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Innovation


  • Submitted on 23 November 2016

    For the first time, the Census Bureau has collected information about ownership of intellectual property in its 2012 Survey of Business Owners (SBO). We now have data to verify what we’ve known for some time—minority business owners are innovative and forward thinking. Based on 2012 SBO results, minority-owned firms equal the rate of patent ownership of nonminority firms. For both groups, one half of one percent of businesses own one or more patents.

    When you look closer at both groups (minority and nonminority firms), it appears that a huge disparity exists. Average earnings for minority-owned firms that own patents are $2.1 million per year, compared to $8.1 million for their non-minority counterparts.

  • Submitted on 17 November 2016

    Any armchair economist will tell you that entrepreneurship is central to a healthy economy. What they probably won’t tell you is that the rate of entrepreneurship in the United States has significantly declined over the last several decades. Data from the U.S. Census Bureau shows that in the late 1970s, at least 15 percent of American businesses were startups. Despite the popularity of business-venture-themed TV shows such as ABC’s Shark Tank, the number of new businesses has fallen to just 8 percent of all U.S. business operations.

    The reasons are varied, with both new and historic challenges contributing to the problem. As you might imagine, the Great Recession of 2008-2010 has played no small role.

  • Submitted on 03 November 2016

    MBDA National Director CastilloWith the U.S. population poised to shift to ‘majority minority’ status during the next few decades, the topic of inclusive innovation in global high-growth industries took center stage at an MBDA event in Chicago on October 27.

    Dubbed “Inclusive Innovation in Action,” the informative event was located at an award-winning Chicago technology incubator, BLUE1647, and drew a mix of entrepreneurs, investors, and community residents. Coinciding with the annual conference of the National Minority Supplier Development Council (NMSDC), and with Minority Enterprise Development Week (MED Week), October 23-27, the afternoon panel focused on information-sharing about MBDA services for entrepreneurs, and engaging examples of successful minority-owned tech enterprises.

  • Submitted on 20 October 2016

    It all starts with an idea. Sometimes it can be as simple as a “what-if” lodged in the back of our minds that can spark the next great invention. A simple idea, when coupled with ingenuity and opportunity, can transform the world we live in for the better. That’s the awesome power of innovation.

    Innovation, one of the Commerce Department’s five strategic goals, is defined as “the invention, improvement, and commercialization of new products, processes, and services ...” It plays an integral role in the mission of all 12 bureaus housed within the department. 

  • Submitted on 22 September 2016

    The federal government has $2.5 billion that it can give to small business owners every year. Mark Walsh, the head of investment and innovation at the SBA, and Nina Tandon, the co-founder and CEO of Epibone, talk about accessing this funding.

    Where's the money? Getting funding from the SBA

  • Submitted on 08 August 2016

    Created on August 8, 2016
     

    U.S. Demographics Are Key To Our Economic Destiny

    Cross post from Medium

    U.S. Demographics Are Key To Our Economic Destiny

    This year for the first time, the United States served as an official partner country of the world’s largest industrial trade fair, Hannover-Messe. Along with President Barack Obama and U.S. Department of Commerce Secretary Penny Pritzker, I accompanied a delegation of American minority entrepreneurs to Germany.

    Within hours of the fair’s opening, it was evident that we had stepped into a time portal that zipped us into the future of the global industrial economy. The fair’s theme, “Integrated Industry — Discovery Solutions,” only hinted at the amazing innovation-driven universe that we ultimately encountered at the trade expo. I witnessed the connective tissue of a vast, powerful technological framework taking shape — the Internet of Things (IoT) — and sensed that we were at the threshold of a major seismic shift in global industries, an unprecedented period of technological advancement. A new world of Artificial Intelligence (AI), advanced manufacturing, Big Data, and sensors is remaking entire industries at a breakneck pace.

  • Submitted on 02 August 2016

    Created on August 2, 2016
     

    The U.S. Small Business Administration released its highly anticipated Small Business Innovation Research (SBIR) online tutorials to help small businesses navigate the SBIR program. The site provides users with a mobile-compatible site to learn about the program through a combination of videos and text. This platform will provide accessible program information and training resources to underrepresented areas.  There is no registration or fee required and the courses are open to all.

    “We are excited to introduce these tutorials.  We know there are many small businesses in rural communities as well as young entrepreneurs that are unaware of this amazing program,” said Mark Walsh, SBA’s Associate Administrator for Investment and Innovation.  “SBA has pulled together resources from across the federal government, providing them in a format easily accessible on mobile devices, while allowing users to select just the information they need.”

  • Submitted on 27 July 2016

    Created on July 27, 2016
     

    Did you know that the U.S. Small Business Administration (SBA) has the largest seed fund on the planet?

    Capital formation or “seed money” is the first infusion of capital to make an idea go from a napkin to reality. America's Seed Fund, otherwise known as SBA’s Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs, specialize in assisting entrepreneurs in the technology and science fields. SBA is authorized by Congress to deploy $4 billion annually and there is $25 billion in assets currently under management.

  • Submitted on 27 July 2016

    Created on July 27, 2016
     

    Empowering bold entrepreneurship by inventors and businesses drives the U.S. economy in a global marketplace. We at the U.S. Patent and Trademark Office know that entrepreneurs today must keep the challenge of global competition front of mind. That’s why we provide an array of tools and resources designed to assist innovators in ensuring their intellectual property rights are respected across the globe. Check out our International IP Toolkit to learn more about our Global Dossier program, our Global Intellectual Property Academy, and so much more.

  • Submitted on 29 June 2016

    Created on June 29, 2016
     

    Assess Costs EverywhereThe Department of Commerce's Assess Costs Everywhere tool (ACE) highlights the hidden costs and risks that manufacturers need to consider when deciding where to locate their operations or supply chains in the United States. 

    Since launching ACE in April 2013, the Department's Office of the Chief Economist has periodically updated the data and research underlying its analysis of 10 costs and risks.  This week, coinciding with the third SelectUSA Investment Summit, we are announcing a new set of updates to the tool. The Summit brings together global companies, U.S. economic development agencies, and other parties working to encourage and facilitate investment in the United States—people who have done the calculus that ACE promotes and find that investing in the United States pays off.

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