, and a lack of interest in entering these markets. In addition, those firms that do export tend to be focused on only one foreign market. In fact, 2/3 of SME exporters do business in only one other country. The survey concludes by noting that US entrepreneurs are missing out on tremendous growth opportunities by ignoring booming global export markets.

Access the 2007 UPS Business Monitor United States.

New Innovation Strategies in the UK

Gordon Brown’s government in Great Britain has been in the midst of a major rethinking of its science and innovation policies, and big changes are afoot. Earlier this month, an outside review by Lord Sainsbury of Turville recommended that the British government invest ₤1 billion (about $2 billion) over three years to help boost business innovation and to launch a new UK science and technology strategy. The program includes several key components. First, it envisions significant new investments in support science, technology, engineering, and math (STEM) education to train new teachers and to encourage more young people to enter these fields. Second, it will expand programs and funding for university technology transfer and for Regional Development Agencies that provide more support for local innovation and entrepreneurship initiatives. Finally, it seeks to expand Britain’s Small Business Research Initiative, a program similar to the US’s Small Business Innovation Research (SBIR) program. The British government has endorsed the bulk of the Sainsbury Report and is now in the midst of unveiling implementation plans for most of these new proposals.

Download the October 2007 report, The Race to the Top: A Review of the Government’s Science and Innovation Policies, by Lord Sainsbury of Turville.

National Plan for STEM Education

Great Britain is not the only place where a blue-ribbon panel report is forcing people to think more deeply about science and innovation policies. Here in the US, the National Science Foundation’s (NSF) National Science Board has released a draft action plan for improving science, technology, engineering and math (STEM) education. The report provides detailed action recommendations and seeks to build upon the ongoing momentum regarding STEM education that is found in the America COMPETES Act and other related initiatives. The plan calls for creating a number of new organizations including a non-federal National Council for STEM Education to coordinate key policies, a new pre-K to 20 STEM education program at the NSF, and new offices to focus on STEM education at the National Science and Technology Council and at the US Department of Education. The plan also recommends a host of measures to promote vertical integration (across different grade levels) and horizontal integration (between local, state, and federal authorities) of STEM education initiatives.

Download a copy of the October 1, 2007, National Science Board draft report, A National Action Plan for Addressing the Critical Needs of the U.S. Science, Technology, Engineering, and Mathematics Education System.

Small Business Owners on Marketing and Promotion

Two new polls from the National Federation of Independent Business (NFIB) Research Foundation assess what small business owners think about marketing, advertising and promotion. Both polls are full of interesting information about how small business owners view their companies and the process of sales and marketing. They believe that word of mouth and referrals are still the best way to obtain customers. But the most important means of advertising cited by those surveyed are the Internet (16%), word-of-mouth (15%), newspapers (15%), and direct mail (14%). When it comes to marketing strategies, most of those surveyed (83%) rely primarily on what they learn through day-to-day contact with customers while few rely on formal market research. Finally, a large portion (83%) expect to see tougher market competition in coming years.

View the latest NFIB National Small Business Polls, including the September 2007 polls on “Marketing Perspectives” and “Promotion and Advertising.”

Kedrosky Joins Kauffman Foundation

Noted entrepreneur and venture capitalist Paul Kedrosky has joined the Kauffman Foundation to explore new programming opportunities in the areas of entrepreneurship, innovation, and capital markets. Most recently, Kedrosky has been the executive director of the William J. von Liebig Center in San Diego. Using an innovative seed capital program, the Center catalyzes the commercialization of technologies from the internationally-ranked University of California, San Diego. He is probably most widely-known for his appearances on CNN, PBS Newshour, ABC Nightline, and CNBC television. In addition, Kedrosky serves as a columnist for TheStreet/RealMoney, and is the author of Infectious Greed, one of the most popular business blogs.

Visit the Kauffman Foundation website for the full announcement.

The National Dialogue on Entrepreneurship is 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 entrepreneurship around the world. Subscribe now to receive your weekly copy. Archived issues are available online.

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