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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.

Talecris Biotherapeutics (TLCR) raised $950 million in the biggest biopharma IPO in three years and the second largest U.S. IPO this year even as the stock market fell as declines in factory orders and increases in job cuts heightened concerns about the economy’s recovery. The capital markets seem to be opening up to life sciences companies with two IPOs, 15 PIPEs, four public offerings, and five debt offerings, contributing to close to $5 billion in capital raised during the week.

Research Triangle Park, North Carolina-based Talecris sold 50 million shares of its common stock at its mid-range price of $19 per share and began trading on October 1 on the Nasdaq Stock Market under the ticker symbol “TLCR.” Of the shares offered, 29.9 million were offered by the company and 21 million were offered by the selling stockholder, Talecris Holdings, which is owned by private equity firm Cerebrus-Plasma Holdings, the managing member of which is Cerebrus Partners, and limited partnerships affiliated with Ampersand Ventures. The underwriters have the option to purchase an additional 6 million shares. Talecris intends to use its share of the net proceeds to pay down debt. Morgan Stanley, Goldman, Sachs; Citigroup Global Markets, and J.P. Morgan Securities were the joint book-running managers of the offering, while Wells Fargo Securities, Barclays Capital, and UBS Investment Bank acted as co-managers.

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Yesterday [Oct 3 ed.], Democratic Sens. Kerry and Boxer dropped their initial version of a Senate climate bill, so the game’s on. We’ll defer to Brad Plumer’s Vine post for a good side-by-side comparison, but suffice it to say the Kerry-Boxer Senate outline looks a lot like the Waxman-Markey bill that passed the House earlier this year, with a few differences.

Like the Waxman-Markey legislation, the Senate version sets emissions targets (a little stricter than the House standard with a 20 percent emissions reduction from 2005 levels required by 2020 and 83 percent by 2050). Like Waxman-Markey, Kerry-Boxer proposes a pricing and emissions trading mechanism (now called, euphemistically, a Pollution Reduction and Investment tool, with revenue allowances left undetermined).

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Entrepreneurs everywhere finance their small or medium-sized ventures more or less the same way. First, they will tap into their personal funds or resources, including building up balances on their credit cards. Next, they may obtain loans from family and friends. All along, they may be benefiting from a secured or unsecured overdraft from their commercial bank. The latter relationship may eventually be converted a 1-3 year collateralised commercial loan agreement. Typical collateral may consist of a mortgage on property or a lien on a vehicle, backed up by the borrower's personal guarantee. Sooner than later, their fledgling business is financed by a preponderance of debt.

According to a reliable source at the Small Business Association (SBA) in the United States, by their third year, sixty per cent of start-ups are being financed by 60-70 per cent debt. Some persons within the small and medium-sized business (SME) sector in Jamaica with whom I have spoken support my suspicion that the debt picture may even be worse here.

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Recently, Sumathi pointed the SpicyIP team to this article in the Wall Street Journal about Prof. Anil Kumar Gupta and I grabbed the chance to post about him before anyone else could. I first heard about Prof. Gupta last year, when as a member of the Editorial Board for a Journal published by my University, we began to look for diverse influences in the sphere of Intellectual Property to be on our Advisory Panel.

Prof. Anil Kumar Gupta in my mind, is exactly that sort of person. Having read about his work, it absolutely amazes me to see grassroot innovation being supported in a large scale manner.

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The incoming class of MIT Legatum Fellows has been announced, who aim to bring entrepreneurship to low-income countries.

As is readily evidenced by reading the latest news, for entrepreneurs in America times have been tough. Yet 16 entrepreneurs, armed with grants from the Legatum Center for Development and Entrepreneurship at the Massachusetts Institute of Technology (MIT), are looking beyond Main Street and focusing their entrepreneurial dreams on helping others in developing countries.

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While the American people remain concerned about the direction of our country and the state of our economy, a growing consensus has emerged in support of policies that encourage private sector and entrepreneurial growth.

In the most recent poll that the Kauffman Foundation conducted as part of its regular research it does on economic growth and entrepreneurship, 34% of Americans say the economy is headed in the right direction, while 54% say it is off on the wrong track. In addition, they remain skeptical about their personal economic situation, and they do not think that the economy is recovering. 54% of Americans say the U.S. economy is not beginning to recover, while one-third believe that it is.

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PRESS RELEASE

MADISON - The in-house research arm of the U.S. Department of Agriculture will work with a Wisconsin tech-based organization to help make its world-class research more widely available to companies and academic institutions in Wisconsin, it was announced Tuesday.

The Agricultural Research Service, which has scientists working at 100 locations across the United States and abroad, has signed a “Partnership Intermediary Agreement” with the Wisconsin Security Research Consortium, an independent, non-profit corporation with ties to the Wisconsin Technology Council. The Tech Council is the independent, non-partisan science and technology adviser to the governor and the Legislature in Wisconsin.

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I recently interviewed Mike Moritz of Sequoia Capital and Paul Graham of YCombinator. Mike Moritz is probably the most successful venture capitalist of the last twenty years since he invested in Google, Zappos, Yahoo, and PayPal. Paul Graham’s YCombinator is at the leading edge of tech startup creation. Contrary to the typical bull shiitake that most venture capitalists spin (“we want a proven team in a proven market with a proven technology”), these guys are really making things happen. I picked up these twelve lessons from the interview:

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Positive economic signs for manufacturing continue, according to NEMA, Rockwell Automation, Valve Manufacturers Association, and IEEE.

Numbers from NEMA, along with hopeful signs from Rockwell Automation, valve manufacturers, and IEEE, are among recent news giving manufacturers positive economic hope. Links to related Control Engineering coverage follow at bottom.

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Every entrepreneur, whether their business is online or offline based, can take advantage of the multitude of free tools that exist online. We’re always surprised when we poll entrepreneurs to know that not many are aware of these tools, let alone using them. And no, we’re not talking about Twitter, or Facebook, or even Sprouter. We’re talking about lesser-known online tools you as an entrepreneur can adopt today to further your business and gain exposure. See below for our list of the top 4 online tools for entrepreneurs:

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Since 2001, The Baida Center has been a business incubator in Drexel’s Lebow School of Business that houses eight to ten companies on average, mostly winners of the school’s incubator competition. The center is also a big reason the school was named one of the top three entrepreneurship programs for graduate students in the country (three spots ahead of, ahem, Temple University).

Technically Philly sat down with the man behind the scenes: Executive Director and Senior Executive in Residence Mark P. Loschiavo and asked him how the incubator works and why, like the rest of us, Loschiavo has trouble pronouncing “Baiada.”

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