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innovation DAILY

Here we highlight selected innovation related articles from around the world on a daily basis.  These articles related to innovation and funding for innovative companies, and best practices for innovation based economic development.

The World s Most Talent Competitive Countries 2018 INSEAD Knowledge

The view that diversity is a resource that can improve performance is spreading throughout organisations. Research shows that for complex tasks that require creativity, diverse teams do better than those comprised of similar individuals – as long as the team members have the skills to collaborate. Diversity of views, experiences, expertise, culture and race can all enhance the way organisations and countries work.

Image: https://knowledge.insead.edu

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think desk

The failure rate of startups is relatively high, especially for first-time entrepreneurs. Roughly 50 percent of all small businesses fail within the first four years, and many of those are started by first-timers who have limited entrepreneurial, business, or management experience.

Even if you start with a fantastic idea, have a dedicated team to make that idea a reality, and plan for most contingencies, external factors beyond your control and a lack of overall experience can cause your business to collapse.

 

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If you thought the EU was incapable of being inclusive or attracting and producing talents, you’d better think twice, business leaders gathered in Davos heard on Monday (22 January), hours before the start of the World Economic Forum.

European countries top the list of the Inclusive Development Index, released in Davos today. The most inclusive advanced economy in 2018 is Norway, but small EU economies dominate the top of the index, with Australia the only non-European country in the top ten.

Image: A man cleans the stage of the congress hall on the eve of the 48th annual meeting of the World Economic Forum, WEF, in Davos, Switzerland, 22 January 2018. (EPA-EFE/Gian Ehrenzeller)

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It’s fun to make predictions for a new year and, based on what we at Morrison & Foerster are seeing in the marketplace, here are five areas for startup businesses and their investors to watch in 2018.

Connections. We have long believed that what continues to separate the startup sector in Silicon Valley from other parts of the country and the world is human capital choosing to live and work here, notwithstanding the high cost of living and traffic jams. One understated critical driver in recent years is that people in the Bay Area startup ecosystem voluntarily offer to connect with others.

 

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The Association of the British Pharmaceutical Industry has released a report suggesting that pharma companies investing in emerging start-ups is now a key source of capital for biotech innovation in the UK.

In recent years, there has been a significant increase in corporate venture capital (CVC) investment in UK biotech. The amount of capital invested in this way into UK companies increased from an average $105m per year in 2008 – 2010 and rose to $647m in 2015, a more than six-fold increase. About 60% of financing rounds in 2016 included CVC.

Image: https://www.labnews.co.uk

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organization

A global electronics manufacturer seemed to live in a perpetual state of re-organization. Introducing a new line of communication devices for the Asian market required reorienting its sales, marketing, and support functions. Migrating to cloud-based business applications called for changes to the IT organization. Altogether, it had reorganized six times in 10 years.

 

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entrepreneur

As an entrepreneur, it is common to hear the word “bootstrapping” over and over again. While you may have a basic idea of what this means, do you truly understand the term?

Here is the definition of bootstrapping, courtesy of Investopedia:

“A situation in which an entrepreneur starts a company with little capital. An individual is said to be bootstrapping when he or she attempts to found and build a company from personal finances or from the operating revenues of the new company. “

Rather than turn to outside funding, such as venture capital, you pull from personal resources to get up and running. Some may see this as a risk, but don’t make a final determination until you consider the top benefits of bootstrapping:

 

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Ready to move out of a big, loud, expensive city and finally stop working for somebody else? Chances are you’ve got more options than you think. Two years ago, I took the plunge into entrepreneurship by starting my own marketing agency and an e-commerce store. I’ve been able to run both ventures from anywhere in the world.

Image: Flickr user Frank Meffert

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team

One-third of the EU’s population is under the age of 30. So what do today’s youth think about our world and their place in it? What areas should be prioritised in the EU’s next post-2020 budget, set to be presented in May 2018? John Hewko provides some insight.

John Hewko is the General Secretary of Rotary International.

A new World Economic Forum survey gives us some answers. Firstly, the millennial generation views climate change and conflict as the most critical issues we face.  Secondly, they regard a “start-up ecosystem and entrepreneurship” as the most important factor contributing to youth empowerment in a country.

 

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3 Tips for How to Succeed When Your First Idea Isn t So Great

After years in the finance industry, Ryan Harwood knew he wanted to change his life and go into work with a smile on his face once again. He also knew he wanted to own his own business. But there was one major problem. He didn’t know what industry he was passionate about or what kind of company to create.

Image: https://www.entrepreneur.com

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