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Archive for the ‘Entrepreneurship’ Category

Entrepreneurship Magazine, in conjunction with The Princeton Review, will be releasing its list of the top 25 graduate entrepreneurship programs in the country in their October issue, and Simmons College is on the list.  Simmons College is one of only two New England colleges listed.  View the full list here.

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The United States Small Business Administration’s Office of Advocacy today released a report titled “Small Businesses Are America’s Innovators.” From the press release:

Small businesses are the innovators of the American economy as they obtain many more patents per employee than larger firms, according to a study released today by the Office of Advocacy of the U.S. Small Business Administration. Moreover, their patents outperform larger firms on a number of measurements, suggesting that small firm patents in general are more likely to be technologically important than those of larger firms.

“Small firms are the innovative driver of the American economy,” said Dr. Chad Moutray, Chief Economist for the Office of Advocacy. He added, “This report adds more weight to the evidence we already have that encouraging small firms is the best way to increase innovation, productivity, and jobs.”

The report analyzes a database of 1,293 small and large technology firms and more than 1 million patent records between 2002 and 2006. An Analysis of Small Business Patents by Industry and Firm Size, written by 1790 Analytics, LLC, with funding from the Office of Advocacy, builds on earlier work of the authors in 2003 and 2004.

Not only do all small firms (<500 employees) obtain more patents per employee than larger firms, but the relationship seems to hold for all size classes. That is, firms with fewer than 25 employees have a higher patent per employee ratio than those with fewer than 50 employees and so on.

The authors found that during the period studied, small firms made up 40 percent of all firms with 15 or more patents. They also found that the smaller patenting firms are younger, with 56.5 percent under 15 years old, while 90 percent of the larger firms were 15 or more years old.

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The Migration Policy Institute released “Uneven Progress: The Employment Pathways of Skilled Immigrants in the United States”, a report that states 1 in 5 college-educated immigrants in the US labor market are stuck in unskilled jobs or, worse, are unemployed.  From the press release:

The report, Uneven Progress: The Employment Pathways of Skilled Immigrants in the United States¸ for the first time quantifies the scope of the ‘brain waste’ problem that affects 22 percent of the 6.1 million immigrants with a bachelor’s degree or higher who are in the U.S. labor market. The report analyzes and offers possible solutions for the credentialing and language-barrier hurdles that deprive the U.S. economy of a rich source of human capital at a time of increasing competition globally for skilled talent.

Said report co-author Jeanne Batalova, an MPI policy analyst: “During a period of rising unemployment and economic difficulties, it’s important to think ahead and make clear that allowing college-educated immigrants already in the United States to achieve greater career potential can increase U.S. productivity and competitiveness. Numerous studies have shown that highly skilled immigrants contribute to the economy through innovation and entrepreneurship, and pay more in taxes than they take out in services. Maximizing the use of their human capital can be an engine for job creation.”

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Chad Moutray of the Office of Advocacy for the US Small Business Administration (SBA) has released his working paper, “Looking Ahead: Opportunities and Challenges for Entrepreneurship and Small Business Owners”.  Most interesting to our community is the opportunity of “promoting entrepreneurship among women.”

The five challenges he sees are:

(1) strengthening the overall economy, (2) taxes and regulation, (3) the cost and availability of health insurance, (4) attracting and retaining a quality workforce, and (5) global competition.

And, of note, the five opportunities are:

(1) increasing investments in technology and innovation, (2) grooming local entrepreneurs for growth (“economic gardening”), (3) pursuing new markets overseas, (4) promoting entrepreneurship among women, minorities, veterans, and immigrants, and (5) advancing education and training.

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The Economist has an interesting and fun-to-read article about the entrepreneurial-promotion efforts of Russell Simmons, the hip-hop mogul and philanthropist.  My favorite part is the description of an upcoming event hosted by his Hip-Hop Summit Action Network:

It has recently taken up the challenge of promoting financial literacy to the young hip-hop fans who attend its events. Mr Simmons describes this as “a bunch of rappers and Suze Orman” (a popular financial adviser), with stars such as Doug E. Fresh literally leading fans page by page through a financial-literacy textbook.

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As we’re all well aware, there’s some pretty discouraging news about the economy out there.  Americans are worried about the state of our economy, as well as the global economy, as evidenced by this recent poll by the Chicago Council on Global Affairs.  There are bits of good news scattered throughout, however, such as this report by the US Department of Commerce that more tourists are coming to the US and spending in record amounts.  Mixed among all the good and the bad, however, is the weird, such as the National Retail Federation’s claim that Halloween spending is on a rise due to US consumers trying to escape the realities of our economic crisis.  I guess this means that if you’re selling Halloween items to tourists, then your business is going like gangbusters.

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The Tax Foundation, a non-partisan research organization, has released its 2009 State Business Tax Climate Index.  The index ranks states based on different taxes levied on businesses and their impact.  From the news release:

Wyoming has the best, and New Jersey has the worst, tax systems when it comes to “business friendliness,” according to the Tax Foundation’s recently completed 2009 State Business Tax Climate Index, a ranking of the 50 state tax systems that provides a roadmap for state lawmakers concerned with keeping their states tax-competitive.

Keeping a state competitive in today’s global marketplace can be difficult, but there is one factor lawmakers have direct control over: the quality of state tax systems. The Index measures how well a state’s tax system encourages investment by maintaining a broad tax base and low rates.

“The modern market is characterized by mobile capital and labor. Therefore, companies will locate where they have the greatest competitive advantage,” said Tax Foundation Staff Economist Josh Barro, the study’s author. “States with the best tax systems will be the most competitive in attracting new businesses and most effective at generating economic and employment growth.”

The Index, published yearly by the Tax Foundation since 2003, ranks states based on the taxes that matter most to businesses and business investment: corporate tax, individual income tax, sales tax, unemployment tax and property tax.  The states are scored on these taxes, and the scores are weighted based on the relative importance or impact of the tax to a business.

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