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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.

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For many American millennials, buying a new home in a city like Los Angeles or Washington DC can seem like a pipe dream. 

According to a recent survey by Apartment List, 80% of millennials — defined as those born between 1980 and 1995 — say they want to buy a home, but most have less than $1,000 saved a for a down payment. 

Meanwhile, buying a house in America's largest cities is more expensive now than ever. A severe housing shortage in LA, for example, has led over 400,000 households to spend more than half their income on housing.

Image: A rendering of a Fundrise development. Fundrise

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BASF Corp. is the Google of chemical companies, a twinkle in the eye of Blake Dube and generations of other college students trying to land a dream job.

And the dream came true for Mr. Dube: the global pharmaceutical, agriculture and coatings materials giant offered him a full-time position two months ago when he graduated from the University of Pittsburgh. But he turned it down, choosing instead the far dodgier path of getting his own business started.

Image: Alex Driehaus/Post-Gazette

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For those who are new to the entrepreneurship world, the terminologies that are used at every startup funding stage might be daunting and confusing. However, it is very important to be well versed with the terms and the relevance of each funding stage as well. Each investment round is critical to the existence of the startup and comprehensive knowledge will give you an edge when negotiating as a startup founder or as a potential investor.

Image: https://pakwired.com

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washington monument

In monetary terms, D.C.’s tech scene has been doing pretty well with investors lately: Local start-ups took in about $435 million between April and June 2017, compared with $298 million over the same period four years ago, according to Pitchbook investment data analyzed by the National Venture Capital Association.

But that funding is going to fewer and fewer companies each year, reflecting a “winner-take-all” start-up ecosystem where resources are concentrated at the top. Just 51 D.C.-area companies signed deals with venture capitalists between April and June, the second-worst quarter since 2013. That’s a far cry from a few years ago, when the number of deals per quarter tended to come in above 60.

 

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As a long-time business advisor and angel investor, I’m a believer that “two heads are better than one” in building a new business. Very few entrepreneurs have the range of skills and experience to be the solution creator as well as business creator, or operational as well as sales leader. The challenge is to recognize and recruit that ideal partner match early with minimal cost and risk.

In fact, I would broaden the definition of partner from co-founder to “business partner.” The reason is that good attributes apply equally well to “external” partners, as they do to internal partners, like a co-founder or CTO. A good overall example is the synergy between Google co-Founders Sergey Brin and Larry Page, as well as Executive Chairman Eric Schmidt.

Image: http://blog.startupprofessionals.com

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The annual Great Colleges to Work For survey was administered March 14 through April 15 and compiled by ModernThink LLC for The Chronicle. All survey-related content in this issue, including college presidents’ statements about what makes their institution a great place to work, was provided by ModernThink, which drew institutional data from the colleges and the U.S. Department of Education. For more details on the winners, including average salaries and turnover rates, get copies of the full report here.

Image: http://www.chronicle.com

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In nearly every industry, the pace of work slows in the summer. But what would happen if you kept the relaxed summer schedule for more than just a season? The way you spend your time can tell you a lot about the life you’d really like to be living if you pay attention, says Hillary Rettig, productivity coach and author of The 7 Secrets of the Prolific.

“During summer we all have a sense of spaciousness,” she says. “Many of us think, reflect, plan, and experience. That’s exactly what people may not realize is the key to achieving any ambitious goal.”

 

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Piero Formica

Networking is at the core of open innovation and it is a socioeconomic process where people interact and share information to recognize, create, and indeed act upon business opportunities. We have all seen cases of collaboration that create effects which are at best additive, delivering a sum of the parts which is less than the sum of each of the individual components. OI 2.0 generates synergies and network effects rather than just additive effects. Synergy describes two or more entities interacting together to produce a combined effect greater than the sum of their separate effects.

 

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The Unreasonable Group, an accelerator for socially-minded startups, was founded on the idea that entrepreneurs can change the world. Its name comes from a famous George Bernard Shaw quote: “The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself.”

But unreasonableness only gets you so far, says Daniel Epstein, Unreasonable’s founder and CEO. To truly exact change, entrepreneurs need to be able to co-operate, including with corporations, governments, and the social sector.

 

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After 11 years developing and growing commercialization, investment, and business acceleration programs at Philadelphia’s University City Science Center, Christopher Laing, MRCVS, Ph.D. has been tapped to lead the effort to establish a new healthcare-focused innovation zone in Austin, Texas. Dr. Laing will become the first Executive Director at the newly formed Capital City Innovation effective September 1, 2017. He has served as the Vice President, Science & Technology at the Science Center since 2010.

Image: http://www.prweb.com

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PATRICK BET-DAVID

Business school and formal education can be great for some people. But, whether you dropped out of high school or graduated from Harvard Business School, there are some things you just can't learn in a classroom.

As Entrepreneur Network partner Patrick Bet-David says, there are some lessons that can't be taught -- they can only be caught through experience. Some skills can only be practiced, not preached about.

 

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The 2016 election laid bare multiple divisions in American society, but one of the biggest is geographical. In major cities like New York, Chicago, and San Francisco, people are generally doing well (if not equally so), while many places situated far from urban business centers aren’t.

Remarkably, faith in the American dream runs highest in locales where social mobility is lowest. U.S. companies, which for the past eight months have been struggling to navigate choppy political waters, should see that as an opportunity—even a call to action.

Image: Photo: NASA via Wikimedia Commons

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